Good monday morning. Im Carl Quintanilla with jon fortt. The dow puts together the first intraday high in nine months, processing the election, putting closure, perhaps, to that but obviously the big news of the day is out of pfizer and this potential covid19 vaccine once again, well start the hour with meg hey, carl this news that pfizer and german partner biontech provided 90 efficacy in the phase three trial providing hope this is the first vaccine we have seen results from the results are limited. They just the independent committee took a look at the trial. They found 94 confirmed cases of the covid19 in the trial and they found a difference in the Placebo Group and the vaccine group. They also said they saw no serious safety concerns in the trial. Theyre going to he mass two months of safety followup which for half the people in the trial getting their second shot which will take them into the third week of november that is next week after which time they will file with the fachl
What happens in vegas will happen in vegas. Casinos reopen doors for the First Time Since the march lockdowns began. Get the dice ready it is thursday, june 4 you are watching cnbc. Good morning good afternoon, good evening wherever you may be watching thank you for joining us on a thursday morning the major averages trading at the highest level since early march. Gaining some averages. The dow trying for a four session win streak futures now a little lower 114 points off time to turn it around this has been one of, if not the most remarkable come backs in the history of the american stock market the s p 500 is up 21 this quarter. We still have a few weeks to go in the quarter the nasdaq 100 just. 75 of 1 of a new record closing high. Doesnt look like it right now could happen today the markets pricing again a fast recovery off the pandemic than pretty much anybody would have thought possible one month ago around the world is not just here mostly green arrows in asia and Companies Like
Againlls over the weekend pointing to a conservative victory. We have a mild bid on the german tenyear today, 31 basis points. Weve now got a three handle again. But its a big week for the euro, with the ecb coming up later on. Certainly watching Christine Lagardes first performance after that decision is made on thursday. Vonnie. Vonnie just a little while ago, we got word that paul volcker had died. The former Federal Reserve chairman broke away from runaway inflation brought the bank to and later,lation, during the obama administered and the obama administration, was brought in to create the volcker rule. For more on his luck as we are joined by stephanie flanders. Clearly, volcker had an enormous career. He served under six president s, both republican and democrat. Started to really change the way the u. S. Handles Monetary Policy. What would be his most outstanding legacy . Stephanie i think youre spoiled for choice because he was involved in some of the key Landmark Events in Gl
And later, former saks ceo steve sadove markets trying to get back some of what was lost on tuesday. As you know by now, the dows worst day since july, up about 130 here s p continues to circulate now around 44. 50 you have a little bit more tame vix picture below 16 and that tenyear coming off of 4. 22 this morning. Tech is lagging after yesterdays selloff and now the more recent underperformance of tech after the outperformance of tech so far yeartodate can tech continue to rally as these yields, even if theyre pulling back, settle in at higher levels. And the debate continues about whether the economy is too hot to get rid of inflation for the fed. Just this morning, we got some housing numbers that were better than expected. Industrial production, a litter better than expected after yesterdays retail sales a lot of jokes about the magnificent one or two, as opposed to magnificent seven, although cisco tonight could give us a view at least of enterprise spend and whether that gets a
Welcome everybody scary situation there. The dow the s p and the nasdaq hitting new highs. If we close at another record high today it would be the 70th record close this year breaking the 1995 record for the most closing highs in any year. With the gains the dow is up more than 5,000 points this year that is obviously never happened check out the individual movers. Etf on pace for its best day since december 4th abercrombie leading the way. Best buy trading at an all time home and dr horton and berkshire hathaway, 300,000 a share and now 23 this year topping the s p 500. Wow. Lets get straight to the rally. On the floor of the nyfc. Big enthusiasm. You might have thought the tax bill was priced in but apparently not as he mentioned consumer earnings today are leading. Both benefiting from the tax bill a fairly broad rally the only thing not big is the volume more like Charlie Brown Christmas Tree size. Modest yet still shining bright. Take a look at the all time highs. 58 on the s p 5