Waste. Thats why the tech heavy nasdaq rallied when the dow tumbled 226 points and the s p 500 back slid sure, the tech titans respect crowing about it, that would be in bad form. But when you look at their numbers, versus the economy, gdp down over 9 in the Second Quarter, lets call that the worst ever, with 17 million continuing jobless claims. It feels like the old economy is lost the house of pain is the new companys gain. The house of pleasure at the very least, the cloud and communications have gotten a massive windfall here. Digitization pulled through by two, three, four, five years look at that 7. 4 billion revenue amazon reported. Theyre like the amazon mint, because people dont want to put themselves at risk bishy shoppig in person. Amazon is the answer to the pandemic every day some pundit comes out here and argues that the Federal Reserve is propping up the economy by keeping Interest Rates low. They tell us its a bubble they tell you to ignore it they imply the gains in t
What could detail the stocks the s p advanced and the nasdaq climbed 1. 24 . What would make us want to dump the red hot stocks that have been leading us higher i dont see this rally collapsing under its own weight, which is what happened the last time we had an explosive tech rally in 2000. We got ahead of ourselves but the Actual Technology wasnt there yet. We laugh at the. Com casualtiecs the truth is they are ahead of the time it could have been chewy i want to take on the hateful 1999 analogy, remember when it was shot up in 2000. I want to take it on directly. You have to understand why its misleading and constantly brought up and why it makes sense to do so because there are surface level parallels but not that much otherwise. Back then we had two markets, the s p 500 and the go go nasdaq which is a little like today only one of those markets was real the s p. Thats a major difference this time around. Im more confident in todays Tech Companies even if the valuation seems stretc
Vacation go when they cant leave the house . Nowhere just sleeping in and hanging out with the family. You look over, 3 50, those losers are up. Is this me this is me. Good. I finally rattled you. Difficult to you i rattled you watch the silliness. We are hearing a lot of things sharing you were twerking, i figured i better get back quickly. Nobody wants to see that. You cant unsee that u. S. Equity futures at this hour, lets tell you quickly things are down for the markets. The biggest decliner is the nasdaq no surprise because of the hearings happening today for the big four the nasdaq off 1. 257 . The s p indicated up by 9. 5. There is so much happening today. Well hear from boeing General Motors General Electric and others before the bell. We are keeping a look at whats happening from the treasury yield this morning the fed conference the 10year at 0. 589 . Andrew is going to tell us about one of the big things we are watching today the big one, the nasdaq will be an historic heari
On his tweets. A feel good story i cannot wait to talk about. The ceo who is putting veterans back to work. All that and so much more on making money. Charles stocks in the green. Investors digest positive earnings reports. Economic data continues to be positive. You know this week weve been focusing on a couple themes, right . Investment rotation, major breakouts how i think wall street is pricing stock market were learning to live and prosper while coexisting with the virus. Where do we go from here . We want to bring in phil blancato. Your assessment with were seeing in this market. I think we have rotation going on. Cyclical stocks, value names but the break out has been impressive. It has. Were only down 4. 25 on the year. Incredible to see how far weve come. Youre seeing most undervalued names, those left behind bounce back, particularly the banks. Theyre having a difficult year. Im less excited about materials and industrials but that is it an area of the market that is showing
Last ten minutes or so and finally, optimism around the possibility of new stimulus. All of that helping the market up about 1 on the s p 500 as we stand. Coming up on todays show, big moves in the banks space and Goldman Sachs is bringing workers back to the office well talk about that with the president and ceo john waldron and Michael Novogratz will lay out the risks he sees. Mike santoli is tracking the Market Action and a pair of key faang names holding their annual meetings as tech underperforms today and mike, start us off with the Broader Market and the action were seeing right now. Yeah, so weve been talking about this rotational activity away from the big growth winners into all other areas of the market that are more sickly call and smaller. It is really happening in a benign way so far. Sometimes the baton can get dropped in the handoff but it is towards its highs so kind of stalled out at this area, but below the surface, equal weighted is up close to 5 so it is kind of st