Tonight. We have got guy adami and we have tim seymour and steve grasso and brinmar trust jeff mills. Guy, were up 770 points on the dow and we have oil spiking, as well and banks participated and a lot of different sectors participated in this mini run or mini rally and whatever you want to call it is it because of fed help . Is it because some of these coronavirus numbers came down, giving us a reason for optimism or was it Something Else yeah. Typically its all of the above and ill have to reposition my camera in a second and i apologize if the shot is lose pep yesterday made sense to me in the way the market traded up and failed at the levels that we talked about it didnt make sense to me, but to your point, i think the howard marx article helped and the fact that Bernie Sanders dropped out helped and i think the dr. Fauci comments helped and its an amalgamation of a lot of things that are positive and i understand the reasons for optimism my concern is even with the market current
If you say things are okay, not as great, and youre an industrial, because there will be an opening of america, people will buy you if you say things are in line and you pull your forecast and youre not industrial, its a recipe to be sold. This is about hope its about the idea that it cant be as bad as it is right now. Youll see that even with marginal retailers, people think a marginal retail hear to come back because america is open listen, you have to go with the flow for a couple days if youre a trader if youre an investor you have to take the other side of this trade as we get closer to the opening. I think people will be surprised how little these businesses will do and how worse theyll do once we go open its not it is an opening other than auto builds wont occur. We have to be ready for that your general thinking is well get a ford plant reopening, vw doing it, boeing in South Carolina next week, but its going to be a manufacturing bounce yes more than a service bounce . Yes man
The overall death toll the coronavirus nears 50,000 globally. [indiscernible] 100,000 military body bags for civilian use. U. S. Officials say china concealed the extent of its outbreak, but futures rise in europe and in the u. S. After the worst drop for the s p 500 in two weeks. And President Trump voices optimism that russia and saudi arabia will end their oil spat soon. Brent and wti each jumped 5 or more. You can see here a 20 jump over the past three days. We are just under an hour away from the start of cash equity trading in europe. We will take a look at where futures are trading now. We have, in terms of european slighterder gains then we had in the u. S. If you look at the dow jones and s p 500, they are each up about 1. 5 in terms of futures, so bigger gains in the u. S. Picture , though further away from the open of cash equity trading. What does it look like on the gmm right now . Just had numbers come through on the u. K. House prices, i will come to that first. House pr
The last 20 minutes or so. Nasdaq is down 33 and 3 quarters. Now these numbers coming after signs of the spread to have virus stabilized in hot spots. That led to strong rally yesterday. Here at the close yesterday, the dow gaining and s p entering bull market. U. S. Death toll topping 14,080 but there are signs that the spread is slowing in hot spots. The cdc issued guidelines to get to workers. The Trump Administration requesting 250 billion, democrats want additional 50 billion. Fed chair jay powell will be giving us an update on the economy and actions taken to combat the impact of the virus, thats today 10 00 a. M. Eastern time. More to expect from the fed. The today is a big day for oil. We are watching the contract right now. Its up almost 5 and a half percent. The investors are watching the opec meeting including saudi arabia and russia, can they come to an agreement . All rising on hopes of a deal to cut production and bring an end to the costly priced war. And then there was
We will be speaking to. When we could start to get a vaccine. We hear there are some in clinical trials, wondering if perhaps that is the next hope to look forward to. Francine from the conversations i have had, and they are very preliminary, it looks like a vaccine will be a couple years away unless they can speeded up. But there seemed to be three drugs that are working and fighting it off once you catch the coronavirus. We will delve deeper and see if it will make or break drug companies. Lets get to first word news with viviana hurtado. Viviana we begin with President Trump, who did a 180 on the coronavirus p he now says it is so bad, it may drive the economy into recession. He tried the president spent weeks minimizing the impact, which led state and local into the initiative to take a response. The republicancontrolled chamber will take up a house bill. It includes paid sick leave and now to the french president , Emmanuel Macron, who told the french people, we are at war. The fr