2,255 points. Right now we are down 2,003 points. At 1 00 p. M. , money started fluttering down, the Federal Reserve making a move to support the bond market amid the coronavirus collapse. The s p 500, by the way, had been down 240 points and of course, we had 689 points getting slashed off the nasdaq. Right now the s p is down 219 and as we look at the nasdaq its down 619. Despite the feds move, the s p and nasdaq joined the Dow Jones Industrials in a bear market. This as the 11year bull market is officially about to come to an end. The selloff kicked in pretty much right at the open and five minutes in, triggered once again for the second time this week the Circuit Breakers that halted trading for 15 minutes. Lets show you some metrics here. The oil patch. Take a look at this. It is playing a huge role in this selloff once again. Oil is crashing, folks. We do have it down to 31. 32. Thats a loss of 5 today. Much of this comes after President Trump announced a travel ban on flights fr
Parts here today. Some are literal. The princess cruise ship is one. Theyre watching throughout the day as it makes its way to the port of oakland. It is supposed to dock around 3 00 this afternoon. Well talk about that, oil off the bat with our buddy phil flynn out in chicago, price futures group, senior strategist at cme. We talked about it last week, phil. You and i were going back and forth about russia and saudi arabia. Now we have the true price war breaking out that has consequences in places like texas and north dakota. Take us through what youre thinking about today . What im thinking about is were learning today, not always is a low price for oil good for everything. There is concerns for banks, oil producers, the general overall market. Having said that, there is some hope, you know, right now with the talks of stimulus. Maybe we can pull off the lows right now. There are old saying in the business low prices cure low prices but this breakup of opec and russia, this opec plu
12 Million Barrels a day, flooding already saturated global market. That saw crude drop 30 . 10year crashed below 50 basis points and now there is concern we could join other western nations with negative yields, japan, germany, switzerland, netherlands, belgium and france. Major markets around the world before the u. S. Opened sparked enough selling for Circuit Breakers to limit preopen downside. Those limits are drifting in, Circuit Breakers once trading got underway. To discuss, erin gibbs and Capital Wealth Planning chief market strategist, jeff saut. Jeff, great to have you in studio. Pleasure. Connell charles my man, youve been calling it up and down. Youre reworking mod tell feverishly as the numbers change dramatically minute to minute. Where are you now . I was on your show in january, short term signal ad sell position. We told me to sell positions and raise cash. I didnt think it would be this bad. We were dealing with the virus and bernie surge in the polls. This collapse o
Sevenweek win streak and tech is the secondworst performer in the s p. Joining us for the hour, Barbara Duran from bda capital is here at post 9, talking more about a market that happens to be happy as long as trade tensions are not escalated, pretty much right . That is for sure. And i think a lot is being discounted in the market in terms of global recovery, the fed is on hold, but watching careful. And we have yet to see the effect of the Interest Rates next year. But trade, i think, its what people are expecting is that therell be no more bad news i think hoping for something more, like a rollback of tariffs would be a bit much. This seems to have morphed into a geopolitical technological fliskt i think the downside is limited also for those same reasons, plus people are defensively postured and so on but i think what its going to take is next year, having to see what the earnings are going to be and thats a possibility is the market even considering that possibility is that priced
Decade, peloton tracking lower thats straight ahead. Stephanie is back. Some encouraging signs on the economy particularly in housing. We talk about this endlessly about the consumer being strong, manufacturing being weak really benefiting from low Interest Rates home sales at a 32 month high. Thats impressive. The other thing is nasdaq is up. This is where the momentum is in our economy. People are wondersing about the consumer i think its a very good sign. I own dr horton, home depot, stanley, black and decker. Im in this trade for sure dr horton is the home builder. We were talking about valuations youre talking about 12 times earnings, one and a half times book value i think theres a lot of pent up demand especially if rates stay low. You have the whole new generation, millennials starting to buy more. S p and dow down 0. 1 russell and nasdaq down more lets go to the ipos we went to peloton wild week for Companies Looking to go public and some names have already recently hit the ma