No nationwide lockdown thats the message from President Trump as the feds deal with a growing list of hot spots around the country and why the white house is saying it wants to cut any deal between microsoft and chinas tiktok it wants a piece of the action tuesday, august 4, 2020. Good morning im dominic chu in for Brian Sullivan today kicking off your Tuesday Morning with some stock instability. The dow down some 40 points, the nasdaq down 40 points as well. The s p off by 18 points the market rallied after capping off a win streak the dow rallied more than 400 points as you are seeing in this time lapse from yesterday. The index hitting another alltime high with the 29th record close of the year so far. The tech sector broadly higher closing in on its alltime high as well. The S P Technology center up 24 gains year to date sales force, microsoft, facebook, take two interactive, qualcomm apple, after a more than 10 gain on friday closing up another 2. 5 , the stock is now just Percent
Perfect sense. But then there are days like today when i cant take how stupidly bullish this market can be the dow gaining 164 points nasdaq climbing 0. 35 . You often hear people saying that the whole things been manipulated. Its a desperate Federal Reserve and its a scared powell and its President Trump winning the election no, the feds just doing its job. And if the white house wanted to juice the stock market, dont you think they already wouldve cut a deal with the democrats on the next round of stimulus see, there is a much simpler explanation. I call it clueless buying. I always say you should never underestimate the wall street promotion machine. But never underestimate the power of enthusiastic buyers who do not know what theyre doing they know nothing some people accuse me of taking the thing too far. They say im not willing to call people out for being morons that are more likely to put retire clorox ceo than i am to put a departing Ceo Jim Hackett on the wall of shame. They
It is the 32nd time this year the nasdaq has set a record close again. This morning, we are looking at a negative picture this morning, you are looking at red ar owes. S p indicated down by about 16 points everybody is waiting to see. At least right now, 10year looks like it is narrowing to 2. 5 jobs friday today. Forecasters will expect payroll to climb 1. 48 million after june gains shattered expectations a huge number this time around unemployment is expected to drop 10. 6 from 11. 1 from june well take you through 8 30 a. M. When those numbers actually hit. News breaking this morning for those of us in new york city who woke up and thought what just happened. Con edison investigating widespread outages. As an upper westsider, no power there. You lost power . A true black out. We are in 2020, what could go wrong . I looked around and thought, it is so dark what is going on is the nasdaq going to have power. What am i going to do . Here we are middown. You left connecticut to come to
The economy we see an improvement. French and italian manufacturing also pick up in july however concerns still loom of a second wave and President Trump reportedly gives china 45 days to celtsel sell tiktok to microsoft after the white house bans it over security concerns. Happy monday. We already heard the numbers out of italy and france as well as germany and now got the euro zone overall number. That is significantly better than 51. 1. The final manufacturing employment pmi has come in at 42. 9 so better than the flash estimate and better than the june figures still in contraction territory. So firmly in expansion territory. Now i mentioned that we have a few of the individual country numbers that already came through. In france they recovered showing the expansion at 52. 4 points this was higher than 52 points they expanded for the second month in a row rebounding from the plunge triggered by lock downs in the spring. German Manufacturing Activity saw the first expansion since 201
Billion market mystery thats how much facebook added in market cap today. The reason not entirely clear many pointing to the launch of reels, the answer to tiktok. We should point out that news was out yesterday morning. Facebook shares today surged 6 to a new alltime high so guy, whats your take on this move well, i have no idea why it moved like this. Id be lying if i said i had an answer i will give credit to karen because shes been on this something we said, you go back to the middle of june. I remember this when rei, north face, patagonia came out and said they were pulling their ads for a month. I remember saying youve got to pull the rip cord on this. Theyre the first but theyre not going to be the last that proved to be correct. On june 26th, the stock traded down to 207, cratered and then closed higher on the day something we said is and ill say it again, theres nothing about facebook i like in terms of the platform and ill continue to say that this reversal tells you all you