Twist. Walmart teaming up with microsoft in a bid for the popular social media app both stocks rallying to new alltime highs on this news. Julia boorstin has the details. The news keeps coming on this one. Reuters just reporting tiktok engineers were told to make contingency plans should it need to shut down u. S. Operations they are preparing for various scenarios including a forced shutdown telling us they are simultaneously developing plans to make sure u. S. Employees continue to get paid on the heels of any outcome. Walmart is teaming up with microsoft to buy tiktok. Walmart telling us, quote, we believe a potential relationship with tiktok u. S. In partnership with microsoft could add this key functionality and provide walmart with an important way for us to reach and serve omni channel customers as well as grow our Third Party Marketplace and advertising businesses dan ives tells us, quote, we believe microsoft buying ticktoticktok would be like Christmas Morning coming early fo
Week. Not discussed at all, including today, when the dow opened big. Nasdaq advancing 0. 31 . A lot of that because of apple. Apples endless inexorable rise is a gigantic underpinning of this market and we must never forget that fact. Oh, we may focus on the gyrations of ali baba and marvel at the possibilities of twitter. We may be fascinated how macys rallied. Nevertheless, its apple thats the leader. And that in itself is amazing, given everything we ever thought possible about any one particular stock in this market. Consider, here you have the largest stock in the world, with a 650 billion market cap, and the darn thing is up an astou astounding 39 yeartodate. We expect that kind of move from the stock of a company thats being taken over, or maybe a smaller capitalization junior growth stock or a biotech with a redhot product. But from the Biggest Company on earth . Whod believe it . Megacap stocks simply arent supposed to give you these kinds of epic moves. That was easy. Hallel
Marketsen futures in the red. Fallout from the Swiss Central Bank move continues with sharp moves in the oil market. Earnings from Goldman Sachs, intel. Goldmans down 2 in premarket. Favorable and selective treatment in luxembourg. Eu lays out its case. Stocks in the midst of a fivesession losing streak. Markets continuing to absorb the surprise move by the Swiss Central Bank. Oil prices on the rise after iea slashes growth forecast for nonopec oil supply by 350,000 barrel as day, adding signs are mounting the tide will turn when it comes to price recovery. Jim, seems like currency brokers will get the lions share of the attention early on. Yeah fxcm the outfit everyones talking about, david, when i was getting made up, have you looks at fxcm i steal your thunder. Yes. You move fast in 25 minutes. When you tell me to look at something, i look at it. Downgraded to underperform. Capital raise critical for solvency. A major focus. What happened with fxcm, well get into it this hour goes o
In one of those sell, sell, sell moments. Where the pain is pal bl. If you own stocks even stocks, youre losing money. Dow tumbled 333 points. S p plunged 1. 7 0 . Nasdaq nose dived 1. 67 . I bet you they dont have me back ringing the bell any time soon. Our mad money team got to partake in a tremendous honor. Thats the ringing of the bell on the floor of the New York Stock Exchange as part of our 10th anniversary week. It is worth going over why people are selling stocks. And why i cant blame anyone for wanting out. Even though theres nothing truly earth shattering happening. Nothing that would make me want to yell fire in a crowded theater. Before i go over todays action, lets recall that in 2007, and more importantly in 2008, i did actually yell fire quite a bit because an inferno was first smoldering then raging. To sit there calmly and let your portfolio be burned to a crisp made no sense to me back then given you could get out of the theater while the getting was good. So for tho
Overnight in shanghai down almost 4 as the yuan sits near a sixmonth low. The roadmap begins with the markets, the s p starting off shy of the fresh record high and the nasdaq beginning from right around its highest level in 14 years. Home depot is posting quarterly profit above expectations and boosted dividend. Different story with macys and shares slipping after same store sales came in below expectations. And jpmorgan expected to announce job cuts in its mortgage and consumer business. The bulls off to a good start, the dow jumped more than 100 points and closed at 16,207 and the s p hit 1858 before pulling back and closing at 1847. Thats a point away from its alltime closing high. And as we said, the nasdaq reaching a 14year high before closing off its best levels. Jim, you said last night you would try to play the role of the skeptic. I do not like to see the nasdaq at a 14year high. I took to heart some of the comments we said on yesterdays show which is when you Start Talking w