We start off with all the red on wall street, stocks retreating from alltime highs as the dow drops over 800 points in its biggest oneday decline since june tech starts dropping nearly 6 , snapping a tenday win streak. Is this only the beginning guy adami, what do you think hi, mel remember the carpenters . The car ppenters are one of my o five favorite bands. Weve only just begun as ive said many times, 24 hours does not a day make. I dont want to get into the vix but i will say weve talked about it now for the better part of a week and a half despite the that the Broader Market was rallying, the vix was trying to tell you something the internals of the market havent been particularly good this gets us back to levels we saw last week. I do believe its the beginning of something but it could all reverse tomorrow on jobs numbers. Weve seen it before we come back after a long weekend to find the market up significantly. Clearly there are things to be concerned about. Grasso, what did you
The dow falling as much as 600 points before turning around and briefly going positive only to end the day down. 5 the nasdaq led the losses. What a session, guy, following yesterdays big selloff. What do you make of the action, guy . Interesting mel and i text before the show she asked if this was an old tie or a new tie i pulled it out for this fridays show. What do i make of this i mentioned im looking for an open lower spend the rest of the day rallying into a long weekend. We sort of got that. The late day selloff concerned me a little bit. Theres a rotation in the financials and the fact that the vix which spiked above 38 closed lower on the day i think you have something to think about for both sides of the equation, both bulls and bears as we head into this long hollywood weekend. What i thought was interesting about the session and maybe this is a head scratcher, is that bonds are selling off throughout the session and remain lower we got the yields going up to. 72 on the teny
Additions here amgen, honeywell and salesforce which report after the bell. 59 minutes left of trade welcome to the big show, david yep and head on todays show as well sara, were going to discuss the Economic Data points and what the outlook is Going Forward were going to have the council of economic advisors acting chairman his name is tyler goodspeed. Hell be our guest plus, well focus on todays strong housing dwrat with redfins ceo glenn kelman. And it may be late in earnings season there are still some big names reporting after the bell including sales force, nordstrom, Toll Brothers and more well bring you all the numbers, sara, as soon as they hit the tape before all that, lets get straight to the market the major arnlgs following another record high for the s p 500 yesterday. Mike santoli is tracking all of the moves for us good morning i should say that is the last time ill do that, mike good afternoon, mike. 3 00 p. M. Is the last time were going to call it morning appreciate
Ecommerce the big baba breakout. We start off with the end of an era. Exxonmobil getting booted from the dow after nearly 100 years in the index exxons tenure as the longest serving dow component comes to an end on monday when salesforce takes its place. Exxons removal from the dow is nothing less than a remarkable sign of the times. Just seven yearsago it was the largest publicly traded company in the United States since then, shares have been on a steady decline exxon is down more than 40 in 2020, on pace for its worst year ever so is exxons removal from the dow a sign that big oil is dead money . Guy adami . I think so. Its something weve been saying for a while. I think they finally came to the realization that the worlds changed. Energy is not nearly as on the to the u. S. Economy as it was a decade or so ago i guess we have to make a choice between chevron and exxon. For whatever reason, im sure they obviously have their reasons, they picked exxon to remove i think exxons been in
Shift. Weve got another bonus hour of fast money tonight at 6 00 where we will be answering all of your burning trading questions. If youve got one, tweet us cnbcfastmoney. We start off with zoom zoom shares staged a gigantic really its 40 jump today now gives ut a market cap bigger than lowes, ibm and citigroup. It is about 3 4 of the size of cisco, which of course is a similar product and 83 times the revenue. What do you make of this giant move today its pretty incredible. I dont know how often weve seen a stock thats jumped by 40 in a single day. But it ran into earnings weve seen nothing but bullish paper in here for the entire year the interesting thing is when you look at the numbers, yes, the numbers were astounding. When you look at the revenue and the earnings beat, its incredible what stands out for me is i look at this company. You just wonder, theres not a short squeeze going on here. Its not a very large short position i think this is just an amazing stock. People look at