Unity and cooperation, underscoring another extraordinary day on wall street as the trump rally continues, the dow surging for a second straight day to record highs, up 1400 points, yes, 1400 points since 2 00 a. M. On election night. It was the financials leading the way, theyre up 9 just this week. The promise of less regulation, higher rate, the possibility for the next treasury secretary. Wells fargo is up 8 . Goldman surging 4 . It is bank nirvana. Is it too late to buy the hottest trump trait around . Guy adami . I thought it was too late two days ago. If its now another 4 or 5 , its clearly too late. I havent believed in a bank rally. I have believed in u. S. Bancorp. Banks are trading like its the 1980s again, like theres no regulation whatever. Theyre not going to take away regulation entirely. They may tweak a couple of things. To think theyre going to roll back everything i think is folly. People are playing catchup in a major way, steve can speak to that. Valuation will get
The cac in france up by better than 1 . Ftse higher as well, 0. 7 . Crude oil prices raiding near sevenmonth highs. Check this out up another 1 to 49. 07. Getting back to 50 a barrel. The gains that came yesterday, showed that u. S. Crude stocks dropped by 5. 1 million barrels. Double than what was expected. Well get the eia figures later today. Lets get you to other big stories. St. Louis fed president jim bullard saying june rate hike isnt set in stone. Arguing that labor data suggests its time to pull the trigger. Obviously, weve tried to be dat datadependent. I dont think theres any reason to prejudge the june meeting. We can wait until we get to the meeting and judge the data there. I think on the issue of press conferences we have made many moves over the years without press conferences so i think we could make a move without a press conference in it this circumstance. As for the risk of brexit and the chance that the uk could vote the uk vote could give the fed some pause, bulla
Ryan loch good morning and welcome to wieng on cnbc. Im sara eisen along with don chew who is in for wilfred frost today. Its throw back thursday. Were throwing it back to a back to school theme. Hard to believe summer is over. I feel older and older every day and this music doesnt help at all. Lets get a check on Global Markets. We did see losses yesterday. About. 50 point decline. Looks like theyre extending their decline. S p down 2. 5. Nasdaq down about nine. Health care a big part of the reason for the weakness after bio tech sold off sharply. More on that in just a moment. As for the tenyear treasury yield, sticking to the ranges ahead of the yellen speech. Stuck in neutral for sure. Basically a 12 point range. Hasnt budged. Even though we had good housing data. New home sales were very strong in some of the earnings reports. Had been strong as well, but potentially fed speak is going to move this treasury bond price out of the range or if where he start to see a slow down of qua
Im sara eisen. Good morning from me as well. A big day ahead on cnbc as we bring you a front row seat to the sixth annual delivering alpha conference. Bringing together the most important players in Asset Management and tackle the Critical Issues facing investors in todays economy. Among the headliners treasury secretary jack lew kicking things off. His predecessor tim quite quite speaking, paul singer, steve are schwartzman karl icahn. Another tripledigit move here in the premarket. We saw this kind of move yesterday completely reverse course and the dow closing up more than 200 points. Dow futures under pressure again, minus 112 there. S p futures are down 14 half points. Nasdaq futures are down about 30 points as well. Again this after yesterdays reversal that clawed back more than half from fridays big selloff. Amazing turn around. Yesterday we were looking at similar futures declines. By the end of the day two sectors were up less than 1 , energy and materials. A massive rally tha
Technician. Later, while the market tanked today one group of stocks hit year to date highs and the real story. But first, we start with a very tough day for the markets, the dow losing more than 200 points having its worst day in two months. The s p and nasdaq losing almost 1 and all started with these words from billionaire investor carl icahn. We no longer have a position in apple. To start, tim cook did a great job. Its not the no brainer it was. Well, after that, apple tanked, took down stocks with it. Dan nathan, what do you make of it . Apple is 3 of the s p 500 and took with it microsoft, which is 2 of the s p 500 and snowballed. There is bad news in those large cap, mega cap names over the last week on earnings and continue to get sold every time the market kind of turns. We havent had a particularly large sell off today, 1 feels like the largest weve had in weeks but if you start losing some of the largest components of the index, this is where the markets rally off the fed l