I will ask republican congressman roger wicker. More on that in making money. Charles so todays headlines are focused on a rise in covid19 cases although that has been the headline during the eightday rally for nasdaq. Of course, sick out of eightday winning streak for the s p. I had other concerns, including the concentration of winners in just a few stocks. Im not just talking about those momentum darlings. Only 42 s p s p names are higher for the years. Investors put a ton intos market. They pulled out 26 billion last week. The good news there are trillions of dollars on the sidelines. At some point a lot of that money will pour back into the market. The big question, of course is when. I would like to bring in kaltbaum Capital Management president , Fox News Contributor gary kaltbaum. Along with Capital Market chief strategist Katherine Rooney vera. Lets talk about this session. Gary, your concerns beyond the covid or maybe the covid19 headlines . We have two markets. I tell you 75
This year at 9. 3 . Then recovering next year to five or 6. 5 in 2021. Now pce inflation under 1 . Longterm federal funds rate again, they see it at 2 1 2 , getting back to that. But again no raise in rates for the next two years. Now in the statement, theyre very interesting language. They put in financial conditions have improved in part reflecting policy measures to support the economy and the flow of credit to u. S. Households and businesses. They have had weaker demand it says on, as well as oil prices have kept inflation historically low. Federal reserve is committed they say to use the full range of tools to support the economy. This was a unanimous decision but again, charles, holding the federal funds rate where it is at least through 2022 is their projections. Back to you. Charles edward, thank you very much, my friend. Hopefully well come back to you for some Additional Information but right now i would like to bring in to discuss, kaltbaum Capital Management president , gar
Unemployment. Well talk with Eugene Scalia coming up. President trump is set to land at Kennedy Space center this very hour, to watch the historic spacex to become the first commercial company to send astronauts in orbit. We will have discussion with space should telecom mander. Chao. More and on making money. Charles the dow is leading the way all session long as reopening optimism is reflected in this what we call the market rotation, cyclical stocks are doing better as main street gains in the economy. Rotation is also the theme of the week. We saw some bonds into stocks be. Defensive stocks into cyclical stocks that just mentioned. Growth into value, about the big question is can overall value continue to rally as tech stocks head in the opposite direction . I want to bring in kaltbaum Capital Management president , fox business contributor gary kaltbaum. You love to tech stocks. Made a ton of money particularly in chips. Looks like theyre toppy at the moment. Are you moving out of
And Michael Mccaul from texas if theyre singing from the same hymn sheets. As we are increasing coronavirus cases where are we on possible vaccines . I have answers for you and so much more on making money. Charles all right, so the market is up. Were off the highs of the session, off the lows of the session. There is optimism, however, possibly russia, saudi arabia and Oil Production cuts. It started earlier this morning when President Trump tweeting, just spoke to my friend mbs, of saudi arabia and who spoke to russian president Vladmir Putin and i expect we hope they will be cutting back approximately 10 million barrels, maybe substantially more if we get it will be great for the oil and gas industry. Congress works on phase four of the coronavirus funding package very shortly. Initial jobless claims spiking to 6. 6 million added your again to that. I want to bring in clear stead managing director, jim awad, on the phone, Francis Newton stacy. Jim awad, let me start with you first.
Discussing just that, an early return to work. 9 40 eastern time today on this program. There is outrage at Speaker Pelosi loading up the stimulus package with a host of items unrelated to supporting workers and industries. For example, canceling post office debt, the return of obama phones, same day voter registration, 35 million for the Kennedy Center for performing arts. What has all that got to do with getting money to people who have just lost their jobs, millions of workers thrown out of a job. However, treasury secretary mnuchin and senator schumer did meet last night, and they suggested that a 2 trillion rescue package, stimulus package, is close. Well see. All this has given the market a shot in the arm. For much of the morning, we have been limit up for the dow jones average and at the opening bell, the dow will be up, what, 900 points, maybe more when the restrictions of the limits on trading are off. S p, nasdaq also up 4 , 5 . Clearly, investors like the 2 trillion rescue