We have a great lineup for you mike khouw and cody zhang and carter worth lets talk about something that everybody wants to hear about. Some kind of treatment or vaccine for covid19, Biotech Companies scrambling everywhere to come up with something and lets get the var latest on where we stand and for that, who else, but meg tirell hi, brian the number of the Companies Working on this grows by the day. We got an update from modernas chairman yesterday that, of course, is the lead program with the candidate vaccine already in human testing. He told us yesterday if all goes well they could be aiming to start phase two trials by spring or early summer. So were talking may or june there. J j also gave us an update on its Vaccine Program aiming to start phase 1 in september and it could even have something ready potentially for deployment in 2021 and these are record breaking timeliness. Pfizer is working with biointech and sanofi and many others, as well companies are working to repurpose
Brian, if you want to say its a house of cards that was built by the policymakers in order to bail out the Financial System during the crisis one day, you know, a breeze came along and knocked over one with the cards and its bringing the whole house down well, the house, the equity market rose 13 this week. I understand we are still well down on the year it seems like the fed has shored up the credit market, but it sounds like youre not believing that the bottom is in yet. No, i dont think so. I mean, brian, when we look at some of the data that were getting with Unemployment Insurance claims and so on and so forth, you know, it would suggest that, you know, were going to get to a place worse than the financial crisis economically unemployment perhaps around 15 and Economic Contraction for the year, say maybe in the neighborhood of 10 . These are pretty nasty numbers and when you look at valuations on stocks, the degree of overvaluation where we were at the peak just six weeks ago vers
May have just been that chip on the jenga stack, if you will. Brian, if you want to think of it as a house of cards that was built by the policymakers in order to bail out the Financial System during the crisis, you know, one day a breeze came along and knocked over one of the cards andits bringing the whole house down. Well, the house listen scott, the equity market rose 13 this week. I understand, were still well down on the year seems like the fed has shored up the credit markets a little bit. It sounds like youre not believing that the bottom is in yet. No, i dont think so. I mean, brian, when we look at some of the data that were getting with Unemployment Insurance claims and so on and so forth, you know, it would suggest that, you know, were going to get to a place worse than the financial crisis economically unemployme unemployment, perhaps, around 15 , you know, and Economic Contraction for the year, lets say, maybe in the neighborhood of 10 these are pretty nasty numbers and w
More rate cuts or more could be on the way and get this a week that saw a thousand point swing in the market nearly every day was ultimately a giant round trip to no where the s p 500 ended the week pretty much exactly where it began. I think the dow was able to finish slightly higher karen finerman, this was going to be your chart of the week we were doing the next block we have to lead with it. Everything is fluid right now. What happened this week. If you look at the chart you will see a one and change move for the week imagine what a different feel we would have if every day during the week the market moved 30 backups each day and that would get us right where we are right now thats the change in the week. But thats not how it happened we have a very different market. A treacherous market, up a thousand, down a thousand day, back and forth, is it really its a scary market. And we dont know where the bottom is going to be. But it was starting to feel panicky here and so if you are a
Recession. The dow down lost 2,400 points in three weeks and 1. 2 away from wiping out all of last years gains most other indexes already have. Your team of fast money traders to want steve grasso brian kelly, Karen Finerman and guy adami. Im Brian Sullivan guy, i dont like to use this word but is part of this market, investors, panicking no. Again, panic is the wrong word we are within 7 or 8 of alltime high. If people sold stocks given where we were is that panic . The speed things are moving is scary. I dont suggest its panic i dont think youve seen panic. And frankly the job isnt to stoke the flames of the panics its not the job to assuage concerns its our job to tell you what we nifrpg is going on with the vix at this level given the fact that people are not traveling, not going to games, schools closing, thats a fact now we talked about it last night. Thats having a huge effect on the economy and the subsequent kwekt effect on the market ill say this again, i think steve agrees,