Great depression. Shares of u. S. Bank stocks looking very weak compared to tech stocks which have been guiyang the which have been buoying the rally. What an incredible rally, the huge losses on the back of jobs numbers which we are getting too used to. Taylor it was incredible, looking at some big losses and in the final hours or so, managing to reverse that and post some of the gains. The only sense of caution is tech is not leading the gains. Tech for one of the first few times has been the underperformer. On the downside in the last two days. The good news is it was not leading the losses. You have microsoft, facebook, being held in a meaningful way. When they are not leading the game on days like this when you would expect to see outperformance, that has people cautious about really the strength of the rally. Quickly, saidere if someone was not watching the stocks already, you should be. If you want to believe in the strength of the rally, you have to see the Big Companies start
Good morning and welcome it is 5 00 a. M. On the east coast of the u. S im Frank Holland along with courtney reagan. Good morning lets get a start with the markets early and see where the futures will open this morning we are indicated lower the dow lower by 400 lets check on the bond markets and see what is happening. The 10year yield at 0. 77 all of this after the big rally yesterday. The dow jumping more than 1,300 points or 6. 4 the dow is on track to snap a threeday losing streak. Most my green across the board in asia. Different in early trade in europe, however. Matt taylor is standing by in singapore. Well toss to you first. Mostly positive session for asia pacific markets seemingly shrugging off the picture. Japan up about 4 . Japan logging the best weekend gain you can see at the 108 level australian stocks ending down. The government ordering all people arriving in the country must selfisolate in hotels. India cutting the repo rate by 75 basis points and an unscheduled emerg
Overnight, though they lost some ground this morning. A lot to watch, china pmi backing expansion, the fed launches a new dollar repo operation. Jim, sounds like youre focused on testing, having talked to abbott last night. Right i think that myles white and now the new ceo recognize this, as they did during the aids epidemic, when you find out who has it, everything changes in this country, we can find out who has it, and doing a serilogical test, finding out from blood of people who have had it maybe a lot more people have had it than we knew. Maybe we can find who has got it, they can be quarantined. Already the carpers people are saying its only going to be med techs and hospitals. Myles and robert told me absolutely, this will devolve into a pregnancy test at home. How quickly, i dont know. Abbott labs is one of them dr. Gottlieb is going you know what ive seen science this is working in forgave earl avor ofd guys megs work with alex gorsky made me feel maybe next year we can go t
President trump has yet to detail any stimulus plans to stem a potential economic slowdown. Big tech names also feeling the pain. Uber and lyft plummeting amid concerns Everyone Wants to shelter in place. Lets get straight to Abigail Doolittle in new york. Give us the big picture on the pain. Abigail truly a brutal day for markets in the u. S. And frankly, around the world on these coronavirus fears, what the impact will be on the global economy, especially now it is being called a pandemic. Before we know the true scope in the u. S. , look at the decline for the major averages. Dow in a their market. S p 500 flirting with that territory. Investors want out of stocks. They get they cannot take the risk. Finished downy slightly at one point higher. That could do with the fact that they are offering around stimulus, something we are waiting for more details on later today. Lets go into the bloomberg terminal and look at what is happening right now for global growth. 4 e are the china dow
98 of the stocks to the downside s p 3,000, 10year yield at 1. 25 if you were right on this move, thats a really logical place to say, fine, let me cash in a little bit i think thats what we saw this morning. Not to guild d lily, but we were almost 1,000 points caterpillar has had a spurt in the last few minutes 3m has been positive merck and pfizer im not saying anything is turning around but some people are buying here. The problem is the information vacuum here. The old saying, you cant trade on fundamentals, trade on the technicals the problem is we cant trade on the fundamentals because we dont know what the earnings in the p e ratio should be right now. We saw that with the dispute with goldman going to zero percent Earnings Growth for 2020 then technical, everyone was saying were watching the 200day moving average, we went through that just after the open its hard to trade on fundamentals right now, hard to trade on the technical, and we need a lot more information on whats goin