We begin with the call from Goldman Sachs to avoid apple, to sell it. John, to you first it is your biggest position. Is this the right call from Goldman Sachs reiterated to get out of apple all right were not hearing jon. Well work on that the steve, youve trimmed a bit of it what do you make of this call. We see apples recent Stock Performance and trading level as unsustainable and will continue to recommend that investors avoid this stock i did trim some a number of months ago its still my biggest position i trimmed it to me, apple is the market right here the stock does not deserve to be where it is but neither does the market and neither do a lot of stocks. I believe youre in front of the companys biggest Product Launch ever, which will be the 5g phone. The market is forgiving lot of the sins if youre looking at purely does it deserve to be here in a microscope looking at apple . No you can make that case on anything im not selling anything let me take that back. I may trim a litt
The session, sara. Come back after two down weeks. Coming up on the show, tech investor Roger Macnamee is with us and gold strengthens, the dollar weakens and home body stocks outperform well break down the trades and themes in a few minutes with David Rosenberg. Lets focus on the key stories mike santoli watching the bounce back rally meg tirrell as the president participates in a Coronavirus Briefing and the other big Market Driver this afternoon, the stimulus negotiations in washington new details expected this afternoon. First to you, mike yeah. Sara market really is a bounce in large tech stocks that is carrying the s p 500 to the high end of the recent range. Pretty well mixed market under the surface. Those big nasdaq themes carrying we spend most of the day, interestingly enough, almost exactly at those early june eyes we were looking at for a while not sure there is any particular reason we have to sit there. 3232 is that level basically that, is where this nasdaq rally has ta
Ins a draw as they say soccer right now. Jonathan im not sure anyone calls Bank Earnings season the great derby. Darby. Y the fixed trading revenue number. Equity sales and trading revenue. Message fromng the the city ceo. Balance sheet a has plenty of capacity to serve clients. This is the continued message that the Balance Sheet is not an issue, this is an earnings issue. The Balance Sheet is still strong. Tom every bank has different language. 20 some billion dollars of cost of credit. Citigroup and jp morgan lifting a little bit. Wells fargo is its own story. Sonali basak joins us now. We have citigroup out here now i want to go back to wells fargo. How broken is wells fargo . A 2. 4 just posted billion loss. Down to is being cut . 10 compared to . 20 expectations and . 51 where it was before. They are putting up a fraction of what they had before. They are jp morgan with relatively solid results in the face of a tough time. Jonathan is there a broad take away yet for all three . A
Theyre raise something 130 billion in market value between them just today. Tesla, also down 4 in the likes of amazon, alphabet not far behind lawmakers continue to work on aadditional stimulus package with new details coming out about individual and corporate ap dow down 330 points with 59 minutes left in the session, sara coming up, tech investor dan niles will be here to make sense of the late day selloff in technology stocks. With the nasdaq down 2 . Plus, well talk to john rogers about his take on the market and the areas hes investing in right now. And more earnings coming your way after the close including intel, etrade, mattel and apple supplier sky works we bring you the numbers as soon as they hit the tape with one hour left of trade, lets focus in on the stories. We have details on the increasingly heated rhetoric between washington and beijing phil lebeau has comments start us off with the Broader Market and tech especially not getting the love today tech is overheated. Loo
Commerce department announced that the United States economy g. D. P. Plunged 32. 9 percent on an annual basis in the april through june quarter this is its worst 2nd quarter period on record for the previous worst quarter contraction was a 10 percent drop during the Eisenhower Administration in 1958 but these records dont date back to the Great Depression while hopes one day old on that v. Shaped recovery is Consumer Spending which actually accounts for about 70 percent of Economic Activity it brought down the g. D. P. On wednesday the Federal Reserve chairman powell warned of the lasting damage to the economy of this expectation. Even with the improve Economic News in may and june overall activity remains well below its level before the pandemic and the contract contraction in real g. D. P. In the 2nd quarter will likely be the largest on record. Now this comes as republicans and democrats are working on the one trillion dollar relief package on a looming friday deadline but it appea