Today. Lets go to the boards were not at the best levels of the day. Nonethele nonetheless, were hoelding onto pretty good dangains. The dow is up. Nasdaq has some profit taking today. Its been the big winner apple and microsoft and amazon giving a bit back along with some of the other names as well. Pete, im going to come to you first. Youre the one who had more stocks than you had in a long time where do you see things now . Friday have generally not been great because no one want toed go into the weekend feeling long then you had the gilead news last night you have boeing starting next week you have more plans to reopen even in a slow fashion where does this lead us as we head into the weekend . I think people want know how they should be positioned thinking about what could happen next week. Its nice to have a light at the end of the tunnel, so to speak, or something. Some sort of light thats what we got out of gilead last night we had move last night long before this morning. We w
Were not seeing that, but im looking at tech stocks we are seeing still dramatic moves, pintrest up about 10 shop fie up about five the market faded gains yesterday in the 10 00 hour bounced back by 11 00 and close we were about flat you never know which way that is going to go, right, morgan thats true, jon. We have averages up about 20 off the march 23rd lows. One of the questions being debated on wall street right now is are equities ahead of reality . The focus has been for investors for the market the curve of the virus. We are seeing some of the hopeful signs thats maybe flattening in the hot spots like new york, new jersey, some of the other areas that have been epicenters here in the u. S at some point in the coming days, hopefully based on the models well get past that projected peak and i think the question shifts to what does the medium and long term impact of covid19 look like on the economy and also what thats going to mean in terms of a rewriting on earnings, which were f
Russell is up 3. 25 . So steve, i turn to you. We have in the last hour, Bernie Sanders out. That gave stocks another leg you have a comment from dr. Fauci today that the virus turnaround is likely after this week and you have the new york city mayor de blasio saying that there are enough ventilators, he thinks, to get through this week all of that seemingly is enough to keep the market where it is but we saw what happened yesterday when everything evaporated later in the day. Does this have staying power i think it does, but within this range that were in, with the downside being where we hit the lows before, im hoping we dont retest that. The focus will turn shortly to how we get back to work once the virus is over. And i do believe thats what took the market down somewhat yesterday afternoon, in addition to it just being up too high, too big a move because when Governor Cuomo said four to eight weeks, tristate area is going to come back, people are thinking, okay, how is that going
Moment first what were calling the changing tones on a decidedly red day. Goldman sachs, the note that has wall street talking today. Our near term downside is no longer likely. Fed and congress have precluded the prospect of a complete economic collapse. Hes not as negative as was. Where are you today as we watch the markets come off a big week . Lets think about the sentiment we carry the high expectation there would be a significant amount of loss of life. We have seen a significant improvement in that expectation. Markets responded. Markets are responding to the health care numbers. As i see the market now, i still believe the lows are protected by strong support between 25. 50 and 25. 75. I do not believe you get the opportunity to buy at the lows again. The market never gives you that opportunity. You are running into resistance now from prior gaps that we had in the market. Today we have a weak tape. Within that, we have a very Constructive Development thats the return of Leader
In the early part of the session, not just the yield curve that dom mentioned but suspensions of dividends from very large european banks this morning as well. And you have the great interview with michael as well talking about that bank and everything hes seeing through that lens, too the other thing in focus, real estate, worst performing sector in the s p today in what is a down day across the board for the major averages coming off the worst First Quarter for the dow and s p ever the other thing im looking at is crude were seeing crude prices come off again after not only the worst month but the worst quarter ever in terms of price fall for crude, lost more than 66 if in the first three months of the year prp you also had the industrial numbers, manufacturing numbers out of europe that didnt look good either john, what are you watching today . Its hard to find good news among tech stocks this morning so much is down. I think its worth having a broader conversation about where we go