Day as well. Weekly losses for small caps then what the guys were talking about the last hour the atlanta gdp, 5. 8 is what theyre looking at the ten year back higher, all put into the stew of how were supposed to think of where stocks go from here. The question for the viewer is, is the correction in its nature going to be deeper in the sense of what we witnessed in 2022 or similar to 2019 . There are two time periods to guide investors through what i believe will be in 2023. Very obviously you had an adversarial federal reserve, and the market declined from august 16 through october 13 by 19. 6 in the month of august, you oinl had 225 basis points worth of rate hikes you still had another 300 basis points yet to go and an overall down trend for the market now, in 2019, if you study that time frame, the same thing happened, scott. You went through this malaise in q3 from july 26 through october 3. The s p declined 5. 6 . Here is why i believe that 23 core relates to 2019 similar to 20
You do have financials and Energy Taking up the slack to some degree. Inconclusive, indecisive action. Were 4 below the highs the treasury yields remain in fo focus. We did break out on tenyear yields above 4. 25 taking us back to 2008 the 30s are at 4. 40. Its a consistent story were pricing for a better growth economy, high real inflation adjustment yields. We can bet the economy can handle it or not plus a supply demand issue for debt. Look, the latest data is supportive of those higher yields we got jobless claims below 240. Psychologically important. Theres the yellow bankruptcy factoring in so far no evidence of real mass l layoffs in this economy. We have philly fed which was sharply higher and the first positive read since last august and prices paid inside of that, which a lot of people look at, looking for inflation cues was a little higher. You add that to the other data weve gotten this week its not earthshaking data. Its industrial productions, housing starts, retail sales
To the 2020 election. Fox business Grady Trimble in fullerton county, georgia with lates it was a late night grady. It was cheryl the indictment came down i believe, around 11 00 last night all told 19 defendants face 41 felony charges among former President Trump oppose o could codefendant former chief of staff mark meadows hern rudy giuliani, eastman trump facing 13 charges from racketeering to multiple conspirators charges and others. These charges specimen from president his staff, lawyers alleged attempt to change results of the 2020 election in georgia. The former president has posted on truth social, maintaining innocence attacking the District Attorney in the case republicans are once again questioning the timing of the indictment. The middle of the election cycle and just after the appointment of a special counsel to investigate hunter biden. This is joe biden and this is the democrats weaponizing the Justice System because they are afraid of the voters. This is disgrace wrong
Dan ives warns its a pr disaster. But our analyst calls it a super fun summer friday. He sees 30 upside from here. He joins us to make his case. One big name investors own, our guest is not following this, and says you shouldnt either. A special three bails and a buy is coming your way. But first, lets start with the markets. We kind of have a turn around. Its been a momentum shift. It hasnt been dramatic, but we are maybe near the highs of the session. So that point, i want to give you an ideawhere the range is. The dow is up 23 points, just about flat on the session. It may not seem like a lot. The s p 500 down six points or 0. 2 of 1 at 4363. But here is the thing. At the lows of the session, we were down 35 points. We were up two at the highs. So were a little bit more towards that upper end of the trading range so far today. Trying at least to recover a little bit from the steeper losses we saw yesterday in the s p and nasdaq. The nasdaq composite speaking of 13,262, down 53 point
Joseph. Were happy to have you here. Always. People have things. Its summer. If they asked me next week, i would say no, im on vacation. Even to spend time with you, i would turn that down. You know what, i take everything you say seriously, because it just makes me, right, i believe you. Yeah. Theres no reason to not believe me. Its not necessarily sarcasm. Not necessarily. Lets take a check on u. S. Equity futures. Joe mentioned towards the end of the session, we came off in the middle with the higher beyond yields, take a look at how were set to open. Look looking to lose 8 at the open, the dow looking to lose 49. After a day of declines. The dow fell 291 points on track for the worst week since march. The dow, s p and nasdaq are down more than 2 of the week. For the dow, its the first time it closed below its 50day moving average since june. Check out the pullback in technology. We have been talking about this for some time. The declines are stark. Apple, meta, microsoft, each more