Even below analyst estimates. The stock is now down more than 30 this year. But we begin with todays markets, and dom chu with the numbers. Dom, it is tech taking it on the chin. It is. Its Consumer Discretionary particularly because of that tesla trade. Check out the dow industrials down by about 450 points, 1 drop. It was down over 500 at one point today. The s p 500 is at 5198, down 45 points. Almost one full percent. At the highs, we were down 39 points and 59 at the lows. A decidedly negative day. Tesla is a big part of that story. The nasdaq, down 177 points, 16,219 the last trade there. That Consumer Discretionary trade, one of the worst performers in terms of sectors today, but not all entirely tesla. If you check out pbh corps, its not in the s p 500, but it gave a fullyear forecast that game in below estimates. Its down 23 . But the ripple effects are happening to vf corps, tapestry, ralph lauren and deckers, all of those consumer apparel type names are in the s p 500. Down 4
Treasury Secretary Janet Yellen said Friday she does not believe a recession is on the horizon, and that the U.S. economy is on a path to cutting inflation without hurting jobs.