More americans are venturing out. Will the gradual recovery from covid19 hurt stay at home stocks . And a wild ride this week for Nikola Motors after announcing a 2 billion partnership with gm, the focus of a negative report by a shortselling firm whats next for the deal. On the round table, ben levisohn, carlton english and jack howe. Guys, its great to see your Smiling Faces again. Had a little hiccup at the end of august with a bike accident, but im back in the saddle. Ben, what goes up must come down was the story in the Nasdaq Market this past week. Yeah. I mean, it was a bad week for the market, but it was a really bad week for the nasdaq and tech stocks. With the dow finishing the week down 1. 7 , but the nasdaq off 4 . And it wasnt really bad news out there to really knock them down. Good earnings from the Tech Companies that reported from the most part. There was a little fear that stimulus wouldnt happen but nothing that really causeed it to go down other than the it seemed t
This comes after modest advances you did see gains. The second out of the last three sessions as joe mentioned it has been a rough week we are on track now if we continue on this pace to have the first down month weve seen since march. Looking at all the gains theyve built up on all of this. You are looking at fairly solid gains. It is a matter of days before we get to the end of the quarter. Take a look at the treasury yields now, especially the 10year. 0. 661 hasnt budged. Weve been sitting at these levels for some time weve got developing news right now. President trump asking a u. S. Court to let a ban on the tencent app wechat proceed the judge is giving the president to 2 30 this afternoon to postpone a ban on tiktok downloads. It doesnt pause the ban but says they must defend the policy in a sunday court hearing. The policy is currently set for 11 59 p. M. This sunday so a lot going on with the kvdel saga it was 11 59 last week too. What happens if you cant download it . Did you
Its been a wide range today. Former citigroup ceo sandy weill will join us to discuss the water shed moment at his former company which just became the first major u. S. Bank to appoint a female ceo plus, well speak with jason robins from draftkings ahead of tonights nfl kickoff. And we are counting you down to some exciting earnings after the bell today including peloton, oracle, and chewy. Two out of three are big stay at home winners plus an interview with chewys ceo as soon as the numbers hit the tape lets get straight to the market in the final hour of trade another volatile session on wall street mike santoli tracking the action for us what caused the weakness here in the last few momentors so . That morning rally was really limp it did not pass any of the tests. It stopped where yesterdays highs were nobody had any faith this was really going to be upside momentum then you had a rally in the treasury market. Yields got compressed a little bit. And the dollar is also been higher
59 minutes left to trade, kayla. And that green screen is not something we have seen in a while. We have a big show ahead today on closing bell. A big deal for big steel well talk to the ceo from Cleveland Cliffs and his outlook on the economy later, sneaker startup all birds scoring 100 million in fresh funding. Valuing the company at 1. 7 billion the coceo will join us to tell us how his Company Plans to spend that cash and well have that later on in the show. Lets focus in on the big show were tracking to days rally. Theyre covering the latest tensions in the tech cold war with china start us off on the Broader Market and what youre seeing behind the scenes today. Yeah. Market making the case that last weeks lows and got some traction near the levels its not Something Else tachlt a look at the s p 500 year to date all the indices have a similar look with different mag any tudz we were talking about this level for a long time. This is where we hit the lows a few times last week aroun
It or go bankrupt. If you want to invest in airlines, im not with you but there is a trade prospect. There is every possibility this is the time to take the road less travels thats the point of this particular segment right now lets look at a few tables and charts we know this was the hardest hit area of the market you can see the decline in the s p, down 35 , restaurants down 45, airlines down 70 and hotels and cruise ships down 73 its the epicenter of the pandemic the issue is that despite all that, we really havent gotten there since march. Thats an important circumstance look at slide two. Heres the etf in question rather than taking the idiosyncratic risk to put American Airlines or delta or southwest, heres jets its the Global Airline industry in fact, its 39 stocks. Its not just u. S. Carriers. A total of 1. 5 trillion in market cap take a look at the first of two charts here is the plunge, of course. After bottoming in march with all equities, you get a nice ricochet and unlike