Today, a dose of reality whether fed allrld bank, oecd, worrying about the economy. Virus upticks in texas, california, worries about a second wave. Now . Ne where are we taylor take a look at this. You and i have been talking about how key this previous resistance was, now becoming a new support level. We blew through that, down now 3 the s p 500, closing at ,002. That clearlyaying this is not a good sign. He was hoping for that moving average to provide some key support. Now that you have fallen through it, a little bit of a dip. New resistance line clearly on the bottom of the screen. Ofht back to an rsi reading 50. You mentioned the travel and leisure stocks. This is a oneday move. Carnival, macys, delta. The minute we woke up this morning, the entire narrative changed in an instant. Wells fargo, off 9 yesterday, off 9 today, the worst two days going back since march. We will hear tomorrow on lowering her Dividend Forecast for wells fargo. Who will have to see how some of the other
Concerns about a second wave of covid19 with cases surging past 2 million in the United States. Texas numbers have been hitting new highs and houston is reconsidering reimposing its stayathome order. We will continue to follow that. I want to welcome in kailey leinz. Is drivingabout what stocks down. Between 5 es ranging and 7 . In terms of what is driving it, probably eight multitude of factors. The grim outlook from the Federal Reserve yesterday. Layered on top of that, concerns about a possible second wave of the coronavirus and the fact that we have run very far, very fast. There may have been a little profit taking involved in this equation as well. You had small caps really underperforming. They have kind of been a proxy for that recovery trade. They were down 7. 6 today. Yields on the long and with the 10 year yield down about six basis points. On the day, out of the 505 stocks in the s p 500, only one closed up, kroger, one of the classic kind of coronavirus safety plays. Did i
Minneapolis, mourners have been paying tribute to floyds memory. The public viewing in houston coincides with a couple of things. One, a Court Appearance with the man accused of murdering him and a roundtable discussion thats about to kick off right now at the white house between President Trump and Law Enforcement officials from local, state and federal levels. This just hours after democrats unveiled a Sweeping Police Reform bill. We are going to take you to the white house when the president speaks but we have it all covered today along with two powerful guests. Morehouse College President david thomas, he taught at Harvard Business school and is here to answer not just the question has Corporate America failed black america, but how to fix that starting today. Plus, former Democratic National Committee Chair Donna Brazile joins us on the impact of the race issue on the 2020 president ial race. The customer amazon jeff bezos says hes happy to lose. And wait until you see the ceiling
59 minutes we are session highs on the dow record highs on the nasdaq composite intraday and set for a record close coming up, the rebound for Airline Stocks has been fast and furious. Is there enough demand to justify the rise well get a firsthand look with robin hayes. Plus, a powerful email from a Goldman Sachs employee about equality in america made the rounds on wall street in the past few days. Well speak with freddererick ba that is coming up on the show. Lets focus in on the big stories were watching to day. Mike san thole and Brian Sullivan watching the Energy Sector which is helping lead the market gains today mike, lets kick things off with you. Yeah, well, this rally continues to impress not just in the magnitude of the gains since the march 23rd low but the persistence of it. Look at a two year chart this is really now a broad move. Up until around this point, you can say it was relatively narrow yes, some of beaten down stocks gained most. Mostst reas of the reason is th
There has to be a reason for stocks to keep going up, because there are no tail winds. Sure the economy is reopening all over the country we had great jobs report last friday but we still have 13 unemployment in this country as much as we want to reopen, the sectors that have turned redhot, thats why the dow dipped 300 today the tech heavy nasdaq advanced stocks can only go up so much based on the fact the world isnt ending lets take the two most exciting areas in this Market Airlines and cruise lines. Those juggernauts were marching towards their precovid highs neophyte internet goaded wagerers, betting that someone would come in and buy higher that worked for a while, but today it stopped when you invest on the greater pool theory, sooner or later you are out of fools there are times that the greater fool theory does indeed work i am not someone who will give you a hard time for making money the wrong way. The games in these groups are still very real. But if you are going to play th