Comfortably. Hawkish headlines on china and weak Economic Data both weighing on market sentiment. The dow is down 300 points yearly it was down 350 about 20 minutes ago. We have 59 minutes left in the session. Big show coming up four. A true 2020 winner, et ceteray stock is up 250 this year we will talk to the ceo Josh Silverman about the holiday crunch and whether his companys momentum can continue. And arthur blank, cofounder of home tee poe, owns the Atlanta Falcons and atlanta mls team as well lets focus first on the stories we are watching today. Mike santoli is tracking the Market Action into the close meg tirrell has a vaccine update and phil lebeau has an update on nikola, that stock down020 today. Mike santoli first to you and the markets. A mild shake of the tree. Indexes backing off. Some of the stuff that was up the most this month is down the most today seems like a little bit of trimming there are probably unbalanced portfolios there you have we are roughly capped we were
Via the coronavirus, and there is not much of the fed chair can say. Coronavirus is making all the decisions on the economy. Weakersales coming in than expected, actually the weakest since april. The High Frequency we have seen since then suggest the economy is slowing even further into november. The problem of course is there is no help from the fiscal side in washington, no talks about any additional covert relief package. Getting to the end of the year, most of the cares act expires. So people are looking to the fed, particularly people in the markets. They are looking at the yield curve, which has steepened slightly, still under 1 on the 10year, but there is a feeling that if the fed wanted to do something they could start buying at the longer and, changing the weighted average maturity of their purchases. If they did that, push down on Interest Rates. There is a feeling they may do that in december to send a message that we cannot do a whole lot to stimulate the economy but we are
Sales and the stock is hitting new highs. And finally teslas tumble, why the street is mixed on what actually came out of the companys battery day event yesterday. J j, though, jim, going to be the lead and you just called it maybe the best company we have in this country. Yeah, look, i think that i like triple a balance sheet, i like a company that continues to make the numbers, i like a company that pays a good dividend, has the best pipeline, most robust pipeline in pharmaceuticals and i like a company thats not a hype company. The fact that they are ready to do their vaccine now, full disclosure i am attempting to get into the trial, i think its everybodys duty to get into the trial they are the only one emphasizing the atrisk people they want people who we view as people who we need to protect. I dont hear that from any of the other companies. I like the fact they are willing to give it to their whole employee base. This is the way i think it should be done and i know people are c
Reporter good afternoon to you, melissa. Lets look at the market as theyre settling out. The dow looks like it is finishing down by 524 points. You mentioned the s p 500, that is important too, down 8 1 2 from the record high on september 2nd. 3580. You see the s p closed to 3236. You mention what dragged us down, it was selloff in tech late in the day. Well get to that in a moment. There was optimism early on in the session with respect to coronavirus vaccines, Johnson Johnson entering the latestage three trial that was a little bit positive for investors to get their heads around but again look at these dow losers here. Sales force. Chevron. Apple was one of the big ones, amex and boeing. On nasdaq, losers, fedex, amazon, netflix, align and liberty global. It was a rough day when it came to some of these stocks. It was sort of stock specific and then dragging all the indices down together. Remember this has been choppy for the last couple weeks right now as were heading in and gettin
Whats of buying, we will get to the new record love lots of buying. And we will get to the new record lows. I cannot believe we are already in the Third Quarter. And pending home sales will be coming out. Guy and better than expected, the data certainly looks bit more optimistic. That may give you the month on month number. 34 point three, the prime number was 21. The prime under was 21. You need to look at the year on your comparisons to give you a benchmark as to where we are. Again, it is better but still not great. So you need to take all of this with a pinch of salt. 34 ,ess time, 34, down by we were expecting it down by 21 year on year. Down nearly 10 , but 10 is still a pretty big number. Alix it is like less bad is the data that we are continuing to get. We are going to tackle all these stories. In addition to this hour, we will focus on specific stocks. Chesapeake filing for bankruptcy. We will speak with stephen richardson, plus mark lehmann, president of Jmp Securities come