Taranova were green across the boards. Dow, s p, nasdaq all green jim, we have a big rebound in the nas names. Best pace on the month since january of 1987. Well, scott, first off, thank you. Every year you and throughout the year you give a lot of respect to veterans. It means a lot to me personally. You and the team at cnbc, thank you very much. Onto the markets look, a little reversal today where the cyclicals are fading and tech is rallying i think thats healthy i mean, look, weve had one heck of a rotation. Not just this week but in the last two months its been going on its time for a pause. And i think the most Important Message here is, anyone whos feeling like they missed out, you dont need to feel that way. If you feel like you missed out on the tech rally of the summer, well, guess what, september and october have given you the opportunity to get into those largecap tech names, the faang names. If you feel like you missed on you the on the cyclical rally, thats going to go on
Kolanovic, just named number one in two categories, equity linked strategy and added to institutional researchers hall of fame. Its a big billing marko, welcome thank you, scott. Lets talk about where we are now and where we were when you made a big and important call back on march 24th, you said the following many taking into account the unprecedented monetary and fiscal measures being implemented as well unprecedented ambassador et sse over thepath month, our equity target is achievable in 2021 we sit about 4 away on the s p. It was a great call. I know our viewers want to know where you think were going now, though thank you, scott. So we are still broadly positive on the equities. As you said, we came a long way from march our price target right now is 360 for the s p 500. Obviously there is an important cat list so there is a relation based on the outcomes but broadly still positive what is it based on what can people take from this price target, which the team over at jpmorgan, w
Good wednesday morning im Caro Quintanilla with jon fortt and Julia Boorstin with us dow down 800, worst drop since about june 11th, on covid worries in the europe and United States, lockdown worries in france and germany oil is down about 6 vix getting closer to 40 were monitoring the ceos of twitter, facebook as they testify on section 230 well begin with dominic chu on more on what is driving the downswing. A lot of narrative around the rising covid cases, not just in the United States but europe as well markets may be taking their cues from whats happening in europe. Theyre talking about wider spread lockdowns in germany and france and whats if it happens here in the United States. Thats playing out in the markets right now. For the s p 500 specifically, below the 3300 mark, that is below both the 50day average price and the 100day average price for those indices, so many traders looking for technical or chart pattern levels as they look at trades today the s p 500, this little rol
Earnings which will include some hightech bellwether names later in the week. We have apple shares, they lost their opening pop despite top apple analysts saying first day iphone 12 preorders surpassed last years numbers for the iphone 11. That bodes well for the mini and pro max, who Iphone Models that have not taken preorders and ship four weeks from today a couple more big q4 products, the xbox series x and the Sony Playstation 5 will hit shelves verizon and at t this week morelikely with 5g comments Texas Instruments and intel all reporting. Mike santoli joins us now with more well get more of a Critical Mass of earnings hitting the tape the question is is the street going to be more impressed this week than last week in the opening rounds we had an 81 beat rate by the companies that reported last week yet the average stock move buzz down more than 1. 5 in the one day after those results. It suggests perhaps that a lot of investors would think a big beat rate was in the bag for thi
Day. Pete, i come to you. Jpmorgan the quarter was good Loan Loss Provisions were surprisingly good. The commentary today is a surprising show of coronavirus resilience thats what i just read. Why is the stock down . You know, initially it had a nice pop to the up side, scott i think people step back and say the financials, we need to hear a lot more about what theyre going to be able to do at some point in time thats outside of the trading spot because thats another area the Loan Loss Provisions, you just brought that up but how about the trading numbers . The trading numbers are outrageous for them and for citi that is an area we expected to be strong. It was Even Stronger than expected but theres more to the bank than that. I think thats what were going to be struggling with for a while with these financials. And when you look across just about every name, scott, other than Something Like a black rock, asset manager. When you look at the banks and the financial world there, they jus