Maintain that particular story into 2021. With a year for growth, or will it. Jobs report paints a picture that more federal stimulus is the key the key component to making this narrative stick and talks over the 900 billion andemic relief bill ground to halt. Any keyuggle to reach agreement. Today we expected to get the details on the plan, but that was postponed for the sum of 24 hours or so. We wait with postponed for 24 hours or so. Comeback willic be dependent on further push from stimulus. Joe, it is interesting today there was a little more risk aversion in the market we went into that ageold trade that is big tech. Joe big tech that is something, even on the socalled risk off days, it just means buying tech stocks that are doing phenomenally well. That is what counts as a down only tech0, when outperforms. Absolutely. The breath is incredible. Look at the number of stocks and the nasdaq composite surging, a Straight Line up. Some of the highest levels we have seen since early 2
Out. The billionaire Tilman Fertitta will be here power lunch starts right now the dow making major moves to keep up with the changing times and the changing economy bob is looking at the moves and how they will affect the markets. Bob a bit of a shake up in the dow but the moves make some sense. Let me explain why lets take it piece by piece first we have salesforce. Com replacing exxon mobile the apple split has reduced the tech weighting in the dow and we need more Technology Sales force reflect the growing importance of Software Overall in the u. S. Economy. You dont need two Oil Companies in the dow you dont need exxon and chevron with energy only 3 of the s p one of them chevron will do. Lets look at the dow industrials. Pfizer is the lowest stock price in the dow the price would be even lower. Another reason to move it away amgen is reflecting the growing importance of the biotech space. This sounds like two industrial swaps and they are theytheon overlaps a bit with boeing now,
Francine a couple of days ago. They are close in condemning huawei in china. This is over a security law that china did in hong kong with the u. K. Offering to suspend the extradition treaty with china, something that china has not taken so well. Nott punish the u. K. By doing dont touch football. It is something that actually could simmer, but we had a great story on bloomberg yesterday saying that under president xi, we could just see a china versus u. S. , china versus u. K. , as he is ready to take on the world as being the strongman back home. Tom it will be interesting to seal. I will be emailing our chinese brethren, on crystal palace, i believe, sunday. Right now, first word news with karina mitchell. Karina bloomberg has learned there is a settlement in the Goldman Sachs case and malaysia. Elation would drop all criminal charges it malaysia would drop all criminal charges against the bank. China has struck back. He has ordered the u. S. To close its consulate in the southweste
Weve given all of that back and then some. Yesterday, the market was down by 1,861 a decline of 2,443 points. All of that over the previous sessions we had given back futures are up by 626. Normally, thats the type of move that would make you sit up and say wow s p indicated up 69 points nasdaq up 192. Treasury yields have been moving all over the place as well we did see the 10year on monday up 0. 9 . Higher than that this morning, up 0. 2 on trading yesterday. Accelerated on the day everybody was on tender hooks to watch what would be happening here are some highlights of what is on tap car line, former citigroup ceo, former white house chief of staff, founder and chairman of Interactive Brokers joining us there. A lot going on there todays top story, uk gdp following 20. 4 in april the largest monthly fall on record as the pandemic lockdowns have battered the economy. Londons ftse down more than 18 , thats just year to date. Has liesman heard yesterday, the annual kansas fed symposi
Unemployment claims last week, but we are seeing sectors most sensitive to economic reopening. Sharply hire American Airlines rilgt now, trade iing up some 45 wilfred. Its actually pared some of those gains. About 43 . Ahead on todays show, tim ryan has a six step plan outlining his companys pledge to support black lives and it goes well beyond cash donations. Hell join us with his message plus, a key question for millions of newly unemployed americans. What happens when federal stimulus programs run out . Lets focus though on the big stories were watching today first of all mike is tracking the Market Action phil lebeau is watching a huge surge for airlines before the pullback and Courtney Reagan covering a battle between landlords and retailers, but mike, lets start with you and the broader markets. Hard to make too much of this headline softness after such a sprint that the market has had take a look at the two year chart the s p has had. We did see today mostly, the nasdaq 100, cli