Jim, jon and shannon lets get a check on markets this hour. Stocks are plunging again. Off theirs worst levels and the nasdaq is the biggest loser of the day led by the Technology Names. The dow was up at one point this morning almost 250 points. Now has done a complete uturn and is down triple digits ina big way. Theyre off 425 points thats off the lows of the day the last couple of days, has it made you frightened of what could be to come no. Not at all i think this is healthy profit taking i think whats going on is this massive rotation from growth into value if you think about it, the russell 1000 growth index even after this pull back is up 21 year to date you know that apple and nvidia and zoom are up 340 from the march lows in is healthy i think the rotation makes sense. The reason it makes sense is because the Economic Data continues to surprise to the up side were recovering faster than anybody thought. This is on top of yesterdays data part of consumer manufacturing now youre
Wearing of mosques in public. If we do it right we can overcome this crisis the head of the European Commission says the stakes couldnt be higher as e. U. Leaders discuss a major financial virus Recovery Plan. Also ahead the u. S. Tells the European Union it should do more to tackle those defying a u. N. Arms embargo in libya. And the hamas with the sport real madrid have won the Spanish League title for a record extending the 34th time. Man ending the clubs 3 year wait for the tennessee. We begin in india where the number of corona virus infections has now surpassed the 1000000 mark several states and re imposing restrictions after the lifting of the nationwide lockdown last month. More than 25000 indians are reported to have died off to contract the disease the actual number of infections could be much higher than reports of life to elizabeth peron im in new delhi. Tell us more about the government reaction to this latest grim statistic. Hi peter well we very much seen the management
Seeking benefits in a sign that economic pain of this pandemic is far from over tax according to an analysis but the chamber of commerce in 59 minutes left of trading in the day. The city says the tax could yeah, tiny leg lower. Result in companies wanting to leave the city and, guys, its down 0. 4 . Not just here in San Francisco only two sectors, energy and but also in seattle. Theres a proposal to tax big staples in the green still coming up, Digital Finance businesses to pay for covid19 company sofi landing the number relief back to you. I mean, could it could eight spot on this years disruptive 50 list encourage companies to leave the well spee with anthony noto worst case, of course, is something that is structured this way is it could encourage formerly of twitter, Goldman Sachs, and the nfl about his Companies Companies to companys efforts to take on the get rid of some of the lower big banks. Were looking forward to that paid workers one. First of all, lets focus on the big st
Correction i wanted to see the market get back to at least flat on year. Now worry below that i didnt want it for the reason that we are currently experiencing it but the world didnt give you that choice. But i did feel we are extended in a lot of areas. A lot of that has been corrected very quickly i want to give you examples that i think are illustrative of what is happening out there airlines are down 9 in two days getting worse by the minute. Somis are down 10. 5 in two days nvidia made a new record high this time last week. Down 18 from that record high parabolic moves to the downside. The s p 500 this morning at its worst level was off 6. 4 from its highs. Nasdaq off 8. 2 vix at the highest level since december 2018. What does all that mean . This is preferable to a turnaround tuesday failed rally that falls apart by the end of the wee and then we sell off into friday, people worried about, you know, oh, whats going to happen this weekend this is better lets get it all out master
And apple named a top pick for 2020 the tech titan is on pace for its best year in a decade and one wall street analyst has five reasons it can continue to outperform its our call of the day the Investment Committee is ready to go. Halftime report starts right now. Welcome, everybody. Its good to have you with us on this friday. Your Investment Committee to wrap out the week. Jim . John and carrie. One of the top 100 investment advise advisers congrats thank you number 25 top 100 top quarter according to my math thank you the overall markets, the nasdaq is trying for its 10 th straight day of gains. If that happens it would be the first time thats happened in a decade so its great. People are buying stocks feels like almost like theyre worried about just gooing it up, santa clo santa claus rally, whatever you want to call it, but im worried about next week. Thats legitimate to be worried about it, but lets not worry too much lets be joyous and expect to ring in the new year with sp ent