The biotech index is the new vix. Though today the vix is the new vix as well. Oh, how quickly things unravel. The nasdaq is down more than 7 from its high of just a month ago. The russell 2,000 is as well. The Dow Jones Industrial average by comparison is only after 2. 5 from its 2014 high. Thats only a reflection of how poorly it had done relative to the nasdaq until the last week or so. The dow is down 1. 3 . American extress, disney, microsoft, jpmorgan whose earnings are coming down right in front of us here. Some of the real rate sensitive names, rate sensitive parts of this market as that tenyear continues a jawdropping drop db pardon the repetition there is one thing thats getting peoples attention. You can look at some of the big insurers, metlives, and see the pain there. People are jumping out of those higher rate moves. What do people do when they feel pain . They eat and they shop. Mcdonalds is the best performer in the dow. It is actually in the green today. Theyre eating
Potential successors to ben bernanke. Stocks nearing some record levels. The nasdaq moved toward their best september in three years. Apple is not part of the rally. The Company Announcing the new 5c and 5s will be available friday. Well talk about whether investors should be concerned. Look out elon musk. They are working on a new electric car. First up, fed reserve policy makers begin a twoday meeting today. The fed statement will be out tomorrow followed by a new conference with fed chairman bernanke of course. It comes one day after stocks did rally on news that former treasury secretary Larry Summers pulled out of the running for the fed chairman. Everyone is talking about yellen, though you look at andrews column in the time today, the mention of donald cone, geithner still gets a mention here and there. Geithners out. But i think that ferguson will be terrific. Look, i still believe that if you liked summers, you dont like yellen. Sure yellen was a popular favorite but the whole
Nikkei. Overnight in asia not good. 2 drop wrapping up what is the worst week in three years. Of course concern about china in terms of exports or lack thereof. A look at europe where we also are going to see a good amount of weakness. The follow through as you might expect from here yesterday, a day in which we saw the s p down almost 2 and the nasdaq nasdaq down 3 . Lot more than that. Yeah. Lets get to our road map this morning as you might imagine. Does start with that meltdown if you want to call it that in the markets. Stocks slide around the world. You just saw. Is this the start of a correction . The tip of the spear, jpmorgan profits disappointing. Jamie dimon confident in the american recovery. How will the banks weak results drag on the market and other financials. The flip side wells fargo profits up 14 and those shares are rising. Another bad month for sales at gap. Gap discloses a 6 drop in march samestore sales after a disappointing february. Gross margins taking a hit.
Last time i looked around 2. 5. There it is. 2. 53. Flat looinds. Think theres something happening there and it doesnt happen. It is amazing. A look at europe which has been less than amazing although you can see, mixed picture over on the european continent. Road map starts with yeah, hewlettpackards earnings report. More job cuts coming an exclusive interview with hps meg whitman, on her continued efforts to turn this Massive Company around. Its been a rough week in retail coming to a close now. Another retailer, though, lowers its outlook but the gap surprised to the upside. The secret . Athletic wear, old navy, and the stronger april. Show me the money. Russian president Vladimir Putins working the crowd and moving the market ahead of elections in ukraine this weekend. Hewlettpackard is where well start. Announced plans to eliminate an additional 11 to 16,000 jobs. That is on top of 34,000 positions hp said it would cut or has cut 31,000. This is a Restructuring Plan announced in 2
Not all stocks can be gopros. General motors recalls another 8 million cars. Today mark the end of the rebound in autos . Better late than never. Time to buy netflix, content, customers, country, all king. Hashtag impulse buy, twitter, buy it now button making an acquisition of its own. Futures pointing higher first day of the second half, s p and nasdaq coming off the longest quarterly winning streaks since 1998 and 2000 respectively as we wait for manufacturing, construction numbers this morning, china pmi better than the alternative at 50. 7. Its pretty strong, but no, maam numbers not as strong. China, when the number came out, up at the moment, but i said, no, better than expected. Thats not possible. Weve come so used to china missing. Dont forget. If you go back to 2008, last time china was in charge, stocks went higher and higher. Caterpillar went up pretty much into all these china pmi numbers so these things really, really do matter. I find that china correlates with the stal