Well be on and bridge you all of the bring you all of the big headlines. First the november to remember dow surging towards best month since january 1987 s p and nasdaq handing in best work since april energy up more than 25 percent financials up more than 17 percent. Small caps, best month ever. Bulls werent hiding, check this out, each of the past four monday he got big vaccine news before the market open and look at diminishing returns, the market fell despite moderna requesting emergency use of its vaccine. So weve been talking talking black or white or red and green in terms of diminishing returns. I took that economic class my freshman year and learned all about diminishing returns which is why i often invoke it here, i think so, absolutely tell you something, the vix is telling another story. I thought a day like today, monthend i thought the vix would close closer to 25 but here it is closing lower on the day, maybe its a function of that specific security, but ill tell you giv
Down 1. 6 yesterday, off of session lows. The dow industrials down 650 650 points, that was 2 and a quarter percent lower at 4 00 on wall street. Investors rattled over no progress on stimulus and a rise in covid cases. Its a big day for earnings, dow components merck, 3m. Caterpillar all reporting quarterly numbers this morning. We will get a snapshot of the airlines when jetblue reports and a look at big pharma when pfizer reports. The road to the white house, we hit the one week to go mark, americans are headed th to the polls in seven short days. President trump and joe biden begin the final push before election day. Stimulus negotiations losing momentum, time is running out for lawmakers to make a deal before november 3rd. House Speaker Nancy Pelosi says she remains opt my particular over talks optimistic over talks. Congressman tom reed told me yesterday if we dont have a deal by election day, we may not have one until february. Todays the day, my new book, the cost, trump, china
Google all on tap. All that and much more is coming up this hour power lunch starts right now kelly, thanks im scott wapner welcome to power lunch our reporters are all over every ae angle that matters as you know, today the busiest day of earning season. Meg tirel is watching the race for a vaccine as coronavirus cases continue to climb. And Steve Liesman has the details of a muchexpected gdt report hey, bob before we get to earnings, were having a nicely midday rally here let me show you the s p. Some technical aspects we broke above the earlier highs in the day. People do trade on technical calls on in kind of market you see that nice, quick, steady move up here there may be seasonal aspects coming into play, art cashin noting were moving into november, a seasonably strong period of the year for earnings, the early reports have just been spectacular here, generally half of the s p reporting now, 85 beating expectations and the key story is the average beat about 19 , way above the h
Ask yourselves now that nearly all the big tech outfits reported and a day the market rebounded from its lows. S p jumping 1. 19 and the nasdaq surging 1. 69 . All right. It didnt make back everything it lost, but like i said, nobody ever made any money panicking. If you panicked yesterday, always a better time there is a whole network of smart, rigorous Money Managers who believe apple, amazon have become ridiculously expectative. Downright danger to zone they dont welcome the possibility that these could be worth trillions of dollars im not kidding, every day same goes for their compadres netflix and microsoft. There are tons of stocks in this market way too expensive by any traditional valuation metrics. However, that does not include facebook, apple, amazon, maybe alphabet say nothing of microsoft only netflix is one that i think is a bit of an outlier this is 2020, not 2000 that being the dotcom boom with the exception of amazon and netflix, all of these big tech stocks are valued
First Vice President ial debate. What to expect, coming up. Markets are higher, take a look at futures, a gain in the triple digits this morning, the dow industrials up 129 points, nasdaq up 43, s p 500 higher by 13. This after markets fell yesterday after President Trump walked away from the stimulus talks with Speaker Nancy Pelosi. The president tweeting no more stimulus talks until after the election. Causing an afternoon reversal. The dow industrials down 376 points at the close, the nasdaq lower by 177 and the s p 500 down 47. Briefing bracing for impact, hurricane delta churning toward the gulf coast now, some Southern States declaring a state of emergency. Raining reining in big tech, lawmakers weighing whether or not top tech firms should be broken up. Getting away from it all during election week, the 5 underground adventure to get away from it all making a buzz this morning. Mornings with maria is live right now. European markets this morning look like this on the heels of ga