And tiffany mcgee. A were glad to have you on the Halftime Report once again as you can see, on that little bugs the bottom right of the screen look at that the bigger screen for you. The nasdaq s p and look at the nasdaq, up another 1. 2 . The s p, by the way, is on pace trying for its fifth straight positive day you might have heard this. Big tech nom has been leading the way. Hard to believe but true by the way, that sector hitting alltime highs yet again today raids also in focus, by the way, investors awaiting fed chair jay powells big speech tomorrow at the virtual jackson hole event so, joe, theres a lot to get to there anything that you see, before we get micro, on a macro basis, that leads you believe this market is getting too hot, and has to come down at some point, or can we literally go up every single day the answer to that is the market has been too hot for the better part of the last 8 to 12 weeks. The expectation for the month of august is we were coming into a calenda
Previous peak on february 19th and all i heard is its because were having a v shaped recovery wrong, wrong, wrong. Not just wrong but laughable in a v shaped recovery the Dow Jones Industrial average would be hitting highs but this move is led by the nasdaq and s p including today the dow lost 67 points as the s p advanced 2. 3 , the nasdaq gained 7. 3 you dont need to be a Rocket Scientist to figure this out look at the stocks that have brought us to these levels they are not the recovery plays. In fact, they are the opposite they are stocks that tend to do well because of what we call secular considerations, not secular like nonreligious but secular as in they are doing well because of trends in their own industries, not the economy. Far from it. Allow me to explain. We had a magnificent v shaped recovery in the stock market, but the stock market is not a great reflection of the voter economy anymore. If anything, the actual economy is in precarious shape now that the government stim
I have to start. Well break down the Holiday Retail rush as power lunch starts right now welcome to power lunch. Lets take a look at where we stand. Stocks are shrugging off the d. C. Drama as tyler mentioned. As tyler mentioned, its christmas crunch time, six days makes me nervous too lets check out some of the retailers hitting record highs today. Nike, best buy and target, hitting their highest levels ever were going to talk about some of those names as the hour goes on thank you very much wall street focused on washington today at least a little brit as the house begins to debate impeachment. A vote is expected to take place later this evening, and a man javers has more. You. See the action taking place down on capitol hill, on the other end of pennsylvania avenue from here at the white house, where it is all quiet in the west wing. In fact, surprisingly quiet, no indication of any particularly special meetings today no indication that the president is doing much of anything at all
We create second down d 260,000 month. And there is the idea of a recession looming around the corner most of the big picture data points tend to be small. The Labor Department and payroll report this one tends to linger, painting the whole market in whatever light that report is and in this case, of course, its a positive light. These matter why . Because we head into next week its going to affect all of our game plan. On wednesday the Federal Reserve will reveal the next move when chairman Jerome Powell holds his press conference and after the fabulous numbers we got today, i dont know im worried. Im worried he can turn hawkish like did he late last year he took a wrecking ball to the economy. Colin powell, a wild card. Even though we have great job growth, there is not much inflation. That will be a Huge Positive if you take more hawkish tone, well, you no he what look out below and hes capable of that sometimes i think he just cant lose the old model the other big nine earnings eve
Lets look at where we stand in the markets the dow hitting a new high up 117 points the s p and nasdaq all in record territory. Earnings are driving the market highs its getting rewarded. Bob is at the New York Stock Exchange with more were at new highs because the market has successfully rotated into former out of favor sectors. Im talking about cyclicals. Whatever happened to the Global Economic slowdown. Those are the two classic cyclicals on a global level. Communication services are Media Companies also doing well. Even bank stocks doing well as the yields curve has steepened in the last month. Its not just here in the u. S. I think a lot of people were surprised to find that europe is moving up. We had new highs in italy and germany and france theres your european etf. A lot of this is because the bank stocks have turned around italy, germany and france even japan at eight week highs. A little bit of this is about trade optimism a lot of people believe that will help the global e