We read the tea leaves on the data thats driving down the market this morning. Cbs and time warner are on the move both after reporting earnings. Were going to dig into those quarters. Well also talk to cbss chief executive. Tim cook calling the u. S. Government dysfunctional on mad money with jim. Well hear from the apple ceo and dig in on what last nights primary results may mean. Stocks are poised to open lower a day after falling to their lowest levels in three weeks amid concerns about slowing economic growth. Speaking of the economy, data from adp shows the private sector added 156,000 jobs in april, that is below consensus and marks the smallest increase in three years. 156, we were looking for 196. And everybody wants to know, jim, what this might mean for friday. Yeah. I think that were back into a mode which says this roving bull market that weve had in cyclicals maybe give that a break. Go back into the clorox market. Remember, it is just bull, bear, bull, bear, we rotated o
Is mediagetton still upon us. Disney posting mixed results. The details of squares ipo are out. And alibaba buying the youtube of china for 3. 7 billion. The story of the morning is the strong jobs number, including 268,000 private sector jobs added last month. 5 unemployment is the lowest since 08. Average Hourly Earnings up 0. 4. The numbers coming out two days before fed chair yellen indicated a hike in december was a live possibility. Earnings year on year, 2. 5. The biggest since july of 09. Weve been waiting for that number for a long time. Remember earlier this week i sa switched my posture and said bring the rate hike dollar. The dollar will be stronger than it is, and that will hurt the industrials. The banks will soar. Thats a huge part of the s p. It will be mixed for people who own stocks. Healthcare should go down here. The bank stocks, wow, they could carry the whole thing. Does it mean that 70 is being priced in for december . If they dont do it we keep talking about the
Microphone and say these the against inflation. Im sorry. What inflation . I see deflation almost everywhere, except in wages. But clearly thatats all that matters to the fed, because by any other calculus, Everything Else is going down, except for make bonein chicken and allnatural beef. Two pretty niche commodities, unless you own a restaurant like i do. If you didnt know any better, you would think these fed policy makers will talk about the need its a recipe for declining stock prices, and thats what youre getting. No matter, like ive told you repeatedly, as soon as the fed got the ammunition to raise rates in the form of last fridays very strong employment number, this market would go from being intermittently bearish, with a somewhat popotive backdrop to oututght beararh. Some some pockets of strength hand some pockets of excessive negativity. Thats exactly where we are right now. Remember, the fed has no mandate to preserve your stock portfolio. I have they critics who sayivity
Plummeting. Brussels remains on total lockdown with expectation of imminent attack. Weve got a Holiday Travel advisory in this country warning of increased terrorist threats. The fed is prepped and ready for its first rate hike in years. All of europes forces are getting hit hard. And what do we do . In spite of this discouraging backdrop, we rally. Dow gaining 20 points. Not bad. When you see days like this one, where the odds are stacked against pretty much anything positive, and you nevertheless get a big turn, you have to recognize sentiment is simply not working as a barometer of stocks. Right now this market is saying it wants to go higher. And its yelling that message over a cacophony of negativity, the likes of which we havent seen in some time. Whats working . Oil, which is supposed to go to 30 a barrel, every time it goes down we hear about dive, dive, dive it had another good day, a day when it rallies away from its perilous forget weigh station, inspiring one of the greates
Hollande is arriving for a meeting with the president. Gdp revised up to 2. 1. Caseshiller is out on your screen. Our road map this morning, the latest on the fight against isis including angry remarks from putin after that russian jet was shot down by turkey. And a couple more deals, nothing like yesterdays major deal. But 2. 5 billion Semiconductor Deal and a billion dollar acquisition in the food business. Shares of tiffany down big. First up, concerns about geopolitics weighing on futures. This russian warplane was shot down by turkish jets along the syria turkey border. The turkish Prime Minister said his country had the right to respond when its airspace was violated despite repeated warnings. Putin said this event is beyond the normal framework of fighting against terrorism. Of course our military is doing heroic work against terrorism, but the loss today is a stab in the back, carried out by the accomplices of terrorists. I cant describe it in any other way. In about an hour fr