Earlier losses closed at a record high. Thats kind of where our road map starts as it often does investors shrugging off Global Growth concerns. Stocks set to rally at the open. And records still within striking distance. Plus, broadcom eyeing symantec, my reporting added to bloomberg yesterday which broke the story. And mine. And jims give you more details. And pot shakeup, bruce linton out, telling cnbc he was fired from the Worlds Largest publicly traded cannabis company. Somewhat extraordinary. No. Wait. Having him on talking about being fired. Want him back all right lets talk about stocks. Looking to set a new milestone this morning s p 500 on track to open at an all time high. That would be the second time this week. Yesterday the index posted its seventh record close of the year take that, Global Growth concerns, take that, what did we get from edp this morning . Adp, 38,000 jobs less than expected created so what . So what i think melissa had some great commentary in last show
Today. The single most important piece of information that they release. The dow gained 29 points and the nasdaq fell. The market is down right shocking the bank stocks have been rallying for days since the economy is red hot hot enough that the fed might have to raise rates repeatedly the hope of fast paced rate hikes have been driving the financials higher and i have told you that the financials are the most important leaders of the sector out there not tech, not health care. Not even industrials but the fibs as we call them is to help the Banking System with a big job loss in retail, no doubt thanks to amazon and online brethren the industrials and the transports caught fire the former because maybe the fed wants to strangle the rapid rate hikes but a lot of the transports are connected to the ecommerce throw in the big pushes from the Analyst Community from amazon and apple, two of the market generals and you get new winners all plumped up to feed the beast. So can the beast contin
Warm wul come to Worldwide Exchange on cnbc update on the market picture this morning we had gapes last week, the seventh straight week of gains for the s p and the dow. The nasdaq led the week for returns up 1 , s p less than that, the dow up more like half a percent. The nasdaq needed a 2 gain on friday to take it into positive territory for the week for the whole and some of the tech earnings we discussed late last week the main driver, the alphabet, google, microsoft, for example. This morning we are mixed to low. The nasdaq holding on to slight gains but the dow down 32 points we did see yields rise above 2. 4 middle of the week, we were pushing close to 2. 5 2. 44 was the level we hit. We did come back by the end of the week and were just above that 2. 4 level this morning looking at asian equities, the nikkei having another stellar performance last week, up 2. 6 as you can see didnt quite go into the red today but still had a fantastic run of late 22,000 the level there. Hong ko
Adp in line at 177. And our road map begins with apples iphone sales disappointing. Why the company says future product rumors could be to blame. Private sector hiring slows. Will signs of a cooling job market change the feds potential rate hike plans . And a food rally, mondelez and yum brands beat the expectations. Mcdonalds gets an upgrade at goldman up. The iphone shares disappoint and tim cook said we are quote we are seeing a delay in purchasing behavior that we think is a consequence of the number of rumors and reports about future products. That is happening outside of Greater China. Jim, it will be interesting to watch you get him to expand on that. It is going to be the smallest gap up or down for apple on earnings in a couple of years. Well, look, i think that this is one of those where if we looked at it as a Consumer Products company, wow, they beat by eight cents, look at this return of capital its amazing. But you know what, that is not the way that the street views appl
Worst performer is spains ibex 35 and theres wti which i know my partner here will have a lot to talk about he almost always does. It is often a key to this market, down this morning. Lets get to our road map this morning. It starts with the start of amazon shopping holiday, as the rest of retail suffers plus a number of recent ipos that have fallen below the bear syndicate what their pricing was, what it means for the valuations and rest of the companies that want to go pep. Pepsico is out with its results as earnings season begins. Well speak to the companys cfo on set in just a minute. Amazon prime day is under way. The company highlighting deals aimed at enticing customers to become prime subscribers as a number of retailers are coming off a rough day on wall street we were talking about it here before it began. Macys saw shares fall 7 . Best buy was yielding 7. Reports about a geek squad effort at amazon, jcpenney down now in the premarket after announcing the departure of its cfo