Strategists on wall street now see elevated recession risks and a possible significant pullback. Joining us is ian winer. Welcome back. Thank you for having me. Today it is the trump comments that are lifting the market friday they were sinking the market what do you do in this environment . You have to stick to the stocks that you really like because theres absolutely no direction in the marketplace the president clearly isnt helping things i think we are just going to continue to stay range bound at the same time, where global rates are and the fed basically saying theyre going to be there and you are in a little range here i think that the uncertainty itself will outweigh whenats happening and see a correction before we run away to new highs. The risks tilted negatively near term negatively for three months i think. Ians here for the hour lets focus in on the big stories today. Live in france with the latest on china trade bob here at the exchange kate tracking the nasdaq ayman, fir
Caseshiller report, home prices up 3. 5 in april compared to one year ago, compared to 3. 7 gain in march all right. Lets bring in Carl Quintanilla. Yesterday or over the weekend, traveling to vietnam, you saw a bit of some of his teases and reports, but hes there in a place that, of course, carl, has become so central in the discussions of trade that we have on this desk every day with jim in terms of changing your supply chain, so curious to see what you have learned in the time youve been there in terms of how easy or difficult that actually is. Yeah. David, youre right. It is funny, you know, we talk about it at the desk all the time, and then you get here on the ground and see what is happening in real life because this is not something that companies address directly or specifically you and i know we have read the transcripts and the Conference Calls, they say were looking at it, were going to study it, reports that others may or may not be studying, expatriating supply chains ou
And small caps are outperforming. Joining us for the hour is steve grasso taken by semis, is is that ahead of micron, g20 . I think that it is a bit of both bullard was not bullish. Market was expecting one thing, not the other. And micron is after the bell, so people are getting ahead of that people so either earnings or semis, chicken or the egg there, but that took us down. Something the bears point to, semiconductors are traditionally a tell on the economy and they are not at record highs. I think that they are still in correction so if you had to poll everyone now within the marketplace, people are going to err on the side of growth is slowing. Cant find anyone that says growth is ratcheting up. So these have been the bullseye for growthand they have been your cautionary tale thus far within the marketplace and with g20 and with china and everything all encompassing. Microsoft also suffering. Ten year back below 2 all factoring into the selloff lets drill into the big stories. We
And just how high the a. I. Trade can fly. And tracking Consumer Spending trends ahead of the unofficial kickoff of summer its friday, may 24th, 2024. Youre watching Worldwide Exchange right here on cnbc good morning and welcome to Worldwide Exchange. Thank you so much for being here with us. Lets get you ready for the trading day ahead. We kickoff the hour with the stock futures check. Take a look. The futures are in the green. The dow would open up 20 points higher right now, the markets are looking to rebound from the selloff fueled by concerns of the fed and outlook for cuts that negated another Strong Quarter from nvidia. The dow had the worst day since march falling more than 600 points closer lower by 1. 5 . The nasdaq and s p 500 having the worst day since april with the s p on pace to snap a fourday win streak. For weeks, we have been debating if the earnings were the driver for the fed. We got our answer yesterday. Stronger than expected pmi numbers weighed on investors with
That conference. A lot of optimism there. And well discuss why hundreds of millions of dollars are going into Alzheimers Research it still may not be enough to make any real progress. Also along musk discussing the latest spacex rocket failure right now. Well bring you the latest headlines soon as we get them. We start with our closing bell exchange. The major averages are in record territory. Territory. Mr. Willis whats moving this market today . This is another one of those days where we are hitting singles. No home runs but enough to put us over the top for the s p and the nasdaq in record territory today. The big cap, particularly the nasdaq are the story. Inside that story, you need to take a look at some of the rotation that we are seeing. Still taking profits out of the russell 2000. Some of the Health Care Stocks seeing profittaking. We are seeing money rotate into the consumer discretionary, particularly the restaurants strong today. Chinese stocks trade here also showing stre