Few sessions for tech stocks losing over a trillion dollars in value in just the last three days josh lipton is sorting through the carnage and has more josh thats right, jon bigtech names suffering big losses take another look here at apple, minhaj, amazon, alphabet, facebook and tesla just to put the plunge into perspective. The last three days essentially wiping out three weeks of gains. At the start of this year, these Six Companies were worth about 5 trillion. Their value then peaked at 8 trillion just last week. Now they lost about 1 trillion sounds like a lot, but also keep in mind, the remarkable runs these stocks have had. For example, apple is trading about 15 off its alltime high. Still up, though, about 60 so far this year. Same goes with amazon. Down about 6 so far this month, but the stock is still up more than 70 so far in 2020. Also, check out the smh, the etf that tracks the chips bouncing here this morning. Trading about 10 off its most recent high. Sector surge on th
Now. New data points to a sluggish economic recovery as payroll, points in the beige book shows a modest increase in activity. 59 minutes until the close were set to have another record highs for s p and nasdaq up 1. 2 on s p 500, sara its utilities leading the way higher for a change. Coming up on todays show, Galaxy Digital back to weigh in on the rally as it carries over into september were going to ask where hes putting money to work right now. Weve got an interesting mix of earnings coming your way after the bell, including work from home like cloud strike, those are hot, hot Cloud Companies Apparel Company pvh and well talk to manny tirico, calvin klein and Tommy Hilfiger mike santoli tracking Market Action as always Steve Liesman with new highlights from the feds beige book joining us to talk tesla and pullback were seeing is craig irwin from roth capital. Mike, start us off with the market every group is higher except for energy you do have utilities and real estate and health
Investors seem to be more optimistic as Congress Continues to work on another federal relief bill. The president at the bottom of the hour scheduled to deliver another news briefing. This as tensions between the u. S. And china continue to escalate. The u. S. Has ordered that the chinese consulate in houston, texas to close china to close. China is calling for the u. S. To revoke the decision and is warning that the u. S. Has more diplomatic personnel in china than vice versa. Joining us to break down the market avenue big the Market Action are Abigail Doolittle who has following who has been following the action. Abigail tesla delivered. Considering you have the stock of more than 280 on the year going into that report. Before we look at that stock specifically, it has been another interesting, slightly choppy day. More sleepy at the end of the day. We saw this late day surge climbing. Not huge gains. We had stocks of flat. Nasdaq down at the end of the day. This s p 500 higher. This
Starting the quarter with gains. The nasdaq was up more than 1 by an alltime high. S p was up half a percentage point. The dow was up slightly. A decline of about 0. 3 . Burke buckle your seat belts a lot to come. We have been watching what is happening with the futures at this point, all three in the green. The dow up almost 200 points all coming before the big jobs report the last trading day of the week before a long Holiday Weekend for the 4th of july. You could see some activity happening here a quick look at the treasury market youll see right now, the 10year looks like it is yielding 0. 676 . It is that jobs preview people are waiting for to get a sense of what is happening in the economy. Lets bring you the preview maybe not the numbers itself but get ready for them markets in the u. S. Are closed tomorrow in observance of Independence Day today is jobs thursday forecasters expecting an addition of 2. 9 million nonfarm jobs in june Unemployment Rate expected to dr drop calling
Based on the risk off the further markets. It is time now for global exchange. We will bring you todays market moving news from all around the world. Our bloomberg voices are on the ground with this mornings top stories. Where to begin in asia, the coronavirus continues to spread in china, with the number of confirmed cases climbing above 75,000. Engle. Me is Stephen Stephen for the second time in about a week, china has rejigged its methodology for how to classify confirmed cases of the coronavirus in china, that has led to this now becoming a bit of a global crisis. We are seeing more speculation that the data we are getting is we necessarily reliable, or are seeing a significant dropoff in the number of confirmed cases. In hubei province, just 349 new cases reported overnight. Is that because of the new methodology, or do they have the containment efforts under control . That is raising a lot of confusion and questions. Also, it adds to suspicion that officials in china may be prema