Fractional boards higher the dow about 180 points to the upside 35,304 the s p 500, up about 0. 5, 18 points to the upside the nasdaq up about 0. 3 the under performer if you want to call it that, up about 46 points 13,767 we will have much more on the markets move coming up weve lost some momentum since the highs of the session coming off the heels of the cpi report. A trade alert. Josh making a big buy in the energy industry, so josh, tell us about why its rigged. Yeah. Not big. I was talking to jim about transocean this is a stock i had traded extensively, i dont know, 15 years ago, during the last great oil market. Super cycle. Sure. Its a very small buy. Its a very smallp company, frankly. It used to be much bigger. When you look at the technicals here, this is a stock that has bottomed out consolidating for some time. It is now snapping this very, very longterm downtrend, not quite in an uptrend yet, but thats the first step. Most of its competitors have gone bankrupt. There are
L arry kudlow. Historic election victory by former President Trump last night on super tuesday. He is now poised to be republican president ial standard bearer for an historicker i third time, and he economy first president to win, then lose then win again. Since Grover Cleveland in 1892. South dakota governor christie gnome wi kristi noem will join us, senior house member Steve Scalise and jim jordan talk about drill, baby, drill, fighting inflation and a second round of trump tax cuts, and then well weigh in on fate of nikki haley, why republicans are more united than democrats. Dodonald trump will take his Campaign Around the country, first, very own great Edward Lawrence live at white house with details on tuesdays history it was interesting it was. Reporter it was a huge win for former President Trump, nikki haley won one state on super tuesday she did bow out of race, she did not endorse former president but offered this advice. It is now up to donald trump to earn the votes of t
The s p hitting another record high yesterday. The 16th of this year. The s p futures indicated up 12. Dow futures indicated up 27. Nasdaq futures are indicated up, too. This comes after gains for the s p and nasdaq of more than 1 . Pushing both indexes to record highs. Dow closing higher. It was up 130 points yesterday. A lot of this came after what we heard from jay powell. He was speaking again before congress and yesterday he said this is key. Yardeni pointed this out. Powell said we are waiting to become more confident that inflation is moving sustainably at 2 . It will be appropriate to dial back the level of restrictions. That is what the market heard. Not far from it. As a result, you saw treasury yields pull back. The tenyear yield at 4. 07 . The twoyear yield at 4. 49 . It is interesting because it is all based on inflation. We havent even any definitive proof that the economy is going to fall off a cliff. Maybe we can get that today. Maybe he knows something. When he said we
In focus as we are dropping below or have dropped below 4 we want to Pay Attention to that the vix moving around 18 some Movement Something we havent seen in a while. When looking at the sectors, tech and financials which really the biggest laggards of course we have the big cut from moodys today we want to dig into the financials red across the board after the firm cut Credit Ratings for a number of these banks. 10 small and mid sized banks also put a number of others on watch. Im going to start, i believe you own u. S. Bank corp, one of the names on the watch, why are we seeing so much bloodshed today . Of all the concerns that moodys list none of these are particularly new this is old news. They should have come out in the First Quarter when we had the debacle with the banks youre seeing a shortterm reaction where you probably have a bunch of the you know, the computer funds thats what i was going to ask. Selling short on the financials you get the regionals. But all this was mentio
Decline and a loss of momentum in the market overall. Steve, this is one of those situations where over the last couple of weeks there have been folks who have said the market has been hot this year its due for maybe a breather. Is the problem right now the idea that there is no nearterm catalyst to propel things back towards the upside yeah, but you could argue there were no nearterm catalysts to propel it to the upside from the beginning of the year in fact, there are negative catalysts that should have propelled it downward. I dont think its necessary catalysts. The market was tough to figure out all year this is the easiest part of the market to figure out, because it had a big run, were in the dog days of summer, volume is lighter and its typically when the market takes a breather. I dont think you can draw anything from the direction. Im so tired of hearing about the 50day moving average. Hearing about it every 10, 15 minutes. It Means Nothing it may mean something for shortterm