The blue chips index saw it is biggest intraday reversal since. Gust of 20 for the s p 500 it was the biggest flip since 2016. If any one thing pressured stocks today it was the bond market. A weakur tre auction and a bumming deal in washington sent them on a fewer year high. That rise in terms triggered concerns that the Federal Reserve might raise rates. The dow was down to 25693. And with volatilitck are some are calling this a new phase in the market. But is there more selling ahead . Bob pisani takes a look. Reporter it was another wild and whacky day of trading. He dow swung this a 500 rai and went from negative to up 200 points in 30 seconds but closed lower. We know a large part of the blood bath thiseek was perhaps due to obscure trading products tied to volatility. For the past year traders have been short the volatility betting it would drop and long on the stock market. This blew up on monday. Trade hers toould have their short positions on volatility and had to lighten up
Out in deadwood we heard about the avocado pelting story. Really injured. In a world where amazon is buying whole foods what happens to costco, and what about those costco retisry chickens. You guys talking about it. Is that enough to keep the big box customers coming well tell you what the wall street is saying with costco down 2 . Two words on costco, fresh fish friday. Very enthusiast. Thats what i live for. Activist investor going after the parent of saks saying hudson bay should stop trying to get the deal won with Neiman Marcus and macys theres a better way to inlock the value. And well discuss stragt in a first cnbc interview with Jonathan Litt. We begin with word out of the white house. Kayla touch covering the tech sim mitt and ooemon javers with more on russia threatening to target the u. S. Over warplanes in syria. Ceos of the Largest Tech Companies in the world, alphabet, microsoft, ibm, adobe are meeting today at the white house to modernize the governments infrastructure
Europe, the unwind could catch the markets by surprise. Mr. Diamond saying, quote, weve never had qe like this before weve never had unwind like this before when that happens of size and substance, stit could be a litte more disruptive than people think. We act like we know exactly whats going to happen and we dont. Steve liesman, i go to you first. What do you make of dimons comments jamies on the front lines there. Hes going to be part of the process of unwinding the Balance Sheet. And i think his words of caution should be taken seriously. I think two things, though i think the fed has kind of preempted these concerns, if you look at how theyre doing, Balance Sheet, theyve sort of put it on auto pilot, but they have a switch where they can turn it out if things turn out badly. I think what the fed wants to see is wants to see the market behave in this process and not be disrupted by the process. And i think theyll turn it off, if they do so jamies right to be cautious. Hes a guy who
Now we get these reports what in the world progress on the president s agenda right thats all it takes not only that, but we were talking about this yesterday, how about just the fundamentals of what weve gone through in this earnings season the combination of all of that, and then you start to look, we did get a little bit of pushback on some of the tech stocks they started to move forward as well but its the financials. You start to get any kind of heat under that, moving these financials to the upside, theres a lot of different reasons. By the way, boeing, which continues to be an absolute beast to the upside, keep an eye on this name when you look at cash flows and youre not focused just on p e and saying this is stretch, stretch, stretch, look at the cash flows of someone like boeing and whats going on globally, there are a lot of reasons why some of the stocks in the dow as well are pushing these stocks higher. So maybe the most important thing today for this market is the nasdaq
And he just bought more today. Hes going to give us the name and, chances are, you might own it too and black rocks terry sims son said the trump trade is on, quote, life support. So what does that mean for the rally . But first, we start with what seems to be the magic words for this market, tax cuts. Every time someone from the Trump Administration utters those words and recommits themselves to be the agenda, the market takes off after paul ryan said the party is unified on tax reform during a town hall last night the dow having its best day since april. Soaring nearly 200 points. As the markets soar, the volatility index sank. The question is tonight, do you continue to buy stocks on hopes of tax reform and how much higher can this market go . Guy great to have you on board. Maybe what everybody was thinking about in the past. Whats the question were going to attempt to answer my answer would be yes weve been pretty steadfast in that belief. Brian kelly about a week ago at the heigh