The pandemic and lines they are shifting Rock Solid Companies are on dangerous footing and outfits are tightened emerging industries sometimes its hard to tell the difference and thats what happened today with the dow declining 78 and the nasdaqed wt a record close of. 95 let me explain the prism if you want to understand this market, the single most important fact is more covid cases are exploded back above 40,000 yesterday. Between 44,000 and 48,000 depending on your source and it really didnt matter to the averages so why the heck didnt the stock market go into a tail spin our country has hands down the worst response to this pandemic than any nation on earth with a few notable exceptions like rhode island, every level of government dropped the ball and not just the government. We keep dropping the ball with kr citize citizens, too. We dont believe some dont believe that this matters. Hey, listen, we dont have a lot of weapons against the virus lets use what we can do the pandemic i
I will ask republican congressman roger wicker. More on that in making money. Charles so todays headlines are focused on a rise in covid19 cases although that has been the headline during the eightday rally for nasdaq. Of course, sick out of eightday winning streak for the s p. I had other concerns, including the concentration of winners in just a few stocks. Im not just talking about those momentum darlings. Only 42 s p s p names are higher for the years. Investors put a ton intos market. They pulled out 26 billion last week. The good news there are trillions of dollars on the sidelines. At some point a lot of that money will pour back into the market. The big question, of course is when. I would like to bring in kaltbaum Capital Management president , Fox News Contributor gary kaltbaum. Along with Capital Market chief strategist Katherine Rooney vera. Lets talk about this session. Gary, your concerns beyond the covid or maybe the covid19 headlines . We have two markets. I tell you 75
I wanted to point to the mexican peso. Has not moved much today but we are keeping an eye on the earthquake that struck the country. Now lets get a status report on the credit markets. 13 u. S. Companies sought bankruptcy parks section protection last week. It comes even with the intervention of the fed which has injected liquidity across the markets and given borrowers. For more insight, lets bring in srikanth sankaran. The last time we spoke, we were already seeing a calming in the credit markets. Where do we go from here now that the fed has backstopped entire curve in the credit market . Srikanth our thesis over the next 12 months is we get a grind tighter with respect to spreads. Our call is for credit markets to deliver positive exit returns across investmentgrade and highyield markets. Effectively, you want to be more selective, but at the end of the day, this is an environment where you have to look at rerisking portfolios in times of weakness rather than missing out when the m
Peter navarro. It has been a huge swing s p futures up, nasdaq up by 62. The nasdaq up seven sessions in a row. S p is up. Watching for the month of june, all three of these is up on track to be the third month in a row taking a look at treasury yields youll see the 10year is yielding 0. 715 . Crude oil up above 40 for the First Time Since the lockdown in early march. Getting to the story it has been a wild ride overnight. Last night on fox news, white house trade advisor Peter Navarro responded to a question about the china trade deal saying it is, quote, over. At that point, futures plunged about 400 points but then recovered after he later clarified his comments saying it had nothing to do with the phase 1 trade deal which continues to be in place. He was speaking to the quote lack of trust of the Chinese Party after they lied about the origins of the chinese virus. President trump posting a tweet saying the china trade deal is fully in tact. The lesson is that the move is a good re
Today, but you are absolutely correct. We have ebbed away in the last few hours or so. The events over the weekend are absolutely extraordinary, and they are original and unique versus other times of unrest in this nation. Gatesan and the of the and the events of the weeks to come will be remarkable as well. The equity market is totally unchanged at 7 00 a. M. Eastern. As we count people down to that payrolls report this coming friday, we are approaching 20 unemployment. Tom my calculation over the weekend from research 18 s is 70 to unemployment, and the model above that other people who get 2 21 to to 22 unemployment. Americans, unemployment could be 30 . Lisa theres a tension right now between improving Economic Data and the backdrop that is really bleak of rising Unemployment Rates that have decimated certain communities. Today, are looking at ism manufacturing data at 10 00 a. M. Wall street time. People looking for any signs of improvement underneath that. Then there is the ecb c