Debut at the New York Stock Exchange that direct listing, we expect that debut to happen any moment now. Well show you that when that begins trading steve weiss, i begin with you, you have positive news today on virus therapeutics, some of the Economic Data was good as well you have made some interesting moves. You bought back ford, bought back peloton, corvo, and i want to know why. I also bought back some of the clean energy plays heres why i perhaps got too negative wos week vgts it seemed to me that the market has been digesting, given bidens movement in the polls consistently having even a lot of the swing states, so i thought that the debate was bidens to lose, knowing where trump was going to come from, he was well prepared. I thought thats what we got i did not count on the risk to my negative scenario was also stimul stimulus i did that count on the positive news of stimulus that we got overnight and this morning, which reversed the futures so, look, the other factor was that
Deadlocked on stimulus we know the economy needs more stimulus, certainly pockets of it do. Does the stock market, though . What is if it doesnt happen im not sure if the stock market is pricing it in, happening right now. I mean, theres no scoreboard that i can tell you definitively its being priced in, but i dont think its in there. So if you do get something, i think it will be good for sentiment and it will probably lead to new highs, but if you dont, independent nm not sure as wbig of a disappointment as i would have thought six months ago. A lot of works continues to work, ive been talking about the housing stocks all year. Lows in particular in that index, low looks prime for a mega breakout, about to take out previous resistance, put that one on your radar. And then theres leadership from energy today, which is kind of weird. We were looking at some of these names and exxon could double from where its trading right now and still be negative on the year thats how beaten up this
Questions, i think, heading into this new month is can big tech stage a big rebound because september was fairly dismal. Apple was down more than 10 alphabet down 10 microsoft down almost 7. Amazon down almost 9 facebook down 10 y do you see all those pull backs represent consolidation. That up trend remains thoroughly undisturbed. I really dont think profit taking and consolidation the month of september end up being meaningful i could be wrong thats the way i would think about it 42 of stocks in the s p five hundred are above their 50 day more than half of the market is not. The consumer stock, Consumer Discretionary looks incredible equal weight retail looks great. Anything that has to do with the consumer looks pretty darn good. The big trends are all in place. Target, new highs. Walmart looks like it wants to break out again. This morning i heard 11 of americans are now already paying for walmart plus they rolled this thing two weeks ago. They have 11 of the country as m paying me
I mentioned yields the tenyear hitting its highest level since last october earlier today. Retail sales coming in better than expected. How about the atlanta fed taking gdp and its forecast up to a stunning 5 believe it or not. It brings us to our talk of the tape how vulnerable are stocks right now . Adam parker is ta cnbc contributor. Do you feel like stocks are vulnerable its been a rocky couple of weeks, especially for tech what do you think . The earnings season was, i thought, pretty good. Better than feared. The big cap tech stocks, 2024 earns are higher than they were on july 1. I think the fundamentals from the Companies Look okay. I think whats happening is a fear of a perception about Interest Rates and how that means people will probably not want to pay as high of a multiple as they did a month or two ago. You talked about rates backing up for a long time the relationship between the perception about rates and the pricetoearnings ratio was very strong. It kind of broke in m
Ceo tim cook pledging the company will break ground this year when it comes to generative ai. Okay. Those shares have been in a bit of a slump lately, for the past six months. Elsewhere, in less than an hour, we will set you up, as well as looking at overtime. Underperforming tech, and why it might be a great thing for this bull market. Work with me here. Lets welcome in josh brown, the ceo of ritz holds wealth management. Its great to have you back. Its Piper Sandler today, which says broadening out. I would say, it feels like no contest, let broadening out. Over the last month, discretionary is up seven, materials up five, these are percent, financial healthcare up 4 . Tech is only up 3 . What you thing of the story . I will tell you the problem, people are looking at the russell 2000. They are missing the boat on whats really happening here. There is a bifurcation taking place between large and small, mid caps somewhere in the middle. That part is true. The question is, which one do