Colleagues. It was a mostly ugly week for the market, and it ended really strongly. Its kind of schizophrenic. Whats going on . Well, the market was due for a fall after having the kind of rally it did, and it finally got an excuse this week when covid hospitalizations started rising. Its not in places like new york that have been hot spots before, but in places where it really hadnt been like texas and arizona. And that kind of freaked the market out because if there has to be shutdowns around the country at different places, it means that the economy cant come back as quickly as people thought. And this became a big risk. And with positioning extended the way it was, it was just the perfect rest recipe e for a selloff. Jack any idea why we had that nice bounce on friday . It was oversold going into friday morning . I think thats a big part of it. There really wasnt any news out there to make it go one way or the other. One of the things that might have been overlooked in the selloff
Up for an eighth straight day. The mega cap tech names making the new milestones josh, the big five as we say amazon, apple, facebook, alphabet, microsoft all but alphabet hitting the new highs today crossing 6 trillion as you flag end market cap for the first time ever. They, amazingly, are now equal to the next 24 largest s p 500 stocks combined. You flag that. Yeah. What do you make of it . Yeah, so my research. We put this up last night. Just incredible when you think about the companies that make up that next 24 were not talking about small potatoes were talking about jpmorgan which is a 300 million cap and pepsi, coke, mcdonalds. Its really wild and these stocks now are just going parabolic. I think i want to maketwo points very quickly. The first is that this is not unprecedented. In the mid 1960s just two stocks General Motors and at t made up 14. 5 of the total market cap of the s p 500. And the top ten names in the mid 60s made up about 50 of the market cap so, we have seen t
Colleagues. It was a mostly ugly week for the market, and it ended really strongly. Its kind of schizophrenic. Whats going on . Well, the market was due for a fall after having the kind of rally it did, and it finally got an excuse this week when covid hospitalizations started rising. Its not in places like new york that have been hot spots before, but in places where it really hadnt been like texas and arizona. And that kind of freaked the market out because if there has to be shutdowns around the country at different places, it means that the economy cant come back as quickly as people thought. And this became a big risk. And with positioning extended the way it was, it was just the perfect rest recipe e for a selloff. Jack any idea why we had that nice bounce on friday . It was oversold going into friday morning . I think thats a big part of it. There really wasnt any news out there to make it go one way or the other. One of the things that might have been overlooked in the selloff
Colleagues. It was a mostly ugly week for the market, and it ended really strongly. Its kind of schizophrenic. Whats going on . Well, the market was due for a fall after having the kind of rally it did, and it finally got an excuse this week when covid hospitalizations started rising. Its not in places like new york that have been hot spots before, but in places where it really hadnt been like texas and arizona. And that kind of freaked the market out because if there has to be shutdowns around the country at different places, it means that the economy cant come back as quickly as people thought. And this became a big risk. And with positioning extended the way it was, it was just the perfect rest recipe e for a selloff. Jack any idea why we had that nice bounce on friday . It was oversold going into friday morning . I think thats a big part of it. There really wasnt any news out there to make it go one way or the other. One of the things that might have been overlooked in the selloff
Take a look, dow futures down about 78 points, nasdaq down 4, s p lower by 7 points. Yesterday markets tumbled as vi to investor concerns the International Monetary fundscutd previously predicted 3 contraction. Case against Michael Flynn dismissed. Lawyers releasing notes showing that during the transition then president obama, then joe biden weighed in on the flynn case revealing a very different story from former fbi director james comey. Flynns Attorney Sidney Powell is here, joining me live at 8 00 a. M. Eastern on this case and what is being revealed. You dont want to miss it. Senate Republicans Police reform blocked by democrats, senator tim scott ripping democrats yesterday accusing them of trying to delay the bill until after the election. A rival democratic bill expected to hit the house today. Mornings with maria is live right now. Global markets this morning, erasing early losses as coronavirus restrictions ease. Take a look at where we stand. In europe mixed story. Ftse 100