By the way, twitter is among many of the names dragging the markets lower as we head into this final hour of trade. Worries over spiking coronavirus cases and hospitalizations in nearly every state are drenching the bulls right now. As i said, dow jones 267, thats pretty much close to the session lows. Same with the s p and nasdaq. We do have a loss of 117 points on the nasdaq. As covid cases spike, many restaurants have been forced to flip the script along with the burgers, as hot spots close dining rooms that have recently just reopened. How are they doing that . Some just throwing up their hands but not the ceo of one burger chain. Hes here to tell you how hes dealing with moving goal posts that are pretty much moving every five seconds. Look at this. This is really worrisome. Water pouring into new yorks lincoln tunnel. Another example of the nations crumbling infrastructure. President trump has been complaining about this for years and now he is cutting reams of red tape at a reco
After hitting another all time high earlier in the session. The selloff coming as California Governor Gavin Newsom rolling back reopening plans as coronavirus cases spike in the state. Bars, gyms, salons, malls, other businesses ordered to close indoor operations in 30 counties that represents 80 of the states population does this officially put a close on the reopening rally guy . I dont know again, i dont know if this was a rally on the reopening or hopes that there was some vaccine out there or the fact that the fed is back stopping this entire thing, but ill play your reindeer game, mel, and say this was the reopening rally. Im shocked that people are surprised that the reopening is not going as well as a lot of people were indicating it would. So it should put an end to it because on top of that, as we just talked about earlier, or sara and wilf talked about, you had one of the biggest reversals in the market. It looks to me eastererily simio some of the moves in late march when t
Heres the markets performance this thursday morning. Not paying much attention to those jobless numbers. We are going to be down pretty much across the board. The dow industrials on the down side to the tune of 200. The s p down about 20. The nasdaq, not much of a loss there, down 12 points. Now, ive got some negatives to lay out for you. This may be a negative. Several states report big spikes in virus cases following their reopening. Its the second wave worry. Number two, medical authorities in beijing say the new outbreak has been controlled, their words, but virus statements out of china dont have much credibility with investors. Heres another one. This is not helping. The European Union will go ahead with its plan to tax big American Technology companies. The u. S. Has withdrawn from those talks. This too might be hurting investor sentiment. John boltons book, very negative on the president. Bolton says that everything he does is geared to his reelection and that includes shifting
Were red now across the board as we show you where the major averages are down. The s p down about 1. 5 . Josh, i turn to you. A lot of hurdles to get over were watching texas and florida. The banks are under pressure because of the regulations from the fed about dividends and buybacks you have the nike news with the big miss off its earnings. You have a Tall Mountain to climb today. Yeah, i agree with you. Theres a lot of stories swirling around right now and most arent feel good for stocks the big story is the virus and its resurgence. I think thats the only thing that matters to market right now. You see it in whats working and whats not sometimes things are complex right now things are simple. Dollar tree, costco, clorox all look outstanding now even the stocks that went vertical given those vertical moves they are hanging very high and thats really impressive. They are not even pulling back for a consolidation in any significant way. Look whats rolling over, exactly what you would
That continues a down trend but only just. A spike in new virus cases, especially arizona and texas. The words second wave have some investors worried. The Federal Reserve, well, jay powell sees the effects of the virus dragging on the economy until 2022. Thats not the rapid recovery the administration sees. Larry kudlow joins us in our 11 00 hour. So what do you do . Do you hold on to the stocks youve got, do you buy this dip . That was successful in the past. Or do you get out and take your profit while you can . We will try to answer at least some of those questions. Politics. Joe biden says President Trump may try to steal the election and joe biden says the president promotes racism. His words. This as demonstrators create what they call a no cop zone in downtown seattle. It was created overnight. The president is not happy about that. And this afternoon, mr. Trump heads to dallas, texas. We expect to hear from him about Police Reform and maybe about any new help for the economy f