Bloomberg. Why two different stocks could start the burn power lunch starts right now thanks and welcome to power lunch, everyone stocks are retreating from their record highs were off the lows of the session today, but the dow still down about 200 points and the nasdaq getting hit the hardest down 1 today as some of the big e trades are getting dumped. Including the likes of Virgin Galactic and take a look at the tenyear yield sinking near the lows of the session and briefly touching lows of the year at 1. 257 for more, we go to bob pisani an the New York Stock Exchange. Bob. I think you had a good point there, kelly momentum is the issue. I want to show you the s p 500 we had a very short but shr sharp sell off right here. S p future, big volume in the emini futures. That tells you somebodys lightening up on their positions. Its the big momentum really associated with growth names you have Virgin Galactic, but look at the midday drop. Qi earnings have been low and we dont have a lot
Im not hearing much by way of right now. Shedding nearly 900 points this week technology, the biggest laggard, their reinvolvement. Take a look at apple, microsoft, does that suggest its because a amazon and nvidia, all moving lot of these u. S. Economies still depend on that lower by roughly 2 or more in a thats kind of what were couple of cases. Well have more on that kelly talking about, right were talking about the fact 5g has civilian and military later. Tyler, thanks to the breaking news expected applications down the road so theres a great deal of concern this hour now. President trump is about to make how this is used in autonomous an announcement with trade on warfare should it come to that the eu there are always big eamon javers has more now. Conversations. I thought huawei was kind of the president s run ining a w taken out of the process to an minutes behind there in the roosevelt room at the white house. You can see cattle ranchers are extent, but not favorably so already
Some areas than others. Caroline perhaps more idiosyncratic. Lets dive deeper. Abigail, what are you watching . The contrast between the close on the day and the close on the week. On the week, all major averages higher. Lets dig into the technicals. There is reason to believe that could continue. This goes back to 2011. When the s p 500 consolidates down and then pops, the bulls are resting. The sellers trying to push through. The average continues to climb. There are several moments even last year at the beginning of last year, we had that volatility. 500 to newd the s p alltime highs. Appears to be a similar situation with the s p bouncing off that 40 week moving average. The s p 500 might rise above that alltime high. Maybe towards 3100. Perhaps the fed meeting could be a catalyst. Upive been watching oil, around 0. 5 on the day, close to 3 over the past two days. The rally not enough to keep oil in the green on the week. We are headed to a decline of more than 2 on the week. That
C oh come on. Good morning. Thank you for that warm welcome and thank you for being in person all the people watching on line or listening remotely we say thank you for joining us for the 2024 state of the state. Youve all been thoroughly welcomed this morning but i want to give a special shout out to a few people in the course ive got to start with first Lady Catherine and her family members she spirit their sister julie and her cousin lisa and watching on line to the rest of our rest of our extended families and their sons joe and tom and her daughter jesse and their extended families. When you serve your family serves with you so i want to be sure to at this time thank them for all their support in the seven years in todays a special day because its jesses birthday and so we need on a one, two, three everybody to yell happy birthday jesse. It will be the Largest Group to ever yell her birthday at the same time. One, 23, happy birthday jesse [applause] way to go. You guys did fantast
Congress to declare a war so this is a time when house leaders and Senate Leaders and the president need to get on the same page. Most of these countries, these countries dont have the United States best breast at heart and interest at heart and god forbid, i do not want in the worst of days for america to go through this. We have a president that declared war on American Energy and were pay ago high price in terms of economy and National Security. The theme for the market is continually ignorance is bliss. The market focuses on a handful of things and ignores everything else. Stuart good morning, everyone. 11 00 on east coast and monday, october 16th and ill call that a rally, a strong rally. Dow industrials up 400 points and nasdaq up 170, s p up 55 points. Show me big tech, please. I presume theyre all higher. I presume correctly. Microsoft, amazon, me taxer alphabet all up. So is apple. Microsoft up nearly 7 a share, 2 . The yield on the 10year treasury, wheres that going this morn