Today withed that the trading innocently dow stocks about 15 20 lower than a 10 day average. Alix i am guessing that low volume has been a theme for this month. I dont think it will get better given that we are going into a holiday friday and also we have 600 and it declines there. Alix throughout the day clawing its way back to neutral. A very similar story here in the u. S. If you look at the minifutures, you can see the whole day. The decline here when the attacks happened, choppy trading throughout the early morning, but a slow grind higher, ending slower, but making up a huge amount from our losses earlier in the day. Scarlet there was that move to safety once again. Same story and bonds. We saw investors rallying in u. S. Treasuries, but that died down later in the afternoon, treasuries fell off, more central bank speak, fed speak, Charlie Evans talking about the strength of recent economic data, which may be sparked speculation about an Interest Rate rise, which would be bad for
Higher growth areas . We have got some breaking economic numbers on the housing market. Julie hyman is at the markets desk with more. Julie existing home sales rebounding last month. We got numbers for the month before that were disappointing but now we have a climb of 5. 1 month over month to 5. 3 3 million on an annualized basis. It compares with februarys 5. 0 7 million. The median forecast, 5. 2 8 million. A larger rebound than had been anticipated and does exhibit some resilience in a u. S. Housing market especially going into the spring selling season. 3hat number coming in at 5. 3 million, an increase of 5. 1 month over month. The existing home sales number does not tend to have a big impact on stocks. At much appears to be having big impact on the overall direction we are seeing today. The dow and s p, little change. Nasdaq doing a little better. Any increase means we are at new highs for the year above 2100 as we have been watching for the s p 500. Above 18,000 for the down. A
Good morning its 8 00 a. M. In Los Angeles California and its 11 00 a. M. On wall street and squawk alley is live. Welcome to squawk alley for a thursday. John fort is out today but kayla and myself at post 9 joined by mike santolli. Good morning, guys. Its a little trepidation ahead of china gdp tonight. The season is heating up and bank of america in the green after earnings and revenue Beat Estimates but theyre down 18 on concerns about the Global Economy and topping expectations. Delta, in fact all the airlines seeing nice after profits Beat Estimates. Theyre impacted by a stronger dollar but their fuel costs are coming way in. After 14 in two months will earnings will seen as good enough . The early evidence is maybe. Honestly it seems like we can at least support these levels if oil cooperates and all the other things hold in place. It does seem as if i think the reaction to the banks yesterday shows you that people were leaning too hard against that group. Didnt own enough of th
Got some Consumer Spending numbers that did not meet estimates. All three major averages near the lows of the session. Amazon in point terms is one of the things that is keeping the s p 500 from falling more after the Company Reported a Record Net Income but the other card stacked against it. Sciences coming out. Apple declining having its worst week since june since 2014. In percentage terms, i want to look at the big tech losers in todays session. You have seagate coming out with numbers that missed estimates. With rivalsng along is numbers suffered from demand from apple iphones. Then we have the Energy Clients easy in todays session. Going into this running season, energy was predicted to be the biggest drag earnings wise and that is proving to be the case. Phillips 66 out with numbers that missed estimates and its pulling down many of the other refiners and is generally seen from the client and energy today. Red on thet of screen for the day. How about for the month . , lets start
Fresh alltime highs. Tesla shares tumbling after Consumer Reports says the car has, quoen unquote, quality issues. What is the problem . The writer behind the report is here to explain. But first, we start with another yeartodate high for the s p. With todays close, the s p is only 34 points, or a percent and a half away from new alltime highs. The dow 298 points away from its alltime highs. The question tonight, are we going to break out . And pete, what could lead us there, if you think we will . I think the same things that have been leading us so far. If you looked at today what led the markets, energy and materials. When Goldman Sachs was talking about steel, they were talking about inventories being worked off, they put a conviction buy list number out on nt. You get in the material space. Then you go to the energy space. We had rich ross on last week talking about the xle at 64. Well, it broke through 64. Day after day, were trading above that. Then add into the financials, beca