Thats the worst performance in two weeks. The dow has been down. Nasdaq have been down five out of six the tech selloff was worst it continued down 3 led lower by stocks like apple the same old story big volatility coming. Those are really the tail thats been wagging the dog for a while. Youll see the nasdaq is lower once again the other two averages hanging in there the s p on the flat line nasdaq down another 50 points. Fur watching what is happening over the last two months they closed. Dow at the lowest level since the third. The 10year sitting at 0. 66 the story that seems to never end, tiktok. Here we go the owner bytedance applying for an export license in china as it pushes for a deal in oracle and walmart. They did not mention the pending deal and technology it was seeking to support calling the deal dirty and unfair they have no reason to approve it all of this raising questions about that prospect and what that would ultimately look like. What happened earlier in the week we
Bought bank of america for 12 Straight Days. You own it, what do you think . The stock is still down we like it, we like it for its diversified businesses ive been wrong for the last, you know, year owning this stock, but as we get forward to i think closer to a normal market, whenever thats going to be, bank of of me and j. P. Morgue aren in a good place. They have a lot of businesses and are trading when you look at the market at a very cheap value. Yeah, the catalysts are not there yes. He as got a good position in it. Jo he, 12 Straight Days, right . Stocks up 8 in that time frame, maybe giving it a bit of a jump start, 337 million they know own almost 12 of the outstand, should investors following the oracle into bac and maybe the banks more broadly . Well, i mean, colt he could buy it for another 12 days he cant fix the headwinds you know im in pmorgan. Thats the one bank in the best in breed the reasoning behind why i am not in that is just the significant consumer exposure that
Close today . You can take microsoft first, and whether its a referendum on tech itself . I think microsoft could be. I believe that one of the things we have accepted is a way from apple i listened to the great report on jamf, the new ipo from carl and jon. You have apple news that its doing very well, and that was, and then microsoft, and then we have this chasm before a lot of other companies. We feel that kind of covers everything microsoft does a lot of stayathome microsoft has the lawsuit filed against thoem against slack but most important, microsofts azure has been growing endlessly and fabulously a lot of people think faster than Microsoft Web services. If that continues, i think the stock goes higher. Pete, if this report comes in well, people will say thats why all that money had flown into tech to begin with thats why the mark is where it is if this number doesnt come up to snuff, people will say i told you, these stocks went too far too fast, and microsoft is case study nu
This of course, the saudis are flooding the world with oil right now. The russians, its not clear where the heck they are because theyre very secretive, but i know who is not there, the drivers. Theres very little demand david and i talk about this with you all the time, carl theres this overall sense, you know what, if we just get things moving, things will come back again. We need customers. We need customers to get their hair cut, to go to the dry cleaner, the restaurants, and we need customers on the road without them, i really dont care what president calls who, you need a tariff to keep the to keep the saudi oil from coming here, and you need the chinese to restockpile, and frankly, thats still not going to be enough to be able to make it so oil real demand goes higher good point yeah. Sorry, carl. 6 Million Barrels a day, jim, is what im hearing right now as we still try to adjust. Even know we know each others cadences so well 6 Million Barrels a day here and its not just not j
Plus an increase in News Coronavirus cases, declines are being led by tech. Microsoft, amazon and apple all sharply lower today. Thomas peterffy is the chairman of Interactive Brokers hes our closer today coming on the heeled of the tieup will he now sell his companies well ask hem later in the show. Clearly coronavirus, again still only down just over 1 the markets overreacting i think if you do the math, basically if you lieu that only represents about 1 of the earns of the company no indication that this is nothing but a shortterm problems lets get on the base stories. Seema mody Steve Liesman tells us what the fed is talking about. First, lets start with seema. That safe haven play is certainly evident in different parts of the market. One standout is shares of the post 5 a new record high, up 7. 6 certainly outperforming on a day. A pause in the u. S. china trade relations. According to our ceo deere did address the coronavirus, expecting freight costs in the Second Quarter relate