Worst day in a couple weeks. The nasdaq snapping an eightday winning streak if we close where we are today bob pisani now has more on the markets. Bob . Very tricky moment here, tyler, right near the 200day moving average technology has the leader whats the problem theres a number of issues the coronavirus story is the most important its not going well. We have infection just outbreaks, some threats from Governor Cuomo to close things down, tariff tensions are still out there. That moved the markets prior to the open valuations are still high. Energy stocks up and then down same with the banks here 12 to 16 honeywell, and then all way back down again. See how similar the stocks are, the inverted vs, and now theyre breaking down a bit more mcdorchlds 180 to 200 theres that v we have to figure out a way back to you theres the dow now, the tristate area closing off borders from visitors out of state. With no plans there to halt reopening. Meg tirrell has the latest details for us meg . Hi
Bloomberg. Why two different stocks could start the burn power lunch starts right now thanks and welcome to power lunch, everyone stocks are retreating from their record highs were off the lows of the session today, but the dow still down about 200 points and the nasdaq getting hit the hardest down 1 today as some of the big e trades are getting dumped. Including the likes of Virgin Galactic and take a look at the tenyear yield sinking near the lows of the session and briefly touching lows of the year at 1. 257 for more, we go to bob pisani an the New York Stock Exchange. Bob. I think you had a good point there, kelly momentum is the issue. I want to show you the s p 500 we had a very short but shr sharp sell off right here. S p future, big volume in the emini futures. That tells you somebodys lightening up on their positions. Its the big momentum really associated with growth names you have Virgin Galactic, but look at the midday drop. Qi earnings have been low and we dont have a lot
Tuesday is in the orange, or red, whatever color it is on your screen there. That is the last hour of trading on both of those days, and it traveled about 3500 points monday in just the last hour of trading, down 1600 points for a time, and then a 500 point or 900 point swing yesterday. As you mentioned, we had a big swing in the last few minutes here well see. Anything happens in the final hour of trade. More from bob on todays move, bob . Reporter other things moving things other than the volatility index today. We were tooling along at a narrow range likely to the upside, and 1 00 hit this is the screen we have up here at 1 00 you can see we started moving down there on the heavier volume two things happened at this time we got a budget deal that implied greatly increased deficit, and we had a soft twoyear auction whats the effect . The effect is bond yields moved up this has been a problem in the past, but, particularly, the levels were at now, so bond yields moved, put up the teny
Century, Procter Gamble. We begin tonight with netflix and the earnings story that broke after the closing bell. Millions more people than expected subscribed to the streaming service in the latest quarter. New shows helped attract those new viewers at a time when competition in original content is intensifying. Here are the numbers. For the second quarter, netflix earned 15 cents a share. That was a penny below expectations, but revenue was more than 30 higher than a year ago, beating forecasts at rou roughly 2. 8 bil and the stock took off as you see there. Rising initially in afterhours trading, hitting a new alltime high easily. Julia boorstin has more on netflixs quarter. Reporter netflix continues to grow subscribers faster than expected adding a total of 5. 2 million new subscribers in the second quarter, 2 million more than the company projected. It looks like netflix is going to continue to exceed expectations. Netflix projecting, a stronger than expected 4. 4 million subscrib
15,597. Volume also picking up at the end of the day. Nasdaq gave up 75 points. Technology has been rolling over lately. Certainly the big momentum players at nasdaq, 3857. Last trade there in the Standard Poors index. Bob pisani with all the lowdowns and the high notes here at the big board. Over to you, bob. Twitter did okay opening at 45. 10. But it, too, sold off in the last hour, maria. I dont believe we made 45. 10. Lets put it up there. 45. 90. Closing below the initial price there, 45. 10. The major indices, dow held up better than anything else. Composite in the nasdaq and transports down 1. 4 . Breadth was terrible all day long. Volume was on the heavy side. We may do 4 billion shares on the nyse. Fairly broad selloff. Look at some of the major sectors. Airlines down. Semiconductors were to the downside. Retail stocks. Consumer staples as well as financial. Thats a broad decline. Momentum stocks have had a tough week overall. So some of the major names here like tesla, yelp,