Lets bring in our guests today, arguing that stocks might not be so close to new highs for very long mike wilson, Morgan Stanley, back with us good to see you. Glad to be back. 10 correction is the most likely outcome why is that . Its a continuation from the call we made in september where we got a 10 correction. We walrallied back all this comes back to our framework. We look at the valuation its pretty full volatility has picked up because of the events they know are out there, whether its the virus, the second wave, or the election the premium we believe is a bit understated from where it should be thats all were saying. Its full here these risks are not going away for the next 30 days theyll be with us so, look, the range we put out in august, 3,100 to 3,550 holds. Were still bullish on the vshaped recovery, the call we made a while ago we think its a new bull market. But its risk reward and the risk reward for the upper end of the rage is not that good. If the facts change, could
Claims. 1. 3 million last week, and that is the 15th weekly decline, so the downtrend continues. However, 17 million are still unemployed and still collecting benefits. Ive got two big tech stories for you. First off, the twitter hack. Fake messages appeared from big name celebrities. It was a bitcoin scam. The important point is the hackers took over the platform and could have sent out messages to disrupt the market or the election or anything. They showed they could do it and that is a huge problem. Stocks way down. Second tech problem, the top court in europe will restrict the transfer of the personal data of europeans to american companies. They are worried about our surveillance of them. This could severely disrupt big tech operations and big tech stocks are down. While stocks generally are moving lower, especially those technology issues, the dow, we are looking at a minus 180 at the opening bell, down 21 for the s p and really, the nasdaq taking it on the chin. Again, technolog
That seems to have worked because the dow which had been limit down has now bounced back and at the opening bell, we may be up 400 points. The dow will be up significantly at the opening bell. Same story with the s p and also with the nasdaq. Now, treasury secretary mnuchin, he says the Federal Reserve will have 4 trillion for loans to businesses. He says theres more where that came from and if congress doesnt get something going real fast, then they will go back to congress for more and he says the fed will provide any amount that is needed. Thats what the fed is doing right now. Thats the market. Thats the fed. Thats whats going on in congress. Now look at the price of oil. That has been a problem for American Energy producers and right now, weve got oil all the way down in the low 20s. Thats a continuing problem for texas, north dakota and for the Energy Producers and these energy stocks. How about the price of gas . That is absolutely tumbling. The National Average all the way down
Essential employee meaning you work with food or you are a First Responder and well give you bigger list in just a few moments, but james terry a i want to show you this is such an eerie sight, ive been in San Francisco for 20 years and ive been here since i was 3 yearsold visiting off and on before arriving. I have never seen this site before look at this what dont you see james and area. Were on california street. Yeah, thats pretty crazy assist to chatting with robin across the studio said 8 oclock in San Francisco. And you see a parking space available. Thats incredible. And you do not see cable cars. Yeah, i mean that is as much as San Franciscos the Golden Gate Bridge and fog but no cable cars because they are trying to limit the amount of people moving about to create social dismiss this is what its all about a slowdown. The spread of coronavirus and it is spreading across at least the shelter in place for 6 bay area counties so take a look at your screen. I mean lets just face
Armstrong is looking to be part of City Government in oakland. What hes doing today, plus pepper spray being used in a Law Enforcement Training Exercise, ending up in a nearby Elementary School. And several children fell sick. And it led to a hazmat situation to. Live from jack london square. This is morning time two the night todays wednesday, may 22nd. Were looking live at San Francisco off in the background and the city at our feet. Here. It looks like theres a little bit of i wouldnt i dont know if thats fog or haze, but were going to get the forecast from steve in just a bit. It might be just a touch cooler than it was yesterday. Expiration dates on products reportedly lead to a massive waste of both food and money. Researchers say that the tags printed on groceries dont accurately claim when its time to throw out the food. Instead, they suggest smart labels. This New Invention would allow Food Packaging to signal when its contents are contaminated with bacteria. However, the bigg