Turning lower. The virus setting new records across the u. S. Californias hospitalizations jumping to a new high. Rates of new cases also hitting new levels. I want to bring in kailey leinz, who has been all over the Market Action today. We were hitting a lot highs yesterday but the selloff seeming to accelerate in the final hours of trading. Snapping eight five day winning streak on the s p 500, as we approach the close today. It seemed to be a story of tech outperformance throughout much of the day. That weakness heading into the end of training. The nasdaq holding up relatively better than some of the other major averages. It was still down by about 0. 9 . But that was not as great as the laws we saw on the nasdaq or s p 500. The russell 2000 down the better part of 2 . Much more sensitive to the Economic Growth story. That seems to be the issue today, that investors are kind of pondering whether or not the recovery will take a lot longer than perhaps previously thought. You saw tha
Liz i do think spreads are important to watch. We always know theres a tight connection between the credit markets and the equity market. Especially high yield vs. Equity and i agree that when spreads got as compressed as they did, there was probably not sufficient compensation for those hotelers for the likely risk. Were seeing in it bankruptcies, which have spiked back up. They had a spike in may, leveled off and theyre picking back up back to 2009 levels and i do any what happens with spreads and more broadly in the credit markets, as it did in the march time frame will inform what happens in the equity market. Equity investors need to have a particularly close eye on the credit markets right now. Were seeing about a 50 uptick in terms of your average trading for the nasdaq. And what are you expecting for next week . As renee was telling us earlier, were heading towards a shortened week. Early data on the labor market only thursday because of the ourth of july holiday weekend. Lils
Incredible month where you saw stocks continue to climb add that to year to date dow up 7. 3 . The s p up 19. 5 the nasdaq is up a whopping 37 . Lets put that in historic context. The year to date, you were talking about the nas ddaq with the best first months since 1975 held on to gains gave some back in the second past of the year up 30 by the end of the year. If you look at the s p, up 19. 5 . That is the best performance since the beginning of 1997. That year, s p up 28 . It ended up 31 . Adding to gains, mike, throughout the things. You look at this and look back the pattern in history is that markets that are consistently strong with five months up in the s p 500 happens in the context of generally continuing uptrends. It is not a fluke. That being said, it has happened eight times in the last decade it happened 40 since 1949 the dow was up 100 points in the last minute of trading yesterday. A lot of stuff that gets done at month end. In general, the market has answered most of t
Business that logged the worst session since march of 2020. 166 billion wiped out that is equal to the entire market cap of nike and amd or disney that cloud weakness spilled over into amazon. We will hear what amazon has to say tonight after the closing bell amazon shares off from yesterday at 1. 7 . Treasury yields picked up. The 2year treasury at 5. 12 thats the key level those are good facts you gave you can find a lot of companies uccompanies. Boeing ibm. Ge to lose that and still be worth a lot is the good news and bad news maybe good news and bad news morning. Uaw and ford reaching a tentative deal to end the sixweek strike. Phil lebeau is joining us with details coming out overnight good morning reporter good morning, andrew the final push for the deal was this week after the uaw called for more strikes ford earnings were set for thursday they finalized a deal. It kaulscalls for a 25 hike foe several four and a half years. There is more Profit Sharing for retirees here is shawn
A little of this is flight to safety. Were going to talk geopolitics. Were going to the white house. The white house announcing sweeping new rules on what is called a crackdown on junk fees including banking, travel, lease sure, and housing. Theyre looking to ban businesses from charging hidden fees. That would include resort fees, live event fees, car rentals and more. They would be required to show customers the full price up front. That i would be empowered to secure refunds if the mandate is violated. The white house also taking aim at banks. The Consumer Protection bureau will require large banks to stop charging fees for basic Services Like requesting your Checking Account bans or payoff balance. Its more of a simple process. This is a big deal. You know what . For consumers, its sort of hard to think how its a good thing. Im sure there are folks on the other side, business leaders, saying, oh, my goodness, this is a whole other level of complication and we dont want to do it or