The likes of which they have not seen since 1933, in the midst of a downturn for the month, the likes of which we have not seen since 2008 here we find ourselves this morning looking at a market that will open lower. Your thoughts . You go up 19. 9 in the s p, you can have two thoughts. One is that was the greatest bull market ever the other is, boy, is this market dysfunctional were not moving the way we should theres very little volume yesterday the machines took the dow up 500 points in the last 20 minutes. Im keying on oil. I think oil is something that the algorithms are keying in i wish there wasnt algorithmic trading, but its here to stay the quants are in charge you know, lets bring back the smith corona typewriter. The quants are in charge, they took it up and now theyll cashier the market and cash it in lets come back to oil for a second it does get lost sometimes in all of the volatility were seeing and our focus on the economic crisis, on the Health Crisis, on the equity ma
I think we should start by checking where we are. Were in the midst of a big snap back day the dow is back over 20,000. Pushing a 9 gain of 1600. The s p good for nearly 8 theres the nasdaq as well up close to 7 . Have we turned a corner . I dont think so. I think technicians is what is referred to as a counter trend move its nice to have. I think people could use a break from just the persistant and constant selling were looking at stocks in the s p 500 be p t the percentage of stocks making fresh hundred day lows that number is slowing down. A few days ago it was high 80s right now its low 60s i think thats pretty good i think well take that. Again, these are the types of days that give you the opportunity judge, if you were panicking and you felt you were too exposed, this would be the kind of day if youll lighten up from a 60 40 portfolio to a 50 50. If you look at the biggest names its happening in areas that have been thrashed mgm up 33 Royal Caribbean up 31 im looking at ual up
A vote failed again and as new york becomes a epicenter of the outbreak in america, more states are taking strict measures to keep residents at home including michigan, massachusetts and louisiana. As we stand, the market is down 3. 4 on the s p 500. The dow is down 60 poin60 59 minutes left of the session weve got a huge lineup of guests coming up including the ceo of Quest Diagnostics to break down the latest on testing for the virus and former bank of america governor, mervy nn king he was governor of the bank of england during the financial crisis we are covering every angle of this crisis for you mike is tracking the mashlgt moves. Kayla has the latest on the stimulus bill. Steve liesman is covering the feds historic moves again today and meg is following the latest treatment developments mike, first to you on the market another big sell off despite another big fed intervention yes, definite ly a big sell off. Though i have to say the intentionty of it, i dont know if this is much
Takeover bid by xerox saying it meaningfully undervalues hp. The ceo of hp will join me later this morning. Coronavirus fears hitting the Corporate Outlook and strategy southwest, apple, kroger, campbells among the Many Companies that are weighing in today. Well start with the futures, though, sharply lower amid this roller coaster week for stocks and wall street which saw the dow swing a thousand points or higher two times in the last three days, jim. Maybe were in for a couple of months of chop here . I think thats exactly right, carl yesterday was a very solid based on oversold relief rally the existential issue of whether a socialist would head the ticket a lot of people feel was finished because of the victory, multiple victories in states obviously by Vice President biden. But now were stuck with looking at earnings again and all that happens when you come in is you look at the 10year and then look at earnings it isnt like every company david, are you wearing those for the show i
Coronavirus induced volatility plus quarterback buoyed by a string of super tuesday victories for the former Vice President. Is the contender for the democratic valuation former investor jeff ubben, never seen anything like this and says why it makes Value Investing impossible the fed announced a 0. 5 rate cut. Stocks looking to recoup most of yesterdays losses which includes a drop in the dow of 785 points jim, once that tenyear broke 1 , wow. Could you not take your eyes off of this price action look, i think that i was struck by the rate cuts. I didnt like jay powell you cant say listen, the fundamentalless as are sound bue need a gigantic rate cut that means the fundamentals arent sound i didnt know we were that bad off. People either way we are bad off or powell knows something and to see that you get a Biden Victory and maybe things bounce back a little is encouraging and mostly because its just about the tenyear the tenyear drops to 9. 8, then everything you see on your screen t