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We await President Trump right now, probably in about the next hour or so he will be addressing the top of the Coronavirus Task force. One of the Big Questions will be about his conversation earlier this morning with russian president vladmir putin. The white house has said that those two talked about the need to stablize energy markets. The president saying earlier this morning that he believes oil prices are too low. Russia and saudi arabia are fighting and they have driven down the price of oil and i never thought i would be saying that maybe we have to have an oil increase because we do. The price is so low, theyre fighting so crazy over distribution and over how many barrels to let go. Reporter the president also said that he would like to see hazard play, hazard pay, rather go into effect for the nurses on the fr ....
Platforms do a uturn and surrender everything it made after that magnificent quarter sell sell sell you dont want to see walmart soar and then repeal the whole move after an amazing quarter no less it is agonizing to witness amd give up a quick 25 points when the future seems so bright but sometimes you have no choice and i think this is actually one of those times we just had another bad day. Dow lost 291 points s p shed, nasdaq tumbled 1. 7 . Boy, did it get ugly at the close. What do you do at moments like this rather than trying to trade in and out, selling everything and then trying to buy it all back at lower levels, i think you need to learn how to ride out these moments. Unless stocks arent for you see, i think if youre patient i believe youll do better sticking with stocks rather than hiding out in treasuries even if they have much more generous yields than they did a year ago. So lets start way key word here, and that word is patience. Two weeks ago we had the eminent market ....
Us in a couple minutes. Plus, nova nordisk is experimenting with an obesity drug. And big tech struggles. Apple, those shares are looking for a bounce after a sixday selloff. Tesla, similar story. No longer one of the most valuable s p 500 companies. Lets begin with the 1 billion Equity Investment led by liberty strategic capital. Hes going to join us in a few moments. Got some clarifications today. More data on deposits, the percentage that are insured and so forth. I think its important to know when the former secretary of treasury did a previous deal, which was a deal involving a bank that really was one of the worst run banks in the country, came in, had the bid that was best for the ftic. The cover bid, much lower. It ended up making him a lot of money. Thats being dredged up as somehow against him. The reason i mention that is because the risks may even be bigger here. If only just because were dealing with so many rentco ....
Number came in soft enough to illustrate that inflations finally running out of steam so when the c pichlt came in around 3 way down from where it was before we all cheered. Many people bought stocks. Everything was fine, right wrong. That rally was a totally revolting development. Sure enough the averages spent the rest of the session selling off dow finishing just up 53 points while nasdaq advanced minor. A far cry from that yoef heated opening. Theres so many reasons why it was a mistake to buy stocks this morning. Because ive been spending this whole week teaching you how to avoid the kind of mistakes that make you give up on the entire stock market were going to unpack this one. Unpack it good mistake number one the vast majority of people who follow the stock market closely were predicting that the Consumer Price index would be up around 3. 3 . It was actually up 3. 2 . Take note. When most prognosticators predict 3. 3 infla ....
Link, hightower chief investment strategy, cnbc contributor and pretty good golf im told. Hmm not so much. Good to have you on how do you review inflation data and did it change any of your expectations about race, the fed, the markets and it didnt change my thoughts. We are making progress, though, brian, on the numbers. Right . Look at, say, cpi, 4. 7 year over year, 6. 6 at peak. Making progress. The problem, rents are still sticky, 99 of cpi shelter. And increased. 5 from. 4 number is getting to 2 where the fed wants get to to for cpi. A long ways off. Then look at, by the way, you follow energy really close right . Look at ppi numbers today. Acceleration month over month in headline number. Nots even including the 24 gain in Energy Prices from the june lows i think next month, next couple of months, youll see elevated ppi numbers. Then add in the economy, which is a real bright spot. Nobody thought we would see gdp accelerate ....