Fractional gains across the board with the russell up the strongest as investors try to assess the weekend impact. Its the first trading day of june joe, whats your inter preation of whats going on as it relates today i think the market is responding to what was a better than feared ism manufacturing report again, it goes back to the theme of the last couple of weeks that the economy is opening domestically and globally better than anticipated i think the positive reaction youre seeing in financials today up over 1 that indicative of the perception that the economy is opening up better than expected. There are a confluence of head winds that are greeting the market and you rightly define them at the top of the show. I think the market will price in that con tentious nature the right strategy as i continue to suggest the balance between the growth names that have gotten us here, the Technology Growth oriented v shape recovery stocks and what i would define as quality value shannon, you
Everything is in green across the screen right now joe, were talking this is basically the growth value trade conversation but it takes on a little bit of a different face because were talking about this recovery trade i want to go through some stocks with you i want you to decide whether these things have come too far, too fast whether its the airlines, american, delta, united delta, southwest. You know what the gains are over the last two weeks alone thats just a representation of what were talking about here. Clearly skots, what we have witnessed is we had what i would call the v recovery stocks. Those stocks are the Growth Stocks those are the quality momentum stocks and you have more recently the stocks that are the u stocks the l stocks the dash for trash stocks. Im going to stay positioned with my growth name, my nasdaq names. Theres clear exuberance and when we look back upon this, well realize it was a rational kp exuberan exuberance im not going to bite. Im going to stay with
Asia thanks a second wave is coming. Stay talks with potential suitors are progressing well. Lets take a look at how we are checking up on this friday session of the week. We had a pretty good lead, ill be at a volatile session on wall street. Volatile section on wall street. U. S. Stocks falling after President Trump said he did not want to talk about trade issues with xi jinping. Going into the close, we saw a surge in oil prices, energy stocks, as well as beaten down bank and financial shares leading those gains. We are setting up for a pretty positive open here in asia. In new zealand, we are seeing trading get underway. It looks like we could pick up gains after two days of losses. We are seeing a positive lead when it comes to trading futures in japan, in hong kong, and in australia. It is a big day today when it comes to indicators out of china. We get those domestic activity numbers out when it comes to retail sales and industrial production, which could give us an indication a
Welcome to the entire committee. Lets check on the markets first this hour. We have run out of steam the dow is marginally to the down side. Down about 31 points in the red. The s p 500 just about even right now. Flat on the day. Level 2798 there the russell 2000 flat as well. As you can see that steam running oult as we rallied so strongly off the lows that we saw just about one month ago lets go to our Investment Committee with the traders here and perhaps well start with you. Youre the one right next to me in this box. What exactly is happening right now. Have we run out of steam for this particular rally . Well, i dont know necessarily running out of steam is a bad condition markets, generally, when they rally significantly need a pause and that pause is generally a consolidation type of pattern in the markets. I think right now, most investors and most speculators are anticipating a rollover and the concern that identify is a lot of people are positioning for that rollover and los
Coming up. Pay day for elon musk days after he stated his opinion. Tuesday may 5, you are watching Worldwide Exchange. Good morning, good afternoon, good evening and welcome i am Brian Sullivan. Thank you for joining us on this tuesday, may 5 down one, up the next. Maybe down the next. The market weve been living in looks to continue today as well. When we came in or started since many of us are still at home, futures are posting a solid gain of about 350point jump at the open as you know, it is a very volatile market at this hour big moves tend to happen quickly. Dow futures are still up only about 40 points. No real reason for wild swings more u. S. States continue to try to reopen their economies in the days and weeks ahead new york state is the latest to say its lockdown measures could begin to lift as early as may 15, albeit in certain parts of the state. Not new york city most likely and with very heavy restrictions getting back to business some what and trying to help crude oil