And small caps are outperforming. Joining us for the hour is steve grasso taken by semis, is is that ahead of micron, g20 . I think that it is a bit of both bullard was not bullish. Market was expecting one thing, not the other. And micron is after the bell, so people are getting ahead of that people so either earnings or semis, chicken or the egg there, but that took us down. Something the bears point to, semiconductors are traditionally a tell on the economy and they are not at record highs. I think that they are still in correction so if you had to poll everyone now within the marketplace, people are going to err on the side of growth is slowing. Cant find anyone that says growth is ratcheting up. So these have been the bullseye for growthand they have been your cautionary tale thus far within the marketplace and with g20 and with china and everything all encompassing. Microsoft also suffering. Ten year back below 2 all factoring into the selloff lets drill into the big stories. We
Nevine we could go with all three drivers, but if you are looking at the dow on track to close at a record a lot of Health Insurance stocks are helping take us there. Absolutely incredible the moves happening in these stocks. Theyve all really underperformed all year long because of all of what is going on in washington the rebate rule dismissal is really a very, very big deal because it would have made pbms extinct in the medicare world. Are you a buyer i am. I have been buying United Health care because the stock had fallen Something Like 25 from its december high, but even now down 13 from its highs. Trades at about 18 times forward system the real name to own, the levered one would be cigna, trading at a 40 discount to anthem, absurd, and they have the express skrip as a pbm the stocks are attractive, though and very under owned thats the real key here. Big moves in yields, ten year at 211 lots with stephanie to come over the next hour. Focus in on the big stories, bob is on record
Spiking over those concerns over iran also coming up on the show, House Financial Services chair Maxine Waters on why she wants a hearing over facebooks crypto play, libra. Join us, stephanie link, from levine, welcome. Are you doing buying today little bit. Little bit like what little Semiconductors Semis little broadcom i started a position last week when it fell 8 on the day and i just kind of think that the valuation makes a lot of sense and well see. Its a china proxy for sure, so something good has to happen on trade but i think the valuation is discounting a lot stephanie i was talking to one senior trader who said that the threat of a cut on Interest Rates is more powerful than the cut itself and that therefore its harder to get this same good news again. Likely be dialing back the promise of a cut or it will be the cut itself youre coming from a much lower base than historical levels but it was good news that we got i think the commentary yesterday was exactly what was needed.
Event, and thanks sponsoring, i should say, and thanks to all the folks at urban who helped to put this on. As you can imagine, an event of this size is neither inexpensive nor easy to pull off, so thanks, everybody, for the help. Tonight well have two panels that will run until roughly 7 45 and then well have another reception until about 8 15, plus or minus. Ill say a few words to sort of tie the thinking behind the two panels together, and then well wade right in to the first panel. But again, thank you guys for coming, for braving the heat and the 5 00 traffic. This is a fun way to kick off the urban space. I will note that the picture behind the title is unintentionally ironic. We say administrative reform. We mean that which can be done without the help of the building behind it, so keep that in mind as you hear us. So for the last 10 years of debate over Housing Finance reform, much of the focus has been on how to reduce the dominance of fannie and freddie in the system. So whet
Joining us is lindsay bell i hear you, i think earnings seeing the twoweek bounce in the market, whats happening with expectations . We are seeing second half earnings, especially the Third Quarter numbers come down a little bit this is going to be after a Second Quarter where we see a decline of 1. 4 . Thats the expectation as we all know, earnings coming in better than expected. I would expect flat to up slightly in the Second Quarter but it is all about guidance as it always is because these tariffs the numbers havent been accounted for in the second half. Broad come a wakeup call it was. Theyre expecting 500 billion of imports to be tariffed by the end of the year so we wouldnt be surprised to see more companies to do that with us for the first hour of the story. Kayla tausche has the latest, meg terrell with the latest and phil lebeau at the Paris Air Show kayla . Theres hearing under way, a last roadblock to President Trump putting those new tariffs in place on the remaining chin