Extraordinary upside moves we saw this year but now the action is just as extraordinary on the downside as what we saw moving higher since we turned the calendar. This is when we start to dust off the old adages down is quicker typically than the up markets weve had all a rise, we dont have to remind you of that, but the we have to pay the piper and the dow is down by the way, you cant compare the percentage terms down 802 on the dow. Biggest point decline prior to this was 776 during the financial crisis now, back then it was 7 , 8 drop today were talking 3 its rare to see that kind of move well show you everything going on with the spiking volatility. Its unsettling because it happens all at once. Well bring mike santoli in in a little bit we were talking about how the market has changed in 2018 compared to what we saw the last couple of years. Where most days the move higher would be a small one we were hitting base hits or doubles or something now weve been hitting home runs both u
The s p down. 5 . The nasdaq little changed. The vix is little changed. 37, quite elevated compared to where its been recently, still at its highest since 2015. A lot of investors asking if normal the new after getting used to suppress volatility over the last year or so. 500 overok at the s p the course of the session. We did see that plunge at the open. Before it got closer to the unchanged line. Something interesting that our bloomberg charting team noticed today had to do with not just , whicholatility exacerbated the selloff, but also people taking money out of long volatility vehicles. This looks at the shortterm futures etf daily close and a vix shortterm etn daily close. One of these shorts volatility, one of these double long volatility. We saw money come out of both of those. The folks who were long volatility make money. Made money. We have the spike in the vix. Session,ack to todays in terms of what is holding back further declines in the u. S. Market, part of it has to do
Good morning. Very warm welcome to Worldwide Exchange here on cnbc. Im wilfred frost. Im seema mody in for sara eisen. Good morning to you. Nice to have you with us. Good to be here. Lets check gobel mlobal market. Futures or i should say u. S. Stocks ending higher yesterday. The s p closing about 1. 6 away from the record closing high. Futures indicating a lower open. Down 3 for the s p 500. Dow jones off by 14, and the nasdaq off by 3. This as we kick off the earnings season for q1. Treasuries have been in focus. Yesterday fed chair janet yellen dropping a hint that rates will be likely rising again shortly. The tenyear yield hanging out around 2. 3 to 2. 4 . Right now at 2. 34. Lets look at equities around the world. Asian Equities First up. The nikkei and hang seng both down a bit today. Hong kong almost down three quarters of a percent. Shanghai up about 0. 6 . European trade to move on to that, we had some data hit the wires. Eurozone industrial output down 0. 3 month on month. I
Yesterday . What did you think . Weird, right . What you are talking about . Went all the way up. Yesterdays session . Yeah. What happened midday that knocked that off . They thought it was the ap story about trumps tax plans, how theyll scrap it and start all over again. I dont know. During the day, the guy in north korea said were this close to nuclear oblivion, the markets just tread water. But then the tax plan. Syria saying, yeah, russia said one more move, were at war. And then the futures didnt move. But then they said something about the tax plan, could be a week late, the markets moved. Thats very telling. How do you price it in . You can kind of when the world ends, it doesnt matter might as well trade until it does. Flight to safety. Im in safety. It doesnt matter. Even oil, with everything happen. When music is playing, you have to dance. Quick heck on whats going chec in europe and then oil. The dax down a bit. Cac, we will call that flat. Virtually unch. It is unch unch.
Bell. Our road map begins with trump policy reset. Whos who of ceos head i by Steve Schwartzman returning to the white house with Infrastructure Spending and tax reform topping the agenda. United doubles down after dragging a passenger off an air flight. The can. Is facing a big pr bash backlash. Pricing Political Risk, Rex Tillerson makes his first diplomatic visit to russia. All in attendance for a strategic and policy meeting with the president and senior ple members of the administration. President trump will make remarks which well get later on this morning, well see about arrivals and departures, whether or not we can talk to them once on one. Infrastructure, tax policy, going to have a business will have a seat at that table. This is heavyweight group. I hope Doug Mcmillan talks about the notion of technology and what it means for walmart and the border tax means. The reason because walmart hired, huge employer now were talking about the big. Biggest employees over 2 million emp