Johnson johnson better than expected, it doesnt matter. Taiwan semi last night fantastic, doesnt matter. Apple price bump doesnt matter. When you get like that that says, let the sellers get their job done, there is some agenda here, theyre obviously not caring about news, not reacting to better retail sales or jobless claims down again. Every time that happens theres usually a great trend up someone is a seller. There is big money that wants out right now, i think a lot of people are confused about whats going on in nasdaq, amazon down 10 since the week began consequently there is no bid underneath no matter what the companies say. That will change probably midday i think its an okay day all right well see, jim obviously we talk about the market looking forward through some of the news flow and, you know, you take some of the Bank Commentary about second half growth versus first half,its not nearly as constructive and we will see whether gorman backs up what citi and wells and jpmorga
We were talking about it with some of the smaller and midcap names. We saw some of the cruise line stocks, the casinos. The restaurants were on fire. Cracker barrel up 9 , 10 . Dont you like that . Caroline i have not been to a cracker barrel. Romaine exit through the gift store. Taylor this really all comes back to the data that we got this morning. June Industrial Production and july early numbers out of manufacturing all betterthanexpected. Are hearing from dances of the of Richard Bernstein advisors. Thank you for being with us. You take a look at the positive economic numbers. The big outperformance in the russell 2000 today. You said you were a little overweight on u. S. Versus the rest of the world. How do you think about that Going Forward . Smallcap producers getting a big win . Dan i think modest overweight on the u. S. Still makes sense, but i think moving that angry mental dollar outside the u. S. Makes more sense. Clear thatis very the data is Getting Better in the u. S. ,
Green. Were currently holding onto some gains despite the miserable number out of adp, 20. 2 million jobs lost in april looking at commentary from disney and gm on various stages of reopening in shanghai, here in north america and the nasdaq continues to confound some of the bears as it is less than 1 from going positive for the year. Its actually pretty incredible and speaks to how defensive those megacap tech names have been viewed to be by investors in the market and for good reasoning looking at what weve seen so far where earnings are concerned. The other thing to keep an eye on is crude prices after five Straight Days of gains you have futures up 28 for the month of may so far. Those coming up because of the u. S. Private payroll numbers, that 20 million plus drop in april, which was not unexpected but still obviously so painful, especially when you put it in context of being the worse jobless in the history of the adp report that as you balance the daily data that shows decrease
Week for the nasdaq. That is the first time youll see stocks down for the major averages in three weeks. This morning, we are still near alltime highs for both the s p 500 and the nasdaq looking at the treasury market, right now, 10year at 1. 486 some additional pressure concerns about Global Growth and what it will mean for the economy. S p was out saying for the year, you could see chinese growth at 4. 4 for the full year that concern if they see a peak to the virus in march. All these new highs and goldman talking potential correction i can see how the case could be made right now is there anything more than a possible Global Pandemic i think about it it is hard to buy any stock that wouldnt be impacted by a bad outcome in this. Right people assume it will be a vshaped recovery and that it will happen sooner rather than later. With coronavirus. After it going away. But we dont know if it goes away and we still dont know what kind of numbers we are getting. It appears it is slowing a
Lows fausting with a relief after more than 1hundred points lost in just two days. Investors are getting back into this market and theyre bargain hunting because the bottom line, yes, there is fear about the coronavirus but no one really knows what is going to happen. Weve seen a page from this kind of playbook before. Markets do tend to claw their way back. When ebola was a threat of july 2014 to march of 2016, there was a lot of volatility but the dow only lost half a percent overall. For sars, november 2002 to july 2003 the dow gained. From september 2001 to october october 2002 the dow lost a little more than 17 . You look at history, get a sense how investors reacted to all kind of different events, ebola, sars cases, they say that they tend to be blips, not events that define the market. Major corona headlines breaking today, the cdc confirming 14 cases of coronavirus and a u. S. Soldier in south korea testing positive as well. That is not to say this isnt something to worry abou