Morgan has the morning off interesting market day setting up despite all the volatility. Tech remains the Market Leader this year. The xlk handily outpacing the s p. Semis up more than 40 for the year, almost doubling the gains of the nasdaq. Then youve got the earnings spotlight tonight. Netflix after the bell joining us this morning, joel killeen and kenny picari good morning, guys, good to see you. Good morning. Semis, banks with a second good day vix below 14 is a rotation happening . I think the earnings season is not going to be as disastrous as the street and some analysts have made a lot of people expect its already started the bank numbers yesterday and today performed much better than expected nobody is talking about it i actually feel good about it but i think there is a rotation, depending on whats going on so there will be rotation but its all part of the process. You still think were range bound here i think were range bound on the lower ending well test the lows, 2758 ea
And possibly easing sanctions on iran. Josh, kind of a quiet market day here interesting rotations going on what do you make of the action today . This week its just been incredible for anything of value versus growth, anything small over large and theres a tend densy when we see these outside moves. For example, russell up 5. 5 over the last week theres a tendency to look at that and say ive missed it or that has to be the top of something. When you actually go back and find examples of this sort of thing happening in the recent past, actually that always had taken place at notable bottoms in the russell 2000. For example, we had three versions of this in the year 2016 where you have just this incredible week for small cap, for value and it wasnt the end of something or a blip it lully was the end of the selling. You can stay with this trade if youre on and. Portfolio tilt for smallend value. After a really long drought of good news. So a lot of people are happy about that take a look
How vulnerable are states to outside attacks . And why the socalled tech lash has only made facebook stronger. 10 straight weeks of antigovernment protests in hong kong are raising fears about the one country, to systems policy that has prevailed since the british hand over. We have been talking about it almost every issue, ever since they broke forth, but what really happened was the airport, clashes at the airport. We really felt like it had become a tipping point, all eyes on hong kong. When we really stepped back and thought about the perspective we could bring to this story, one of the things that came out of the conversation was where is it coming from . One of the things we realized is ,hat it is about 24 7, 2047 when hong kong was handed back to china, one country, to systems being this guiding idea for how it would be managed. That is the Expiration Date for that. When you think about the stakes of the situation, five years out isnt enough time to solve that 10 years out isnt
Im sara eisen look at whens driving the action higher. A thaw in the trade war again. U. S. And china resuming tariff negotiations in october. Strong Economic Data helping ease some recession fears and the s p moving back above the 50day moving average. Key technical level. Tech stocks are leading the rally. Two big interviews coming up on closing bell. Box Ceo Aaron Levie and with Consumer Staples near alltime highs kimberlyclark ceo michael hsu will join us see both interviews only right here on closing bell. Joining us for the entire final hour of trade is stephanie link. Welcome back, stephanie. Thank you. So are you a buyer on this trade rally . I bought a couple things today. I added to a few positions, nothing new, nothing big, but i think the debate will continue are we going into a recession or seeing Slower Growth i have been saying i think Slower Growth mode and a lot of that because the consumer has been quite strong. I know a lot of people talking about that i spent this w
How vulnerable are states to outside attacks . And why the socalled techlash has only made facebook stronger. Lets start with our global cover. 10 straight weeks of antigovernment protests in hong kong is raising fears about the one country two systems policy that has prevailed since the british handover. Here is businessweek editor joel webber. Joel so we have been talking about it almost in every issue, since the fury broke forth this summer. The thing that happened this week with the airport and the clashes at the airport area at the airport. We felt like that had become a Tipping Point and all eyes on hong kong at this moment. When we stepped back and thought about what is a perspective that we can bring to the store that has not been brought one of the things that came out of the conversation is where is the thing coming from . 47. Is about 20 when hong kong was handed back to china, one country, two systems being this guiding idea for how the city would be managed, 2047 is the Ex