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Selloff on wall street as we are one week away from the u. S. Election. The dow down as much as 200 points at the low. The s p 500 closing at its lowest level since july 7th. And the nasdaq locking in its sixth straight day of losses for the First Time Since april. You have the vix soaring, gold jumping, high yield down in the last six and small cap stocks getting hit the hardest. So are election fears finally taking their toll on the market . Are things only going to get worse . Ahead of next tuesday . Guy. Things only going to get worse. That implies the market continues to sell off. Im not convinced its election fears. Were going to have that conversation. To me, more technicals. Why is it technicals . Ill give a quick example. Last night youve got great data in china, right . Great data. What i thought was pretty good data here in the United States this morning. We would ....
An alltime record. Heres the big question. Check out this chart. The last four times weve gotten to this level, stocks have tumbled. Is this the ultimate fakeout or maybe this time its the breakout. Guy, what do you stay . If you want to blast through that level, the high we made last may, its hard for me to say. I dont think its a fakeout. The market im not some raging bull here. I havent been. Im still not. But you have to respect the price action. Every piece of bad news has been digested and followed by the market going higher. Ive got to tell you, friday, the jobs number, the number alone should have had the market sell off. And it didnt. The answer to your question is, i think we absolutely go up and retest the 2135 level in the s p. I dont think you have to respect the price action so much, when you think where the market has been. The bottom off the january, february lows. Were back at 2135. Look at that. Theres no reason why you shouldnt make a new high. It has to be confirmed ....
We start off with autos. Very bleak picture for auto sales in the month of may. Numbers tanking across the board. Gm and ford falling hard today. What are the dismal may numbers signaling . Autos, trouble. Autos have been a huge driver of gdp growth since 2009. Cash for clunkers. Then subprime loans exploding. Now, mike jackson was on cnbc back in january. Hes the ceo of auto nation, the largest car dealer. He said back in january that things were slowing down. Whats interesting is the automakers, they increased production. So now we have an inventory problem. We have almost three times as many cars in inventory as are being sold. At that level, thats the last time we saw that level was back in 2008. And that generally signals the peak of an auto cycle. We talked about the peak, but as that comes down and you start to see ford and gm start to take some production offline, if this really is peak auto, thats going to start hitting unemployment, thats going to start hitting gdp growth and ....
The European Union. Tune in to what he thinks. Sounds like you stuck it in over the weekend. Heres something you dont see everyday. An Industry Group asking for war regulations. They want regulation of the banks. They want more regulation of Fintech Companies in particular. Cam fine will join us to explain after the bell. We start with janet yelllye speaking. The latest market data raised the latest favorable possibility that firms may have instead have decided to expand their operations more slowly, and i intend to continue to pay close attention to developments in this area. So many think a june rate hike is off the table. Lets ask. We have cnbc contributor jack. Welcome, everybody. Eugene, first to you. Just as we were anticipating a rate hike, now it looks like its off the table, or is that your opinion . I think ....