And banks push back on the fed which appears to now be on board. Forget the weight loss wars, the big drug that Johnson Johnson is betting on. Its monday, may 20th, 2024. Youre watching Worldwide Exchange right here on cnbc. Good morning and welcome to Worldwide Exchange. Thank you for being with us. It is great to be right back here at cnbc hq. Great time in london. Weill b well bring you more insights from that trip. Hell talk about that later. Well start off with the check of the futures with the dow set to open above 40,000 for the first time ever. The major indices all in the green right now. The dow looks like it would open up a few points higher. That pushes us into the 40,000 territory. The nasdaq moving the highest. With the averaging os riding the win streak, Goldman Sachs is up right now. We are looking at Applied Materials annnd walmart and Tractor Supply as well. We are checking the bond market with the week of economic reports and durable goods and home sales. The benchma
Rebounding from the downward dog days, and bitcoins big bounce, whats driving the crypto climb, and a serious snap back for snap. I havent gotten to you guys yet. Is it a surge or just just poof, just disappeared like that. Im Tyler Mathisen in for melissa lee. On the desk, dan nathan, and guy adami, we start with the market jump. The dow up 314 points, blue chip index now up six of the last seven days. Nasdaq and s p 500 bouncing more than 1 , wall street embracing earnings season optimism and shrugging off those rising treasury yields which were higher today. Among the biggest winners, retail, the s p retail etf rallying almost 3 , solid rebounds, since its been down nearly 8 over the past three months. A lot of those names really limping. Another encouraging move higher in transports, rising 2 today, transports struggling since hitting 52week highs over the summer. And these gains today came even as yields ticked higher, so could this be the start of a seasonending melt up for the m
It slashed its Sales Forecast for its Covid Vaccine and therapies late on friday. Shares not going to be down ahead of the open. Watching apple. Reports of disappointing iphone sales in china. Lets begin with the new week for the market. Its going to have something for everybody. Were going to be on the lookout for geopolitical headlines. Earnings season will heat up. The fed speak calendar, sara, is insane. Its heavy. Theres a lot of them. Whats interesting is that fed speak has moved from hawkish to dovish now for the markets because increasingly, youve got a number of these fed speakers saying, were okay waiting and seeing the impact of our higher rates. Theyre not expressing any kind of alarm or panic over the fact that Inflation Numbers have come a little bit firmer. Cpi last week was firmer. Expectations in the university of Michigan Sentiment number on friday were a little bit firmer, and the data overall has continued to not point to recession, but it does feel like the groupth
On the ev front, including the chinese ev maker thats making its debut right here at the nyse, and new data shows tesla is losing market share in china. Plus, apple apologizes for its controversial new ipad ad, saying, we missed the mark. Lets begin with the markets. We mentioned the s p, jim, trying to make some alltime highs. Was that 5 pullback it got digested it got digested, and then the money didnt go back to tech it might happen today because taiwan semi had its monthly report and it was really strong. The rally broadened to all sorts of crazy names, and some people would say it had to falter because in the end, we got an upgrade of none other than 3m. Ill take that. This is losers win day warner bros. Discovery, bumble today is like forgiveness day, but the warner brothers, just right up davids alley i put you right in porterhouse and youre having the characteristic crystal with that one there was an upgrade of roblox that was from sell to hold. Moffett nathanson, one of the be
And were hanging out there now. Utilities, financials, they are among the standouts this week. Yields are up a bit too on some hawkish leaning fed speak, and were going to get to that in a minute as well it does take us to our talk of the tape the rally, how resilient this market can remain. Lets bring in kevin gordon, Charles Schwab good to see you. Its been a minute. Nice to see you this markets been incredible its been resilient in the face of so much theoretically its had this nice bounceback. What should we make from it . I think whats nice is through this mini pullback correction, whatever you want t call it, youve removed frothy sentiment as a pretty big risk that had been a risk from midnovember up until march where you had seen indicators on the behavioral and the attitudinal side that had gotten way into excessive optimism territory. As we know from history that can happen for a while until you get a negative catalyst to tip you over that negative catalyst probably ended up b