Retail certificate going to zero not every biotech will keep growing every day. Thats the way it feels on a gay when oil imploded. The stock market got slammed because of it. Dow losing 592 points. S p sinking 1. 79 , why, of course its got a lot of tech and biotech. I dont blame a soul for being confused here. Buy, buy, buy a. Sell, sell, sell. The situation is, confusing were in Uncharted Waters now. It doesnt lend itself to easy explanation. We have to take them one at a time because some of these are so extreme they almost feel like science fiction. Like the price of oil falling to negative 37 and change today. Yeah, thats right you heard me, negative 37, minus sign lets start with oil as that meltdown was terrifying to watch. At dawn crude was a buck and a half, little below 20, seemed okay by the time the stock market opened it was down to 11, negative whoever owned the oil last had to pay someone else to take it off their hands. Next thing you know it was negative 10, negative 2
Dropped 0. 01 , all these strange nonearnings are making it a lot hard story understand. What do i mean by weird metrics . The stock of netflix all right. I know youre thinking about that one heres a stock that has never traded on earnings per share ever theres just not the number anyone cares about youll never hear anyone say that netflix is really cheap at 80 times earnings. No, netflix trades on subscriber growth as these things go subscriber growth isnt too weird a nice objective number. Once you start evaluating a number other than sales or earnings you open the floodgates to other metrics so not just subscribers but on fomo per share. Fear of missing out as in the subscriber account adriven by the fear youll miss out on great content and in a world it trades on fomo but the emmys matter there wasnt anything that made them say im missing out see all those awards im missing out on too much content. I got to sign up and thats why the stock got hit or how about a couple of tech titan
the spending showdown is about to go down. chad pergram following it all, a lot of details to pull together, but he s the man to do it. chad, what s happening? reporter: david, good morning. senate democrats aim to pass the climate, health and spending bill this weekend, but it may be a long weekend. we just got a ruling from the senate parliamentarian, she green lighted a provision in the bill to let medicare negotiate the cost of prescription drugs. democrats say that makes the cost of pharmaceuticals cheaper. elizabeth mcdonough has a lot of sway in process. the closer you can demonstrate a connection between what you re proposing and its fiscal impact on the federal budget, the more likely it is that it qualify for a simple majority vote out will. if i it doesn t, if it runs afoul of the rules of the road and/or is more designed to impact private sector activity reporter: on tapped today a marathon vote session with perhaps 15 consecutive hours of votes on amendme
What a hideous session, lease for the bulls. What does it mean . It is gigantic. Bigger than the stock market when you lose interest, this is what you do. I like to be clinical. Why dont we do that. Samples of ample motivation for their actions. They have gone exceedingly well for Interest Rates. Much higher. Can earn 4. 25 riskfree. That is much better then it was a year ago. The yields are going higher for three reasons. First, the fed has not been able to fully get inflation under control and they have not done much for the economy. Meaning they have every incentive to keep it. Where are the layoffs . Where is the housing . Not yet says mr. Powell. Second, over the last to years, the federal government authorized colossal massive spending that needs to be financed with massive bond issues. And they dont care what kind of price they get for bonds. They have to pay the bills. There, the Federal Reserve itself owns 8 trillion in total assets down from 9 trillion last spring. But 4 tril
Production cuts that continue to hold. Mark lets have a look at where european equities are trading with just 30 minutes until the end of the session close. Iceland is up and greece is up. Portugal is up along with portugal is up. Much of the major markets are lower. Frank, sterling, euro are all up today against the dollar which is about to give up all of it gains posed trump election. Declined ong yields the tenyear path of the curve in the core european bond market. Commodities are lower today. You some shows here. Biggest insurer is lower today. It could lead to a Capital Increase of of about 8 billion euros. Of the bankecutive says there is no plans to raise capital, but they will ask shareholders to raise the limit on new shares to 45 million from the current 10 million. The company says it is seeking flexibility, and that it has no specific projects or investments in mind. The new limit would represent some potential. Sterling is interesting. Article 50 is triggered on wednesday