Washington. Words matter. And those words have created a certain amount of confusion and when you lack clarity that can create confusion and confusion can lead to panic. Brennan President Trump visited the usns comfort on saturday. The hospital ship is on route to new york to help ease the load on the says hospitals. Our country is at war with an invisible enemy. Brennan new york state accounts for half of all coronavirus cases in the u. S. Governor andrew cuomo is preparing for the weeks ahead. You dont win on defense, you win on offense. You have to get ahead of this, anticipate what is going to happen. Brennan around the world, there are unprecedented efforts by leaders to cope request global shortages of ventilators, medical supplies and personal protective equipment for medical workers. President trump signed a 2. 2 trillion package of Economic Relief for individuals and businesses, but with a recordsetting three at a, 3 million unemployment claims last week is it enough to stop t
Facebook, amazon. A whole lot of the names moving this market higher giving back those gains. Joe pretty ugly all around. Off the lows but nowhere near the highs. Is,ess the consolation yesterday still up substantially on the week. Scarlet positive on the week. Down on the day, down on the year. In 2020. Ones down 9. 2 lets check in with our market reporters. Abigail im thinking about todays two top stories. Of course, the fed rate cut, the emergency rate cut, and the stock selloff. Investment traders thinking the fed has not done enough. There was another period of time when bond yields fell and stocks fell. That was in 2018. At that time, fed chair jay powell they were in a hiking mode and he indicated they would hike. They did. And became more dovish stocks fell off. Between that selloff and this selloff, even with the fed cutting rates, stocks going lower. Investors not liking the messaging, it seems. They should not be worried about message response although perhaps a looking for
Seymour, dan nathan. Gina sanchez ce of, good to see you. Lets get to it we start with a selloff. Another rapid reversal in the markets today. Earlier this session, stocks were actually higher hard to believe, but true. The dow is back up above 28,149, but only for a cup of coffee before more headlines begin crossing and more selling programs hit and the market turns south, the cdc saying the u. S. Has done a pretty good job so far with rapid response, and coronavirus cases are still very low. It also warned that the virus could hit us as well that will likely take down Economic Growth and earnings projections. So guy, nearly 2,000point haircut in 48 hours of trading is there anyplace to hide, any way to protect our viewers and listeners portfolios today i think weve done a decent job leading people down that path it comes in the form of bonds as weve talked about for months and the gold market as well. You can say the gold market sold off today. Yes, thats the case, but i still think
Into correction. Meaning theyre more than 10 down from the highs. Selling has been hard, fast and really until late today a bit indiscriminate hard to believe that just last wednesday we were talking on this very show about alltime highs. Since then, the Broader Market down 13 18 s p 500 stocks lost more than 20 this week. All told, the s p 500 wiped out nearly four trillion dlarps in market value over the past ten sessions thats the budget of the United States of america. So, guy adami heading to the weekend, im pulling a fast one on you fast money one on you you. Fire away. The big violent move up into the day you know the chatter im not saying anything out of school maybe the fed steps in over the weekend and does something do you think we see something from jay powell and company this weekend your buddies. A consolidated Global Central Bank thing which the answer is yes why they think that will be effective in this is jond my scope. Im not an economist its more madness on top of th
Concern. In an exclusive interview, fetal ceo says things will get worse before they get better. The expectations of how long the virus might last and its longlasting impact, people have probably been reducing their worstcase scenarios over that period of time. Is said toredit ceo emerge as a leading contender for the top job at hsbc. Could another European Banking head be about to jump ship . Lets take a look just under an hour away from the start of cac equity trading at futures this morning. Down across the board, no matter where you look. Red arrows there. They are pretty solid. 0. 5 down on deck futures. 0. 5 drop. S, also almostfutures down 0. 66 . Gmm. A look at the that will show you quite clearly that we had big losses in equities and asia overnight. We continue to see some of those equity indices fall. Hsi. Kong down 1 on the if you look at the bonds, if we go to the next column you will see that investors are buying bonds and that really weighs on the yield. The trend is ris