Senior markets commentator mike santoli taking a look at that question. Doesnt feel very settled. No, and not persuasively so. We did get a bit of pressure taken off that surge in bond yields yesterday. This morning it seems a bittentive ahead of the jobs number tomorrow. Its unclear to me youre going to get a lot of decisive moves. The scene is set for potentially some nearterm reversals in both fixed income and in equities. Of course, as youve been saying for days, it always gets this way when youre kind of a couple of months or several weeks into a correction in the stock market. Things are getting pretty washed out, the breadth call, the put call ratios. At the same time, bonds, very negative sentiment and really a steep climb in yields. What does all that mean . If were still in the old trends, they should back up quickly and we should get a little bit of relief from an oversold stock market. Things to look for today. S p 500 yesterday made a slightly higher low than the day befor
Get a lot of top ten pick lists for q4. Some do include the magnificent seven. Which sold off heavily in september. Topping the tape, after a rough few months, two months, that have tested the markets up trend, the question, has there been enough pain to generate gains . Cnbcs Senior Market commentator mike santoli joins us. We had a selloff. Didnt feel panicky. It didnt tip us into outright panic. Below the surface a little worse than that. The median stock off 15 , 16 from its high, not over the same two months. In general theres been a general retrenchment. Equal weighted youre flat for the year. I think youve seen some areas of stress pop up. Youve seen some positioning numbers suggest a lot more aggressive shorting, a lot of people cutting back on risk. That being said, we stopped short of some of the real tests that i think people were watching for. Last week, everyone knows the market was looking oversold. Everyone knows the seasonal tailwinds start to kick in in coming weeks. M
Comments and europe is mostly green and Oil Continues its run above 66 our road map begins with industrial earnings from cat and 3m and numbers from ford well dig in. The president is switzerland, well hear from him this morning and then an interview with our own joe kernan. And futures are up in the premarket on the rally this morning. Earnings news, lifting a pair of do you components, caterpillar with its Fourth Quarter results and issuing up beat guidance due to growth in the Construction Business 3m with q 4 results, increasing the dividend by 15 . Cat is the story this will be an all time high. They are talking about strong order rates, lean inventories and increasing backlog and this is all before we see the framework of the infrastructure, bill. Talk about two stocks that are kind of encapsulated, all of the themes for a long time its the kind of global reflation growth spot and also the theme of analysts not just being able to catch up to exactly how much earnings are going to
Carusocabrera in davos. And she is with the man who just finished up with President Trump squawk joe kernan. Michelle yes, thats right thanks so much tyler i am here with joe wrapped up extensive interview with president know a lot of things you talked about. Give us some of the highlights. Mr. Trump comes to davos. What would be anyones first question i wanted to know here you are coming into the bastion of elitist and everything else. How are you going to sell the american first agenda to the crowd we have here in davos . When i decided to come to davos, i didnt think in terms of elite es or globalist i thought in terms of lots of people who want to invest lots of money and all coming ba can to the United States they are coming back to america. And i thought of it much more in those terms. After i said that i was going, there were massive stories about the elite and the globalists and everything else. Its not about that. Its about coming to america and investing your money, creating
We track it. Talking to an official down there. Looks like progress is finally being made in congress on two of President Trumps biggest agenda items, that would be tax reform and replacing obamacare. We head live to capitol hill for the latest details on that. We also have fedex, adobe, Bed Bath Beyond reporting earnings after the bell today, a few days sinces weve had bigger earnings to recover. Well bring you instant analysis as soon as the results are released bed, bath down 2 . Fedex getting ready to raise rates. We begin with Hurricane Maria gaining strength yet again heading right toward puerto rico w wtvj meteorologist Steve Mclaughlin with the latest. A couple days ago the storm was what we call 96l, a big storm in the ocean by saturday 5 00 pvm, it was Tropical Storm marine ya, sunday 5 00 p. M. , Hurricane Maria last night at 7 45, category 5 with winds of 160. That is where we are right now the track right across the Virgin Islands especially st. Croix as a major hurricane,