Of billions of dollars from Health Care Stocks to techs and industrials and then bolted from the market altogether when news came out that the fbi is probing some newly found Hillary Clinton emails. Then after further review, the money flowed right back, but only dau closing down just eight points. Nasdaq dipping 0. 50 . What the heck is going on here . I dont know what will happen with fbi director james comeys reviewing of new emails related to Hillary Clintons personal server. But i do know this. I do know that this market seems to want some certainty or it wouldnt have plunged so hard midday when the news came out. Beyond that im leaving the politics to the pundits. Heres what i do know. The overall performance of the average today obscured one of the most vicious rotations i have ever seen in my career. Health care stocks, which had been under pressure throughout the Campaign Season bled from the eyeballs today thanks to a couple of monster shortfalls in the Health Care Cost conta
Then after further review, the money flowed right back. The dow closing down just eight points. S p declining 0. 31 nasdaq dipping 0. 50 . What the heck is going on here . I dont know what will happen with fbi director james comeys reviewing of new emails related to Hillary Clintons personal server. But i do know this. I do know that this market seems to want some certainty, or it wouldnt have plunged so hard midday when the news came out. Beyond that im leaving the politics to the pundits. But heres what i do know. The overall performance of the average today obscured one of the most vicious rotations i have ever seen in my career. Health care stocks, which had been under pressure throughout the campaign season, bled from the eyeballs today thanks to a couple of monster shortfalls in the Health Care Cost containment and pharmaceutical arenas, particularly biotech. These declines were so brutal, so pronounced, that we ripped up the show plan tonight and are going to spend a whole segme
Estimates. Road map begins with eli lily abandoning an important Alzheimer Drug, stocks down more than 13 in the premarket. Well have an exclusive interview with meg whitman, corporate americas relationship with president elect trump on the agenda. And the countdown to black friday and a cheerier Holiday Outlook for retailers. The winners straight ahead. First though to some news this morning on the continued search in the transition for the next treasury secretary of the United States. That list does appear to be shrinking. We can tell you this morning that jon gray, the man who runs the real estate business at blackstone, one of the more senior members of course of that firm, is no longer being considered for treasury. It had been reported earlier this week after meetings over the weekend that mr. Gray along with of course Steve Mnuchin who was the Campaign Finance manager for the Trump Campaign were perhaps two of the few candidates left for that post. But this morning i can tell yo
Good friday morning. Welcome to squawk on the street. Post 9 this morning. Jon fortt has the morning off. Watching the markets closely, the u. S. Employee number, 178,000 new jobs in november. Thats according to the labor department, almost in line with estimates. The Unemployment Rate ticks down to 4. 6 , the lowest level in nine years. Hourly average earnings falling 0. 1 , the final number before the meeting this month. Mike, we took your temperature on it. We talked to jan about essentially what hes calling full employment and whether and when wages catch up. Thats right. Basically its the economy we thought we had, the labor market we thought we had coming in. The market maybe dodged a slight bull net the sense it cements the certainty about december and what the fed will do. To on the wage front, i feel like the market is not getting too concerned about that mostly because the mix is probably partially to blame. So in other words, a lot more younger workers, fewer Older Workers t
Tech wreck. Down more than 3 . Underperforming the rest of the market. Its negative. And since check this out. The five Biggest Companies of the nasdaq 100 have lost a whopping 100 billion in market cap since trump was voted into office. Now, these have been the hottest stocks all year. So is the trump tech wreck a buying opportunity at this point . Guy adami, what do you say . Hi. Hi i think there are three reasons why you have seen the soft in tech. The first reason is a stronger dollar. The second reason, equally so, has been this huge rotation into financials, into material stocks, out of tech thats been working for quite some time. I think the third reason, maybe a little more nebulous but almost as important, as Interest Rates have gone up, the need to own stocks with dividend yields have gone down, and a lot of these tech stocks have great yields. I think this selloff i think the selling will continue in a lot of these names. But there are certain names out there, if they get to