From tesla sent into over drive. And general mills, pitching the next best idea, why they say this gaming stock is a total home run we start off with a record run on the nasdaq with a new alltime high since february and do you on the best winning streak since september this coming as States Reopen if some form from the coronavirus shut downs and as cases are starting to rise, so does the markets resilience. In spite of this proof the rally has staying power. Guy. Its remarkable, isnt it again, a lot of people say this is pretty obvious, was easy. Clearly wasnt easy for me, number one im not going to all of a sudden change course. I respect the price, have to absolutely respect it. One thing ill point out is this, in march there were couple days we saw what i deemed back then indiscriminate selling that was a good sign to lead to capitulation today wasnt buying to that magnitude but did you see some stocks higher so maybe were getting close. Again this phased out at 2800 in s p where 40
Demonstrators demand justice for past victims of police brutality. And in spain where the coronavirus pandemic has forced an extra 1000000 people out of work the government unveils its plan for a minimum income. Below thanks for joining us the u. S. President donald trump has accused the Chinese Government of breaking its word on hong kongs autonomy as beijing imposes new National Security legislation on the territory describing it as a tragedy for the world in response to the crackdown on prodemocracy protesters trump has directed his administration to end preferential u. S. Treatment for the city in trade and travel trump also announced the suspension of entry of foreign nationals from china identified by the u. S. As bhutan chill security risks is also terminating the u. S. Relationship with the World Health Organization over its handling of the coronavirus saying it had essentially become a puppet of china. We will take action to revoke khan kangs preferential treatment as a separa
Future and later, President Trump says the time for negative Interest Rates is now. So were breaking out our crystal ball to see what the market will look like in a world of negative rates and we start with the market selloff the stocks tumbling after the path forward is highly uncertain and subject to many downside risks. The prolonged recession and weak recovery can discourage business advancement and expansion further limiting the growth of jobs and the pace of technological advancement. The result could be an extended period of low productivity growth and stagnant incomes. And then theres this, Stanley Drunkenmiller telling the Economic Club of new york that the risk reward for equities may be as bad as hes ever seen and scott telling scott wapner that this may be the second most overvalued market hes ever experienced so did the markets just get a big dose of reality, guy first of all, i know youre not in charge of music at cnbcs fast money and im getting ready for the twitter hatr
Now. Thats a gain of better than 800 points, 2950 a key level for the s p, were slightly above that with a gain of 3 . And the nasdaq, where so much strength has been of late, 2. 3 higher, 9230, russell 2,000 having a big day as well kevin oleary, 2950, key level on the s p were all the way back to where we were in early march and you, my friend, you say youre growing more bullish. Yes, i am i listened to what the fed says and they have an unlimited pocketbook they made it clear they are going to overcompensate, scott, and youre starting to see it happen right now. The beneficiary of this will be issues of credit, we issued a trillion dollars worth of investment rate credit so far this year. Spreads have tightened you know i watch the etf market like a hawk. The fed has only done a few hundred Million Dollars of purchasing it is job owning that is getting it going this is an extraordinary time. If youre an investor and missed days like today, youre mitts g i missing 30 , 40 , 50 of the
Look at the s p 500 at 2978, a 55point gain and there is the nasdaq the outperformer yet again, almost 2. 25 , 200 points, 9387 the nasdaq, not all that far away from last februarys highs, which our headliner says this hour is going to happen this year and not just the nasdaq so lets welcome in fund strats tom lee. He is joining us via skype tom, welcome back. Nice to see you again. Thanks for having me. Big call. How are we going to get there this year, tom you say 3450 is happening . Yes, and i think what really drives our view is that companies in the midst of the shutdown arent standing still you know, theyre reengineering their operations, learning how to be digital, run with fewer employees and less real estate so in 2021, as we exit this pandemic, theyre going to generate higher earnings on a lower level of sales and that means implied better pes. And thats why we get into july, stocks will start discounting that and were looking for new high hi highs. Youre looking for a vshape