Calling for the fact that these stockmarkets had gone too far, too fast. The darlings of 2020 finally took the hit. Apple, amazon. Tesla. Gain ondia, the biggest the s p this year. Companies, along with energy, lead us into that fall. Were you the naysayer . Joe ive been predicting this since april 1. My predictions finally vindicated. But it was just so intense. We talked about this yesterday. You had Huge Companies jumping every day. This is like the reversal that we got. Energy had a bad week. Infotech down on the week. The only gainers, materials and utilities. Financials also outperforming. That really is the story. Really hot sectors finally got sold. You have such incredible moves. It is not surprising even if that is a disappointing cliche. Romaine it looks like some of this could have been related to how short a lot of institutional managers and hedge funds and investors were. You are talking about 23 straight weeks where hedge funds had been short s p futures. The latest data
I think you need about 25 points to get back to the previous record that was set, were about 25. 68 points below it. The s p futures indicated up by 21 s p has now been on a sevenday winning streak, and youre looking at the longest winning streak its seen since april of 2019 nasdaq was down yesterday, but it is indicated up by close to 60 points this morning the dow was up by over 350 points yesterday to kick off the week treasury market this morning, right now youre looking at the tenyear yielding right about where it has been. 0. 599 that yields a little higher than we have been sitting. Brian, this news about putin and this potential vaccine is huge, but i think we do need to take it with a grain of salt. Youve been all over this already this morning. Well, trying to make sense of it, becky. Good morning as well you have what you think are the markets sort of key points, right . Trillions of dollars in stimulus, potential for payroll tax cuts, all the market themes weve been talking
And thats when the Trading Halted it slowed some of the panic selling, the machine selling and at the end of the day, still down more than that for the dow futures for the dow a decline of more than 2,000 points. Youre looking at a big bounceback but only half of the declines from yesterday. Up by 1100 . It found some support and then it was down 5 and then it closed about where it was indicated to open. Right. But we kept saying what if the garden variety correction is 12 we got a pandemic whats a decent where do we got an additional 18 or 19 yesterday. Well, in total. Down down 18 or 19. Yeah. If it goes from here up 1,000 today youll once again be the call of the bottom you will be ill take it. I hope im the call of the bottom. I hope you are too. But its just consensus. Just the feeling that everyone has at the same time that you express. Thats all it is thats many times that is the indicator. Do you think do you think we have more to go . Well, i understand the focus on the equity
Bond markets awaiting ism services in one hour road map, the trade roller coaster. Stocks look to rebound from a three day slide after that report that trade negotiators are edging closer to a deal. Plus, alphabets shakeup googles founders, larry page and sergey brin both step away from their current official roles, but still control the votes at the overall company. And another setback for boeing, united tapping rival airbus to upgrade its new transatlantic fleets stocks looking to recoup some losses from yesterdays selloffs. Some renewed optimism about u. S. China trade talks. Moments ago the at nato summit in london, the president did say discussions with beijing are going well this comes a day after he said it might be better to wait until after the election to strike a deal another piece this morning is that reuters has Jared Kushner added to the negotiating team having meetings with the chinese ambassador. That would signal more people who are globalists involved. A globalist. Bu
Nemonth. That seems to be how the market interpreted the central nks pledge to sustain the expansion we told you about yesterday. Oil prices are up more than 5 on geopolitical concerns and oil stocks followed suit. Finally, Interest Rates continued lower with the yield on the tenyear treasury dipping below 2 for a time today to a threear low. He close, the dow rose 24points for a 26,753. The nasdaq added 64, and the s p 500 was up 27 at that record. Bobasez sawny following the action from the new york stock exchange. Whats behind the rally . Theresot of yu foreuphoria about u. S. china trade talks. Energy led the gains, crude oil spiked almost 6 after iran struck a down u. S. Drone in what was called an unprovoked attack. It is amid recent attacks on oil tankers in the persian golfers. The market took aip briefly midday on President Trump saying iran made a big mistake, quot unquote, and hinting that the u. S. Could consider a strike against iran, but it bounced back soon after when th