Tepper and Stanley Druckenmiller both say stocks are overvalued u. S. china tensions flaring again as the fbi warns that chinese hackers are targeting covid19 research firms. We have a big lineup of guests today to help break down this selloff including bill mill miller, david harrah, david ruinstein and Liz Ann Saunders from Charles Schwab. Down 550 points, down 620 moments ago. Weve got full Team Coverage of todays market downturn. Scott wapner, mike santoli, and Steve Liesman with us. That bearish call from apple when asked about Hedge Fund Manager Stanley Druckenmillers assessment that the risk reward in the market is, quote, maybe as bad as ive seen it in my career, heres what he said. Its definitely as of yesterday, now the market is down from yesterday, i would say that, you know, 99 was more overvalued than 2000 but, yeah, i would say its one of the most overvalued markets, maybe second most overvalued i seechb the market is pretty full but theres a lot of liquidity there. Its
Points, of course we had 74 earlier in the week sort of reflects that. It does indeed. Lets talk about it. They join us now to break all of that down. Good morning, guys. Good morning. Tobias, your target for the s p in june 2021 just a bit higher than where we are right now. 3160 given that, how should investors be positioned . Is it just a matter of averaging back in if youre not in the market and doing it cautiously or what do you expect . So i think you just put it perfectly and cautiously using that terminology i think the market right now is a bit ahead of itself so i think its a bumpier road Going Forward in the nearer term four key issues to worry about, one the unemployment numbers, how quickly they come back the fact that most of us will probably be somewhat in terms of practicing social distancing not going back to normal until things like vaccines, commercial industrial lending standards data suggest tightening of Credit Conditions which usually means no big bounce really i
More deaths from the coronavirus as cases approach 5. 5 million. The u. S. Bans entry from brazil. Violence returns to hong kong as protesters announced chinas new security law. Washington said it could be the death knell for asias leading financial center. David quite a stark and dramatic drop. We will talk about that more. Risk off, a lot of markets are closed today. We are off a few points for the s p, nasdaq and dow. Whiteutes or so, the house saying trump is restricting entry from brazil. There is a 1 retracement in the bloomberg dollar index, higher as we go through. You can see downside following the 2 less drop we had on friday. Indi and given is holidays the u. S. And singapore, trading for the futures session in asia. We are seeing modest upside going into the start of trading in tokyo, korea and australian richard looking higher after closing out the week down ralia after ofther easing of lockdown restrictions in New South Wales and victoria states. This is the week more aus
The u. S. Revised down its revised forecast for this year and next. The outlook for automakers in a postvirus world. We look at the prospects of japan the boss of lamborghini. Shery breaking news out of south korea. We are getting the Unemployment Rate for the month of april, coming in at 3. 8 . This would be below expectations of more than 4 and at the same level than in the previous month. South korea of course has implemented big fiscal measures, not to mention the relaxation of social distancing measures and president moon jaein asking his ministers to swiftly draw up a third budget. He has announced something of a korean style nodeal with statement investments, and we are seeing the south korean Unemployment Rate at 3. 8 , the previousl as in the month as south korea continues to battle the coronavirus pandemic. That seems to have restarted and regained some momentum with those infections around nightclubs in seoul. Lets turn to Sophie Kamaruddin in hong kong for a check on the ma
Google ad demand although previrus quarterly was of. That march was difficult. Started. Ts get you we are seeing u. S. Futures coming online, flat, a bit of Downside Pressure. We have u. S. Stocks in the regular session wally. The Downside Pressure on big tech, really leading the declines. The nasdaq composite reversing two sessions of gains. U. S. Consumer confidence dropped in april to the lowest since 2014. There is a big week of earnings not to mention centralbank decisions ahead of the fomc meeting. We have the dollar falling because it has been weighed down. Rising wti rebounding, in the overnight session, above the 13 a barrel level. It felt in the new york session fell in the new york session. There were some swings in the u. S. Oil fund, saying it will sell out june positions. Haidi our next guest says the next turning seasons will not offer much to investors but they are bullish on u. S. Stocks. Jim macdonald joins us. Great to have you with us. You are more bullish in the u.