You told me things were very frothy a lots happened since then. The wework had just come out. We know what happened with the wework blowup theres been this sense that you saw with the wag news. Theres been these companies have raised an extraordinary amount of money and pitching themselves as Tech Companies that really went Tech Companies. Wework was not a Technology Company. Swag not really a Technology Company, and the combination of trying to get the technology valuations on companies that shouldnt be trading that way and companies that are just raising too much money and have no financial discipline. Hopefully some of that is coming to an end but i still think valuations are going to be crazy for a while. I think, if anything, this signals the beginning of the end of these shoot the moon sort of Business Plans what i mean by that is we just they dont work for two reasons. One, companies are raising a tremendous amount of money and they do that primarily to try and have some sort of
Joining us for the entire hour is dan nathan, founder of risk reversal advisers. Welcome back to you. Sara. So theres something youre looking at about the s p 3000 level and fed meetings if you go pack to july 31st, the last time that the fed met, they cut a quarter basis points Interest Rates the first cut in ten years and the stock market was above 3,000. And and it wasnt until the trump tweet the next day that we broke down and stayed down all of augusts here we are now, expectations are for another cut, and it seems like the s p has really paused again at the same level, about 3,000. Weve got lots to discuss with dan, but lets drill down on the big stories were watching today bob pisani is tracking the big reversal leslie picker has details. Mike santoli has a special market dashboard ahead of fedexs earnings which hit after the bell and well have for you here on closing bell. A big day in oil. Oil dropped right after the open on a reuters story that saudis oil output would be full
The day. Halftime report starts now. Welcome g good to have you with us our Investment Committee at the table today. Also with us on set today is cnbc senior economics reporter Steve Liesman in a few moments, as you heard, joined by adam bain stocks focussing on the fed. The twoday meeting underway why they expect to cut rates tomorrow the question is as we asked at the top, is it the week that sets stocks on a course for a new milestone or not its possible i want to be constructive here so if youre looking at if youre looking at technicals, you can say, okay, for the First Time Since last september, youve now got 72 of the s p 500 above the 200 day, which means more than twothirds of stocks almost 3 4 are in their own structure bull market. That happened last october i dont know how forward looking it is. It is a positive especially when you consider the fact that were getting participation from across the market its not very narrow its very broad. That being said, theres junky retail
Now. Welcome g. To have you with us on this monday. Our Investment Committee at the table today. Also with us on set with the jp morgan. Good to have everybody here today. We begin with stocks. The s p up three straight weeks. Is this the week that ends it or prolongs it . I dont know that it exits. Obviously, we have the fed this week. There are all kinds of different news stories in front of us this week as we speak. I dont think this is something that absolutely derails us. When you look at personal spending and what goes in from the oil trade perspective, its very small. I think we are able to get back up and running faster than folks think. Today the big spike has everybody a little flustered as you get a big move in wti over 61, thats a big move. We have volatility that remains really, really low. I think that speaks volumes about what people are thinking right now. With the market down 100 and change and the volatility is not spiking to the upside after the big hard hit to the d
Its been anything but a strange right for the hid maker of stranger things. The stock is at an alltime haim, a whopping 64 in the past year, now with a market cap of 100 billion, the company smashing expectations. It looks like the unbreakable stock, do you just keep it simple doing keep buying . What do you do the answer is yes International Numbers are crazy. Stream looking for i think 5 million, but even domestically theyre growing. The streamers just when you think they cant grow any more here in the united states, they continue to grow it means they absolutely have a moat ive said it many times, people arent saying lets go hulu. Its all netflix and chill and everything else. Thats why people are running to get into the same business, but theyre about five years too late. I would like to report that other people, you people as you put it, you can do both or do all three. I think thats sort of the surprising thing about this whole thing. There is growth in the u. S. , even as the ot