Market another major selloff on wall street. Stocks temably tumbling s p tumbling but check out what happened on the year this has only happened 17 times before going back to 1962. Brian kelly, what does this tell you about the market well, it tells me we are in for some tough sledding, a lot of turbulence. What is interesting, that bonds and stocks did Different Things than they should have done there are a lot of people in the market, when stocks are down and bonds are supposed to be up. They used that as part of their port foal yoan when things get out of whack, they have to balance that. This feels like the end of february, beginning of march gold didnt do well, bonds didnt do well the only class that was up was bitcoin. That seems to be a safe haven. Jeff, what did you make of that when we talk about safe havens, it is not necessarily negative health care outperformed and utilities outperformed so it was the usual suspects but tech not being a safe haven, that speaks to the statis
Manufacturing index hitting its best level since november 2018 but tech stocks as we mentioned lagging. The nasdaq is in the med as apple, amazon, microsoft all trade lower 59 minutes left in the session. Back off the lows. Coming up on todays show, ever corps founder roger altman on how the outcome of the election could affect your machine. Plus mond leez and paypal report earnings after the bell we will bring you all of those nbc first on cnbc with mond leezs ceo as soon as those numbers come out. We start off the month of november with gains after a down ep to october. Bob pisani is tracking some of the action. It is turning out to be a fairly simple narrative to understand today that is investors are choosing stimulus over stayathome plays. Let me show you what i mean. There is a belief there ises going to be very gig stimulus coming somewhere down the road again. Thats taken hold here look at the s p 500, up. Wait look at the small caps, up almost twice as much generally the bep y
And volatile session the. 5 rate cut by the fed morning doing little to calm markets. Maybe exj rating the selling dow giving up half of mondays gapes at the end of the day down 785. Keep this in mind. The dow is now down 3,500 points from highs of less than a month ago. Stocks of course a story but the big story of the day was the bond market. Holy smokes. Bond yields continuing to fall on the 10year, in fact the freefall at 2 00 p. M. Eastern time at 0. 99 . The drawing is not good but you get the point. Under 1 on the benchmark 10year note we have never seen that before buyers not just coming into bonds, also flocked into gold and the gold mining stocks the precious metal up 3 the miners even more the gdx, a gold mining dpks index up 5 today. If you tuned in last night we hope you did everybody around the desk said they were not buying into the gains. In fact, guy adami i believe you said well rally to the 3,500 on the s p 500 on fail you nailed it what do you think of the markets n
A quarterly beat despite increasing costs Berkshire Hathaway including d. R. Horton and lennar weve gotten another warning from fitch, this time the Rating Agency telling cnbc it may be set to downgrade dozens of banks that could include jpmorgan chase. Lets begin with the markets. A lot of credit card data said retail was going to come in strong here. Look, the fed has tightened we know that i dont want a big jackson hole boom, but the economy the consumer is strong the enterprise is strong the weakness is, what, in trucking, in some really bad retailers . David, at times you have to play a game where you find this weakness i need to know where theres weakness give me some weakness. China go to china, young man. China is not in america i just want to give you a little well, you didnt specify geography to be fair no. But in the absolutely china is weak. I wont give out numbers about unemployment because theyre all in school. Many of them are in school at least thats what the chinese ar
Yutilities are green. Unlike yesterday when tech manages to rise, the nasdaq getting slams. Microsoft, amazon and nvidia are pulling back. The plus the congressional drama in d. C. , disfysfunction on top Everything Else. How high will rates rise . Can stocks handle the heat . It seems to be the only question that matters at the moment with earnings season more than a week away. Lets ask our panel, mike santoli. Its good to have everybody here. Mike, i have two things of green on my screen. The vix at 20 and thats not exactly a great sign. No, its not. Very faint bid. Also staples outperforming. You see the defenses responding to the Market Conditions we are in. You have essentially the bond market searching for the pain threshold. Usually over time make its piece with a different level of yields. Were struggling with that. It felt as if last week was stopping just short of capitulation type move and everyone giving up because we had the seasonal strength, the fairy whispering in our e