White hou on remdesivir and looking past chinas first gdp contraction in 40 years oil below 18 is something to watch. That report out of stat news reflects how much hope there is, whether its remdesivir or Something Else for an effective treatment going into the fall. It does it may also reflect thin trading having spoken to a number of people this morning who are wondering whether or not you can have big moves in the market with just a billion dollars of futures being bought, which may seem like a lot, but is not. Because, you know, you have a lot of Fund Managers who tighten risk, they took down their net exposure, perhaps they didnt kel quite a sell quite as much its unclear how much buying power is needed to move the market in a significant way. Remdesivir itself is important were all hopeful that it is going to actually have an impact on the outcome of the disease for those who get very sick and end up in the hospital but it is not going to be what we call a chain terminator it is
Ten states are beginning to work on plans to open parts of their economy. Maybe in may, the fed launches a commercial paper funding fa s t facili facility there is an argument that calls for stocks to retest are fading. I thought yesterday was an important day with the dave kostin change. I did a lot of work, help with larry williams, about how many times when you have a 50 retracement or more, we have a retest the answer is almost never i think theres a lot of people coming on someone came on the air this morning and said in every single case you have to have a retest. Thats completely untrue if you bounced up 50 beginning last friday thats what we did. A lot of people say this thing is based on large cap companies. Thats what we do. Were not trading luncheonettes here thats not to the detriment of luncheonettes. Were not trading hair salons. Thats not the way it works. We trade Large Capitalization Companies that do better than smaller ones in this environment. Thats life. Is it fair
Thats leading the dow right now. Jpmorgan chase, rough week overall. The cardholders, mx, visa down this week, doing better. Exxonmobil also on the upside. And the laggards, and this is like perfect, the symmetry here, all the stuff thats been the Market Leader is down. Walmart, a 52week high, new high, Procter Gamble raised their dividend, merck is up on the week, health care is up on the week, united health, apple had a good week. Its down. Weve been telling you how goldman has downgraded apple, maybe a surprise, but talked about lingering low sales and margins a possible delay, possible in the 5g phone everybody is anticipating towards the end of the year, and i think this is the most important thing, a shallower recovery hard thing to call at this point. Everybody is all over the map on that shallow recovery apple has regained almost 65 of the losses weve had, a little better than the s p 500. Its trading right now at 23 times forward earnings and if youre like me and look at the e
Good morning and welcome to the show im dominic chu live at cnbc global headquarters. We begin with breaking news as stock futures indicate what could be a losing start to the day after the long holiday weekend. If these futures losses hold into the opening bell for regular cash equities trading, the dow would be opening by down by 300, the nasdaq off by 28 and the nasdaq down by 100 as well this selloff after an historic week for wall street the s p posting its best weekly gain on a percentage basis since 1974 the russell 2000 Small Cap Index posting its best week ever and as of this morning, the dow, s p 500 and nasdaq are all less than 20 off its most recent record or 52weekhigh levels. Turning to the bond mark, the twoyear treasury yield ticking higher, 23 below basis points. The tenyear benchmark treasury note yield a little below 74 basis points or 0. 74 . Well just take a look at the 30year long bond, 1. 35 the last trade there to the Energy Markets now and the group known as op
It brings unemployment claims down to 22 million in the past four weeks and that essentially wipes out all the jobs created sin the financial crisis we know the dapta was going to be bad and will continue to be bad because this is reflecting periods that arent april, and we know april will be even worse. Right these are daunting historic we look at them, we must think about what was happening, say, in 1930, 1931. We realize that the system may hold, may not hold i think were in a stronger position than then because they didnt have a social safety net, but these kinds of layoffs, theyre extraordinary. And we are at a loss for words for them obviously, all these people are now in some way or another getting compensated this week. But i think its not enough, and i keep thinking that the longer we dont have and its not opening or closing america the longer we dont have faith in being with each other, youre going to have to keep seeing these numbers. I have to tell you, i was hoping i never