Solarcity official. Look inside the deal, plus, what elon musk has to said. And china urging with didi. Under the deal, theyll invest a billion. What it means for ride sharing competition. First up into the first trading session of august, s p looking to host its sixth monthly gain with a dow aiming for a sevenmonth win streak. Crude in yul, wti turn nd the worst month of the year, then goldman downgrading. The firm says ek pensive valuations and poor growth are to blame. We know they have not trusted this rally. No. Flat. And yet at the same time, its been a rotational strength. Technology was really strong last month. Now, i dont know if people realize how unusual that is. Technology is historically weak during the summer. You simply do not get the kinds of gains we got. European is supposed to go away. Look at what happened last week. Takeovers, unbelievable numbers from a bunch of the real big cap stocks. Semiconductor consolidation continues. Yes, its possible stocks do new york c
Higher. Up by a quarter percent. The cac down by half a percent the ftse down slightly. After the friday night release of the European Bank stress tests, they were not nearly as stressful as some thought they should be. But you did see a lot of concerning things that came out of it. You can see unicredit is down by 7. 5 . Well find out how much it could impact the u. S. Markets in a few minutes. Lets check out crude oil prices because each though crude was up on friday, if you looked at last week, it was still down by over 2. 50. Oil sitting right around 41. 60. This morning, wti under additional pressure. That september contract right now is trading just above the 41 mark at 41. 07. Brent crude at 42. 93. It may be august, but things arent slowing down. Earnings and important Economic Data, all this as the dow starts the month on a sixmonth win streak. Today, we get the july ism Manufacturing Index. Tomorrow, june personal income and spending and your auto sales numbers. Wednesday it
Terranova, jim lebenthal, josh brown and Pete Najarian. How worried should people be this week for a sector thats made a nice comeback . Not worried at all. The sector is rallying into this dnc and a big difference between word and deed. Very easy to put things in a platform, harder to actually enact them. And history suggests that these things typically dont play out based on the worst case scenario. Most important thing here, scott, technically speaking, look at xpi, equal weight biotech index. A much better measure of the broad sector than the ibb. That is on the verge of a breakout. 60 resistance and a pattern of higher lows. Exactly what you want to see. Sellers are less aggressive. Buyers more aggressive, and once this thing gets going, typically set up for a nice run for a little time. I would not be worried about headlines this week. Theyre just headlines. Theyre not actual policies. Pete, word alone, though, to sort of refute what josh is saying, has already crushed the space
Keeping things unchanged. Strong showing for jpmorgan, Second Quarter revenue beating estimates. And awaiting the biggest po of the year. First lads for line. Stock set to open at record highs. The bank of england leaves rates unchanged but says stimulus is likely to come next month. Black rocks larry fink talked about the market rally this morning on squawk box sounding fairly skeptical. Take a listen. Here we are were seeing investors worldwide pausing, we have seen quite a large sum of money being pulled out of equities over the last year and yet we are at record highs. This rally in my mind is not i dont think we have enough evidence to justify these levels in the equity market at this moment. He does go on to say, jim, that if earnings come in above the minus 5 that everybody is expecting maybe some of these could be justified. Look, i spent all morning on this jpmorgan. Why . Because jpmorgan the largest bank, you have to stay focused on it. If jpmorgan is any precursor as was al
Can figure out what shes up to. Nasdaq gained, but try to figure it out. What threw the market for a loop for most of the day into a late session rally . The fact that auto giant ford motor said that the consumers stalling. The competitive environment is increasing as growth has slowed. So the bottom line is that weve seen a tougher pricing environment this quarter. And we will face one going forward, end quote, ouch. Bam there goes ford stocks. Close down over 8 . I have to admit i was a little mystified about the scale of that decline. About a month ago we went to see fields out in silicon valley, and i wouldnt have called him bullish near term especially when he called out the weakness in used cars. In the marketplace, were going to have a strong year. Weve said that, but were starting to see some things in the marketplace that we hadnt anticipated last year or even in the first quarter. What matters, though, is that autos are a huge part of the economy. Gigantic. They provide jobs