The real surprise was the pathetic action in the slowdown stock. We got powerful evidence the Global Economy is deteriorating and the stocks that should be rallying, they rolled over let me walk you through this one. Last time we got devastating news from basf its a german enterprise thats the Largest Companies on earth they make pesticides, consumer products, practically everything it was a very, very big deal when this Gigantic Company said they might need to slash the fouryear earnings forecast by 30 . Ouch what did they site for the outlook . Weak car sales and crop sales and our trade war with china it was a truck back and also a powerful reminder the trade conflict hurts more than american and Chinese Companies the damage is spilling all over the rest of the world. Now we got real concern, real reason to be worried while the Federal Reserve believes business is strong, something that chief powell might opine upon, the weak forecast from chemical giant basf suggestions that the Gl
Livermore 67 degrees this morning. Wednesday not too bad. 6mile an hour sustained wind speed. Fairfield 40 miles an hour. Fairfield 5 miles north. San jose 6 miles an hour and Half Moon Bay 5 miles an hour. We are still slightly above average for this time of year in santa rosa expected to get to 85 or 86 degrees is where we are expecting to land and normally 83. San francisco your high today is 68 degrees and oakland 73 is what we are expecting to hit and livermores warmer and san jose 85 degrees as your high today and slightly above average for this time of year and we will cool down significantly. All right. What is going on out on the road today. Right now we have a light nice looking commute. If you are at the bay bridge you can see traffic is backed up through the maze and as a typical day and we dont see the light traffic we might see later and the week as we get closer to the fourth of july holiday and this is a look at the commute on interstate 80 in san mateo bridge has been
After yesterdays strong rally following on the heels of wednesdays strong rally, were up about 1 on the dow. I dont like to talk about the dow but unless the s p stronger. China did all right. Shanghai up 1. 8 . Shenzhen up, and nikkei at a 3 gain. We were below 2 at one point on monday in the craziness, but now were hovering in the 1. 2. Crude had its best day in many years. Well above 40 again. Monday, we fell below 40. It has been, to say the least, a volatile week in many markets. Lets get to our road map this morning, and it starts with the last trading day of this wild week. The dow coming off its biggest twoday point gain ever, not percentage but point gain. Equity futures, slipping. Carl icahn has his next target. Why commodities . Why now . Well talk about a company weve talked a lot about and mr. Akahcarl icahn himself, and the takeover continues. Pa perrigo is saying were not interested. Ill have more on what to expect as the Companies Battle it out. Futures moving to the do
Macro data, the president at the g7. Europes on pace for a down day. Ten year, 2. 23. Durables are down for first time in four months. And oil still below 49. Our road map begins with quote very, very bad. The president s comments on germany and trade are in the spotlight. Plus amazon is near 1,000 a share. Will that run continue . And the surprise gdp revision, higher for the First Quarter. First up though the germans are bad, very bad, thats the what the president reportedly said in brussels. According to the german publication der spiegel. He voiced displeasure over the trade surplus. See the millions of cars theyre selling to the u. S. , terrible. We will stop this. A lot of discussion about what was lost in translation with the germans. Gary cohn trying to clarify what the president meant on russian sanctions, but not the first time that he has been critical of the trade and german out makers as well. Cohn said he was saying that the automakers are very, very bad. Not germany, the
On day two, the buyers search through the rubble and decide what deserve to be trashed and what is actually treasure. Usually it would take week or months but not anymore. It is 24 hours. Not anymore. Including today. The recovery was down 89 points, the s p 500 declining by only. 02 . And i have a theory why we now get a second day comeback. In the old days, lets say a retail, give a horrendous forecast. The sellers would dump in anything that looks like it. But other companies in the sector, they might be in a totally different business. These days if macys blows up, everything goes down. Not just the Department Stores like macys which should go down. I think it is because of the commoditization. Put simply, almost every big capitalization stock is part of a sector based etf. The knee bone connected to the leg bone. Overrides whatever else might be happening to the individual companies. Someone is doing quite well. So lets take macys, the disastrous shortfall guidance cut. It reverbe