The world. We will talk to the head of a major new jersey hospital that was on the frontier a few months ago and still are. Well find out what theyre seeing there and look at how covid has crushed urban real estate power lunch starts right now thank you, at thtyler. Markets are starting with a nice alley and broad base every sector is higher, except Energy Technology leading the way, up more than 2. 5 hi, bob. Seema, its a rally but look under the hood. Theres a very progrowth bias to this. A lot of the reopening stuff is not doing as well. Were getting what i call a big cap meltup here look at this, facebook, amazon, alphabet, microsoft and the volumes have been on the heavy side for this particular sector, mega caps. But only there lets take a look at some of the other stuff, some of the other what i might call workfromhome beneficiaries. Your costcos, your pay pals, and all of the chips are up here today. This is that pro growth bias you talk about look at stocks that used to benefi
Still lots of questions swirling an tech. Does the turbulent in tech continue, do you think by the way, value has been leading lately and thats a story in and of itself yeah. You know, a whole host of folks said that would happen, eventually, scott. From tom lee to Larry Mcdonald and so forth i dont think the story is over for tech you and i talked about that monday i said i think that we are unlikely to test significantly lower in tech. Yet, here apple is back down on the lows of the last several months, scott. Ive noticed a lot of those value plays that you discussed, for instance, infrastructure plays in particular. Steel, mining, things like that. Getting lot of money flow, a mean a lot thats worth noting. To your point, thats partially why perhaps people are using tech as a source of funds. I dont know how long that lasts. I certainly am not betting that it lasts very long as far as tech being a wreck and value being where you want to be thats the way it is for the last several se
Or was it the real economy rearing its increasingly ugly head every day that the average goes down, the dow slipped 102 points, s p shed 7 p. 8 , are we having Great Depression style unemployment 38 million jobless claims or another garden variety sell off in the wake of another major rally . Ill give you a hint its not the economy driving the bus. I know the markets incredible rebound the last two months seems totally out of sync with whats happening in the rest of the country. Wall streets become divorced from main street and were told thats unsustainable the thing is im not so sure this morning on squawk on the street, i kicked this idea around with david faber and carl quintanilla. David was incredulous i thought we were seeing a garden variety selloff, not some reckoning mass sell off in unemployment. Another 2. 4 Million People filing for jobless benefits this very week. Remember we get those claims thursday morning lets start with the positives that help stem the bleeding today
Should dow gaining 22 points. S p advancing 1 nasdaq 1. 2 the truth is there is a lot of rot underneath and many investors are in denial about how bad things can be for some of the weaker players out there. The ones actually involved with the economy, the ones that dont have bullet proof Balance Sheets consider this weekend Warren Buffett presided over a somber annual meeting instead of festive investing. We had an older gentleman with brilliant answers followed by questions with becky quick tell you to stick with it. This time he wasnt bullish by any stretch of the imagination last week i told you it was time to start doing some selling. I still think thats the right call without a big bounce in the bottom the Charitable Trust was selling heavily at the end of the week go to actionalerts. Com Conference Call this thursday. I have to defend losers tyson foods which we bought for the trust when the trade war with china ended because they had a pork shortage. I always say its better to b
To the inability to get a nafta replacement deal done with mexico and canada, to the federal reserves lack of sensitivity to the strong dollar put it all together and the industrial economy just cant catch a break. And thats why the market exploded higher on that robust employment figure. Dow gaining 373 points, s p soaring 1. 2 nasdaq surging 1. 40 it didnt hurt that we were oversold look, i know the Unemployment Rate is down to 3. 5 lowest in nearly 50 years. But it has to do with the makeup of the economy the manufacturing side of the ledger is not just doing that well the weakness in manufacturing hiring gives fed chief jay powell all the ammo he needs to justify cutting the federal funds rate that may make it more in sync with the traditional curve of low short rates to higher long ones normally, you wouldnt expect the fed to hit the accelerator with the jobless rate this low, but wages are still stagnant and theres no inflation to speak of basically, if powell is asking himself,