The most groundbreaking treatment for covid19. The maker of new antibody technologies. More than one Million People now dead from the disease worldwide. Welcome to bloomberg technology. Markets rallying today, tech again leading. Joining us now, abigail doolittle. We were talking about a rally at the end of last week. Is that now going to extend through this week . Abigail it certainly did today. It was not just tech. Rallyeadth of todays possibly more impressive than the size. The nasdaq over this time, the best three days since april. That is the degree of the buying power. Really helping out the nasdaq. Again, very solid again. It was driven last week by apple, which put up its first up week since august, claiming back above the 50 day moving average. The fundamentals not changing so much. Perhaps more technical selling after some technical buying in august. I was mentioning the breadth. Very well. Apple up 2. 4 . Tesla continuing its rebound. Disappointment for another day, up 3. 4
The nasdaq gaining 1. 7 . There could be a big threat bubbling underneath this market. President trump and chinese president xi jinping both dialing up the rhetoric today at the u. N. General assembly. Reporter President Trump has often used his annual speeches at the u. N. General assembly to challenge his adversaries, whether its the Nuclear Regimes in iran and north korea or for the second year running china, which he took direct aim at in his speech this year that was prerecorded despite consummating a trade deal with china in january. At this years virtual diplomatic gathering, the speeches were prerecorded and shorter than usual, but President Trump pulled no punches against china, which he accused of letting citizens leave the country and infect others and accused it of withholding information about the virus. The Chinese Government and the world health organization, which is virtually controlled by china falsely declared that there was no evidence of humantohuman transmission.
Of mind blowing. Check out these numbers, the six biggest tech stocks losing more than 1 trillion in value in three days apple, microsoft, amazon, microsoft, tesla and facebook. This is kind of unbelievable on the way up, we kind of get i wont say we get used to it. Complacent. We dont quite notice it as much after the split, was apple up 40 or something remember when we were arguing about tesla at 500 a share . Look where it went eastbound the s p was up almost 60 since march. You get these crazy moves to the upside we should have been able to watch this after all these years and how quickly the corrections can come to get that move and have a correction in three days maybe we need to even revise the terms for how we talk about it given what the nasdaq has done, that perspective it is nothing it is not that shocking if you are a longterm investor, this is no big deal. If you were looking at this. Those six stocks losing a trillion in value, they are still up several trillions you are
Coming after yesterdays euphoria that is part of the momentum growth trade materials and industrials are the only sectors in the green. We have a few more ipos and awaiting more news on tiktok and oracle it will be busy coming up on todays show, mohammed elerian will join us on the on going stimulus stalemate and well speak with Jim Fitterling and shares of Cybersecurity Firm Palo Alto Networks up 80 from the march lows as companies boost protections for employees working from from home the ceo will join us to discuss that trend and much more lets focus first of all on the big stories youre watching. Mike santoli is tracking to days volatile Market Action we have the latest on stimulus in washington and sara has new reporting on the oracletiktok sag yachlt mi saga mike, markets down 1. 4 . The ive been heavy tape all day. We continue this process of sort of undoing that august overshoot to the upside. Ive been focused on levels that we saw back on august 11th thats about 3333 we closed
Much better to be honest about it and you know both candidates have talked about being tough on china weve definitely seen president trumps track record in terms of the trade war weve heard yet it biden talk about the fact that he wished prohibit u. S. Companies from abetting repression wanted quote at supporting the chinese Surveillance States also talking about imposing economic sanctions on beijing and so these are this is something that definitely is in the air although right now i think coronavirus issue is on the top of the lets put it in your i mean yeah i think as i said i consider my introduction and its a lot of written rhetoric because the captains of industry in finance have done extremely well in their interactions with china over the last few decades i dont think they want to see that change one iota so im on the one hand i think its very rhetorical. And in the end it incites passions and emotions but i dont see the c. E. O. s and president s of companies doing very much