Is it time to bet on stocks that thrive and rebound in the economy . Thats what todays action said. Dow gaining 359 points the s p rising 1. 47 that was easy ooh, and the nasdaq advancing 1. 1 buy, buy, buy with many of the biggest losers of the year leading the way. [ moo i say not so fast. Look, we all want to go back to normal even after we lift the lockdown, the new normal will be different from the old normal. Im tired of the cliche, normal this, normal that. Things have changed for starters the new normal is less investable i dont think it makes sense to fall into the gap of Carnival Cruise or attend live nation concert. The streets roared theyre compressed springs given how far theyve crashed, i think theyve got more legs to them hey, if i were a Hedge Fund Manager id do these stocks by tradein state by state openings if i were an investor like you, i would let them run if i was stuck in them, then escape for the stocks well be talking about later in the show. You have to unders
Budget. This is bloomberg surveillance. I am Francine Lacqua. A lot of focus is on earnings, and a lot of focus on the banks. The Credit Suisse story, i am delighted to speak to the chief executive shortly. That will give us good indication of what the clients are doing. This is what the market is doing. A lot of focus on earnings, a lot of focus on the pmi figures. Lets get the board up to get a sense of what the market is doing. April services pmi falling to it was 22. 8, now it is worse than expected. Manufacturing lowerthanexpected, but in mind. The forecast was 38. That has fallen off a cliff. The dollar is the one you do not want to get wrong in the next couple of months. Stocks are fluctuating, oil advancing, and the dollar holding three days of gains. Plentyures, we will have more on earnings. Lets go to new york city for the first word news. We begin with Economic Activity in france and germany shrinking this month more than expected. French composite pmi dropping at a record
We have three markets. Maybe even more. After a day where the dow advanced 39 points, s p declined. 05 , nasdaq did one point, i want you to forget about the averages for a second or a week or a year or until the end of the pandemic. Thanks to the onslaught of the coronavirus, something that no ones ever seen, were seeing Something Else thats incredible not just the complete untethering of main street from wall street, but the disentangling of even small publicly traded companies and medium size ones from the big dogs that have it easy and can handle this hellatious moment. We all know main street isnt wall street. When we get another hideous jobs loss claims number like we did this morning, now were seeing more separation, that is its stunning. In my 40 years of investing, i have never seen anything like what im about to talk about so im going to walk you through what could amount to a destruction of a fair share of American Business that incredibly might not impact much of the stock
Retail certificate going to zero not every biotech will keep growing every day. Thats the way it feels on a gay when oil imploded. The stock market got slammed because of it. Dow losing 592 points. S p sinking 1. 79 , why, of course its got a lot of tech and biotech. I dont blame a soul for being confused here. Buy, buy, buy a. Sell, sell, sell. The situation is, confusing were in Uncharted Waters now. It doesnt lend itself to easy explanation. We have to take them one at a time because some of these are so extreme they almost feel like science fiction. Like the price of oil falling to negative 37 and change today. Yeah, thats right you heard me, negative 37, minus sign lets start with oil as that meltdown was terrifying to watch. At dawn crude was a buck and a half, little below 20, seemed okay by the time the stock market opened it was down to 11, negative whoever owned the oil last had to pay someone else to take it off their hands. Next thing you know it was negative 10, negative 2
Thanks for joining us. Power lunch starts right now. Welcome to power lunch. Im melissa lee. Three hours to go in the trading stegs and stocks headed lower right now. S p 500 stuck in a fractional range. In fact, this could be the 37th straight session where the s p is scaled to move 1 or more in either direction. Take a look across the board just down about a quarter of a percent with the russell the only one moving to the upside right now. Few standouts to tell you about, lkq, omnicom, Stanley Black decker, whats continued to move financials up 3 in the past month, michelle. Something well definitely be watching. Im michelle carusocabrera. Heres what else is happening at this hour. Fertilizer giant is in discussions with potash, no agreements have been reached. French economy minister has resigned from the government. And a tropical depression is gaining strength in the gulf of mexico. Forecasters say the storm could be upgraded to a Tropical Storm by later today. Busy two hours comi