To president elect biden Energy Continues a monster move higher the oil and gas etf up 13 in the last two days. Despite the steady increase in covid cases vaccine developments are continuing to help the likes of the airlines, cruise stocks, retail all surging higher today as we cross that 30,000 level once again, to check it we are still above it will we say that 59 minutes left to trade. 29 points above it. On todays show, two voices to help explain the dows record rise in just a few minutes Jeremy Siegel will join us and later Liz Ann Saunders plus former testry secretary jack lew will discuss president elect biden pick of janet yellen to lead his treasury administration. Lets get the latest from wall street mike santoli is tracking the action to led us to dow 30k. Certainly the story today because of that big round number i am going to keep it consistent, though, and take a fwlims at the s p 500. Similar look in every respect in terms of getting back up pretty much to an alltime hig
Welcome to squawk alley. Im Carl Quintanilla Julia Boorstin and jon fortt are with us for the hour the dow session alone was down 236. Were slightly off that s p 500 is off the early lows as well zoom helping to lead the nasdaq 100, john. Looking forward to disney and cisco earnings to night. That is definitely true, carl the big themes, protect investors today. Number one, game on. The play station 5 from sony is shipping and in stores as of today. Joining the x box series x this marks the start of the biggest console refresh. Really the only major console refresh in seven years its happening during pandemic lockdown and then youve got china. I mean coming off of a record breaking singles day where the chinese Online Consumer is flexing. We have to think about that exposed deadline for tiktok to do a deal in the u. S. For those assets i dont know if the president is interested in shutting down tiktok anymore fair to say his attention is elsewhere. Thats right, jon today was the day wh
Claims came in better than expected, 709,000 signaling more improvement in the labor market. And treasury yields dropping sharply following yesterdays bond market closure. Thats putting pressure on banks, which are among todays worst performers though still strong performers for the week 59 minutes left in the session, sara every sector firmly in the red. Ahead on todays show, chipotle unveiling its first ever digital only restaurant this week without a dining room or a line for ordering we will speak with the ceo brian noccol about the strategy there. And Jeremy Grantham said he thought the market was a mccoy bubble we will get an update on his that it is since those comments. Disney, pal an tear and cisco reporting after the bell we will bring you the numbers as they happen. Mike, whats the market dealing with. Contending with worries pileup of news on the shutdown, on the virus, maybe getting worried about what growth is going to look like in the First Quarter or two the s p 500 was
Ask yourselves now that nearly all the big tech outfits reported and a day the market rebounded from its lows. S p jumping 1. 19 and the nasdaq surging 1. 69 . All right. It didnt make back everything it lost, but like i said, nobody ever made any money panicking. If you panicked yesterday, always a better time there is a whole network of smart, rigorous Money Managers who believe apple, amazon have become ridiculously expectative. Downright danger to zone they dont welcome the possibility that these could be worth trillions of dollars im not kidding, every day same goes for their compadres netflix and microsoft. There are tons of stocks in this market way too expensive by any traditional valuation metrics. However, that does not include facebook, apple, amazon, maybe alphabet say nothing of microsoft only netflix is one that i think is a bit of an outlier this is 2020, not 2000 that being the dotcom boom with the exception of amazon and netflix, all of these big tech stocks are valued
Well in many states. Businesses are holding back from spending amid the pandemic and stimulus talks appear to be at a standstill once again with leaders from both sides accusing one another of moving the goal posts in the negotiations. Unlikely we will get a stimulus before the election. 59 minutes to go, dow down 2. 2 . Lets get to the stories we are watching right now as stocks fall sharply mike santoli is tracking the market selloff for us. Which parts he is watching in particular meg tirrell digging into the latest covid numbers mike, whats the broader take on what is happening today average bit of a rethink on a mull pent fronts the idea that covid might cause more business disruption last week the s p 500 was skirting this boundary between this sort of breakout level we had and around 3,400 we are actually below that right now. Did a little bit of damage s p and the nasdaq fell below the 50day average the s. A. P. Warning probably evented the nasdaq from doing a better job of sup