Plummeting more than 500 points today is now down more than 10 from its recent high. And its not alone. The tech heavy nasdaq and the small cap russell 2000 index have also fallen that same amount. The reasons for the selling, which weve been seeing all week, boil down to three things, china, the Federal Reserve and oil. But today the losses intensified. By the close the blue chip dow index tumbled 530 points to 16,459 on very heavy volume. Nasdaq shed 171 points or 3. 5 . And the s p 500 lost 64. For the week all three major indices were off more than 5 with the nasdaq losing the most. According to s p issues within the s p 500 index lost more than 1 trillion in market value this week. And as stocks fell, so did bond yields. The tenyear now hovering just above 2 . Bob pisani takes a look at the mood on the street and what investors may be in for next week. Reporter what a day and what a week. The s p 500 fell more than 5 , this is the worst week since september 2011. There was no imme
The ibex on the flipside is weaker. Political unrest in spain. Ahead of the ecb meeting, here is where we are stacking up. 43 basis points. Gold at a low. Ecbd says david the will hold its policy meeting where mario draghi is expected to announce tapering decisions. Now, lets get an update on what is making headlines. Taylor shinzo abe gambled on early elections and won. That boosts his chances of winning another term. That could make him the longestserving leader. Investors responded. The increased role in the counterterrorism policy. The cia has increased operations in afghanistan. Joining to hunt and kill the taliban. Spanish authorities have rejected a call for negotiations. Day, i ams 24 hours a taylor riggs. Messy politics in spain will be the backdrop for the meeting. The theme is lower the amount and extend the bond buying program. From london, i want to get your take from the unrest we have seen from spain. Does it influence the ecb at all . At the moment, it will not be a key
Weve been lagging in financials. They have been not really participating in this. We get any participation from that, scott, think about the momentum that could push into the marketplace. Obviously weve gotten through these earnings. Tech has a leader. They have been an absolute work horse in the market. And each and every day we seem to see it. Its not just the big fang names, its across the board all way into the Semi Conductor world, but technology itself is leading. We mentioned, joe, 2400 on the s p was a significant hurdle to get over. We closed above that and now were at 2412. The significance of that . How much momentum do you put behind that . Technical breakout, same thing that happened at 2300. Got above 2300, really never fell back again. I think youre witnessing that right here. I think whats adding fuel to it is the amount of pessimism and negativity that we had especially last week when the markets were down 300 plus that one day. There were many who went defensively. I
Gartmans says bitcoin investors will face the one thing has them beefing. First, you start with the nasdaq near record highs, the fang stocks leading the pack higher. But caution, this is the no fang zone, like the no school zone, but even better, because outside of fang, there are some other, scare we say even more lucrative opportunities. Other tech names are soaring. Square is up a whopping 67 . Tesla and ali baba up 40 , invidia is up 36 . Is it time to start betting on some nonfang tech zone . No fang zone . A food job with all these great, great for a tuesday, mel, well done. Yes, there are names you can invest in, in the no fang zone. I will give you a quick three. Red hat has been a name they just signed, another strategic line with Amazon Web Services a. Big valuation. Doesnt patz. They have a meat. Who you know who else has a meat . Adobe. Theyre reporting june 20th. The pattern has been, they report. Stock sells off, buy the selloff. Its worked for almost two. 5 years. I lik
Melissa . Im melissa lee. Lets take a look at the markets and how were shaping up now ahead of the key fed decision. The dow hit an alltime high with the s p just points away from its own as you see here hogging the flat line in that 2 00 decision dow is flat up by 6 1 2 points s p down by two. Take a look at rates this may be the headline of the markets here, the yield on the ten year sinking to the lowest level since november 10. As for equities, energy, the worst performing secotor as oil falls on bear supply data. Chevron and exxon dragging on the dow. Financials falling ahead of todays fed meeting. Morgan stanley, bank of america and citi lagging today brian . Thank you. We are going to get the latest on the virginia shooting in one minute even on a day like today we cannot forget our core mission on cnbc which is your money and the Financial Markets. Do not forget the Federal Reserve will make an Interest Rate call in under one hours time the expectation is another Interest Rate