Tepper and Stanley Druckenmiller both say stocks are overvalued u. S. china tensions flaring again as the fbi warns that chinese hackers are targeting covid19 research firms. We have a big lineup of guests today to help break down this selloff including bill mill miller, david harrah, david ruinstein and Liz Ann Saunders from Charles Schwab. Down 550 points, down 620 moments ago. Weve got full Team Coverage of todays market downturn. Scott wapner, mike santoli, and Steve Liesman with us. That bearish call from apple when asked about Hedge Fund Manager Stanley Druckenmillers assessment that the risk reward in the market is, quote, maybe as bad as ive seen it in my career, heres what he said. Its definitely as of yesterday, now the market is down from yesterday, i would say that, you know, 99 was more overvalued than 2000 but, yeah, i would say its one of the most overvalued markets, maybe second most overvalued i seechb the market is pretty full but theres a lot of liquidity there. Its
On the walls check out my twitter feed. See all the ridiculous speculative names people hope ill mention or pump same deal, no earnings, but right on stocks. These are textbook signs of what we call froth. Thats what this is. Its froth and you know what . All the froth got crushed today. Dow plunging 517 points, s p plummeting 117 , nasdaq nose diving 1. 55 not bad for an amateur so whats become too riskier let me give you an example last night kind of cool. We had novavax on, hottest stock on the market. Vaccine developer working on something for covid19 the stock runs from 18 to 40 in two days i cant recommend Something Like that thats this, you know, novavax is this, okay. Good guys, but it doesnt matter it actually managed to rally today. Maybe novavax wins the vaccine rate if they dont, the stock is going to get eviscerated id rather have you in something thats diversified glaxo, pfizer, j j same for biotech stocks. Anything related to ebola, flu, except regeneron they have little
Midmarch. Well get to macys and more and oil above 34 as the reopening drives demand. Jim, you just said to joe the reopening is working and Even Companies like ford that might have to send a few workers home on a given day are finding ways to adapt look, things are a little better his is the depression taking off the table. A lot of people seem surprised when you get an expedia number where they say theres a little more travel, and best buy is able to do a good job doing curbside pickup. People turned out to be more inventive. We heard that from Brian Cornell yesterday, and hell be on the show today facebook being inventive a lot of people have figured out a new way to do business in a pandemic and i think its vising because we didnt think it could occur im not predicting some sort of gdp revival, but i think that ingenuity is playing a big role in this particular moment when it comes to the pandemic i do want to get quick to some Home Building because theres some numbers out that 41
All about the big game of chicken that is breaking out in china, but first, what is the real read on retail . The Group Holding strong as we wrap the major week of earnings and we could dash hopes of any robust retail rebound and another 2. 4 million americans filing for unemployment last week and while we all knew that the number would be awful, it may not be telling the whole story. The total claims exclude hundreds of thousands of selfemployed economy workers, as well. So with millions of americans and millions of consumers out of work, which retailers are best positioned for this road ahead guy. Hi, mel hi, guy i feel it necessary to say hi so i wont see you so which retailers are best suited in this environment and thats a great question and something well talk about and i know steve will talk about costco correctly and karen had thoughts on t. J. Maxx, but the one i keep coming back to is Dollar General and i think Goldman Sachs just initiated the name with the 202 price target a
Or was it the real economy rearing its increasingly ugly head every day that the average goes down, the dow slipped 102 points, s p shed 7 p. 8 , are we having Great Depression style unemployment 38 million jobless claims or another garden variety sell off in the wake of another major rally . Ill give you a hint its not the economy driving the bus. I know the markets incredible rebound the last two months seems totally out of sync with whats happening in the rest of the country. Wall streets become divorced from main street and were told thats unsustainable the thing is im not so sure this morning on squawk on the street, i kicked this idea around with david faber and carl quintanilla. David was incredulous i thought we were seeing a garden variety selloff, not some reckoning mass sell off in unemployment. Another 2. 4 Million People filing for jobless benefits this very week. Remember we get those claims thursday morning lets start with the positives that help stem the bleeding today