Ready for the having sounds like a horror film, but its not everything you need ton about the major event about to take place in the cryptocurrency world. We start with the historic jobs report more than half a Million People put out of work. The market rallied with the dollar ending higher and the volatility index dropping below its 1 hund00day moving averag. When unemployment skyrockets to nearly 15 , do you think the stock market would be down but it didnt. So guy adami, what do you make of that . One would think and one would be myself, absolutely look, i definitely saw the move back to 2790 we talked about that for a while and kudos to tim who i use the word all of the time and the pain trade is higher and here we are. What do i make of it when look wid siquidity is slosg around and its good that were talking about disney later because the markets clearly in my favorite area of disneyland which is fantasy land and at 3393 when the s p 500 made an alltime high we were talking about
Points 24,148 s p 500 is trying to get to 29 in it own right. There is the nasdaq. Its up better than 2 its pushing the door now on 8900 its about 100 points or so away from going positive for the year steph, youll get first crack at this today because you own alphabet and amazon and facebook and apple and microsoft. We have a 2 gain for the nasdaq this move has been nothing short of remarkable. It really has when you look at top names in the nasdaq, its not really a surprise they would hold up so well in challenging environment. These companies are the definition of quality. Remember the last three month, youre sick and tired of talking about a basket of quality, own a basket of cyclicals. These are the quality names. Why they are quality is because they have very strong Balance Sheets they do, if they have a dividend they are well covered. They is great market share excellent leadership good Free Cash Flow and these are the covid19 names all of these companies are participating in on
Cramer, david faber coming to you live from separate locations this morning its risk off following those onemonth highs from yesterday empire and retail sales for march were abysmal the worst on record. Below Expectations Oil below 20 earnings from citi, goldman, bank of america showed the major banks are, as expected, bracing for a wave of defaults some more than others when you look at the percentage of the total loan book at jpm and city. Jpm is the one that people decided wasnt that great. When i look at it, i think it had to do with tone. Jpmorgan, the crucial lines were something that were uttered by jamie, which were, look, may is not realistic. It will be june, july. The problem with basing everything on that is that you dont realize these banks are much more much better prepared than we thought you have a citi thats down from its tangible book value, its actual youll have multiples that are incredibly low because people feel the dividends are in question yet you have a tremend
Well, ceo of farr, miller, and washington hope everybody is doing well lets check on the markets today. Give you a look at what stocks are doing this hour. 2. 66 down for the dow nasdaq still down 2 and the russell seems to be either the outperformer on the upside or the down side and that is where we find ourselves today. So steve weiss, let me turn to you as we begin our debate on stocks today i is a uh you said earlier today in a note that youre surprised that were down as much as we are today. Why . Well, you know, none of the news dish mean, the numbers were new and maybe slaps you in the face when you see them versus what your expectation is, so the reality sometimes takes you lower. Look, we have so many pundits and strategists come out and say, im so bullish now or im more optimistic, et cetera it brought some weak hands into the market im not surprised that weve sold off a little bit. Thats the kind of market were in but im surprised we took it down this much however, if you l
Inspect a face mask production facility. Its a clear signal hes out and about for the first time in weeks. The markets like this. The opening up, that is. Look first at the price of oil. Th 23 a barrel. Thats because production has dropped sharply, limited supply and the likelihood of a pickup in demand as more businesses open up. The president just tweeting on that literally moments ago. Here it is. Oil prices moving up nicely as demand begins again. Thats the backtowork movement evident in the oil market. Stocks, they are going up, too. Reopening is popular with investors. Look at this. Lot of green, lefthand side of the screen. The dow is going to be up about 300. The s p up 36 and better than a 100 point gain for the nasdaq. Yeah, tuesday, may 5th, a positive tone today, if you ignore the everwhining media. Varney company is about to begin. Stuart lets get right at it. We will bring you an update on the reopening of the country. California and new york, both outlining their plans.