Well and apple. That event is just wrapping up now. Announcements shaking out in the stocks of different competitors. Were going to fill you in on all of that action but joining us for the hour is steve grasso from stuart frankel. Steve, great to see you. Good to see you its amazing. Not necessarily a major move for the averages today or right now. Everything is slightly lower and actually, if you look at the week, the dow is actually flat so far to start off the week and yet theres been this great rotation talk to us about that. The rotation is coming out of growth into value. How long does that last is how long the market will be under pressure and for now, it probably will last a little bit longer, but get a trade deal, throw everything i just said out the window and you see everything rally back people are making the analogy back to 09 and 2016, with this rotation that lasted for a couple of weeks. I dont think it will be that long do you really think were going to get a trade deal
Good morning a warm welcome to Worldwide Exchange here on cnbc im wilfred frost. Lets get straight to the market picture. We did see yesterday the s p flat, the dow down about 0. 15 the nasdaq was up, 0. 2 . Theres been some concerns of a selloff. Weak to date were only down half of a percent for the dow and s p. The nasdaq is down a full percent. Its not that bad given the great runs of late this morning bouncing back, nearly 40 points higher for the dow. The s p up 5 points. The nasdaq up 25 points or so. Lets look at europe it was down yesterday, but not too badly. Having sold off more meaningfully at the start of the week germany up a half percent. About a quarter of a percent of gains for the uk and france. Asia in the eye of the storm yesterday with quite significant declines lets get more on the markets in asia from Nancy Hungerford she joins us from singapore. Hey, nancy thats right. A different story here for asian equities lets start with the comeback story, the nikkei 225, h
He sees happening next. How is your neck feeling if you felt whiplash today you are not alone, it was indeed a katy perry market. Hot and cold the dow traded in a 1,000 point change heres how this turn around tuesday went down of the we began with nerves high the dow dropped 500 at the open. Boom buyers stepped in. And we shot up 400 points at the blink of an eye. Then volatility and negativity again. And then it went to the bulls. The dow closed up over 500 points guy adami. Welcome again. Im here all week is it safe to go back into the market obviously some people thought so today. It was in many way as more volatile market today than yesterday. I agree with that so in that question what you are implying is volatility over now have we seen the last of volatility i would answer i think we are seeing the beginning of volatility but is it safe to get back into individual stocks . Yes. We talked about home depot and micron yesterday they raised guidance and that stock was up 10 i think h
Points. The s p having the best day since march. This after treasury secretary Steven Mnuchin talked about tax reform. Heres that developing story. Melissa, treasury secretary Steven Mnuchin started to cool as part of the administrations plan for tax reform. He said that there are other ways to raise the 1 trillion in revenue that the adjustment board would have provided. He was careful to say hes not been taken off the table. The retailers got a bump off his comments. The xrt started climbing about 3 00 p. M. When mnuchins comments went live. Mnuchin has waffled on the request ein the past, always saying there is some concerns and that theyre studying it. Hes even raised the issue of how the curbs rency would adjusn this plan. At the very least, we have not yet seen the phenomenal plan that the president promised back in february. And democrats in the senate are lining up to oppose. So if there is no tax cut this year, is the hope of a tax reform enough to keep this rally going . Guy,
The administration. There will be more appointments in the next couple of hours in days following trumps decision. The foxbusiness is all over. They should be scratching and klein. The markets are mixed. The bond wrap his truck starting to worry some gurus. Start the countdown. Liz we are minutes away from president obamas News Conference and we are quite sure that hes can be ask some very pointed questions about president elect donald trump to stay with me until he comes to the microphone. The dow hit a record but its not the showstopper today. This small and midcap benchmark. If you went all the way back to the existence of this. At the highest it has ever been. The russell which is a small and midcap the number to watch. Where 1,000. We need to close above that number i just gave you. Some of the fastest horses in the race. If you dont its because they are small caps. They are going on a shopping spree. What is a last time you saw him with such a nice holding. Jcpenney up a 5 . Nord