The nasdaq is the leading indices and oil hitting a threemonth highly after military strikes in the middle east energy is the bestperforming sector today joining us for the hour is josh brown, ceo of Ritholtz Wealth Management josh, obviously seeing a little profit taking here is this a tax situation scenario or is there more to read into about losing steam and sentiment . If you see profit taking on the what penultimate the penultimate is that not an american word as well . It is, we just dont use it as much. And it doesnt sound as good when i say it. It doesnt, sorry when youre seeing profit taking on the second to last day of the year, thats not tax related, but it could be front running what others suspect might be fax related, meaning look at a typical investment portfolio this year, if they own sector etfs, for example, they have a ton of Technology Large cap tech has done unbelievably well this year. Or if they own individual names. If you own apple, youre up almost double. Now
News of more pipeline and refinery disruptions are all in the aftermath of Hurricane Harvey now reports of more storms brewing. Well break down the impact on energy prices. And explosion and fire at a Chemical Plant in texas. Were live on the scene with the impact. Scary stuff trying to figure out if its toxic or not we bring with treasury secretary Steve Mnuchin picking up President Trumps baton who spoke to our Steve Liesman earlier with hoy lights of that conversation. Thank you very much u. S. Treasury secretary Steve Mnuchin sitting down exclusively with cnbc saying the detailed plan cometh despite criticism that President Trump was promoting a plan without detail. Mnuchin says there is a plan, and it will be released within the next few weeks. Originally our goal had been august unfortunately, things got delayed a bit, but were on a track to get this done by the end of the year, so youre going to see the details come out later this month its going to go through a committee proces
Discuss north korea. Should investors use the weakness as a buying opportunity . Well debate that. Also, is the ipo market back certainly rokus shares have been roaring higher for a second straight day were going to look at whats behind all the excitement for that stock but in the meantime, we have some breaking news regarding the Federal Reserve. Steve liesman stepping in. What now, steve . Reporter im not stepping in bill Jerome Powell is the news. The Federal Reserve governor, Jerome Powell apparently according to the dow jones met on wednesday with President Trump, interviewed according to them for the fed chair job this comes as its been reported earlier this morning that former Federal Reserve governor kevin warsh met with the president on thursday i think the clear indication is this search for the next fed chair is heating up. We were trying to establish whether or not the current fed chair, janet jellyellen had mett the president. I do not believe thats happened recently well
Comments, with Health Care Reform still on the table, a possible tax reform infrastructure deal coming this year is the best thing to do to keep calm and buy on. The process. It does seem that way. If you look back on friday, what do we see . The markets are actually higher on friday. We thought the bottom was coming out of the market w. One line, speaker ryan cures everything. To me, im actually shocked at this, the market is giving the leeway to the administration. Which means, once again, we are all missing something. I said yesterday, i said last week, i think im missing something, because the market continues to rally when i think it has every reason to sell justify. The market fought. Once you get a positive headline like this, where, okay, maybe tax reform is still on the table, the market want s the rip higher. So, yes, i do believe you stay in these long trades, i do believe you buy on dips, because there is something im missing, its definitely both. The safe trade is a lot lo
Citing weak demand in aerospace. Industrial stocks falling more than 1 as the rest of the market was flat. A big warning signs as we head into next week. Could it be, guy . It should be. Ive thought honeywell is the bell its the leader in the space for quite some time. So i cant think of it as that. And then discount it on the way down. Its a big deal. Honeywell doesnt move 7 in a day. The up side, or the down side. So here we are below levels it needed to hold. I thought 111 last night. I also thought last night maybe it had to do with the way they were changing their counting procedures. Clearly thats not the case. Organic growth down 300 basis point. Any way you slice that, thats not encouraging. To be long the stock, its got to get back above 111. It was a reorder that should have added money based on how they were changing their accounting. I felt like it was a total kitchen sink eventuality. It was a really messy quarter. Tried to learn more about it today. I listened to the call