And fight night. Round two in the motor city. Ten more democratic president ial hopefuls taking the stage and debating the issues that matter to the markets and your money kind of. Its thursday, august 1st. Worldwide exchange begins right now. Afternoon, good evening and welcome from wherever in the world you may be watching. By the way, welcome to august. Im Brian Sullivan thanks for joining us. Behind us here is the intraday action in the dow yesterday. The dow from peak to trough fell more than 450 points the upside is that the index closed off ets worst levels of the day. The dow finishing down still 333. Its all because of this man right here fed president jay powell delivering the banks first Interest Rate cut in more than a decade the problem for stocks is that powell also failed to deliver a guarantee of more rate cuts down the road something both investors and one guy in the oval office are really hoping for. It all came down to two small words, mid cycle adjustment. The commi
Were pretty active in the investment committee. Amy raskin, i start with you. You sold nike. Yep. Seems to me from the notes here you had it. We trimmed half our position, we spoke about a couple months ago, but were done. The company is just not executing as well as it should. The brand is still great. We could come back to it at some point, but theyre not executing right now. China is a risk for them, and, so, were out of the position. The stock is down 14 year to date, down more than 20 over a year. They certainly have had what i think people would suggest is an innovation slowdown. Yep. The company sort of acknowledged that. They blamed remote work. Which was terrible. For that. Their competitors somehow figured it out. Hoka, on, new balance can you sort of go down the list lulu are rising competitors. Theyre all sort of part of the sell pie . All part of the sell pie. I really did not like the explanation we couldnt innovate over zoom. Everybody else sort of figured it out. They j
Lunch begins right now welcome to power lunch. Im Michelle Carusocabrera. The dow hitting record highs again, pushing closer to 25,000, just days after crossing 24,000. The s p 500, the russell small caps also hitting record highs but in the category of things that make you go hmm the nasdaq struggling again today because of a tech slump. Nvidia, micron, amd among the biggest declines check out what else is moving at this hour. General cable is soaring more than 30 the industrial wiring cable maker getting a 3 billion takeover from an italian rival facebook is down about 1 . One of the stocks pressuring the 100. The social media giant unveiling a messenger app for children more on this controversial move straight ahead on power. Michelle, thank you very much welcome, everybody im Tyler Matheson we begin this hour with that big market rally youve been watching all day today over 20 now of the s p 500 sit at 52week highs tracking the action at the nyse. There is some very interesting rot
Show you how it had transpired throughout the day. We know the plunge in shanghai overnight cap it all over global equities. But mainline stocks are not included. You dont see the big drop in hours. 2 ocks 600 film and fell more than 2 . The index is currently down by 7 10 of 1 . Moreker market means demand for treasuries and higher prices means a lower yield. Remember, the fomc begins a twoday meeting tomorrow. The concern is the fed wont be able to consider to signal on wednesday that they are confident of a rate hike even though business is so far recovering from we miss in the first half. And taking a look at the dollar we instead, the u. S. Currency falling. A lot of analysts say the dollar could be weakening because of lowercost oddity lower commodity prices. Mark lets take a look at some of the top stories we are following at this hour, investors worldwide are wondering how are the damage could right after chinese stocks suffered their worst day in eight years. It the shanghai c
It aint no fairy tale but it is our options trade on the mouse house. And well break it down. The action begins now. Lets get to it, the dow just posted the second worst week of the year, it was disney, united technologies, exxon and goldman that dragged database the index. The question is simple, do you buy the dip in any of these names . Lets get in the money now, dan . Its interesting, i dont know where utx is on the year, i no he where exxon and i know where disney and the other one they underperform this year. To me you have a market where i think you know, winners have been rewarded. We have the nasdaq thats up 16 , we have the dow thats up 10 , the s p up 9 and the lagers, the ones where the stories arent there, are underperforming, you have to find some sort of financial or fundamental Inflection Point in the laggards to get your arms around the fact whether or not you should be buying them. I cant say you can make the case for exxon im sure utx can and disney. Thats what it co