Popping today. Plus, cisco shares popping after the biggest slump in years. And ready for walmart as it gets set to release results this morning. It is thursday, may 16th, 2024. You are watching Worldwide Exchange here on cnbc. Good morning and welcome to Worldwide Exchange. Thank you for being with us on this thursday morning. We begin with stocks trying to extend yesterdays recordbreaking rally. One that pushed all of the major indices, including the s p 500, to alltime highs. Past 5,300 for the First Time Ever and the 23rd record close of the year. Right now, it looks like things may get extended just a little bit at the opening bell. The dow implied higher 42. The nasdaq up by 21. Record highs to start. This is all after u. S. Inflation showed a slight easing in the month of april with core prices excluding food and energy climbing 6. 6 year on year or the lowest since april of 2021. On the back of that, treasury yields are falling off hitting the lowest levels in a month. The teny
Were pretty active in the investment committee. Amy raskin, i start with you. You sold nike. Yep. Seems to me from the notes here you had it. We trimmed half our position, we spoke about a couple months ago, but were done. The company is just not executing as well as it should. The brand is still great. We could come back to it at some point, but theyre not executing right now. China is a risk for them, and, so, were out of the position. The stock is down 14 year to date, down more than 20 over a year. They certainly have had what i think people would suggest is an innovation slowdown. Yep. The company sort of acknowledged that. They blamed remote work. Which was terrible. For that. Their competitors somehow figured it out. Hoka, on, new balance can you sort of go down the list lulu are rising competitors. Theyre all sort of part of the sell pie . All part of the sell pie. I really did not like the explanation we couldnt innovate over zoom. Everybody else sort of figured it out. They j
Being forced to leave and leave right now. All of this as President Trump tours the devastation beginning in corporate us krity Vice President pence will head to texas later this week Contessa Brewer will get the latest on relief and recovery earnings there lets go to john kern an, pretty dramatic scenes in dickinson, a lot of water between here and houston, turned into a bayou. I wish i could say that was the end but apparently not after opening down triple digits, the dow is positive. And investors brushing aside fears about north koreas latest Missile Launch United Technologies and caterpillar and apple leading gains and financial and material stocks the biggest laggards right now. Lets get you caught up on the latest on harvey the storm setting a rainfall record for tropical cyclones in texas. The National Weather service just over 49 inches of rain has been observed at locations southeast of houston flash flood warnings remain in effect throughout houston, about 300,000 people by
We track it. Talking to an official down there. Looks like progress is finally being made in congress on two of President Trumps biggest agenda items, that would be tax reform and replacing obamacare. We head live to capitol hill for the latest details on that. We also have fedex, adobe, Bed Bath Beyond reporting earnings after the bell today, a few days sinces weve had bigger earnings to recover. Well bring you instant analysis as soon as the results are released bed, bath down 2 . Fedex getting ready to raise rates. We begin with Hurricane Maria gaining strength yet again heading right toward puerto rico w wtvj meteorologist Steve Mclaughlin with the latest. A couple days ago the storm was what we call 96l, a big storm in the ocean by saturday 5 00 pvm, it was Tropical Storm marine ya, sunday 5 00 p. M. , Hurricane Maria last night at 7 45, category 5 with winds of 160. That is where we are right now the track right across the Virgin Islands especially st. Croix as a major hurricane,
Tyler, we begin with the selloff on the street. A triple digit drop for the dow with the major averages down more than 1 . This is actually we havent seen since late september for the dow and the s p. Weve been sort of a little bit complacent recently after all the volatility of late august and september. The nasdaq is down by just over 1 along with the dow and the s p. Lets get more with bob pisani at the nyse because you have fears, bob, about retailers reporting this week as well as, of course, the rate sensitive stocks in the firing line as well, right . Thats right. A number of different issues here. Six stocks declining for every one advancing. Look whats popped up again, the vix. We havent seen this move double digits since the end of september. Its 16 and change. I dont get concerned until its over 20, but this is a move we havent seen in the last five or six weeks. Why the drop . Mandy is right, a couple reasons here. There is continuing concerns about the reverberations on hi