We start off with all the red on wall street, stocks retreating from alltime highs as the dow drops over 800 points in its biggest oneday decline since june tech starts dropping nearly 6 , snapping a tenday win streak. Is this only the beginning guy adami, what do you think hi, mel remember the carpenters . The car ppenters are one of my o five favorite bands. Weve only just begun as ive said many times, 24 hours does not a day make. I dont want to get into the vix but i will say weve talked about it now for the better part of a week and a half despite the that the Broader Market was rallying, the vix was trying to tell you something the internals of the market havent been particularly good this gets us back to levels we saw last week. I do believe its the beginning of something but it could all reverse tomorrow on jobs numbers. Weve seen it before we come back after a long weekend to find the market up significantly. Clearly there are things to be concerned about. Grasso, what did you
Now were well off those worst levels as tyler and kelly were discussing financials and industrials are in the green tech though does continue to lag even though it is bouncing back. Sara, were well off the lows but in the red just about. And in the red for the week which breaks the five week win streak plus, turning the page well speak with Mark Thompson whose tenure comes to a close as of tuesday that stock climbed more than 400 under his leadership. And the ceo of Hawaiian Airlines will join us after his company scrapped change fees and hawaii struggles with increasing covid19 cases mike santoli tracking the selloff and the come back in the market josh lipton has details on a volatile day for apple and joining us to break down the moves in technology, dan niles from april hl one capital. Start us off here on the Broader Market and what you think is important. Yeah. Sara, a pretty good little day and a half rinse that we got from the highs on wednesday. Look at the s p 500 in the shap
3386 is the number to watch for that s p 500 record close. 59 minutes until the close we have a big show coming up to day the s p 500 makes yet another run at that record close bob doll will tell us why he is expecting the economic recovery to be more choppy. And why hes cautious in the short term plus, gaming the impact of the dnc. Well speak with a policy expert who says this weeks Democratic National convention could be a negative for the market even though its happening virtually. Right now, were going to focus in on the big stories were watching to day. Bob pisani is tracking to days action we have the latest on growing tensions with china. And joining us with his outlook for stocks is tony dwyer bob, start us off with the Broader Market whats going on behind the scenes and whether you think we could see that record s p 500 close today. When you get this close within less than 1 he , you usuy can get over it. Were still not there. 3386 as you heard before is the old closing high t
Alltime high. As you can see, it closed in the red. The dow squandering a 360 gain to close down more than 100 points tesla announcing a five for one stock split. Leading todays tech losses amd, apple, microsoft, amazon all falling more than 2 guy, what is your take on this big turnaround i would have thought Something Like this would have happened weeks ago i think the reversal is interesting. Well see if it holds up tomorrow to your earlier point, i mean you saw a pretty significant reversal right around an alltime high in the s p 500 if theres one thing i would attribute it to, dont discount the fact i think its actually pretty important, the news out of the big ten cancelling their football season. Thats pretty remarkable if you think about how meaningful it is to those schools and the local economies. I think that was part of it today and i think the other part of it is the stocks have been on such a ridiculous run, it was just a matter of time before we saw a move of this magnitu
Average stock down 6 . It has been one portion of this market which is absolutely ripped through 2020. Lisa are we at the phase of recovery where you can go into more cyclicals, given the fact that you saw a bit of an increase in treasury yields . Treasury yields coming back down today. We are going to be getting data, though, i date 30. One thing i am at 8 30. One thing i am watching is the jobless claims, still expected to come in at over one million americans in the past week, even though it is expected to come down. A. M. Aen 40 5 10 45 a. M. Conference from Speaker Pelosi on the road to nowhere. Each week that this goes on is more pain. Selling 26, u. S. Billion of 30 year notes. Strong demand all around, which has given investors some comfort that the bid isnt going to dry out. Jonathan starting with equities, equity futures this morning looking like this on the s p 500, against a bond market that is doing ok. On thefutures unchanged s p 500. In the market, in the bond market, a