So bad that were going to be debating whether were in a serious recession or depression. We have pockets, though, of strength Like Technology and health care. But those pockets cant offset a very weak backdrop, can they we saw it again today. The dow lost 218 points. The s p 500, it tumbled. 7 . But the techheavy nasdaq also had the darn gall to rally. 51 , and was up a percent most of the day. Oh, the indignity. If you make technology that helps businesses cut costs by firing people, or having them stay home, youre doing great. If you make something people literally captain live cant live without, medicine, terrific Everything Else is a drug here staggering layoffs and the big drop in the index i am worried about, or at least a lot of what im worried about which is 9 s p 500. It gets worse. If you run a business leave it to the u. S. Economy and not chinas economy, well, now your stock is getting walloped. Over and over in the earnings season we see Companies Report an incredible 2 1
Lets get right to it. Good to have you with us our investment economy joe terranova, stephanie link, josh brown, Pete Najarian we begin with the selloff the dmencomments from trump tha might be better to wait until after the 2020 election to make a deal with china. More on the words that are wrecking stocks today. Eamon . Reporter scott, the president traveling in london today, began the morning by suggesting he doesnt really have any particular time lining for completing that china trade deal he announced he had gotten to a phase one deal with the chinese back in october and said it was all but complete and needed to be papered now the president is suggesting he might want to wait until after the november 2020 election, president ial election here in the United States to do that deal. That puts a lot of time between now and then a deal people thought was closer than that. A president saw the selloff in the stock market this morning. He was asked about the selloff in london, and here i
Its our call of the day. Investment committee is ready to go. Halftime report starts right now. It is great to have you with us to kick off the trading week. Joe, jim, steve, jenny, and adam. Stocks scratching out small gains here edging closer to new highs despite new concerns about the health of the Global Economy. And we begin with this seemingly calm market. It seems, folks like we are in a little bit of a news vacuum. We dont have trade talks for a couple of weeks and earnings season kicking off for a couple weeks. What do we do now . You seem skeptical, melissa. Shouldnt you not trust the calm i think the better question is for how long can you trust it to me and i have been consistent with this for a while, it all teeters on china. I dont think you should expect any news which is good for the markets right now. I dont think you should expect any news for two weeks because october 1 is the 70th anniversary of the communist party in china. I wasnt invited. Look, theyre not going t
Today then rebounded in the afternoon. House of pleasure. Closing down 80 points. The s p losing. 42 . Nasdaq falling. 85 . I think what were seeing here is nothing more than a wholesale repricing of stocks. As investors try to bake in all sorts of contradictory possibilities. The repricing ebbs and flows and you see intraday rallies as people realize the businesses are actually pretty good and the stock market remains the best place to put your money. Thats what happens when stocks fall if only because every other asset class is so unattractive does this occur. Its not because this one is that beautiful still, i think we have to have more pain like we experienced this morning, which is why you need to understand what striving when the pain happens, youre not paralyzed, because were going to see it again and again. First, there is a whole camp of people who believes that our economy is headed into a recession. Probably sooner rather than later. How do i know this because at the worst m
Now the ceo of juul is out and tobacco giants Philip Morris and altria call off their merger talks. The Political Risk for stocks, futures pointing to a muted open House Democrats move on impeachment and what the turmoil will mean for ongoing u. S. china trade talks. New products driving sales and double digit growth in china. Big news regarding Philip Morris international and altria. The two companies deciding to end merger talks juul is announcing that kevin berns is stepping down as ceo. It will suspend all broadcast, print and Digital Advertising in the United States as regulators have launched this crackdown on vaping products. Meantime, altria tightens their guidance for the year. Reaffirms domestic cigarette volume down 5 to 6 but it does seem like juul is entering a new chapter here as they try to get fda approval. I think if the fda cares about where was gottlieb on this cnbc contributor why didnt he shut this thing down we cant get cannabis passed in this country we let juul