Great to have you with us ahead of the Labor Day Weekend the final trading day of august, another volatile one, between gains and losses, the dow had been higher earlier in the session, but right now we are just barely higher by 14 points, s p and nasdaq has turned negative this is the second losing month of 2019. Investors got more defensive, utilities, real estate, consumer staples, the only sect aro finances down 5 , energy down eight. So the question going into september is do you stick with what is working . And implicit in that question is, do you remain defensive going into what has historically been a very tough month for the markets . It has been a tough month you look at it and say its probably going to be volume tiff were going to see more responses on trade from china. What im doing is, yeah, probably more defensive in my style, which is to look for Companies Generating good cash flows. How do do i know theyre returning it to me dividends, maybe theyre increasing dividends,
Street hands in its worst day of the year the selling was widespread all 11 sectors finishing the day deep in the red led lower by technology the cause china. That nation effective i. Weaponizing its currency sending the yuan lower, turning the the trade war into what many are considering right now a fullblown currency war. Weve got full Team Coverage of this dramatic turn of events lets things off with bob pisani live on the floor of the new york stock exchange. Hey, bob and melissa, we had a tough day here i want to give a sense of what happened last time china devalued its currency. This was about five years ago in august 2015. The last time china devalued its currency was in august 2015. That happened on three consecutive days of devaluations that was beginning on august 11th the market was very different back then. It was a different picture for the overall markets. Chinas currency was appreciating back then thats a big difference to now the stock market in china was just roaring
Now, if you have your own tv show you can get away with certain things like inviting the ceo of the company that sent you the fake check to explain it and thats what ive done. Thomas sponholtz is the ceo of unison, a very unusual buss that offers to coinvest in houses alongside the homeowner, the same way parents might help their child buy a house. Unison helps with the down payment and, in exchange, owns a piece of that house with you. If the house goes up in value, unison shares in the profits when you sell it. Thomas has years of experience in finance. Before running unison he was at black rock. He has several degrees in economics and apparently he wants to help you buy a e. Joined by Erin Griffith of the new york times, joe menn of reuters. Is it really just that simple, we go in on a house together . Thomas sponholtz it really is. Its essentially investing together in a house. Scott right, like parents would. I mean, hopefully my parents wouldnt then want a cut of, you know, the p
The whole epstein matter what happened . Hes been going on for a long time, been going on for a long time, the whole epstein episode, and i know its under investigation but attorney general barr thats who will be handling it the retweet which is what it was, its a retweet, was from somebody thats a very respected conservative pundit, so i think that was fine, yeah. [ inaudible question ]. No, basically what were saying is we want an investigation. I want a full investigation, and thats what i absolutely am demanding. Thats what our attorney general, our great attorney general is doing hes doing a full investigation. [ inaudible question ]. The hong kong thing is very tough situation, very tough. Well see what happens, but im sure it will work out. I hope it works out for everybody, including china, by the way. I hope it works out for everybody. [ inaudible question ]. No. Its a very tricky situation i think it will work out, and i hope it works out for liberty. I hope it works out for
Welcome good to have you with us some of the most closely watched names in the market are hirer. Apple is getting a lift. I dont know, this is a pump bounce that we got it all evaporated a bit. I think the important thing is to balance two opposing things in your head. Volatility is creating opportunity and tlauheres alwa opportunities. This is not the sort of bounce that makes you feel that this episode is over. I would prefer a huge open down gap lower today to what were witnessing now the good news is i think you can make the case for at least a pause here definitely a short term wash out is taking place. Xlk, the tech s p name, hardest hit yesterday. Today they are up the most you do want to see that. Right now 20 of s p 500 companies have an rsi below 30 a fifth of the market is statistically over sold. You take a look at stocks above their ten day, almost none you could say that represented the bottom in the past thats where money game in to your point you have longer term issues