On the consumer. We will dig into the fallout there as power lunch starts right now. Tyler, thanks. Welcome to power lunch, everyone stocks are selling off hard for the second day in a row. We are near session lows right now with the dow down about 600 points thats a 2. 4 drop for the dow for the s p the nasdaq down 2 today but if you add up yesterday and today, all three of these averages are down about 5 in just those two sessions. Take a look at some of the moves weighing on the dow. You have boeing, United Health, visa down 4 we were just discussing United Health a lot of different challenges there. Lets go to the New York Stock Exchange with a run down on todays selloff. Hi, bob. Kelly, an old saying on bleet if you cant trade on the fundamentals, trade on the technicals s p 500 the last two days this was yesterdays low, midmorning, another drop volume picked up, trading on technicals this happened a little while ago and the cdc announcementadded to new lows for the day. New lows
What i think we ought to do as we go into the march meeting and, obviously, in subsequent meetings this year. Charles now, there has been some intriguing action despite what you see in the overall market. Hardhit stocks finding buyers as the coronavirus stocks are actually giving up gains. And then, of course, mixed signals from the socalled safe havennings. Also the crisis deepens around the world, the number just keeps getting higher and higher, the number of countries with confirmed cases topping 50 and that includes mexico. However, the global rates for a vaccine is offering greater hope, and in the Business World we have amazon thats asking all of its employees to defer nonessential travel including in the United States, and just moments ago that google is banning employees from traveling to south korea or japan after one of their employees in zurich reportedly tested positive. Back here at home, california has become the epicenter of the virus with more than half of the confirmed
Performance today. And nasdaq push a 2 gain. Nice moves today, in alphabet, ama ama amazon,baba ahead of those earnings you have a new month for stocks. Very big and important earnings this week in tech and elsewhere. Retail surge impact, volatility in the markets and what was gamestop is now silver we have our eye on that as well. And we do have this call now, ko courtny. This is likely to get worse and feel bad in the shortterm this is not a bubble or like 2000 for many reasons. Calls now that the correction is here is it . Well, good to see you again, scott. Everyone is entitled to an opinion and im sure hes done a ton of research that would say its here but i think there are a number of factors that one would say may not allow this correction to last longer than what was friday. So, you know, when you think about the amount of cash on the sidelines. Look at the savings and the amount of capital thats going to come into this marketplace with stimulus, you look at people can say eval
Strategy right now, less is more i dont think you want to be aggressively making adjustments to your portfolio. Myself, personally, i look at my Energy Exposure and look that i have a high correlation to the price of Oil Moving Higher i also have one oak. I suggested in the last couple days exposure to refiners. If the price of oil is going to move higher, im wrong in that suggestion what i have done is i have added sun corps. Why did i do that . Because if there is a need to tap production outside the middle east or United States, we look up north. The canadians have that. A canadian oil play. The chinese can access that, as well i think thats the right strategy i sold out of capital one. Why . I dont like where were sitting right now in terms of yield and the ism manufacturing, that was not a good number. So, too much exposure to financials gave up capital one. Took that cash and put it into suncor but less is more. Lets focus the impact of what we had overnight in the middle east. J
Many more americans. In the event iranians make another bad choice the president will respond in the way he did last week. I know that the efforts that we have taken, not only last week with the strike against soleimani, but strategy we employed saved american lives. Neil what happens next . What are we worried about happens next especially when the iranians are talking about a swift and Immediate Response . Former u. S. Deputy secretary of defense under bush 43, Paul Wolfowitz on all of that. Sir, always good having you. Iran is making it very clear that theyre not going not to respond. How far do you think they push it . What do you think theyre up to . Look i think both sides dont want to see a larger war. I think that will lead to some restraint. But, they keep saying theyre going to respond at time of place of their choosing. Which i suppose is consistent with the idea that revenge is a meal best eaten cold as they say. I think, i think it is very important to keep an eye on iraq