Transcripts For CNBC Worldwide Exchange 20240712 : compareme

Transcripts For CNBC Worldwide Exchange 20240712

Candidate. It is september 9. This is Worldwide Exchange here on cnbc announcer this is cnbc breaking news market selloff. Good morning. Good afternoon good evening thank you for joining us on an important morning. We are glad you are kicking it off with us. Futures this morning are higher. The dow is up 142. It is early. Nasdaq futures, they have been the one to watch they are up right now 170 points more than the dow. The markets taking another big hit yesterday. This is the continued selling we had from last week it appeared to be ramping up to begin our week here. Not just with Technology Names the dow falling 630 points yesterday, s p 500 closing down 100 points to end the worst and first threesession losing streak since june. Big tech taking the brunt of the impact notable declines apple down nearly 8 or 7 microsoft shedding 11. 5 a share, also on the rebound this morning. The stock everybody cares about that the market cares about is tesla. Tesla yesterday losing 88 a share. More than 20 . Seeing the single worst day of trading ever saying tesla by far and away the most important stock in the market because of the huge options in thename we introduced you to the term gamma squeeze yesterday. Well get to know the term converted inversion. Many saying many Technology Names got way too hot too fast in the Options Market making the selloff worse. In the past two days, the dow is down some 600 points it is the nasdaq everybody cares about. Down some 1,200 points and a technical correction based on futures, it will come out of that but it is something to watch. We are watching crude oil. It cratered yesterday. It had been propped up by the dollar youll got jet fuel demand a little more people are flying than a few weeks ago but it is not enough refineries off louisiana are still off and the saudis cut as well well get to more of that. Lets find out how the markets are trading with Julianna Tatelbaum in london with more. Good morning good morning, brian asian stocks did follow wall street lower overnight main land chinese stocks taking a particularly hard hit. Shares of japanese softbank dragging down sentiment another 3 the stock has plunged 10 since friday after the Financial Times reported that it was considered the nasdaq whale that bought billions of tech Stock Options softbank firmly in focus around the selloff taking place in wall street as you said, it is a different story in europe. Shares are trading higher this morning. The benchmark did drop the dax up 0. 7 . Ftse 100 up 0. 6. We are off the highs of the day but green across the board bare in mind, the European Market is under Weight Technology compared to the oous. If they are taking them out of the tech cycle will they recycle to the european stocks back to you. Thank you back home, new questions surrounding astrazeneca and its closely watched latestage vaccine trial. Bertha is with us with more. Good morning good morning. Shares of astrazeneca on a wild ride after the company said it has paused all Clinical Trials of its Covid Vaccine the one being developed with Oxford University after a participant in the uk arm suffered a serious adverse reaction astrazeneca is working to review the event and ensured it would not result in significant delay. The company had been on track to become one of the first drug makers to pass a trial with of vaccine with the white house fast tracking the vaccine ahead of the u. S. Election new york is adding delaware, maryland, ohio and West Virginia to must quarantine list as they passed test rate of 1 out of 10 residents. People arriving from the four states must quarantine for 14 days the infection rate has remained below 1 for 32 straight days. A new warning from gundlach who said the massive frenzy to lead to declines saying, quote, of course retail activity is downright terrifying this is a terrible sign for the market for anybody who has experienced significant number of cycles which ive definitely experienced. You and i have experienced quite a few, brian you could say weve seen this movie before and it doesnt always end well. Orwi ehaeil more with us now is wlddexcng wl be back in just a few minutes stay with us granted. Only pay for what you need. Liberty. Liberty. Liberty. Liberty. I keep working my way back to you, babe with a burning love inside yeah im working my way back to you, babe and the happiness that died i let it get away servicenow. The smarter way to workflow. I feel like were forglet me check. Ing. Xfinity home gives you peace of mind from anywhere with professionally monitored Home Security built around you. No, i think were good. Good. So when youre away, you dont have to worry. The tent. We forgot. The tent. Except about that. Xfinity home. Simple, easy, awesome. Hey look, i found the tent and, see, its safe. Call, click, or visit a store today. Good morning welcome back look at that green on the screen we are seeing futures higher right now. We are joined by ryan payne, the president of Payne Capital management great to have you back on. Futures are mildly higher. Thats a good sign do you believe the selling is over im sure we could get more selling here look, we had a magnificent move off the bottom we were grossly overdue for some sort of correction you start looking at tech stocks and it got so, so frothy you talk tesla, their stocks are up but sales up over 3 tech just got to a point where valuation was getting id almost say silly. I think it is healthy to see a final correction here. Those tech names that seemed like they couldnt go down at all. At some point, the street will care about earnings. It will care about valuation we talked about this gamma squeeze idea ill give a new one, reverse conversion it is a complicated thing. A trader i spoke to says tesla is not only important to the market, it is the market because everybody has some kind of exposure to it stock up nearly 1,000 in a year. Sales up 3 . Is tesla a good or bad thing for the equity market . I think it is a good thing in the sense that you get all these new generations of millennials are getting involved they are probably treating it more like a casino rather than being a longterm investor to that point, its good you are getting to a point where a lot of these stocks are trading at these higher levels trading at 3 sales, how much can the stock tumble i go back to the tech bubble of 2000 where cisco got cut 70 to 80 once they were sold off. When you have lofty valuations like this, 50 plus corrections, that is very possible. I dont know if we are there yet, brian at some point, that is a real scenario so what are you doing what are you advising your clients to do, ryan . You know, you and i talked about this it is a tale of two markets. Tech stocks are grossly overvalued and you have the rest of the market. It is reasonably valued right now. Look at those unemployment numbers last week. We are down to 8. 4 on unemployment months ahead of where congress thought we were going to be. Fourth quarter was looking to be fantastic and we were up over 30 . Looking at that theme of anything that benefits the reopening of the economy financials, i talked about energy on your show. Regretting it this morning it is still a good longterm buy. You start looking at the smart money. We talked about Warren Buffett Berkshire Hathaway just picked up these Chinese Trading Companies with low multiples and high dividends and commodities we like all of those things. That value gap is tremendous if you look back to 992000, that value is growth pick up a lot of these other Asset Classes that have really been on sale the whole time here i like it you are sticking with energy it hasnt worked out you are supposed to buy low, sell high. We like the optimism thank you very much. Thanks, brian good to see you, man you too, man. Crude oil looking to sell off a little more than 40 a barrel after the worse oneday drop since june a lot of different factors to play here tsa over the weekend were more bullish. More refineries in the gulf partially shut down. Saudi arabia cutting key prices in china a lot to talk about. Global head of commodities, heal helima croft, what do you think is the biggest thing going on now . I think slashing the selling price to asia. The market had gotten bid off as we talked about. The fundamentals had always been precarious very weak refining this was being driven by china demand looked teppid elsewhere people are starting to look further now and going into the shoulder season. People are concerned about demand and about the up tick of cases globally right now, it looks like fundamentals are driving price as opposed to the trade we had seen in the last three weeks. We could be miopic here in the United States. What are you seeing from Global Demand there are parts of the world that have gone back to normal and parts of the world really suffering . This has been the market and the fundamental picture. There has been a lot of chinese driving. People getting on planes in china and the Chinese Government putting strategic stockpiles india, not so much when you think about this market it was from a fundamental market gained by recovery in china. Why people are so nervous, when the saudis are cutting prices into asia, people are concerned about the health of the overall asian market china in part falling on the cheap there when prices were low, what do you see from the chinese demand over the next couple of weeks or months . When we think of the chinese demand, it remains the key cornerstone. The question is, is it enough . We go to the important opec meeting next week. There is a big question because producers have started to put additional barrels on this market do they believe the picture is robust enough to continue this process of easing which they started this summer. They did the biggest cut in spring and they started easing those cuts the question is, was it too much too soon do you think it was again, the concern i have is, once you start putting the barrels on the market, can you correct quickly in the Material Change at the last meeting, you had the saudi minister say, we can call a meeting in 24 hours if necessary. You have producers start to put the barrels on the market, are they going to be willing to pull those back that is a big question. The opec now monthly meetings taking place next week always awesome to have you on the show have a great day still on deck, your morning rbi. Random but interesting and how much market value has been wiped from megatech names and how it compares to the gains for the year a little perspective for you announcer todays big number, 155. 75 billion. Thats how much market value has lost since hitting an alltime high six trading days ago. The electric carmaker lost about a fifth of its value of trading yesterday alone. Despite the recent selloff, the stock is still up about 300 in 2020 offers investors a broader view. We see companies protecting the bottom line by putting people first. We see a bright future, still hungry for the ingenuity of those ready for the next challenge. Today, we are translating decades of experience into strategies for the road ahead. We are morgan stanley. Im a delivery Operations Manager in san diego, california. Weve had a ton of obstacles in finding ways to be more sustainable for a big company. We were one of the first stations to pilot a fleet of zero emissions electric vehicles. The amazon vans have a decal that says, shipment zero. Were striving to deliver a package with zero emissions in to the air. I feel really proud of the impact that has on the environment. But were always striving to be better. I love being outdoors, running in nature. We have two daughters. I want to do everything i can to protect the environment to make sure they see the same beauty ive seen in nature. My goal is to lead projects that affect the world. I know that to be great requires hard work. Welcome back time to get a check of the individual stocks including the special Purpose Acquisition Company partially run by trump advisor and goeld sach raising in an ipo yesterday. Stock began trading on the New York Stock Exchange under the ticker crhc. North rup grum ond awarded the award for a Missile System spans 8. 5 years and spans design and certification. The company will develop a fully integrated system this year. Netflix has been put in charge of globe al tv the architect of the strategy will leave the company in a new role, overseeing all original series of netflix around the world. Previously in charge of the scripting and shake up there up 58 . Netflix coceo will have more when he joins squawk box this morning. Wonder if hes still out west. Its either really early or really late. The chief Investment Officer will join us exclusively his take on the drop and the move he is making and more than 250 billion portfolio Worldwide Exchange is back after this dow futures are up well see you in two minutes so youre a small business, or a big one. You were thriving, but then. Oh. Ah. Okay. Plan, pivot. How do you bounce back . You dont, you bounce forward, with serious and reliable internet. Powered by the largest gig Speed Network in america. But is it secure . Sure its secure. And even if the power goes down, your connection doesnt. So how do i do this . You dont do this. We do this, together. Bounce forward, with comcast business. The markets to fight back and may come out of it today nasdaq futures up 185. Investors grappling with late breaking developments last night as astrazeneca halting the vaccine trial over safety concerns lawmakers preparing for a potential vote on the stimulus package after weeks of stalled negotiations it is september 9. This is Worldwide Exchange on cnbc announcer this is cnbc breaking news market selloff. Welcome back. Im Brian Sullivan thank you for joining us from wherever you are watching us from in the world. Markets taking a big hit yesterday. It is the continued selling we had from last week it ramped upcoming into yesterday and included not just Big Technology the dow falling more than 630 points s p 500 down to end the worst and first three losing streak since june apple yesterday losing almost 8 a share or nearly 7 . Microsoft lost 11. 5 a share or almost 5 . Bouncing back up over 2 the big story of the year. The big story of the day the big story of yesterday was tesla. Losing 88 a share or 21 . The single worst trading day ever investors saying many of these names got too hot too fast the Options Market making the selloff worse. Bouncing back this morning i want you to get to know a new term reverse conversion tesla stock so volatile because there is a bunch of sin thetic positions put the underlying positions, et cetera telling me tesla is not the most important stock. In many ways, it is the market because of positions and 07gss held by almost every Major Trading desk in the world. The dow down some 1,600 points or 5. 5 . S p is worst and nasdaq down 7 . Nasdaq down 10. 3 in a technical correction in the selloff yesterday, not just stocks. Nearly every asset class got crushed. Bitcoin lost 5. 5 and briefly below 10,000 even lumberwas trading at record highs, fell 4. 5 . The selling caught everybody yesterday. Around the world, carrying around the world hang seng and kospi down europe following our futures they are in the green right now. We are seeing gains just under 1 across the major european averages dow and nasdaq futures are higher but it is early all of this brings us to a conversation the chief investment leader. We began asking chris, as a longterm investor, how is he reacting to the down turn that are more common place in the last three years brian, with he expect that level of volatility. Weve increased diversification in the plan. Id like to reduce the assets we have that are traded it is tough to find private investments we have to get out of the Health Crisis you hit it on the head, this is all about the market trading right now. We talked about the free trading and Retail Investor. What do you believe is behind this violent multiday selloff the shortterm selloff is from having top stocks hit ridiculous valuations. Tesla is an incredible story of being worth almost the entire strie combined thats crazy thats when people wake up and the crowd rushes back the other direction. Good solid analysis. They are out the window. All about momentum and trading because there are so many people at home who have time to watch the markets. Now they are free. People are in and out like crazy. A longterm investor wants to stand back, have your Asset Allocation be volatile and rebalance at different points of time you mention tesla other Companies Like apple, microsoft, good solid companies with free cash flows do you think their valuations also got ridiculous to use your word yes, their valuations got way ahead of where they are and where they stand there is no resemblance to the ratio on these companies the shift to value and growth is that in extreme times, it does feel like 1999 we dont have the crazies of 1999 but the valuations in those names are just out of whack with the reality of the world and the market also what doomed us in 99 and both you and i are doing what we are doing now then, you had a lot of fake companies. They ultimately went away. Do you think that is similar with the spak frenzy im concerned about that but i dont think it is at the extreme levels that will bring up some competition in the private he can equity market we are seeing a lot of false traders. Tons of day traders who have real jobs and will go back to them in the office at

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