Sockof course is momentum that of course is the momentum behind this rally. Rally seems to be fading, and another interesting piece, we have the Canadian Dollar soaring against the u. S. Dollar with the oil rally. You were mentioning that everything is rallying, and that is true too for bonds. The two year yield carving out a record low and that tells you that bonds are rallying in a big way. While stocks are rallying you have investors going towards the bonds, suggesting they have their eye on the economic picture. The jobs data and nonforeign payrolls coming out tomorrow which will be devastating, not just from an economic standpoint, that from a human standpoint. The question is will we see more of a connection between stocks and the Economic Data or not . Or will we have investors look past the data towards the liquidity that the fed has been providing . Certainly a risk on day. David that is what they have been doing so far. Few mckee got to talk a minutes ago with mary daly, the
Oleary is with us kevin, welcome back to you look at where we stand right now following that adp employment report been all over the place. Nasdaq has been positive throughout dow has been bouncing around, as has the s p 500. The jobs number shocking, neutralized somewhat, though, by the continued move in tech stocks, like apple, rising above 300 a share today pete, thats really why were talking about the divergence these horrific economic numbers. And yet, unbelievable stock market numbers, because of tech, which is the only s p sector positive on the year yeah, its been an unbelievable rise out of those tech stocks that you mentioned, and sprinkle a little bit with the tech stocks as well. Because weve seen a really nice rise there we know how narrow this is the narrowness really comes with those megacap stocks and we talk about these all the time and thats something that obviously last year, f. A. A. N. G. Was the big story. We continue to have a narrow sort of group thats absolutel
Coronavirus and almost 100 deaths. This as lyft, pelaton, grub hub and tmobile report quarterly results. Its a mixed bag. I want to bring in taylor who has been covering the markets today. Walk us through the resiliency of tech in general. You saw the s p and the dow down. But again the nasdaq rising. Unbelievable. I think a lot of the earnings have come in much better than expected. Youre getting the sense that the tech sector here is sort of a defensive sector in this new environment. Its also another day that ive been tracking chinese tech stocks rel toive u. S. Tech stocks. They also relative to u. S. Tech stocks. They also are overperforming. A lot of growth and ot mitchell overseas filtering in through. The s p tech index is positive for the year, as crazy as that sounds. It is the only index in the s p. Now the only sector thats positive for the year. Youre really getting a sense that now big tech is the leadership in this environment. And weve got some quarantine favorites repo
It brings unemployment claims down to 22 million in the past four weeks and that essentially wipes out all the jobs created sin the financial crisis we know the dapta was going to be bad and will continue to be bad because this is reflecting periods that arent april, and we know april will be even worse. Right these are daunting historic we look at them, we must think about what was happening, say, in 1930, 1931. We realize that the system may hold, may not hold i think were in a stronger position than then because they didnt have a social safety net, but these kinds of layoffs, theyre extraordinary. And we are at a loss for words for them obviously, all these people are now in some way or another getting compensated this week. But i think its not enough, and i keep thinking that the longer we dont have and its not opening or closing america the longer we dont have faith in being with each other, youre going to have to keep seeing these numbers. I have to tell you, i was hoping i never
President trump has yet to detail any stimulus plans to stem a potential economic slowdown. Big tech names also feeling the pain. Uber and lyft plummeting amid concerns Everyone Wants to shelter in place. Lets get straight to Abigail Doolittle in new york. Give us the big picture on the pain. Abigail truly a brutal day for markets in the u. S. And frankly, around the world on these coronavirus fears, what the impact will be on the global economy, especially now it is being called a pandemic. Before we know the true scope in the u. S. , look at the decline for the major averages. Dow in a their market. S p 500 flirting with that territory. Investors want out of stocks. They get they cannot take the risk. Finished downy slightly at one point higher. That could do with the fact that they are offering around stimulus, something we are waiting for more details on later today. Lets go into the bloomberg terminal and look at what is happening right now for global growth. 4 e are the china dow