New jersey, connecticut. That really added to things. It is still going on. Governor andrew cuomo on the screen speaking live right now. At the beginning of this, they cade a joint announcement. People coming into the tristate area from certain highrisk states would be ordered to quarantine for 14 days, when investors heard that, the market went another leg lower. Well cover it from all angles, starting with Jackie Deangelis in the new york newsroom. Like i said, jackie, things were not going great to begin with andth just added to it, right . Reporter exactly right, connell. There are is a twopart story. There was fear in the market about being spike in coronavirus cases across the country in certain states. That added to tension for investors. Were seeing a spike going into the summer. That was not predicted. Theyre thinking about what could happen if there is a second wave. That is the push and pull weve been experiencing in the marketplace. New york, new jersey, connecticut governo
And the fed will get to zero pretty quickly. They are in a nowin situation. Had they not done anything the market would have been disappointed i think stocks are higher a year from today, at the end of the year. I am looking to raise my target i am at 3440 my notice for earn something 172. I think they cut 50 at the next meeting in just two weeks i think thats going to happen and thats where we begin our debate today, what i think is the only one that matters. The coronavirus and whether it was a blip or a black swan and what that means for where stocks may go from here we will attempt to answer that question today with our Investment Committee committee and another guest vinny viola. Joe terranova, stephanie link, josh brown, steve tubin. We will lean on him today to find out what he is telling clients. Stocks and bond yields plunging. The stock off its lows, still a loss of 550 points you tell me, is this a blip or a black swan a blip, stocks are voweler inible, they may go down well
The New York Stock Exchange and as i said, countdown to the closing bell is not going to take any breaks and that decision is made because we are watching a mighty tumble and struggle here. Folks, its a very fastmoving one. Dow and s p 500 are on track for their worst week since january of 2016. Tech and financials are pretty much the hardest hit fears of inflation and of course higher Interest Rates rearing their heads once again. Let me start with Interest Rates the rising 10 year treasury yield started the whole thing last friday when we lost 666 points on the dow and by the way were down 600 right now. Intraday, today, the 10 year treasury yield briefly revisited the four year high of 2. 88 that it had hit remember this early monday sort of overnight before many of you were awake. That sparked an 1100 point blood bath back on monday for the dow. To date we touched that level and were now off slightly at 2. 85 . Nasdac, look at this folks at the low of the session today the nasdac w
Points s p sitting at 60 or so points above its low. Were watching a whole bunch of Different Levels today notwithstanding the bottom right hand corner, thats the yield on the tenyear note, 2. 85. Its been higher than that today. That, joe, seems to be the focus of attention that level about a fouryear high as it creeps apparently ever closer to 3 . Yes and i think the market right now has this paradigm shift where we are going from remember the new normal, everyone was talking about the new normal were going back to the normal and i think thats exactly what the markets right now are trying to understand. Were not really going to get any insight on fed chair powells feelings about the market until he goes before guess and the senate i think he does that february 28th and march 1st we need some certainty what is he fighting is he fighting what other fed chairs over the last couple of years have wanted to fight, which is deflation, or is he now fighting inflation we dont know what hes fi
Point process the days highs to the lows and back up again. Todays move alone, 849point swing. We were down more than 400 points about an hour ago, and heres what happened. The s p dropped to whats called the 200Day Moving Average. This is a socalled major technical indicator that stretches out over 200 days as a trend. When you drop to that and hit it and go below it, that kind of makes the markets do squirrely things. It triggered a move, and the move was to bounce up higher. People saw that lower level, they swept in at least some of you out there and started buying. But both the dow and the s p 500 we do need to remind you at this moment remain solidly in correction territory. That means its more than 10 off the highs of january 2016. That was a record high. The nasdaq is just slightly below that at the moment. Were watching it tick by tick here. So far the u. S. Markets shedding some 3. 2 trillion this is on paper over that time, and its according to the wilshire 5000 index which