Good Tuesday Morning welcome to squawk alley. I am Carl Quintanilla with Morgan Brennan at post nine of the new york stock exchange. Jon fortt joins us from investor day for qualcomm, first one since 2016 a lot from jon throughout the hour, including a sit down with the ceo exclusively in a few moments. We start with tech on a tear, on pace for the best year in a decade, shrugging off mixed earnings concerns. Sectors off another record close. The dow is selling off, down 120. Buyers beware. Some say were set for overbought conditions when it comes to tech. We talk more about this and the market at large. The chairman of Global Internet banking, good to have you back. Thanks for having me. How do you put the run weve seen, especially in things like semis into context whats driving it . It is amazing, nasdaq up 28 , driven by bigger cap companies, apple up over 60 , microsoft up over 40 , facebook up over 40 to add to the point, semis has been a sub sector, up 58 , driving growth other s
Said to be sweetening the deal in dubai. Fany saudi aramco meets investors as it looks to boost support for its mega ipo. It is bloomberg daybreak europe. We are live from dubai. Nejra cehic is having a wellearned day away from the mayhem and the carnage that there is in the bitcoin market. Day nine of a drop. A battering and value. Sub 7000. The pboc warning people away from bitcoin. What needs to happen to get bitcoin back on a rally, may be a complete drop in trade negotiations. Deal. Phase one committed to phase two and three. The two other risk markets, ground zero for trade for the aussie dollar and the won. Do we have those markets . Lets have a look at them. The dollar down, the yuan strengthening. Won rallies. The chinese playing to the hawks. The policy hawks. Up a twohe oil market month high. The daily machinations of trade drive the markets. To the u. K. , Boris Johnson unveiled a Safety First Program of policies in the partys election manifesto. Brexit boxnending set drama
Balloons increasing 26 to just a little less than 1 trillion. Joining us for the hour is chris verona, Strategas Research partners here we are, we can see it, we can taste it, a new record high and everyone is really calm around hiere. The lack of euphoria is telling. Theres this great divide between perception and reality what are the headlines impeachment, recession, china, pmi under 50 but the reality is, signs of cylicality are starting to show up in every corner of the globe. You see it with semis and with trucking stocks, german dax is at a 52week high, the banks are acting better. I think the tone of the market is so different than what the tone of the front page of the paper says every day and i think thats bullish great to have chris with us for the whole first hour of the show, particularly given that we might have that record alltime closing high for the s p 500 the key level to keep an eye on, by the way, 3025. 9. We are at 3022 at the moment lets focus in on the big storie
Jumped in early. And hollywood outrage that netflix has a new feature that will let you binge watch all of your shows in hyper speed. Good morning, good afternoon, good evening thank you for joining us on this busy morning the chart to watch today is beyond meat. Shares are off 9 . Posting their first profit ever but the market wanted more we saw shares fall over 10 . Beyond meat, certainly a stock to watch down 9 . An early investor will be with us in a few minutes. A double dose of breaking new in the energy space new reports that saudi aramco aiming to price anticipated ipo that will occur december 4 then the stock will begin trading in riade on december 11 separately, the wall street journal is reporting that Marathon Petroleum may spin off the speed way gas station chain. Also reporting its ceo may be replaced the situation on marathon is fluid. The correct ticker is mpc. There are two marathons. Often confused getting back to the markets. The s p 500 as you might have heard about
Cut wall streets Immediate Reaction was pure suspicion. Oh, he doesnt have the heart in the rate cut hes not as worried as he should be hes being dragged kicking and screaming to this rate cut because things are weaker overseas, not here thats why the averages initially got hammered before the market peoplely came to its senses later in the afternoon. Dow only closing up 36 s p advancing 0. 03 and nasdaq declining 0. 11 . The u. S. Economy does have a lot of strength. It does. The rest of the world does have a lot of weakness so we got what pundits were calling a hawkish cut. Theyre so clever, meaning its the last rate cut or maybe the penultimate rate cut apparently that wasnt enough for some money managers. What do they want they were so disappointed they wanted to be surprised and wanted powell to tell us hes enthusiastic about easing and it will find a way to strongarm the others the bulls wanted Bill Belichick fed chief, okay. Lets get this done. Do your job chairman who wont let