Blake burman is watching latest coming out of the white house. In fact were expecting remarks in a few moments from the president in the rose garden. Before we get to that, it is Lauren Simonetti on the market rally. Lauren . Lauren a lot to get through. You dont want to complain. You have a 500point rally the day after a Holiday Weekend but what took the market off bigger levels, the dow hit 25,000 for the First Time Since the lockdown began in early march. The s p had topped 3,000. Those levels did not hold on a Bloomberg News report that u. S. Officials were considering sanctions on Chinese Companies and chinese officials for their handling of the hong kong situation. So still a broadbased rally but we came off those levels as you can see. The nasdaq had been at its highest level since february 21st. There were hopes as the economy does reopen, as we noticed, this weekend, memorial day weekend there is hopes on the medical front too. 10 vaccines are currently in human trials. Novava
Begin with the latest flare up in china beijing announcing new security measures in hong kong send iing the hang sang to its worst day in almost five years the move escalate iing tensions with the United States with President Trump threatening quote unquote strong reaction to the crack down so does china become a bigger head wind for the markets . Pete, what do you say . Yeah, it seems like theres a dimpt new story every day that seems to lead us up or down. On literally every day, whether its earnings one day that we focus on unemployment in your opinions. China, another day the virus of course and somebody having sort of a vaccine of some sort or another. Always something leading the markets. What i was encouraged by today, china and the u. S. And some of the issues were going to be facing Going Forward it seems to me like weve shaken that off well its been an impressive ability of the markets we could have slid easily today and down 400 points going into the weekend like a friday or
Half an hour ago pretty good turn around yesterday. Interesting, cramer, the night before said it would start at 230. But he said it would get sold out the day before i watched as the dow improved. The s p was stopped. I was like, figures. At the end of the day, thats called in the money. In the money in the tacos now, you change the story. I said it from the get go joe, it will cost me a lot less to buy the tacos. But you have to listen to me. You are used to that. Becky, what do i get . I get to not buy you a dog somehow. You won you were complaining about this you are such a welsher you set up the terms of the deal and came up with the whole idea. Suddenly, you got your whole dog expense. Oh, well. Did you talk about yields did you see oil . I didnt. I saw now that it is above 27 a barrel still the june contract. Yield on the 10year around 0. 6 the oil prices watching this, the wti Contract Trading now that is something we have been watching closely because of the overall demand pic
Under an hour left in the session. Lots coming up on todays show a big exclusive interview with bank of americas ceo. Well get a read on the Small Business relief program. He joins us live in about ten minutes time plus as retail bankruptcy concerns swirl, well speak with the president of sax fifth avenue about whether customers h actually return to stores when doors do reopen but first, lets focus on the big stories of the day. Mike is tracking the market pullback on this first day of may. Josh is covering apple diedra is watching amazons move and phil has the shocking tweet from elon musk that sent teslas shares tumbling. Mike the s p 500 down almost 3 today. About 3. 5, 4 from its highs just two days ago. Look at a chart. Just to map where we are down about 4 we had broken on a shortterm basis the uptrend from march i dont think anyones going to get too concerned about this unless it goes deeper than at least 2550 week and a day or so ago, last tuesday, we were down around 2730 so w
370 but did end the day lower. It was the first down day we have seen in five trading sessions well watch what happens today we have a fed meeting coming up. That will be the pla is to watch as we hear from the fomc later today. The 10year just below. 6 a month. This has been the best month for the dow in 18 years because we are coming off of march because that was the worst year for the dow in 22 years. You see these huge swings first down and then up what we are watching in the equity markets the one thing about 10 crude, every dollar it goes up, we could go back to 30 every day. Lets use the dollar every day that might not happen. Equities do seem to do better. Thats a lot of room to go. Maybe. But sooner or later, thats not good either. The move came after data from the American Petroleum institute. Showing that crude jumped. That was 600,000 barrels less than expected. We saw some wild swings yesterday all around these low levels 10, 11 14 today, as you can see market stocks gave