Thank you very much, ivanka. She worked hard. Shes a hard worker. All of our kids work hard. We love to see it. Theyre doing a terrific job for our country. Ive come to the great city of pittsburgh to stand with people, and those people are incredible workers. And to show the world that america is back and that we are coming back bigger and better and stronger than ever before. And were making our own product again. And t and were opening up our factories again. I mean, you take a look at whats going on where toyotas coming in and the other day you just saw chrysler announce theyre moving from mexico back to michigan. You dont hear that too often. With a monster factory theyre going to spend a lot of money. At the center of americas resurgence are the massive tax cuts that i just signed into law. And its also reform i usually just say tax cuts. They dont want to hear about the reform believe me, the reform is very important. We dont have to get into it but the tax cuts are the most sig
Extraordinary upside moves we saw this year but now the action is just as extraordinary on the downside as what we saw moving higher since we turned the calendar. This is when we start to dust off the old adages down is quicker typically than the up markets weve had all a rise, we dont have to remind you of that, but the we have to pay the piper and the dow is down by the way, you cant compare the percentage terms down 802 on the dow. Biggest point decline prior to this was 776 during the financial crisis now, back then it was 7 , 8 drop today were talking 3 its rare to see that kind of move well show you everything going on with the spiking volatility. Its unsettling because it happens all at once. Well bring mike santoli in in a little bit we were talking about how the market has changed in 2018 compared to what we saw the last couple of years. Where most days the move higher would be a small one we were hitting base hits or doubles or something now weve been hitting home runs both u
One of the big ripple effects is utilities. Take a look at this chart behind me were seeing the death cross thats what some technicians call it when the shorter term 50day moving average of a stock or etf falls below longer term trend, the 200day average were seeing it with the excel, the spdr sector utility, xlu this does not portend bad things but something to Pay Attention to its not the only that were keeping an eye on. Were seeing some action play out in some parts of the market. Namely in the real estate stocks the vanguard reit index is sinking down to multiyear lows. As we take a look at whats happening with this, its already in correction territory, off about 10 plus the highs we saw a couple years ago well take a look at another part thats perhaps a brighter spot while all these guys are making these multiyear lows, one thats not is the consumer staple sector. This is actually just a stones throw away from alltime highs would you believe it or not, more than half of the index
Welldeserved. Kids threw beach balls while i was talking. They didnt walk out. They did not. Accomplishment these days. Yes. Congratulations. From the whole family, from the whole crew. Thank you, thank you. A very big deal. Very, very humbled. Unusual for me. Anyway, lets move on. We got a great show for you today. Ford stock has fallen 35 under mark fields during his threeyear term, and now, of course, as you know by now, hes out of the c suite, but will the replacement turn things around . We have that satisfactory coming up here in a little bit. New problems for amgens experimental drug. We got details on that. Stocks down 2. 5 . More fallout from the biotech sector. Twitter holding a Shareholders Meeting this afternoon. That stock up in the last month. A good Old Fashioned bullbear debate whether the company is getting its mojo back and whether you should buy it now. Beginning, though, with President Trumps foreign trip in israel today after spending time in saudi arabia over the