Alphabet seeing outsized gains and treasury yields are under pressure giving back some of their recent pop, thats weighing on the financials the Kbw Bank Index is down around 3 with 59 minutes left in the session, banks one of the few decliners, sara, broader markets ripping up. We have a great lineup of guests over the next two hours to help make sense of the election, the market and your money. In just a few moments Guggenheims Scott Minerd will join us with his take on the rally and later we will hear from long time pharma exec fred hassan about the impact of the election on health care, those stocks zooming higher, plus kyle bass with a take on what all this means with the u. S. Relationship with china and bob diamond will weigh in on the banks. Lets get straight to the market rally that is happening. Mike santoli tracking all the action. You see a move like this, its very sudden, very dramatic in response to a widely watched known catalyst and you have two things, one is whats the
Heading our way in an hour and crude inventories not long after that new record at the open but the selloff for tech stocks continues to weigh on the nasdaq and s p. Jack ma, the push to brick and mortar and why jeff bezos struggled in the Chinese Market. A turning point for snap, a key 2018 outlook upgrade shares are up in the premarket. Futures are pointing to a higher open after the record setting day for the dow and s p offset by the sell offin Technology Microsoft and amazon had the biggest impact on the nasdaq and optimism surrounding tax reform. We did manage to get the vote in the house to go to conference with a little bit of drama last night. Jim, you said the reversal yesterday, doesnt bode well well, look, i was doing my show and you posted a little squib about reversal and i did not realize how serious reversal was obviously its more serious for the but i find reversals catch people out of position when youre out of position, you scramble and start reaching for things you
August but straight to macys earnings out right now. Julie hyman has the latest. Are they in fashion . Julie stion mark get it . Julie i do get it but not so much. Low estimates at the extreme for cents, a drop in earnings yearoveryear and looks like sales are down by 1. 5 . Most of the analysts i had seen were looking for flat slightly down, so this could be a bigger drop then had been estimated. It also looks like if you look at the company on the sales basis, just a net sales basis, those numbers down 2. 6 at 6. 1 billion. That, too, is worse than estimated and the company decides weaker than expected Sales Performance in the first half. There have been activist involvement for macys coming from starboard capital, pushing the capital to spinoffs of real estate holdings, a similar thing to what we saw happen at sears. Acs has not done that but they are announcing today the sale of one of its properties in downtown brooklyn to tishman. This is something analysts have talked about, it
They used to force companies to buy stock. Now its prohibited. Earlier in the week when we did 300 i messaged you and said, this is definitely it. We have to call the top here, definitely. This has got to be it. They keep going. Another 142. Hope springs eternal. 19756. What is interesting is that, you know, things havent even been done. So we dont know whether deregulation and cutting taxes and progrowth supplies, we dont know whether they are going to put them in. But there was a question recently about whether those things even work. So now were seeing this, we dont know if they are going to do it, but just the possibility we might do them is worth 2,000 points on the dow. And dont you think every single cabinet member he names leads you to the conclusion that it is going to happen. Its got to be the most probusiness cabinet since ronald reagan. I had a great talk with al gore. It was interesting, it was nice, we got along really well. And he picks the Oklahoma Attorney and its been
Auto business and a Chinese Ecommerce Company called ali baba, tonight we look back on 2014, the year that was. With the dow notching record highs more than 30 times and the s p about 50, the bull market is now more than 5 years old. But 2013s perpetual push upward bumped into appear old acquaintan , volatility. In november, stocks bounced up to new highs but in december, there was another slide. Stock prices waivered as the Federal Reserve prepared to end the economic stimulus program. Tongue over the taper hung over the clouds like a year ago. Now still about the fed but the question is when it will begin to push Interest Rates back up . Can the economy handle higher Interest Rates . Well, employment numbers are better but real incomes really arent and inflation is still below the feds target level of 2 . One reason for the low inflation is a historic drop in the price of oil, down more than 45 from the years high in june. Why . It is simple and complex as the law of supply and deman