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As you mentioned, shares popped around 50 when compared to the socalled Reference Price of 26 a share. But no investigator actually made a quick oneday gain of 50 , as they might have in an initial public offering. In fact, the most any Public Market investor would have made buying and selling slacks shares yesterday is about a 9 return thats because the Reference Price is more of an arbitrary one set by the Financial Advisers in the nyse and a direct listing, so no shares were actually sold at that level. The shares opened at 378d 38. 5 rose as high as 42 and ended at 38. 62 to many, thats the beauty of the direct listing strategy versus the more traditional ipo. Theres no favoritism on the part of the underwriters and theres no money left on the table, becaus ....
Plus, were taking your questions. The Halftime Report with scott wapner joe, amy of Chevy Chase Trust and j. J. , with us today. Lets begin with the markets stocks digesting another move into the record books, setting up for what lies ahead there is a lot for investors to consider the looming meeting between President Trump, president xi increased tensions with iran, and earning season in the not too distant season we set another new record for the s p. Tech hits an alltime high today. Thats been the second best performing group this month. And i might finally get steve into the camp where he thinks well see rate cuts but thats clearly what the fed told us yesterday. The table is set for them. Now thats jaw boning. When they do it, that will be Something Else i ....
Amazing run coming into the month of march. Strength and energy, software, industrials, banks are all driving a pretty modest s p 500 rally, but one again that gets us near record highs. Here is the s p recovering from our morning dip. Small caps outperforming the closing high on the s p 500 it is just that one just about 5175, we are within five points of that. Despite sharp losses, supermicro and microstrategy are out performing down slightly on the day. They are still near a three month high with the Federal Reserve meeting now underway, culminating tomorrow. That takes us to the talk of the table that will tape. Can the market continued levitation act. And how high are the stakes now writing on the fence decision and policy message coming in less than 24 hours. Lets turn to liz and sanders. First, some thoughts. It is good to see you. How are you . All right. You have been noting the ravel of churn and leadership shifts under ....
The most who are concerned about the up side risk a number were two sided and we learned for the first time in these minutes that couple participants, just people at the table there among the Bank President s, wanted to keep the rates unchanged so that they were not in favor of they were not voters apparently or if they were, they didnt vote what they said their concern was, wanting to keep rating unchanged. Going to on give you some positive comments and ill offset those with negative or hawkish comments on the dovish side, some saw signs that inflation could be softening. Continuing signs of supply and demand in labor coming into better balance tighter financial conditions were expected to slow consumption and gradual slowing appeared to be in progress in the economy. That was back when they met in july however, that has not been the case here are some of the negative hawkish comments they said real gdp demonstrated resilience t ....
Now since last october theres the tenyear 4. 26 . As a result, the dow not able to get much going today and safe for the s p tech and discretionary names, obviously thats hurting the nasdaq too as names like apple and microsoft remain, well call it, a bit edgy it takes us to our talk of the tape, the state of this market and where it might be heading from here. Lets ask liz ann shononders good to see you. You too we felt unsettled, its fair to say, over the last couple weeks. Where do you think were going from here . You had a distribution day yesterday, some weakening in breadth, but youre not yet seeing the kind of defensive leadership that you might see when youre getting toward the end of a consolidation period. It doesnt feel like, absent a catalyst, that this is going to unwind in spectacular fashion, but it is it feels like theres probably a bit more consolidation to go. What i wouldnt mind seeing is a continued profit taking, maybe up the cap spectrum into those prior high flye ....