Trade talks in october and some disappointing data here at home. Home price growth loses momentum Consumer Confidence numbers fall sharply. We are covering all angles of the market and developments out of washington with bob pisani, eamon javers, and ylan mui, also standing by. First, lets bring in steve grasso from Stuart Frankel hes joining us for the entire final hour of trade. What do you make of the price action around these headlines around impeachment i think its what you said, it was the u. N. Presentation and then it led to a little harder stance on china and it went from there to the impeachment hearings or the impeachment process. And then when President Trump said hes going to release the transcripts, the market rallied. Because how incriminating could it be if they were going to release it, right right, they thought there was a smoking gun issue that was going to arise, so if he was going to release it, maybe that wasnt the case, and were back to the impeachment process ag
Good thursday morning. Welcome to squawk alley. I am Carl Quintanilla with jon fortt, Morgan Brennan at post nine of the New York Stock Exchange watching the markets and trade today, long awaited china trade talks are back on. Kayla tausche is in d. C. Good morning, kayla. Reporter good morning, carl. The rumor mill of potential breakdown in u. S. china trade talks, saying theres a big day of negotiations china, they want to make a deal, but do i i meet with the vice premier tomorrow at the white house. The idea was floated by chinese officials and media overnight they would leave washington early in a fit of frustration over hawkish measures the u. S. Administration unveiled earlier this week. Now the president and top negotiator from china will meet in the oval Office Visits happened a handful of times this spring. During the visits they resulted in agricultural purchases or tariffs being delayed. Thats the reason the market is optimistic this time around. Earlier this morning, going
Nasdaq advancing 6 . But we didnt get what we need, which is another reason to buy stocks here. This morning and last night i went over about 300 different stocks, 300, with an eye to finding new names to introduce to the actionalerts. Com club every month i give a talk where try to offer club members at least one new compelling idea. And you know what . How many did i find out of the 300 . Four yeah, thats right only four stocks only four out of 300 passed my test why am i being so selective . Let me walk you through whats worth buying in this treacherous moment first, i dont need stocks that need a trade deal to go higher as the trade talks with china drag on, the list of casualties grows longer and longer. Earlier this week we spoke to the longtime ceo of Emerson Electric he knows more than all of us i think he might be willing to break up the business, literally split it in half i love breakups. They tend to be fabulous for shareholders but does that mean you can buy the stock of e
Global trade war all of this comes together and says you should probably be selling industrials and autos. I dont think these are just oneday quick trades but do think the response from markets today was very interesting think of the rotation weve had over the last month and think of the reaction weve had in the last three days. It is beginning to build back on, hey, lets take back much of what we lost that is how we appear to be ready to open up tomorrow. The first leg lower in the markets happened when President Trump was in front of the u. N. And talked tough on china, mark and the results from nike this afternoon would probably give some investors some hope that perhaps there are companies that could buck the trend is nikeidiosyncratic. Its been the consumer that has driven the market and the entire world not just the u. S. Is relying on the consumer the consumer has been strong and rye sell yents in the u. S. A lot of these consumer names are still strong a lot of them are hitting
We just saw the chunz delegation depart the office of the u. S. Trade representative en masse every the hours of negotiations the president moments aigt saying it went well. He confirmed he will meet with the chinese top negotiator tomorrow he also answered a question about a possible investigation that he requested china do last week to look into the family of joe biden and possible corruption according to the president that he believes went on there he said its up to china to look into whatever it wants to. But this is an interesting comment given a wrinkle today. Where an outside adviser to the president Michael Pillsbury at the Hudson Institute made comments to the Financial Times saying he raised the issue of the biden was china. Later he acknowledged he discussed the bidens with china well back to fast money. A scene in shanghai china but it was china that brought it up and not a discussion at the earlier today as the brooklyn behest of the president. Thats a cloud hanging over a