That House Democrats may be too afraid, too afraid to transmit their shoddy work product to the senate. Mr. President , looks like the prosecutors are getting cold feet. Neil whether it is cold feet or whatever, the fact of the matter, it is unusual, not unprecedented for the house after impeaching to say, wait a minute, well see exactly what the senate plans to do before we pass along the articles of impeachment to the senate. Wall street journal Global Economics editor jon hilsenrath, democratic strategist capri cafaro, exactly how long the markets will ignore this uncertainty. It is rather remarkable, if you think about it, jon, by and large, actually throughout this process the markets have focused on everything from trade, corporate earnings, the strength of the consumer, the market, housing, not a one, not a one on impeachment. What do you make of that . Well i mean i think the market sees an economy that is doing pretty well. Were going, were in our 11th year of economic expansi
Im melissa lee, coming to you live from studio b at the nasdaq we start off with a sharp reversal in shares of jpmorgan today. The big bank hitting an alltime early in the session, but taking a tumble midday. The drop coming off Ceo Jamie Dimon said this at the companys investor day i think were in a very good position to continue to invest in our future, and were not going to buy back stock now. Share buybacks have been a big driver for stocks this year. Look at the gains in alphabet and apple since the Companies Announced massive repurchase plans. But with stocks at alltime highs, the nasdaq posting a record close today the dow setting a new intraday before pulling back. Have valuations gotten ahead of themselves if jamie dimon is not buying at these levels, the question is, should you why are you laughing already you read my mind. Im thinking to myself, if hes not buying, why should you mouthing it but the reversal today is very interesting. Yeah. Noa lot of volume, this reversal mo
Rebounding from the downward dog days, and bitcoins big bounce, whats driving the crypto climb, and a serious snap back for snap. I havent gotten to you guys yet. Is it a surge or just just poof, just disappeared like that. Im Tyler Mathisen in for melissa lee. On the desk, dan nathan, and guy adami, we start with the market jump. The dow up 314 points, blue chip index now up six of the last seven days. Nasdaq and s p 500 bouncing more than 1 , wall street embracing earnings season optimism and shrugging off those rising treasury yields which were higher today. Among the biggest winners, retail, the s p retail etf rallying almost 3 , solid rebounds, since its been down nearly 8 over the past three months. A lot of those names really limping. Another encouraging move higher in transports, rising 2 today, transports struggling since hitting 52week highs over the summer. And these gains today came even as yields ticked higher, so could this be the start of a seasonending melt up for the m
Vengery link that does it for squawk on the street. Lets send it to squawk alley. Over to you. Thanks. 11 00 a. M. On wall street and squawk alley is live welcome to squawk alley. Im Carl Quintanilla good to have you deidra, sarah is off joining suss partner gnb capital and the founder of earn. Com. Good morning to you both over the last five trading days, tech stocks, which were leading the markets higher for the entire year have turned lower. Today the nasdaq is slightly positive this rotation isnt just on wall street a number of articles in the past few days talking about Venture Capital funding drying up, or at least having peaked in the seed round. Called the hot money party tends to move around facebook ipo run up subsequently in 2013, 2014, big in seed a, thats where the capital went. The hot party moved in 2015, 2016 it went unicorn hunting, saw a lot in ipo, labor deals that hot party money shifted in 2017 very clearly to initial coin offerings. Thats where the action is today
It did pass overwhelmingly yesterday 227203. Were expect probably a similar outcome today. Well keep our eye on everything happening in washington, d. C oh, by the way, the president is expected to speak later this afternoon. We may actually hear from him momentarily as well. Our Mission Today is dwight simple, to figure out what all of this means to your money and what may happen in the months ahead. At least one key person weighing in on that question today, council of economics chair gary cohn who said this earlier if you look and what the tax plan is going to do, i dont think thats factored in you can take an interesting basket of hightech stocks and lowtech stocks, and they are not doing what you think they are doing. You would think that the high tax stocks would be outperforming the low tax stocks its not happening, so i think theres a lot more momentum in the stock market. Doc, gary cohn said its not priced in. A lot more momentum. The question i posed yesterday, right, that to