Out. The billionaire Tilman Fertitta will be here power lunch starts right now the dow making major moves to keep up with the changing times and the changing economy bob is looking at the moves and how they will affect the markets. Bob a bit of a shake up in the dow but the moves make some sense. Let me explain why lets take it piece by piece first we have salesforce. Com replacing exxon mobile the apple split has reduced the tech weighting in the dow and we need more Technology Sales force reflect the growing importance of Software Overall in the u. S. Economy. You dont need two Oil Companies in the dow you dont need exxon and chevron with energy only 3 of the s p one of them chevron will do. Lets look at the dow industrials. Pfizer is the lowest stock price in the dow the price would be even lower. Another reason to move it away amgen is reflecting the growing importance of the biotech space. This sounds like two industrial swaps and they are theytheon overlaps a bit with boeing now,
Gained 160 points, but the nasdaq dipped 3. 4 we still care about the federal reserve. They know nothing just kidding. Or the president s speech tonight at the Republican National convention. But the core question is very simple, do you think we can beat covid19 sometime soon or are you expecting it to plague us into next year that can be difficult to see today, we were obsessed with fed chief jay powells big speech at jackson hole we parsed every word, and it wasnt worth parsing he was a prisoner of the flimsy orthodoxy, but these days he doesnt want to be the reason the economy falls apart. Hes saying forget the foolish ways of the past 40 years of fed chiefs his goal is to help the economy, period, until the pandemic lifts. Its joyful. Hes really smart and good guy thats a stock market like a supermarket. There are some aisles we want to go to when the virus is raging, and theres others we want to go to when its on the ropes. We dont know when well beat this thing ive been telling y
Charlie breaks it for us this hour. Plus, could the tiktok saga be distracting from an even bigger china stock drama . In a countdown exclusive, one of the markets best known and feared short sellers, Citron Research founder andrew left reveals the stock he says is the biggest fraud right now in that country and whether shopify will really add stamp. Com to its cart bus he plus the names hes long on today. The ceo of the second largest gold miner in the world is here. And blitzing covid19 fears. The former nfler whose wildly popular masks he was making way before the pandemic, now has the cdc saying touchdown. Your masks score. By the way, we have some breaking news on a report that the big ten has now canceled its football season. We will ask our nfler about that. He played for the s. E. C. Plus, buffett goes big on berkshire and the latest from chicago where looters are targeting the miracle mile. Lets start the claman countdown. Liz and yes, we need to take you to chicago right now.
Why these special Purpose Acquisition Companies are so hot and what the phenomenon says about froth in the market. And golds record rally. Is the yellow metal poised finish even more gains . On the barrons roundtable, my colleagues. So, jack, this week was interesting. Four very powerful dudes get hauled up in front of congress, theyre asked some dumb questions, some tough questions, the market shrugs, the next day they come out with earning, and three of the four stocks soared. Yeah, actually rose during and after the testimony and end then again after results. The stock market this week, if you look at the s p 500, it was up close to 2 . Now, thats a wonderful result, but its particularly great when you consider the backdrop. What did we learn this week . Gross domestic product, the economy shrank 9. 5 from the quarter before. If you feel compelled to annualize that figure, yes jack no, please dont 33 , right . Either way, its the housiest number in 70 years of lousiest number in 70
Why these special Purpose Acquisition Companies are so hot and what the phenomenon says about froth in the market. And golds record rally. Is the yellow metal poised finish even more gains . On the barrons roundtable, my colleagues. So, jack, this week was interesting. Four very powerful dudes get hauled up in front of congress, theyre asked some dumb questions, some tough questions, the market shrugs, the next day they come out with earning, and three of the four stocks soared. Yeah, actually rose during and after the testimony and end then again after results. The stock market this week, if you look at the s p 500, it was up close to 2 . Now, thats a wonderful result, but its particularly great when you consider the backdrop. What did we learn this week . Gross domestic product, the economy shrank 9. 5 from the quarter before. If you feel compelled to annualize that figure, yes jack no, please dont 33 , right . Either way, its the housiest number in 70 years of lousiest number in 70