Nikkei. Overnight in asia not good. 2 drop wrapping up what is the worst week in three years. Of course concern about china in terms of exports or lack thereof. A look at europe where we also are going to see a good amount of weakness. The follow through as you might expect from here yesterday, a day in which we saw the s p down almost 2 and the nasdaq nasdaq down 3 . Lot more than that. Yeah. Lets get to our road map this morning as you might imagine. Does start with that meltdown if you want to call it that in the markets. Stocks slide around the world. You just saw. Is this the start of a correction . The tip of the spear, jpmorgan profits disappointing. Jamie dimon confident in the american recovery. How will the banks weak results drag on the market and other financials. The flip side wells fargo profits up 14 and those shares are rising. Another bad month for sales at gap. Gap discloses a 6 drop in march samestore sales after a disappointing february. Gross margins taking a hit.
Protest around the world about low wages. President obama removes special trade benefits for russia. He says the country no longer needs them. Fed chair janet yellen and russian president putin move the market. Putin wants to postpone the east ukraine vote on autonomy. And yellen signals the fed will remain pat with its stimulus strategy. The dow raced up 118 points the nasdaq was hit with another sell off in big tech and the s p gained 10 points. Gold fell 19 dollars and oil rallied 1. 21. Trader todd horwitz is here to start our trading day for us. Good morning, todd. Good morning and whats up, angie . Well apparently its not Interest Rates because janet yellen is telling congress rates will remain low, so what we do with our money, todd . Well unfortunately you are forced and compelled to put your money into the equity market which is artificially driving this market higher. Again. Im not going to fight it but i just think that we are in very bubblish territory and as we know, the f
Anticipated. It sparked a buying stock spree by investors. While commodities sold ff. Gold lost 5 dollars and oil almost 2. 12 large banks are sued by investors. They claims the banks conspired to rig prices in the Foreign Exchange market. No comment from the banks. Wells fargo is naming John Shrewsberry as its new cfo. Larry shover of sfg alternatives is here to get our day started. Hes watching the market for us. Good morning larry. Good morning. Well the fed will keep interest rates. Theres some strength coming into the economy from manufacturing. Is there any reason not to buy stocks right now . Well, not really because look at the alternatives right nowtheres not a whole lot out there that could give you the dividend yield that stocks could right now. That doesnt mean we cant have a pullback but when you think about it, our economy is growing and stocks the number one beneficiary of that. But there are some people who believe we could be headed for bubble trouble with the stock ma
Headlines today. We dig into the medicare database to reveal the nations top paid doctors. Peter cook follows the casttime warner merging merger hearings on capitol hill, but we begin with breaking news on the release of the latest fed minutes. Remember the take away from the meeting was that fed officials might have moved up of the firstd pace Interest Rate increase, but it turns out several members at the meeting were worried that would be the market reaction. In the minutes, we find out that ofy said this component their economic forecasts could be misconstrued as indicating a move by the committee to less accommodative reactive function, said speak for faster and sooner rate increase. Several participants noted that the projection overstated the shift. They are referring to the famous chart the fed uses. You can see in 2016, they moved up the median forecast for where they thought Interest Rates might need. We all thought that the meeting was Janet Yellens first. Turns out that was
3. 2 . Our road map begins with a 7,000 fine, every single day, thats what gm is paying because the Company Still has not provided enough answers about its ignition switch recall. Its not the only bad headline for gm this morning. More on that. Earnings season is officially under way after alcoa reported its results after the bell. What can the aluminum maker tell us about the rest of the quarter . We will have some answers. Instead of running from facebook, companies are willing to pay a lot more to advertise on the social network. But is that good news for the companys stock . First up, though, some tough news for the auto sector. Toyota recalling more than 6 million vehicles after uncovering five different faulting involving parts ranging from steering to seats and nhtsa fining gm 7,000 a day for missing last weeks deadline to provide information about its recall for defective ignition switches. Morgan stanley cutting gm to underweight today, 33 target, guys, and what is a tough not