Markets sort of whipsawed by the tweets last night from the president trying to figure out exactly where we are how are investors supposed to take this today . Well, you know, i truly do believe, scott, even after the president s tweet yesterday that sent the markets down almost 500 points in a very short period of time, the last hour and 15 minutes of the day, i still belief theres the possibility we have out there, and i brought this up last time i was on with you guys, the idea i thought we would get one done by the weekend or through the weekend obviously with some of the tweets and so forth, but then the president immediately seemed to have flipped back around and be a part of this whole thing. I do think we will see a stimulus at some point in the not too distant future because of that, i think it gives you a great opportunity on that dip yesterday, and obviously youre seeing a pretty nice rise today. We know what the temperature is of the markets and what people want to hear and
And take a look at where we stand in the markets now we are at session highs. Dow and s p, nasdaq, all rallying the dow is up by 1. 4 . So is the s p 500 and nasdaq is up by 1. 7 major averages are on track for their best week since the beginning of june. Check out some retail that i means hitting record highs home depot and target lets get to bob pisani for more on whats driving stocks higher look whats going on here this week, the sectors most beaten up in august, theyve all rallied. Cyclical semiconductor, retail, industrial theyve all rally ied this week. The more defensive groups, the ones that have been stronger all throughout the month of august, the Consumer Staples and the ewe tillties and gold stock ises, theyre all underperform iing ts week so what is this were seeing here is this an oversold rally in these sicyclicals . Month end rebalancing . More optimism on trade talks maybe all of them. The problem is theres not a lot of confidence in the rally because of the uncertaint
A lifetime contract. We are half an hour into the trading session. It has been quite a big cello around the world. Matt miller has the latest. Matt im looking at oil prices, especially. Crude, not only nymex crude, started dropping precipitously around 7 00 this morning. Brent is also down. West texas intermediary, you can see the big drop that we had to 36. 85. We bounced up a little. Brent came down earlier and drop to below 40 a barrel. Both of these products, commodities, are down till those that we have not seen since february of 2009. Brent had a bounce it is now at 40. 39. I graphed a spread. Even see it is getting tighter and tighter. The less of a difference and they are correlating more. Betty stocks are moving in tandem with the slide were seeing in oil. Matt stocks have come down for the third day in a row. Looking at the major averages. We have recovered a little. We are off 1 of the Dow Jones Industrial average. The s p have recovered down a tense of 1 down 8 10 of 1 . Th
Tobacco stock . Is it fossil its going to go away . That notion and the diselusion of the cartel are rattling in a way that nobody could predict. Dow going and s p shrinking and on a day when the price of oil fell to a low and then a 17 year low. We have to talk about this. You you know that i have been saying how the market is in crazy town. A place where good news is bad news, and we did have a nice change of this on friday and we rallied. Today however, perhaps the best news that could happen to the consumer aside from the tax cut which your never going to get. A further giant decline in the price of something that we all spend a lot of money on. Energy is having the usual horrendous impact on the entire stock market. Some of it goes with exxon and chevron. She have seen people get crushed because they bought them in yields. Many of them cannot be maintained. Many will have to be cut. Some will be eliminated. Worst of all, we have seen the stunning decline in s ps. Thats a group for
That notion and the diselusion of the cartel are rattling in a way that nobody could predict. Dow going and s p shrinking and on a day when the price of oil fell to a low and then a 17 year low. We have to talk about this. You you know that i have been saying how the market is in crazy town. A place where good news is bad news, and we did have a nice change of this on friday and we rallied. Today however, perhaps the best news that could happen to the consumer aside from the tax cut which your never going to get. A further giant decline in the price of something that we all spend a lot of money on. Energy is having the usual stock market. Some of it goes with exxon and chevron. She have seen people get crushed because they bought them in yields. Many of them cannot be maintained. Many will have to be cut. Some will be eliminated. Worst of all, we have seen the stunning decline in s ps. Thats a group for the outside distribution and in part that the guys and the groups finished with ope