Euphoria and in disappointment. And the child is creating monster swings like ive never seen before. The cramer covid19 index on the news the astrazeneca vaccine, the trial didnt produce something that would save us immediate immediately. The stock got hammered and the stocks that benefit from the pandemic surged. The dow advanced nine points and the s p gained 4 but the tech heavy nasdaq filled with cramer c covid names. Amazon went up tesla up 142 shopfy 81. Yeah, i didnt make up thats real thats real money. Or it can be in an x fund. Childish buying behavior but that doesnt mean its wrong there is a lot of money put to work every day based on coronavirus and that made the action binary and the vaccines take so long so it doesnt go by at home stock, go buy amazon like everybody else. What happened today . Consider the news about the as t as tra seven astrazeneca vaccine. Safety phase one it created a positive immune response meriting further study. These larger trials are happening n
Without some sellers coming out of the woodwork which is why the dow shed now tepid nasdaq lost 3. 4 twee have to use this moment to regroup and figure out the markets. I think todays action was pure profit taking. But the sellers had a lot of excuses. I any its worth going over them in detail. Its forearmed rail recovery thesis really moderating. It might be right. Its certainly a possibility if you dont get stimulus. Second, the reopening has clearly been stalled by the outbreaks. Its trying to get the mortality rate substantially lower than the original outbreak in new york some of that is because weve gotten better treating covid as we learn more about it, it is novel if you were on a vent lator in new york, you only had a 20 chance of surviving. Youre now at 70 . You have a host of treatments you didnt have before steroids, remdesivir, blood plasma i dont want to doubt it even if more people survive, complications are horrifying nobody wants to spend weeks in the hospital nobody w
Know, ive been long microsoft, long apple, and long amazon. Well, given where we are, giving that we are seeing a bit of a surge in cases for covid19 in texas and in florida, given that we have a Federal Reserve meeting i have too much risk exposure out there so i identify these three companies, scott i say to myself, given the significant price appreciation, which Management Team do i trust most, to be most judicious which is cash, and history will show that amazon is liberal in terms of spending, therefore i decided to step out of amazon. I still own apple. I still own microsoft. It raises so many questions, joe. Thats why i wanted to start with you today this is one of those stocks that is up just huge off the market bottom there are many others on the list assist i said, is it time now for our viewers, joe, to reassess everything theyve been writing since that day on march 23rd when stocks hit bottom . I get the problem i have with it is theres a degree of ignorance regarding asset
Cnbc im becky quick with joe kernen and Andrew Ross Sorkin the market has come under significant pressure this morning. And the nasdaq off by 143. Its all coming this morning a rough week for wall street 5. 5 that was the worst week since march 20th and all three are coming off of their biggest weekly losses and last month after last week. The dow and nasdaq for the month of june would be down with the projected losses that were looking at this morning. S p is already down for the month of june. Also keeping track of the treasury market this morning lets take a look at that. Treasury yields yielding 0. 08 crude oil prices under pressure this morning too this is a sign of how much is anticipated in terms of a come back not only here in the United States but around the globe and right now wti down about 55 cents. Still trading 35 though at 35. 71 andrew. Thank you, becky. I hope everybody had a great weekend despite some of these losses that were looking at in the market i want to start
Investment committee ubs private wealth management. Hes one of forbes top 100 Financial Advisers stocks have given back about half the gains they had earlier today. Dow was up better than 800 points there are concerns lingering about the virus. How quickly the economy will bounce back. I think jim took me up on my invitation i was going to catch the u. S. Open and the opening game of the phillys and the Training Camps what else is there to do other than to be on your show, judge im glad to have you. Of all days. We had this huge run now we had this thunderous move down what does the action tell you about where we truly are im kind of hoping we trade sideways for a while theres some stocks that came down that i think are real buys. Im not kidding. Im not talking about cruise lines. Im not talking about airlines im talking about solid companies that have come back to levels that we havent seen in a while. I am all in on vaccine and ae s antibody i think masks, social distancing until we