Work and no relief in sight. Speaking of relief, the top democrat in the Senate Chuck Schumer has republican Majority Leader Mitch Mcconnell agreed the rekindle talks about a stimulus package the senate is on recess through next week. We will speak with Colorado Governor Jared Polis who just moved 15 counties including denver into level red restrictions he is also part of a group of governors speaking with president elect biden this weekend. Plus we will talk with the ceo of the National Association of manufacturers who is working with bidens team to help fight the pandemic today we have with us mike santoli, steer liesman mike, the broader markets are well off the lows as we speak. They are. Kind of a little bit of an aimless back and forth type day. Absorbed a little bit of a morning selloff. Didnt do any real damage it has been firmly bid, especially with son of the bigger nasdaq stocks coming back. Holding the indexes together relatively well. As we speak, the s p around 3,580. Tha
167 drop. Turn positive 59 minutes left in the trading day. Yeah, set for another record day all time close for the nasdaq coming up on the show, the dow component and tech component an hour away from that up more than 30 from the march lows still down year to date. Well have full coverage and analysis when those numbers hit. First of all, lets focus on the big stories were watching mike santoli is back and tracking all the Market Action for us meg terrell has new details on a number of vaccine candidates and were following the action in washington with the key deadline approaching. Mike, lets start with you its almost faz that rotation out of tech into value didnt even happen. You missed it all of last week you know, exactly a little bit of a stutter step that is all. Maybe it took for the overheated big nasdaq names to cool off for 4 1 2 days, 4 1 2 trading days but they are leading the way today. Is a very narrow rally it is a slow motion breakout you look at a year to date, thats g
Of that. Marriott and hilton is down on a downgrade. The 10 year yield is backup to 2. 06 before the powell testimony tomorrow and plenty of fed speakers today and later in the week. Guy absolutely a firm focus on the fed. European stocks are down again. Stoxx 600 down by 1 . Cable is breaking lower again today. The reason for that the politics, probably more importantly core retail data out of the u. K. Today ahead of gdp tomorrow. Looks like the u. K. Economy hit a brick wall in the second quarter. The market is pricing and more rate cuts from the bank of england. By anothernk down 2. 32 . It was a little worse earlier on. It rallied a little bit, but down hard since that plan was announced. Vonnie fed chair Jerome Powell delivering the opening remarks on the recent Bank Stress Tests at the boston fed conference earlier today. His remarks come a day before his today testimony to congress, with investors expecting powell to pave the way for a socalled insurance cut. Here to discuss no
Which is much less devastating than a burst bubble. One thing right now tao plummeting and nasdaq down 52. 3 . We actually finish even lower. It had been the opposite pattern. Boli action on the other hand is when you go straight up and then straight down but the only rescue being bubbles in 2006 and 2007. A ton of toppy action. Dragging down an entire group of investors. Most of these people never came back and in 2007 we had the bursting of the housing bubble. Nobody ould give anybody a mortgage because they were getting them to third parties. Then they rolled them into height the risk. What happened we had a financial crisis that nearly brought down our entire economy. The first one, destroyed confidence in the stock market and the second was the stomach. Destroying major Financial Institutions are leading to the great recession. That was truly a horrendous bear market. Right now we have nothing like that but i will admit though market feels toppy which is worse than fluffy and ther
Answers as power lunch from d. C. Begins right now. Welcome to power lunch. Here is what else is on the menu today. So much for d. C. Drama crushing the markets. Investors shaking off the political turmoil for a day. Is it rally on again . And for how long . Plus, for foot locker today, no thrill of victory. Just the agony of defeat. This stock sinking and smelling like an old shoe. Two allbeef patty special sauce pickles onions all sesame seed bun for mcdonalds. The burger boom alive and well on wall street. Brian . Kayla, thank you. And i want you to know im keeping your desk clean. Ive been using it. A one of the wildest weeks we can remember. The president getting ready to depart for his first overseas trip since taking office. Reporter when he talked to white house officials about the trip they used words like historic and words like reset. Both in terms of domestic politics with a tough week in washington, d. C. And in terms of the International Picture and resetting the debate i