World cut rates. China weakening the currency again overnight. A perfect guest to discussion the swings in the market, former treasury secretary jack lew joining us thats coming up on closing bell. First right to the market action, joining us for the hour is josh brown. Whats turning things around here oh, my god, this is like what we live for, right it was pretty dire this morning. In the last five days, i have shift fred bearish back to bullish, then bearish, then superbearish. I was lutheran for a minute now i know youre joking. I am personally highly susceptible. I know this about myself, and every investor should think about their own behaviors. Im hidely susceptible to the lines i see in front of me not that i will react to all of them, but if youre not going through that, maybe check your pulse, that is what markets are designed to do, and i think the people that radically shift their views based on price act are the people who end up paying the volatility tax what led the comeb
A lot of people think when you and becky and andrew are here thats Stranger Things. Thats very true. How quickly can we show mack. Are we going to do this now at the top the guys that are here wear black and i asked him, magnum p. I. But you finally just rebelled you finally said f it, im sick of the black stuff and im coming in and i like it myself. I like the palms on it. I tried to picture myself in that and thats when i started getting uncomfortable for everyone for everyone involved but it is friday. It is friday. Can you tell . Is that what it is . Casual friday or something its a good look. Man, oh, man. I asked you if you noticed and you said i have eyes, dont i . Lets get to the markets because it was a record close pretty much across the board the dow rallied 227 points to close about 27,000 for the first time ever. Stocks got a boost from the signal that the rate cut could be becoming this month and a year and a half since the dow sit 23,000 the best performing dow stocks ha
European Energy Stocks not leading that story, which is fascinating. Energy stocks are trading higher, but it is actually some of the raw material stocks and proxy stocks doing a little better. Crude and wti both trading higher. Yesterday we were sub 60. I spent the morning in bern with the smb, delivering its rate decision. The market didnt really get much new. The tone very similar to the previous meeting. I think just at the margin, considering what happened at the ecb last week, caused a little bit of surprise. Franc higher. Ut vonnie mounting tensions in the gulf of oman after two tankers were damaged in an attack, sending prices spiking. Its been a few hours since the first reports. What do we know now, simone . Reporter there were two oil tankers that were attacked. There were explosions that happened. There was a fire aboard at least one of the tankers. Crewmembers were evacuated. There were earlier reports that a torpedo was involved. It is a little unclear so far. We know thi
Technology, where teeing off of last week where we saw this big rise in yield. The nasdaq down 1 , s p down a third of 1 . I would also just throw in oil, which is making new highs for the year, despite concerns about weakness in china, about potential weakness in the United States oil just marching higher this morning, which is raising some questions about inflation tomorrow and just how sticky its going to remain in the months to come as the fed tries to fight it. Got to 8411 this morning, that is a fresh high gnat gas, the high since march as were once again worried about the situation in europe and whether or not that will drive prices even further going into the winter months plenty to worry about topping the tape this morning, the s p 500s round trip, now flat in price. Eps dating back to january of 2022, yet rates are up, gdp is higher rates have cooled. What does it all add up to mike santoli here to break it down this is such a mike santoli kind of story the fact that weve gon
Julie hyman is here. Point,osses, at one would not have been major, but given what we have seen the last two months, this is a drop. Julie hyman we have seen selling spread across the globe. First of all that was a situation in japan that unsettled investors. The nikkei rising more than 1 , plunging more than 1 , then finishing down just. 2 . Selling in europe, perhaps having more to do with earnings. There is concern about inflation around the globe and the tax debate in the united states. All of that combining to equal the declines that we have been seeing, the steepest here among the three major averages for the nasdaq. Lets put this in perspective we have the s p 500s daily percentage change at one point today down about. 5 for the s p, which you see over there. It was the biggest declines. The first time we have seen a decline of half a percent or more going back to december 5. Streakuld be the longest without that magnitude of a drop since 1968. It has been unusual, that is why a