Points and the s p, moving the monitor so i cant see it. Up threequarters of a point. And the nasdaq is lower by 31 points. Where are we headed to from here . Lets get to bob pisani on the floor of the new york stock exchange. Bob . Hello, michelle. Were flat because ibm has been a drag and tech has been a drag and the question is can we hit new highs and the key, remember, may be earnings. Markets have moved up. They have been a floor under the market and the market believes that, off the low and china hasnt gone away and its been a lot quieter. Earnings have been the big problem and the missing ingredient. Weve had four consecutive quarters of negative Earnings Growth right now and q2, the one that were in now that everyone is talking about, only down about 3 and its been stable in the last week or so. Not reducing the numbers anymore. We could go positive meaning that ends. Johnson johnson and Philip Morris raised their guidance on the weaker dollar helping how the. This week its go
Sell sell sell. Youre often avoiding pain, but youre also likely to miss the big opportunities. Sometimes you need t deal with a bit of anguish to be in a position to rack up the longterm gains, but thats very hard to do if youre always flitting in and out of stocks at a moments notice. We see this thinking play out every day including today. The nasdaq dipped and i frankly find the behavior disturbing. Theres no clear example of this sort of stock not owning, but renting than facebook. For the last couple days, the stock has been under pressure. The reason . A Research Note came out recently saying that what facebook reports in roughly two weeks, it might disappointed [ baby crying ] holy cow. A stock thats up big with a quarter that might disappointed . Isnt that a clarion call to sell sell sell . Cmon, right . S wait a second. Every single Time Facebook has reported, there have been rumors it could be a rocky quarter. The problem is, if you really want to risk selling the stock of a
Percentage points and australia down after the bank to bring Interest Rates lower. Lets take a look at what happened in europe, youre going to see, at least in the early trading there, european markets for the most part are in the red. The dax down by 0. 75 . So is the cac in france. The ftse is down by 1. 3 . Finally, a look at crude oil prices yesterday, they pulled back again down 1. 13 to 43. 65. Wti is sitting in that same position at 43. 51. Were going to politics but first the top headlines this morning. The biggest one being this, takata expected to announce it is recalling 35 to 45 million more air bags in the United States. This is going to double what is the largest and complex safety recall in u. S. History. An official announcement could come as soon as today. Separately, a bidding war is brewing in the pharma sector as joe said. Pfizer approaching cancer drugmaker medivation to express interest in the acquisition. This could mean that the company could challenge the 3. 4
Money trade as it relates to energy, and the oil bottoming, and the u. S. Dollar, and that has ended. I would take the chips that one might have and a materials, energy, lower dow type of trades and move them elsewhere. Myself, i bought some puts in the xle, and the xlb in the last couple of days. You sold all of the holdings on friday . Yes, and i told friends that i had in energy names to do the same. And i truly believe it is the dynamic as it relates to the currency, and steve has often talked about what has changed fundamentally as it relates to oil, and not very much. It is a currency story, and the reversal to dday is power nfl t u. S. Tlar where it was this morning and where it is right now, and that trade is now past for 2016. You sis the other side of it . No, i tend to be with joe. And we have been talk about the dollar for how long on the desk, and talking about this, and the energy and how we have been correlated with the market and that has not broken. People have come on
Just ahead, flying friendly skies this summer make it a little easier. We will tell you about the tsa controversial plan to shorten wait times at the airport. An entire city in flames. The catastrophic wildfire showing no signs of slowing down. The details on this continued fire. Just ahead in the state of emergency. Tesla focused this morning reported earnings last night still losing money and production of concern. Ceo elon musk is watching closely. He keeps a sleeping bag at his fact jury. Those stories and more coming up. Looking in a show where we see the market pretty much muted trading session in opposite directions. The nikkei is still closed as well. Markets in korea closebrace holiday. Markets edging higher in the u. S. Are also looking up what might be a higher open. The ftse in london, caci france or higher. This is what weve got now. Dow futures at 55 points, nasdaq futures training to the upside as well up 16point. Here is our lovely panel this morning. With me for the sh