Red after bopping when bob iger said he is confident Disney Streaming offerings refer profitable by the end of the year. Target shares jumping but still some areas of concern. Were going to discuss that coming up. But lets start with todays declines in the broader markets. Mike santoli joining us from the new york stock exchange. Mike, a day like this kind of expected after the rally that weve seen . For sure, court. In fact, maybe multiple days like this just because the s p 500 managed about a 25 gain off the october low. We have only had two down weeks in 4. 5 months. All those things suggest theres room for relatively routine backing up of the indexes. What is going on below the surface is a fit full rotation happening. The big winners in the nasdaq 100 in tech have been giving back some of those outsized gains youve been mentioning. You still have a 50 50 updown split on the new york stock exchange. Its not like everything is for sale. The s p 500 is back to levels we first got to
Door to door to all the Office Buildings here south of Market Street to get everyone evacuated. Just to make sure that this situation was safe. No one was hurt. And you will see things business as usual today. Life will be back to normal. You will be having to go to work unless you work in the building right here across the street from the building in question. Thats 44 tehama. That building is still evacuated and they dont have an estimated time of when theyre going to lift that evacuation. Live in san francisco, amy hollyfield, abc7 news. Firefighters escorted people back to buildings and cars last night for some six hours after they were evacuated. Many workers left their jobs without their keys or wallets. It was mostly businesses but some condos were affected too. The its one of these situations where, in essence, theres not much you can do about it so its a situation where you just have to keep cool, trust the fact that the city has this under control and the information will get
Oakland area so this is northbound 880 at the 5th street off ramp. Jackknifed semi, that is blocking the two right lanes right now. It does sound like there are injuries involved so emergency crews arriving on the scene. Two left lanes are open and im just hearing about another crash, a vehicle lost control, hit the Center Divide there and then bounced back into the far left lane just north of this one. It is treacherous out there this morning. Slow down and drive for conditions. Were looking at a ninemile average. 580 looking good if youre not driving a big rig and well about that. Plus a check on the Central Valley. Were tracking developing news in San Francisco. Want to bring you a live look right now. This is 1st and tehama street. Crews are preparing to remove a 30ton concrete pump from a platform on top of a highrise under construction. The platform gave way yesterday and prompted concerns that the heavy pump could fall to the ground. Officials say it doesnt pose any immediate da
Financials and industrials are the losers on the day. I think theres Something Else weighing on stocks. Weve talked about that. Steves talked about amazon. The transports are the things that concern me now for the last week or so. We talked about it last night. Tim brought it up. The iyt has been rolling over since the high at 145. That seems to be headed towards levels potentially we saw in january. Thats number one. Russells in a very longterm downtrend. That seems to be rolling over as well. You couple that with bond strength which is undeniable at this point. The fact that gold still seems to have a bent to it. It leads me to believe the s p is the last thing to fall. Gold was higher even with the Dollar Strength today. Yeah. I thought the price action today was horrible. If i was a bull, i would be very frightened. You had retail sales which were actually good. It beat expectations. Broad economy very well. Countered what happened to macys and nordstroms this week. So this should
The biotech index is the new vix. Though today the vix is the new vix as well. Oh, how quickly things unravel. The nasdaq is down more than 7 from its high of just a month ago. The russell 2,000 is as well. The Dow Jones Industrial average by comparison is only after 2. 5 from its 2014 high. Thats only a reflection of how poorly it had done relative to the nasdaq until the last week or so. The dow is down 1. 3 . American extress, disney, microsoft, jpmorgan whose earnings are coming down right in front of us here. Some of the real rate sensitive names, rate sensitive parts of this market as that tenyear continues a jawdropping drop db pardon the repetition there is one thing thats getting peoples attention. You can look at some of the big insurers, metlives, and see the pain there. People are jumping out of those higher rate moves. What do people do when they feel pain . They eat and they shop. Mcdonalds is the best performer in the dow. It is actually in the green today. Theyre eating