Good thursday morning. Welcome to squawk alley. Im jon fortt with carl quintanilla. It is cloud week on squawk alley. If you were betting against snowflake, wur oyoure out in t cold this morning. That stock up is 12 same for Cloud Security and authentication specialist okta were going to talk to the ceo to see if this thing may stabilize from here or go higher splunk, that is the sound of a cloud stock dropping 22 after missing Sales Guidance for the third quarterer in quarter in a row. All this happening as amazons cloud conference is in full swing. Salesforce announced the second Biggest Software acquisition ever and we started the week on squawk alley talking to ibm president Jim Whitehurst who came to big blue in what and is still thelargest Software Acquisition ever redhat driven by a hybrid cloud. Julia, investors are betting on further growth from already heady levels we can certainly see that in what is happening with snowflake this morning it is reapproaching the highs that so
Andy biggs was there. He said stop blaming Law Enforcement for doing their best to help people. All that and more on making money. Charles President Trump is about to take the stage in wisconsin. He is pushing congress to pass the new trade deal between mexico and canada. Approving the usmca could be a boon for the country and wisconsin which is where we fly jeff flock. Jeff . Reporter he will be on the ground as we speak and here in dirko aerospace. A place that employs 250 people. It helps maintain military aircraft like the c130 transports and the f16 hornets. This is important state for the president. This is the sixth time sips he has been elected. Why . He won the state by a very small margin in 2016. About the smallest margin you could get. About 3 4 of a percentage point if you look at it, about 22,000 votes. In 2018 democrats swept this state in the statewide elections. So it is going to be a tough road. Charles, as you point out the president has a good case to make on the ec
Sandwich. This is the first and only time our cameras have caught him since Attorney General Merrick Garland appointed smith. And on that subject, we asked him where the investigation stands. Is the Indictment Sir . Is an investigation happening, sir . Excuse us. Anything youd like to say, mr. Smith . He didnt say anything. Didnt even look in our direction, but there are reasons to believe a Charging Decision is in fact coming soon. Donald trumps lawyers were at Doj Headquarters yesterday meeting with him and other doj officials. Jack smith and other doj officials and sources familiar with the investigation told nbc news The Grand Jury in washington, d. C. Is set to meet again this week after a lull. Weve also just learned from sources familiar another grand jury will hear from a witness in florida. So whats the deal with that . What are two grand juries doing for the special counsels investigation and who else could jack smith be looking at . Joining me now is nbc news justice and int
Are taking a battering. This market can set whole sectors and polarizing them. Todays healthcare. The French Company cut its forecast and boosted its spending plan. Those are called kisses of death. The pin action from that, drug down the entire group. The negative forecast from bristol mile didnt help either. These used to be safety hiding places with high keep you. With trembling. At this rate is so high the dividends have become meaningless. Many other pipelines seem to be running dry. The cover is bear. Big pharma is just a nightmare. Just as we have been rolling bull markets in the old days, what we find out where marauding bear markets but thats what happens when rates go up. We have now got all over the place stocks falling apart. Thats what i felt all day. Were falling apart. The drugs, the oils, after chevron plummeted 10 points, chemicals failing to deliver the goods, they too used to be brought by the yields. At least until the fed starts cutting rates. Tech got a reprieve t
Points s p backslid, nasdaq declined. Stock market is a market like any other market. When theres too much demand, stocks go higher when theres too much supply as in the last couple of hours of the day, stocks go lower today you can see supply and demand dynamics in action. Often forget thats what its about. Demand side of the equation. Right now all about tech, transports, huge demand for Semiconductor Stocks, gaming stocks, data center, ecommerce, social media and so far. Airlines, freight and railways where is the supply coming retail sector. Bordering on travesty. So much merchandise for sale in the retail aisle of the stock market theyre marking it down as if the whole store is closing. Sell sell sell sell sell sell sell sell sell sell sell sell sell. Its a total Liquidation Sale oils are headed down too this is another story weve seen before too much oil in inventory and no place to put more of it. Oil Companies Keep selling futures struck at 50 a barrel nothing has changed. Crud