Flat theres the s p up a corner. Tech is out performing today steve, i look at the notes from all of you today and sounds like youre growing more and more cautious on where we are and more importantly where you think we could go. I think thats right. My position is simple. Were going to get a vaccine the timing is uncertain. Its not going to be distributed on a mass basis until next year. The election wasnt decided until middecember from election day to middecember, the stock traded down 8. 4 . We have a market on steroids i think you continue to see issues which is really gutting the Technology Sector which has been leading the market. We saw more today. They want to call the ceos from google and facebook down to d. C. Again. That is the current administrations platform. Lets get tough on trade lets get tough on tech. Its been disasterous or could be disasterous Going Forward when you take a look at valuations, you know, theyre very vulnerable here if i could be 1010 club, i probably
Investors are back on and betting that stimulus is off and their favorite trade is back in. They, amazon, facebook, are all helping the s p 500 higher today, having held it back earlier this month. Stimulus is not just key to the Value Investor right now. Fed chair jay powell and treasury secretary Steven Mnuchin making the case today for more stimulus. It looks as though the base case is no additional fiscal support. That is why we are suddenly seeing the rotation back into big tech and byebye any value investing. Joe yes. The prospect was already looking dicey for fiscal stimulus. With the new fight in d. C. Over the vacancy on the supreme court, that reduces the odds. But even setting aside the market question, we hear from fed chair powell that to get a robust recovery, we need more stimulus. It was expected by the fed we would have it. Bloomberg economics is projecting that gdp growth will be 5 slower than it would have been in q4 in the absence of stimulus. Again, rotation, value
Good morning, it is 8 00 a. M. At apple park in coopertino it is 11 00 a. M. On wall street, and squawk alley is live. Good Tuesday Morning welcome to squawk alley. Im jon fortt. Were going to kick things off with apple, just under two hours away from a big event this afternoon where we expect to see a new ipad and a new apple watch. I argue this is the most important launch for those products since their debut why . The environment that were for the ipad it is all about covid productivity people are trying to buy devices for work from home and school from home. They are trying to extend their lead on the tablet space and what about the watch its all about Health Monitoring as people work out from home and now look for additional tools to monitor their vitals during covid. Apple might provide the knockout punch and make things like googles proposed deal for fit bit irrelevant if it was a fortune 500 company, that would have put the ie had alo alone ahead. One star of the show today cou
President trump in the atlantic story. If you are a supporter of joe biden, we want to hear from you at 202 7488000. If you are a supporter of President Trump, we want to hear from you at 202 7488002 202 7488001. If you are undecided or supporting another candidate, we want to hear from you at 202 7488002. Ofyou are a retired member the military, i really want to hear from you this morning. 202 7488003. You can also text us your 202 7488003. Story talking about the that came out in the atlantic magazine yesterday, which has been the talk of the election so far. I will give you some context on what we are talking about. Trump rejected the idea of the visit because he feared his hair would be disheveled in the rain and because he did not believe it important to honor american war dead. According to four people, in a conversation with senior Staff Members on the morning of the scheduled visit, trump said why should i go to that cemetery, it is full of losers . More thanrred to the 1800 ma
Ran out of ammo, no more stock left to sell the buyers ran right back in dow surging 440 points, s p pulled 2. 01 nasdaq soaring 2. 71 so how do we explain this incredible rebound as the averages gave up gains after trading . Its easy enough to argue things are better than we think and thats definitely a part of it not the whole thing. It doesnt explain the broad base of the rally. We had a dramatic decline in tech late last week and yesterday and the same stocks roared higher today. No surprise. Last night i told you the sell offs tend to last three days and tech bounces back. Thats exactly what happened what shocked me, though, the incredible buying in the industrial industrials, retailers and railroads. The last being really surprising in other words, we had a rally in both the covid stocks and recovery stocks when nearly everything goes up, youll hear people its the fed or people betting ochon a stimulus package those explanations miss the mark how do we figure out the driver . Fir