Communities with inclusion and id like to take a moment to recognize our members attending today. They continue to be the background of support for the club and help enable us to offer wonderful and diverse programming now and in the future and we also like to welcome members of the 20 20 class of fellows with rising nexgen business. [inaudible] its an honor for me to introduce our special guest today, trustee at the economic club, deanna mulligan. Deanna was chief executive officer in 2011 and served in that role until this month. She joined in 2008 the Vice President to leave the company in its Spiritual Life and was appointed to presidency operating officer assured as a trustee on the board of the vanguard group, a position she held since 2017 and has a background in both energy and operational themes. [inaudible] she was previously a director on the board of arts council and active in the industry and in the daa and directors of life insurers and the department of Financial Service
The scene. We had the huge selloff down 35 from the highs then the giant bounce back this week, up 19. 9 going into today. A real pasting most of it at the end of the dow with the dow slipping 915 pounds, s p climbing 3. 3 . Nasdaq falling 3. 79 just like yesterday, which had the big whoosh up, this had the whoosh down. We need to figure out whats next either a continuation of the selloff evolving into a retest, where the market goes back into earlier lows or take them out or resting period, setting us up for the next move higher not much in between here what makes the situation so dicey . Next friday we get the labor departments nonfarm payroll report based on this weeks hideous jobless claims number, we could expect a real doosey this market is a tug of war between the bears bracing for a possible depression if we cant stop covid and the bulls betting on a boom if we do beat it because of the liquidity being injected into the system by the Federal Reserve and by the 2 trillion build
Spending in france and switzerland neglect any of if january and twos, threes and fiveyears are measured in basis points the dow plummeting 3200 points in the week the worse since the crisis yesterday experienced the biggest oneday point drop ever, 1,109 points as we approach the end of the red february for stocks the dow is the weakest of the three major indices, down almost 9 monthtodate. Goldman again this morning, jim is saying they dont think this is over and that buying the dip is in their words riskier this time theres no doubt about it s theres a part of of the s p and its good to look at individual stocks here that are not buyable and if anything its involved with travel and leisure, autos, housing, because house something sl housing is slowing down and i dont thinkfed cut rates it would matter we do need to talk about something at the cooperman, and ive always talked about which is the algos are in charge i noticed this morning at 3 00, what am i doing up at 3 00 the bond Int
Nearly six weeks after the union began a walkout. And Morgan Stanley says it has its new future leader. Dont miss a first on cnbc interview with ted pick and current chief executive james gorman lets begin with the nasdaq which is set to fall deeper into correction territory the ndx coming off the worst day of the year. Now down 11 from the july highs. It looks like the mega caps are catching up to the decline of Everything Else i think theres an overwhelming sense that they all went too far. That they all got overvalued i do not share that. Well get to meta. These are not ultra expensive stocks, theyre a couple turns in pe. Theyve become major sources of fund i think its more correlated with the bond market than earnings yes, google did not tell a good story, it wasnt like they missed big meta, otherthan a few lines that were about meaningful spending, meaningful hiring and also obviously difficult to advertise when you have a wash, it was quite good. Now, the stock is down literally
And the department of justice getsset for the fullcourt press on livenation and ticketmaster. And later, Wage Inflation meets sticker shock in florida its thursday, may 23rd, 2024. Youre watching Worldwide Exchange right here on cnbc good morning and welcome to Worldwide Exchange. Thank you so much for being here with us. Lets get you ready for the trading day ahead. We kickoff the hour with the check of the stock futures stude futures are higher the dow has been moving between positive and flat. You can see it is down fractionally right now you see the nasdaq up big following the nvidia report. The s p firmly in green territory. This is following the release of the feds minutes and raising concerns of the persistent inflation and signaling a longer timeline for cuts than expected. The expectation for the july meeting stands at 18 . According to the cme, it was 25 earlier this week. David solomon expects zero rate cuts this year Jpmorgan Chases Ceo Jamie Dimon shared a similar outlook