President trump this a uturn says warning mask saying trump does a uturn saying Wearing Masks is patriotic. Backing for that extra u. S. Futures opening flooded ae momentary after we lacked were setting up for a mixed clear direction in the session. Session in asia. We ended up with a session mixed to clingres managed with the tech surge fall during. S p 500 index did manage again and finished at a four point onto some gains. Amid concerns we could be far at a fourmonth high. Off from another stimulus package in the u. S. , even though we did see an agreement coming out of european leaders. Senator Mitch Mcconnell casting doubt the stimulus bill would come in the next two weeks. We did get a rally in energy and flat at thetrading financial stocks good investors moment, not much of a move. Are more hesitant when it came to kent came to Tech Companies as we are getting singapore, nikkei futures down earnings later this week. By seven tens of 1 . New zealand, a quarter of 1 the bloomberg
The faang index down 1. 7 . If you can believe it, from the low in march to the recent high, the faang index up more than 100 . We are seeing healthy consolidation. The question is whether or not there is more to go. If yes, there could be big pressure on the indexes. David i can believe it because i read it in your note. Big tech is one thing. It has gone up a long way, but can it come down without taking the rest of the equities down with us down with it . Abigail very difficult. The reason100, and we have the underperformance toward that index down more than ing 40 of its weight goes to the big tech names. We have chinese stocks week for the third day in a row. Over last month that new york faang index and the big tech stayathome names tracking exactly with the shanghai composite, which you could call a mini bubble. It appears to be bursting. If that is the case, there could be more pain ahead, not just for u. S. Big tech but the overall indexes for the reason youre talking about. T
Plus price of gasoline continue to go plummet. Mornings with maria begins right now. Lets check markets this morning. Closing out the week in europe, european indices are higher across the board. Ftse 100 is up 173 points, cac quarante up 231 and dax up 349 points. Bank of england cut rates of wasnt tenth of a percent, marks rally in asia overnight. China keeping lending rate unchanged but said the future easing the likely. Markets in japan are closed and the markets were higher across the board. Korea up 7 and a half percent overnight. Hong kong, better than 5 . Check out oil prices. They are surging. The price war is racing on. Take a look at crowd oil, 267 higher at level of 27 a barrel. Yield of 10year treasury currently lower but at 1 even 1. 050 . Thats down 10 basis points this morning on 10year. Senate republicans announcing covid19 relief plan complete with checks to american citizens and Small Business protections. Here is how the direct payments break down. 1,200 for individ
Looking up for the economy and then suddenly we got negative data points that changed everything and made the recession a plot more likely sure, that may be the profrnl mat cause of todays decline, losing another 494 points, s p 500 plunges 1. 79 . Nasdaq plummeting 1. 76 . Sell, sell, sell, sell but the truth is a lot simpler. We were due for a selloff. How i do know . Because thats what ive been telling you for weeks. A month ago i told you about the s p 500s short range oscillator indicator. This is a tool i pay a lot of money for that tells you almost with uncanny accuracy when the market is overbought or oversold, overbought meaning due for a pull back, oversold means you have to start buying when the oscillator is above five, it always almost means we came too far too fast. And you need to do some selling. Well, when its well above 5, you need to aggressively raise cash as i told you last month the oscillator went extremely high reading, told you we were due for a bruising i stwu
Dan ives warns its a pr disaster. But our analyst calls it a super fun summer friday. He sees 30 upside from here. He joins us to make his case. One big name investors own, our guest is not following this, and says you shouldnt either. A special three bails and a buy is coming your way. But first, lets start with the markets. We kind of have a turn around. Its been a momentum shift. It hasnt been dramatic, but we are maybe near the highs of the session. So that point, i want to give you an ideawhere the range is. The dow is up 23 points, just about flat on the session. It may not seem like a lot. The s p 500 down six points or 0. 2 of 1 at 4363. But here is the thing. At the lows of the session, we were down 35 points. We were up two at the highs. So were a little bit more towards that upper end of the trading range so far today. Trying at least to recover a little bit from the steeper losses we saw yesterday in the s p and nasdaq. The nasdaq composite speaking of 13,262, down 53 point