Its still going to be breezy but not as windy as this morning, and were looking at temperatures today that will be a little bit warmer than normal but fairly mild with palo alto reaching 75. 76 in oakland. And in San Francisco a high of 73 degrees. Well talk about some of the highest wind gust weve measured and whats ahead in the forecast in a few minutes. Mike, how is it looking for the morning commute . I want to show our friends behind me the light yellow highlighting that is not fog. Thats where the road weather index is going to be gusty for drivers in many places. You head up the hills throughout san jose, the south bay, looking to the north bay as well with the same highlighting. The antioch bridge and the benicia bridge, a concern but not a major problem for drivers. Thank you, mike. We are continuing our Team Coverage on the biggest wind event to hit the bay area so far. If you look at your screen all of those little yellow areas are folks who are without power this morning. 2
Dom . It looks like well try that recovery trade from yesterdays late day selloff here. Stocks are broadly higher and to a decent degree. 250point gain for the dow about 1 upside. The s p 500 still very much above that 3,400 area. Thats an area that a lot of traders are looking at as a pattern of support there possibly for the markets up 1 , and the nasdaq, believe it or not, is underperforming, only up threequarters of 1 as well so the nasdaq a key focus there. If you take a look at some of the things that traders are watching from a more macro perspective. Interest rates, especially longer term ones are a very key focus here we dont show the 30year long bond very often. We focus on the tenyear more but that move to the upside has taken that 30year long bond beeld 1. 592 above its longer term trend line or the 200day average yield for that particular Interest Rate 1. 52 is the level to watch there. That could have reverberations on the financial side of the market also then check out
Conversation in just a minute. Ill take you to the wall. We are focused today on this big pullback for tech. Nasdaq remains under pressure by more than 1 farmer jim, are we witnessing a socalled transition trade right before our eyes, from growth to value and does it have staying power . I think we are, scott i know its dangerous to say this type its different with regards to the rotation, but lets also realize this rotation was occurring before the announcement of the vaccine. All had you to do was look at the industrials and material to give you that clue now theres a very fundamental reason to support the continuing rotation into the cyclicals, into the industrials, even into the financials, which have been left fordead but are coming back it ju its just as simple as there is a path to normalcy ahead of us heres the one qualification i want to make if youre looking at yesterdays rally and saying, shucks, i missed, it relax unfortunately there is terrible news coming on the virus sco
Tech stocks underperforming today, pulling back more of mondays gains or giving up mondays gains, i should say, still on pace for a positive week 59 minutes left of the session, exactly down. 5 , sarah. Weve got a big lineup coming your way National Economic Council Director larry kudlow will join us to talk about the stimulus negotiations and any Economic Impact there. John shrewsberry of wells fargo will be with us and well talk to David Malpass and the race to fund Vaccine Development around the world. First off, though, lets get straight to the big stories were watching mike santoli is watching the market pullback. Rick santelli has the bond report but lets start with mike santoli. Big tech and momentum growth that have been running pretty hotly. This modest payback mode for the prior few weeks. Lows for today were right exactly where the s p closed on friday essentially made this roundtrip a couple of times, trying to bounce off of them yes, if you look at energy, look at pure val
Will google or facebook or others be broken up . Congress calling for big changes at big tech. As an investor, you have to hear this news. And could be the metals is where it is at an interview on where the value is right now it is wednesday, october 7, and this is worldwide exchange. Good morning, good afternoon, good evening from wherever that you may be watching we aint talking about love, but we are playing the music because we are talking about Eddie Van Halen, dying yesterday at 65 years old due to cancer. Rest in peace, Eddie Van Halen you made a lot of nights a lot better thank you. And lets see how the markets look right now, 5 00 hour as the sun is not even close to being up you. This follows a steep selloff tuesday afternoon, futures there higher about 229 the president s abrupt decision to scrap stimulus, but then around 10 00 a. M. , tp. M. , presi saying that the house and senate should immediately, all cap, approve 25 billion for Airline Payroll support and 135 billion f