Indexes were pulling back. You can see, were now flat across the board. The nasdaq just inching positive. All and all, one of the rare not up days for your stock investments. And of course all of this coming ahead of what is likely just the second fed rate hike in a decade. Tyler . Thank you very much, brian. We are less than an hour away from that fed rate decision. Most people do expect a quarter point hike. Could it be more . Well explore that in this hour as well. It has been a year since the last hike, then there is yellens News Conference, thats at 2 30 eastern time. Steve liesman following all of it for us live in washington. Hi, steve. Good afternoon. Just a quick note that we got some data this morning, the fed got some data on the second day of its meeting when it makes its policy announcement. And decision. And that data was weaker. I want to show you the cnbc rapid update. What happened is economists have taken. 2 off their forecast for the current quarter, down to 1. 8, th
263,000 jobs, that caused the averages to roar higher for most of the day. But then the Federal Reserve threw cold water on the whole market. Yep, when the fed minutes from a month ago were released, we saw that they talked not about the economy being strong, but about stocks being too strong, it was almost as if the fed was saying that the stocks had gotten ahead of themselves so they had to take away the punch bowl with some stock bad mouthing. Paul ryan came out and said that tax reform will take longer than health care. Whats longer than never . Put it all together and the averages only went into a tail spin, erasing our earlier gain, causing the dow to close down 41 points while s p lost. 31 and the nasdaq sank. 58 . The fed signaled that maybe things arent as great as the bulls may think, which sent markets plummeting. Thats why i have to stress displadi discipline. At 1 59 at the top of the session, it went on for about five minutes, it looked pretty frosty. Since we have got th
Tech wreck. Down more than 3 . Underperforming the rest of the market. Its negative. And since check this out. The five Biggest Companies of the nasdaq 100 have lost a whopping 100 billion in market cap since trump was voted into office. Now, these have been the hottest stocks all year. So is the trump tech wreck a buying opportunity at this point . Guy adami, what do you say . Hi. Hi i think there are three reasons why you have seen the soft in tech. The first reason is a stronger dollar. The second reason, equally so, has been this huge rotation into financials, into material stocks, out of tech thats been working for quite some time. I think the third reason, maybe a little more nebulous but almost as important, as Interest Rates have gone up, the need to own stocks with dividend yields have gone down, and a lot of these tech stocks have great yields. I think this selloff i think the selling will continue in a lot of these names. But there are certain names out there, if they get to
Week. This as investors grew concerned about the strength of the Global Economy. In a major report, the bank of england warned the risks associated with last months vote by the uk to leave startin crystallize. In response, the british central st three quarters of uk banks account i accounti greater flexibility to supply credit to uk households and firms. Uncertainty over policy both here and abroao pressured crudet the yield on a tenyear treasury to a record low. The Dow Jones Industrial lost to 17,840. Nasdaq off 39, s p 500 was down 14. Brexit not just t vote. The impact could spread to other weaker parts of europe, like italy and potentially cause more serious problems. Michelle carusocabrera explains. More than a a week after the vote in the yoon union, there is one clear victim. The italsector. Italian banks have fallen more than 30 and year to date, down 50 . The italian Banking System has long been troubled and they need more capital. The world was reminded of this yesterday whe
Week. This as investors grew concerned about the strength of the Global Economy. In a major report, the bank of england warned the risks associated with last months vote by the uk to leave startin crystallize. In response, the british central st three quarters of uk banks account i accounti greater flexibility to supply credit to uk households and firms. Uncertainty over policy both here and abroao pressured crudet the yield on a tenyear treasury to a record low. The Dow Jones Industrial lost to 17,840. Nasdaq off 39, s p 500 was down 14. Brexit not just t vote. The impact could spread to other weaker parts of europe, like italy and potentially cause more serious problems. Michelle carusocabrera explains. More than a a week after the vote in the yoon union, there is one clear victim. The italsector. Italian banks have fallen more than 30 and year to date, down 50 . The italian Banking System has long been troubled and they need more capital. The world was reminded of this yesterday whe