Nasdaq declining. 26 . While the averages didnt do much, there was one recently red hot Smoking Group that really got knocked off its stride. The drug stocks going in today, the pharma complex was on fire levitating day after day, one of the strongest sectors in the market and then we get one darn tweet from the president that wrecks everything. Or does it . First, lets deal with the president ial tweet, and i quote, i am working on a new system where there will be competition in the drug industry. Pricing for the American People will come way down end quote. Not a lot of detail. Not a lot of specificity. You only have 140 characters with which to opine, but boy, oh boy, thats about the last thing you want to read if you own any drug stocks. So what do you do . Lets go mobile choice here. Do you a, panic and sell everything . B, wait to see what happens . Or c, buy the drug stocks you like because youre finally getting a bargain . The correct answer, drum roll, please. C. You buy. You
The oil market rebounding faster as opec implements the deal that i do not know if it has had an impact. It seems pretty selffulfilling, right . We knew they were looking for some kind of agreement to freeze production. If that is implement it, it will help the oil markets. The iea coming out with its monthly report, saying they see the Oil Market Rebalancing faster if the opec deal is important in. It seems a given, but who am i to say . You see brent at 33. 01. We will have plenty more on the iea and go live to a stumble for the petroleum conference. First, here is sebastian selleck. Seb the Republican Party a conferencecalled on Donald Trumps embattled campaign after paul ryan said he will not defend or campaign for the candidate after the comments about women. Stick to illegal immigration and stop running him. A new poll Shows Hillary clinton enjoying a 14 point lead, the largest gap so far in that survey. Since i has suffered its biggest intraday fall in a month after asking all r
I didnt think about it with the tie. Do you have an orange tie . I do own an orange tie. But you never wear it. I never wear it. Are those pumpkins from last year . No. Those are not. Okay. Can you imagine we had things made exactly like us. I have pictures of those. Those arent actually us, are they, andrew . Remember in the past our face has been on them. Our face has been on them. But not these. I apologize, we are going to talk about the markets. We have breaking news the tell you about, we talked about it a little on friday, but now its official. General electric and baker hughes are merging their operations. Now there was a lot of conversation about whether ge was effectively going to be selling its business. We talked about whether this was all happening at the wrong time. This is now what is happening. They are merging the oil and gas operations into a new company that both companies will effectively own. They are looking to get 1. 6 billion in synergies annually out of this tr
Breakdown six out of 10 are down. This feels like a delayed reaction to the minutes from the released thatting is sedated take more hold interns of investor psychology. Joe deathly a continuation. Todaye down one big loser with the financials which were big gainers yesterday. We had a steepening of the curve. Banks gave up their big losses. Alix european stocks fell the most in two weeks. The day looked relatively ugly. Now that we have closed off those lows it was an impressive seachange. To point out some changes. The s p is a Straight Line kind of down. ,hat orange line moving average you dont want to see it break a long turn moving average. Definitely a technical level to watch. What helped the markets has to be retail. In particular, walmart sing the best rally in seven years. Dding 40 points you can see how ups extreme it was. Macys, target. Everything going lower. Joe target earnings, that was a surprise. The Government Bond market. We saw a big jump in yields. Today very tiny r
If not in the immediate wake of the fed minutes coming out. The nasdaq and the dow all higher. The nasdaq is the winner of the day on Strong Technology numbers from Applied Materials and a general lift and technology. If you look at the week now for the s p 500, it is posting a gain of nearly half of 1 even though there was that rocking this in the wake of those fed minutes coming out. Week,still again for the snapping a threeweek losing streak for that index. In todays session, tech is the best performing sector here. Information technology up nearly 1. 5 . Financials also doing well as well as health care. Consumer staples not faring quite as well. , watchingage terms some of the best performance on the s p 500 today, i mentioned makerd materials, the of chipmaking equipment, with a forecast ahead of estimates as orders search. Endo Health Solutions apparently the federal trade commission is granting some kind of antitrust approval for an action, but its not clear exactly what its fo