Claims and 21 million continuing claims better than the week before. But still incredibly bad on an absolute basis same thing with the stock market we get crushed today sell, sell, sell. Obliterated wrong. Once again, the averages spent most of the day well into the black despite still more hideous macro data either we sold off the end of the session, dow 148 points, s p falling 1. 2 nasdaq easing 4. 6 , again, the market was up most of the day. The climb were about the incredibly weak labor market what happened when we heard the claims numbers right from the oechg . There is fear actions the president might take against tech because of his anger about social media and the president s plans for punishing china over hong kong, punishment that could reverberate to our own companies that do business there so then why did the stock market open up big when those hideous figures at this point its become a cliche to insist that wall streets tote lit disconnected from main street. After all, h
Future and later, President Trump says the time for negative Interest Rates is now. So were breaking out our crystal ball to see what the market will look like in a world of negative rates and we start with the market selloff the stocks tumbling after the path forward is highly uncertain and subject to many downside risks. The prolonged recession and weak recovery can discourage business advancement and expansion further limiting the growth of jobs and the pace of technological advancement. The result could be an extended period of low productivity growth and stagnant incomes. And then theres this, Stanley Drunkenmiller telling the Economic Club of new york that the risk reward for equities may be as bad as hes ever seen and scott telling scott wapner that this may be the second most overvalued market hes ever experienced so did the markets just get a big dose of reality, guy first of all, i know youre not in charge of music at cnbcs fast money and im getting ready for the twitter hatr
Will go over have a good. Look. At the. Red of the new auto show on d w getting you into gear this time 100 percent electric to beat the system so long under its members dream of mind a reality on land and on the water austrias tonsil brothers are left to find the worlds biggest swell specifically for this next club street diminish one platform the trip cost is still you say out and skoda all 10. 00 burners im not going to do this alcoholic. To stretch limo of the superlative kind of car sharing with a naive new features. Would come to getting the sort of and the invisible car but 1st up our car loves europes best selling the car in the same place tesla is planning to build its new kit factory to consider. So few tesla wants to be the thing for. Me when i go on this land and i may be driving on the streets like crazy and i hope that you guys would get it for me it would be really sad if in the family you know in Green Technology you actually cut down below to really be. Reviewed and fa
Under an hour left in the session. Lots coming up on todays show a big exclusive interview with bank of americas ceo. Well get a read on the Small Business relief program. He joins us live in about ten minutes time plus as retail bankruptcy concerns swirl, well speak with the president of sax fifth avenue about whether customers h actually return to stores when doors do reopen but first, lets focus on the big stories of the day. Mike is tracking the market pullback on this first day of may. Josh is covering apple diedra is watching amazons move and phil has the shocking tweet from elon musk that sent teslas shares tumbling. Mike the s p 500 down almost 3 today. About 3. 5, 4 from its highs just two days ago. Look at a chart. Just to map where we are down about 4 we had broken on a shortterm basis the uptrend from march i dont think anyones going to get too concerned about this unless it goes deeper than at least 2550 week and a day or so ago, last tuesday, we were down around 2730 so w
For the country and the economy with ian bremmer who says we should be thinking in terms of three years. Plus, well speak with Kevin Durants Business Manager about the lockdown of the sport. 59 minutes left of trade iing. Lets focus on the big stories mike is tracking todays Market Action near the highs of the session. Phil lebeau watching boeing dragging down the dow. David faber covering the executive shake up at at t and kayla on the latest round of government stimulus. Mike, first you on what were seeing slight gains, still lower on the week an upward drift here in the afternoon, but as you suggest within the range, obviously just consolidating r very, very big really historic magnitude of a rally we saw during march. April rather weve come right here, 28 20s is an interesting level in late summer its kind of rushed up last summer we were afraid of some kind of perhaps tipping into a mild recession. Here we are looking at a vastly worse recession. The earnings picture is very opaqu