Then nikolas partnership with gm. Why both stocks are set to surge despite of course the broader selloff. And finally, this tesla snub. The s ps decision to leave tesla out of its benchmark having a huge impact on the stock. Not the only reason, of course well explain why later on this hour jim, thank goodness youre back, man. It was good to get your take from home at least on friday amid this madness. Well, ill tell you, what i saw last week and i see today is this parabolic move. Look, fridays close, i thought it was what we would call phony. I mean the big rally please i didnt think there was anything to it other than Short Covering i think well revisit the lows that we saw friday and then we have to rethink, because the selling, frankly, is too hard this morning that doesnt mean that i dont think ultimately the people who dont know what they own shouldnt sell, im saying this is just trying to find price discovery, where we were friday, and then we able to figure out what to do davi
Good morning welcome to squawk box. Im becky quick with Andrew Ross Sorkin and joe kernen. Welcome back both of you some big moves we are looking at today. Lets look where things stand with the markets dow futures are off by 34. The big news is happening with technology stocks. Down 343 points. Thats big you are talking 3 of the market or 3 decline for the index. Thats a big deal when you look at what happened last week on thursday, nasdaq was off 5 on friday, another one and a quarter percent. You are taurking 6 and a quarter decline. Because of what is happening with the biggest stocks in that. Tesla indicated down 11 in the premarket Asml Holdings down nvidia down advanced microoff off 4 . Those that have boosted that weve seen selling off today you are still looking with these declines at a market at higher levels weve run up quickly and we are seeing it now joe. Watching it head higher watching it ever day, we are like this tech stuff is insane benefitting from what we are all liv
The nasdaq on track for a 5th week worth of gains here and the dow is erasing its losses for all the year at its highest level since late february, its also having its bests august since 1984. We turn to the Investment Committee for this we have just been seeing green, green, green for it seems like weeks, if not nonts months at this point it is surprising the markets have marched higher the way they have over the last several months since the pandemic lows its not all surprising all the factors were looking at from the fiscal side, the monetary side and the virus side are lining up in support of equity just think about what happened with chair powell yesterday and the historic announcement he made about departure from the prior inflation targeting regimes to this averaging inflation concept. What does that mean . That means rate will be low, low, low for the foreseeable future we think thats two years from now. That is very support ifr five f valuations then you have this fiscal stimu
Fortt and sara eisen is joining us, working a split shift. The biggest loss for the dow since july 30th. Were back to 34. 30. Had a pretty good nice opening, john, as we got that trade deal commitment, the phone call between the reps between the u. S. And china then Consumer Confidence hits and it was just not enough to offset the best number for new home sales since 2006. Yes some things still creeping higher you see amazon a bit higher. Microsoft up about a percent alphabet, too. Adobe hitting alltime highs earlier this morning, which just goes to show, there are certain story lines in this market, sarah that continue to do well for sure, naturally, the s p 500 is positive because of those groups communication services, consumer discretionaries, financials are higher and the nasdaq just topped higher, john, as squawk alley started as Technology Goes green. I would just say on the consumer, this is a mixed picture were getting. Confident was down, all of the components of it, carl, we
Continuing to be all about tech. Surging since the best monthly performance since 2000 u. S. Equity futures, youll see at this point you are looking at some green arrows across the board. Nasdaq indicated up. Dow is up, so is the s p 500 well talk about zoom. It is those Technology Stocks leading the way. Looking here to date, they are up more than expected. Looking at the treasury market, it looks like the 10year is yielding around the same amount of 0. 726 . Zoom, huge news. Right now, top single stock of the day is zoom the stock is on fire that may be the least impressive thing. Jumped over 300 year over year. Free cash flow up 2,000 year over year. New customer subscriptions delivered 81 of the Revenue Growth and less customer churn than expected. Kelly will join us to dig through the quarter at 8 30 eastern time stock up 80 right now how would you like to be in a business where your Free Cash Flow was up 2,000 it sounds like a kids lemonade stand. Thats what has happened to zoom