Begin. Welcome, everybody, good to have you here with us on options action. Obviously escalating coronavirus fears ripping through the markets all this week. 96 of the s p 500 now in correction territory or worse meaning down more than 10 from its highs. All three major indexes handing in their worst week since the financial crisis in 2008 the dow shedded around 3,600 points, more than 10 . All sectors of the s p 500 down more than 10 from their 52week highs. But it was energy and financials the largest victims of the selloff. Both sectors down more than 13 in the past week so if you are wondering how to protect your portfolio and who isnt, amid this market madness, our team of options traders are here to break it down for you. With us for the next half hour, tony worth, tony zhang and mike khouw. Mike, in any way was it historic for the Options Market yeah, anything thats going to be a historic move for equities is going to be a historic move for options on those same equities, and th
When the jct, the joint committee on taxation, released a dynamic estimate of how much growth they expect this tax plan to generate. And its a lot less than republicans were hoping for. The jct estimating the tax plan would generate 407 billion in additional revenue over the next decade and that is not enough to cover the 1. 4 trillion cost of this tax plan. The Senate Finance committee putting out a statement saying that this analysis is curious and deserves further scrutiny and they emphasized that the final version of the tax bill is not yet complete it is still being hammered out on the senate floor. Another important thing to note is that the jct assumed a very aggressive response by the Federal Reserve to a strengthening economy. That is also very different from what we have been hearing from jay powell and janet yellen over the next few days. So even if you discount that, however, there is no way, according to the jcts analysis, that the republican tax plan will pay for itself.
Opportunity. And what a week it has been for the cryptos. No, those are not superheros and they have not been performing this week in any way like a superhero. What happens now after this bitcoin plunge well talk with a head fund emergen manager who is sticking by his opinion. A boxed power lunch starts right now. Tyler, maybe we should call it tales from the cryptos. Youre welcome america is staring at a Government Shutdown but investors taking it in stride, because you smart cnbc viewers know it doesnt hold stocks. They are down, but they are on track for another winning week three dow stocks in focus for the opposite reason, however, ibm down 4 . Despite breaking a 22 quarter declining revenue streak and amx down 2 and ge could not get out of its own way and now the stock is at sevenyear lows on the pace for the worst week since 2009 oh, ford sinking again ford dropping to the lowest level in four months and sound the alarm, adt sinking on their first day and that is even often a lo
Alcoa kicking off earnings season. Europe was missed and the nikkei was up about 1 . Our road map begins with history in the making. The president set to nominate Federal Reserve vice chair janetijanet i yellen to be the new chairman of the Federal Reserve. If confirmed, shed be the first woman. Young, costco and Family Dollar all down after issuing disappointing results. First up, though, history is about to be made in washington. The president will nominate fed vice chair janet yellen to replace chair ben bernanke. If confirmed, shed be the first woman to head any major world central back. The official announcement taking place at 3 00 p. M. Eastern time in the east room. Jim, its been said theres one less uncertainty that we have to worry about. Breathed a sigh of relief. I felt a sigh of relief because its just nice that something came out of washington that, well, just happened and immediately we saw reaction that, well, corker, my love because he comes on squawk might be against.
This hour. What about Mortgage Rates in where do they go from here . Theyve been rising on the fears about the fell pulling back, so where next . My partner, sue, is at the nyse. Hi, sue. Reporter and the markets euphoria not to scale back on qe is farding a bit. The Dow Jones Industrial average off about 31 points. The nasdaq has remained positive, up about 5. 25 point p the s p off 2 points. The threat of a Government Shutdown becoming a possibility less than two weeks from that deadline. Fed chairman pbernanke talked about it during his News Conference yesterday. A Government Shutdown and perhaps even more so a failure to raise the debt limit could have very serious consequences for the Financial Markets and for the economy. And the Federal Reserves policy is to do whatever we can to keep the economy on course. Reporter and House Speaker boehner making some comments today as well. Our chief washington correspondent, john harwood, is here with the very latest on what is turning into