At a record high for the dow the s p set a record high on friday up another 30 points and the nasdaq, an underperformer last week, is indicated up by close to 60 points stocks have been on a big run. If you look at last weeks returns the dow was up just over 4 last week the s p was up just over 2 . And the nasdaq was down only by half a percent you are talking about the third week out of four that is seeing negative returns and that has been the underperformer. Really across the board a lot of strength the russell 2000 hitting a record high last week and big, big moves. Remember, its only been a week since weve heard from pfizer. That set things off especially ones underperforming as people stay home. The ten year is yielding 0. 885 . Joe, that was a wild ride last week, too, watching what happened with treasury yields. Potentially getting up to 1 but now were back where we started. All part of, i guess, reopening. The market given the backdrop i will talk about right now the market is
First lets go right to bob pisani for more on the market selloff today. We are off the lows but just barely 3366 was the low today, 3381 right now. Lets not quibble about a few points the damage is pretty widespread, but the general theme is cyclical stocks and stocks most associated with reopening stories are having a tough time of it. Energy, oil down about 3 at 1 , banks, which had a good time last week not starting off the week well, industrials, another cyclical group and defenses will sectors like utilities and staples all down sap dropped as much as 21 over in europe here they cut their revenue forecast for the full year they expect a fresh wave of lockdowns to hurt demand through the first half of 2021 first off, first half is alarming but just the idea that general airically t general ai generically, people are betting its a broader more than stock specific so we have no stimulus right now of any term, near term, long term, any term we have a reopening story thats going rather
Good thursday morning, welcome to squawk on the street. Im carl canton . Eua. News is solid and question is can johnson sell that to parliament as early as this weekend. Sterling has had a big mix Housing Starts disappoint. Our road map begins with netflix soaring despite the miss, the streaming giant warning that increasing competitive head winds could weigh on growth. It shows Morgan Stanley to be rallying, this on what looks like a strong quarterly result the banks cfo will join us this morning. As we said, futures rallying on new brexit hopes, uks parliament, approval, though, remains uncertain. Lets start with netflix subgrowth did mix. Rebounded to almost 6. 8 million thanks to International Strength on the earnings call, Reed Hastings did talk about the competition with disney and apple, set to launch their own services next month. Fundamentally there is not a big change here. It is interesting we see both apple and disney launching basically in the same week after 12 years of n
Competition in the space. A weight loss drug promising competition for big players. Could it mean an acquisition is in the future. We will dive into it. Im melissa. Tim see more, Courtney Garcia and guy awe daumie. The nasdaq jumping more than a percent, notching the first record intraday high since before thanksgiving 2021. The techheavy index closing below 16,300. The s p also marking alltime highs putting in its 15th record close since january 1st, but there have been one notable name sitting out of the market rally. Apple posting another loss today and is now down nearly 10 since hitting its record in middecember. Whatever happened to that old idea that we like to say, bandy around here, that markets could not go higher without apple . What does it mean for the rally . Is this actually good news for the market, guys . Im one who adhered to that. Again we play the game often. Guy, if i told you that apple would be hold on. Is that a third person reference . Not the way i could have.
Hillary is losing the left. Apple joins the dow. Varney company the friday edition is about to begin. Why dont we take a look at the stock price of apple. It is up 2. Why is that . It will join the Dow Jones Industrial later this month. Apple is replacing at t. The iphone is in, marbella is out. Any doubts stock dow stock fund that you may have in your 401 k anywhere will now have to buy apple. That is why apple is up. Chances are many more people will now have an indirect ownership of apple stock. We have to check the big board. It is not pretty. Holding above 18,000. The reason it is down so much is that jobs report. If there was an encouraging top line the investors think the Federal Reserve janet yellen will not be keeping Interest Rates at zero for that much longer. Lets get to gas. Still going up. Not too much overnight. 245 is the average for regular. Thirtyeight Straight Days that gas has gone straight up. New information on Hillary Clintons email. It is from a group of white h