Similar percentage moves for the s p 500 and the nasdaq composite as well. The question becomes after the best week for the dow since 1938 last week, the best week for the s p 500 and nasdaq composite, are we starting to see a market bottom play out . Lets start here with our invest Investment Committee joe, what are we seeing here is this a market bottom we can see developing out in the next couple of days and weeks no one knows the answer to whether this is an absolute market bottom. What is going on is theres a significant trading bounce in the market and a lot of it is predicated on the end of month rebalancing we know will occur into equities. Today, very surprising there seems to be a high degree of optimism relative to the expectation were going to get a significant amount of negative news coming this week in the form of ism in the form of unemployment figures and in the form of continued negativity surrounding riding cases of coronavirus here in new york city which is the epice
Power lunch starts right now good day, everybody. Welcome to power lunch. Im Tyler Mathisen as michelle just highlighted, the dow and s p 500 hitting records again. But we are well off those levels at this hour nasdaq basically getting slammed. Down more than 1 . Big selloff in tech. Check out what is leading that nasdaq 100 lower Lamb Research down so auto disk down 15 now applied materials, invidia also in the tank today. In fact, the whole Semi Conductor industry on pace for its worst day in almost a year more on this group coming up forget ten, folks. Lets move on to 11,000. Bitcoin breaking past 11,000 just hours after topping 10,000 for the first time ever. Everybody is talking about bitcoin. Crypto currency up more than 30 in the past week and now up well over 1,000 this year, brian. Its like an auction. Do i hear 12,000 im Brian Sullivan heres what else is happening at this hour. Tyler drilled down on bitcoins record run the nasdaq planning to launch Bitcoin Futures next year.
Creeping back into this market lately, as attention remains squarely on the potential for tax reform, on lower oil prices, and on the health of the economy. When all was said and done, the dow jones industri dropd another 138 points, closed at 23,271, its lowest level in three weeks, by the way. The nasdaq was off by 31. And the s p 500 fell 14, but it does still remain just 1 from its most recent high. And tax reform is indeed a big deal for the markets and investors. This afternoon senator johnson became the first republican to say that he will vote against the Senate Tax Plan because he thinks it unfairly benefits corporations more than other types of businesses. The senate can lose only two votes and still pass the proposal. But as ylan mui reports, there are a lot of changes being made, including one that could make your tax cut tempo. Reporter the senate adding two bombshells to its tax plan. Getting rid of the individual mandate for health care, and making the tax cuts for house
The Congress party alleges insider trading by foreigners ahead of the BJP s predicted victory in the exit polls on May 31, resulting in a surge in stock market activity. FPIs made significant purchases linked to the MSCI s quarterly rebalancing, impacting global indices and passive funds.