Good tuesday morning, welcome to squawk alley. Im Carl Quintanilla with jon fortt and Julia Boorstin with us dow because up 275 this morning. We lost some of that the covid19 vaccine rotation is continuing with tech down another 2 today and the s p 500 down 26 points thats where well begin this morning. The nasdaq falls investors rotating out of tech to some degree the managing director is going to help us start off the hour. Good morning, mark good to see you. The. Hey, carl, good to see you. We know i mean, the argument has been made that world changed a little bit yesterday for the better but is the tech reaction is there bath water being thrown out too . Well, yeah. The world did change id argue a lot yesterday. And not surprising that were seeing a rotation in some of the tech names i think for the next little while here, you know, expect the expected were going to think continue to see some rotation away from the work from home names probably bate probably a bit of a short term r
Million. And beyond meat, those shares are down sharply amid slowing sales, while mcdonalds launches a new plantbased product line carl well get to that later, guys first, jim, a lot to unpack with the covid cases, pfizer news, lilly news today, azar on squawk saying the timeline for a vaccine delivery is getting pretty specific now. Right look, were back in that same world and i listened to the fund manager speak on squawk, got to buy value and sell growth where were they yesterday whenle have you went from being okay to being overvalued in about a threehour session i find that when i look at some of the stocks that i like in the industrials, they have gone so far that i think now everything has to happen right and these arent going to happen righting. They are hostage to earnings Cloud Computing stocks, they have a lot of room to go down because theyre so high. When you look at faang, for instance, does it make it so alphabet is worth less the principle method of how alphabet makes i
Plan, but Republican Leaders warned the gap remains wide. Mitch mcconnell says the plan contains poison pills. Bloomberg economics cuts its growth forecast for japan, saying the recovery is weaker than expected. This hour brings a survey showing what business thinks. We are getting breaking news crossing the bloomberg. President trump has moved to sign an order which would expand u. S. Mining, citing a threat from china. President trump has moved to expand rare earth mining in particular according to an official. We know china has in recent years have a huge presence when it comes to rare earth mining, which is used from everything from cars to mobile phones. Officials say President Trump has moved to expand rare earth mining for the u. S. There is a political element where union votes will be key going into the election. We will get you more details as they get to us. Lets take a look at the thursday session with sophie kamaruddin. Miers we are watching across the region following tho
Strong data on housing and jobs along with big beat for chicago pmi. Late breaking headlines regarding modernas vaccine. Off session highs but off the lows as we speak still wog up on the show. Coming up San Francisco fed president mary daly to talk about economic recovery, stimulus and jobs picture in america. Plus we will get a read on the consumer when we talk to the ceo of General Mills his first interview since reporting earnings last week. Cocacola entering Hard Seltzer Market with help from molson coors well talk to the ceo of molson coors exclusively about this partnership and more lets get to the big stories 59 minutes of trade. Mike santoli tracking Market Action as stocks look to close out september with a bang. Meg tirrell with headlines around moderna and leslie with the latest on palantirs review. The market, whats driving it . Sara, a lot of things blowing around in the market, quarter end, reaction to the debate, pretty good economic numbers but also in the context of a
Runs out and shares of Bed Bath Beyond are surging, the retailer reports comps of 6 , online sales soaring 89 , jim so earlier in the week, jim, and even last week you seem to be pessimistic about the prospect of a compromise coming together. Do you feel any different this morning . Look, i think the Airline Layoffs are looming large because with layoffs come a cut in roots, with a cut in roots is a pain point, but i think its the senate, we keep talking about mnuchin and we keep talking about speaker pelosi, but i think the senate is buying into the president s vshaped recovery and i think Mitch Mcconnell is buying into it which says why do we need more we have a v shape, its just Certain Industries that can be triaged. I know that the industries represent small and mediumsized business so im against that, but i would say in favor of the mcconnell position, at least if you are looking at the stock market, this set of earnings, now, that is not what they care about and i dont want to m