Lot of sleep last night. Equities have sold off in the last week. Equity futures are again in the red. Jointing cks are joining the 20 club. These companies have seen stock 20 . Ed wendy percent more on the markets, i want to bring in mike reagan. What is going on . This got us all by surprise. It was intact stocks and now it is broader. Stocks and now it is broader. Early march, late february, we saw this rotation out of the high valuation momentum stocks and rotation into boring, traditional stocks. Etfly, the industrial brought in the most inflows ever since it was created. That rotation last and for a while. We have seen more selling of the high flyers without as much rotation people are getting out, basically. Is this the start of a meltdown . It is hard to say. Goldman sachs but a firm, precise number on a chance of a 10 correction. He said there is a 67 chance. I dont know how he gets that number. Apart from that, he expects the market to close up a little bit. We could see a re
Sky 6 looking right now over penns landing chasing a record high today of 96 degrees. Were going to see sunshine and clouds. The record set back in 1957, so today a hot and humid day and thats why the National Weather service has a heat advisory in effect for the region. Thats from noon until 7 oclock because were dealing with the heat, were dealing with the humidity and we do have a potential for some storms. I want to show you Storm Tracker 6 live 3d and look at the Severe Weather that we have been tracking out towards our north and west and there is a frontal boundary that is going to be slipping through our region. Much of our area stays drive. Youll notice this High Pressure off the coast with the flow around that continuing to give in southsouthwesterly flow pumping in the heat and the humidity. We have a chance for some of these storms popping through our region. I think the best chance is later on tonight. Details in the seven day forecast in just a minute, matt. Okeydokey kare
But stocks are down. Worse day for equities in the bull market started back in 2009. The nasdaq in particular selling off quite heavily, down about 3. 5 . Blackrocks chief investment strategist is with us. What are investors thinking . There are a couple of things going on. Veryof these sectors got aggressive valuations. You look at biotech for example. Nearly eight times book value as recently as the end of march, so clearly, you know, stretch valuations have played a part. I think what is exacerbating this anchor to reading and contributed to the seat is were seeing a lot of liquidation by hedge funds. They have done really well with a, but at that moment them has broken down, we are seeing some aggressive liquidation by many of those players. What are those players doing now and what are they buying into . Been a lotthere have of movement into cash, but you are also seeing something below the surface. Take a look at technology. We have all spun this as Technology Selling off. If you
This morning. Hotels in new york offering a social media wedding service, that person who takes selfys on your big day. Adam a nation of narcissists. Cheryl is social media going too far on this . Adam if you want to spend 3,000 go for it. All right, we have a stock alert right now. Lets get to Nicole Petallides working entertainment and candy crush. By 3,000 worth of stock to the upside. We traded as low as 19. 08 a share. What is interesting about this is people are concerned about this. This is the big ipo. Everyone was waiting on this one but it is over at 7 billion in valuation but the concern is whether their main game, is that it . What will they do in the future . Did it allow zynga . Some of the other traders on wall street say that. We watched zynga closely, it is down 50 from its ipo debut in 2011 but you see zynga down 4. 3 on a day when the market is doing great, tough market conditions, the ipo is having a little bit of tough time on this day. Jpmorgan and bank of America
Meanwhile, on capitol hill, the senate moves ahead to provide more sanctions on russia, but the measure could get hung up over proposed reforms to the International Monetary fund. Those changes are opposed by more republicans in the senate and the house. That is the one thats gone. The republicans continue to set up those that dont have that in it in the house. When you get to committee, i dont know exactly what happens, when you get to conference. Investors, meantime, are going to be keeping an eye on a new batch of Economic Data in the United States today. We get the s p caseshiller home prices for january out at 9 00 a. M. Eastern time. Economists are thinking well be seeing a 13. 5 year over year rise on home prices in the nations largest markets. But, again, there will be a key read that economists are watching. At 10 00 eastern time, we get consensus forecasts, calling for a 4. 9 drop in february new home sales. And at the same time, well be finding out how competent consumers ar