Then walmarts answer to amazon prime, we will give you a breakdown of what is included an whats not and finally, white house chief of staff mark meadows will join us live, we will talk stimulus, covid19 and the unrest across the nation thats happening toward the top of this hour and you will not want to miss that. Carl kayla, david, guys, everybody is taking stock of the journey we have had not just in august for stocks, but for the past five months, the dow best fivemonth gain since 2009, for the s p the best five months since 1938 and as we said at the top, david, we are heading into historically the worst month not just in general, but especially during election years, september and october have averaged negative returns and we will talk to mark meadows about politics which are increasingly going to be part of the picture here yeah, no doubt. I think you heard it with the last guest who appeared on squawk box at the very end of that show. We are entering what conceivably could be a
On the walls check out my twitter feed. See all the ridiculous speculative names people hope ill mention or pump same deal, no earnings, but right on stocks. These are textbook signs of what we call froth. Thats what this is. Its froth and you know what . All the froth got crushed today. Dow plunging 517 points, s p plummeting 117 , nasdaq nose diving 1. 55 not bad for an amateur so whats become too riskier let me give you an example last night kind of cool. We had novavax on, hottest stock on the market. Vaccine developer working on something for covid19 the stock runs from 18 to 40 in two days i cant recommend Something Like that thats this, you know, novavax is this, okay. Good guys, but it doesnt matter it actually managed to rally today. Maybe novavax wins the vaccine rate if they dont, the stock is going to get eviscerated id rather have you in something thats diversified glaxo, pfizer, j j same for biotech stocks. Anything related to ebola, flu, except regeneron they have little
The week as a whole for the three indices. Road map starts with 30 minutes after the jobs number, good news is bad news again. Over 200,000 added in the month of june. That has stock records in the rear view mirror as data may ease pressure on the fed to cut rates. Futures in retreat, moving sharply lower to start the morning. While the u. S. Is on holiday, europe took out the elegant gun on big tech. Both parties in the uk back to target big tech and france moving forward on attacks on the likes of facebook and google the employment rate ticked up to 3. 7 as more people entered the workforce. Wage growth slowed a little bit in june, but remained at 3. 1 year over year for a second straight month perhaps more importantly, though, we did see average Hourly Earnings 0. 2 versus the 0. 3 expected. Mike, your take on this as to whether it really alters the chance of a 25 basis point cut in july. Not very much it injects a little bit more uncertainty than probably traders were hoping for to
The classic sell on the news and its not selling all that much on the news. No, and i dont think any of us were calling for a big selloff. I just thought that going into the event, judge, if you could sell at the money calls which i did at 160, at 162 and 164 you would have a cushion do we get into the 150s, could, maybe even the low 150s but im not calling for a 5 , 10 selloff. Im saying its going to be a flat period while we wait for the first phones to make it to market last two days of the quarter really even as, you know, gene munster was calling for a bigger pullback and even some of the things that linked out aday ahead werent even factual so we should have put a caveat out in the first place. Every time they have launched a product theres been an overreaction of what the stock has done in the aftermath of the launch is wall street saying they dont think its a good phone or they are not innovating anymore, et cetera, and i actually got so sick of listening to that as somebody wh
Intels weakness, one of the reasons the dows down 19 points. Return of the bank tax. Dave camp, hell join us exclusively coming up to talk about whether his Controversial Bank tax plan could return to washington as part of tax reform. No good vibrations there. President trump meeting with his cabinet as we await the Congressional Budget Office score of the gop. Kayla tausche is at the white house. Will fred, it is the first meeting. The thing about this meeting is that there will be four empty chairs. Four positions that have yet to be confirmed by the senate. The secretary of agriculture, the director of national int intelligen intelligence, labor secretary and u. S. Trade representative. The hearing for that post is delayed so the chair of the Relevant Senate committee can head to his home of tennessee to stump for the health care bill. The white house hosted participants in the exchanges on the Affordable Care act who have been negatively affected. The purpose of this meeting being