An eye watering loss. Costsosses and rising mean bonuses are set to disappoint. We are seeing u. S. Futures flat. This, of course, after we had the regular session seeing record highs. At one point, topping the record reached in february before the pandemic. Every sector on the s p 500 was in the green. We have nikkei futures moving higher as we have the japanese yen under pressure. We have seen it fall against the u. S. Dollar for the past four sessions. Right now trading around the weakest in three weeks. In sydney, futures higher. We have the aussie dollar listed a little bit higher. We have a softer u. S. Dollar, not to mention higher commodity prices. We have kiwi stocks at the moment gaining ground after seeing the worst day in a month. This as we have rbnz expanding their qe program. Gains in the currency returns, commodity exports, unr holdings qnr holding steady. U. S. And chinese negotiators plan to discuss progress in the phase one trade deal. Pushing toset to be widen the a
Growth is slowing down due to the outbreak across the sunbelt. We have been at one point up 6 . Were now up 0. 7 . At one point we got to the highest level since the pandemic began. Ahead on todays show, stocks seeing a big rally to start the week Jeff Rosenberg of black rock says the bond stock model does not work in this environment he will join us to discuss where hes putting his money to work right now. Plus, entertaining in the age of coronavirus. Well speak with pitbull about how artists are navigating a World Without live events, and his efforts to help latino businesses lets focus in on the big stories with 59 minutes left of trade. Bob pisani tracking the action phil lebeau is watching the surging stock prices of electric vehicle makers joining us with his thoughts on the race for a vaccine and the biotech name is michael ye from jeffires start us off with the market with the dow up 400. We have had a remarkable run in the last three weeks or so, sara, with mega caps, semicond
Take something off the table makes sense which is how you got to todays selloff with the dow dumb bli t tumbling and nasdaq tumbling the bear camp cant exist at the sametime there cannot be coexistence with the huge covid outbreak in the sun belt spiraling out of control, bear is in charge so why dont we do this . Let suspend judgment and not use terms about good or bad and take the approach of the fact spin. Awaken america trade has taken a turn for the worse some people expected that. I didnt its a disturbing spike in covid cases across alabama, north carolina, South Carolina and texas. The infection level so high the governors of new jersey, new york and connecticut have taken an unusual action and slapped a 14day quarantine on travelers from these hot spots thats amazing they have more than 35,000 new cases today which is about where these numbers peaked in april. Not good its plain bad news for everything that depends on the economy reopening which is a lot of things. The america
At 4 00 though sometimes go into extra innings but at least we got some sports, it happens to be in the form of a stock market had sports gamblers descend because they have Nothing Better to do, nothing else to do. Does that explain the action today when the dow gained 131 points and s p claimed nasdaq jumped but be careful, there were late day reversals or just investors pouring money into the same members of the new high list based on a winners win philosophy maybe driven by foreign buyers honestly, at this point it could be all three and the problem with these constituent sees is they make things more dangerous for the rest of us how do i know this i made it up no let me first, i did some first class work by my friend david, the master of research at goldman sachs. In his mustread u. S. Weekly kick start, he talks about how Foreign Investors with largest net buyers of u. S. Stocks in the First Quarter and notes that there is a surge in retail trading. Retail meaning like regular peo
And 10 respectively snap announcing a new partnership to increase User Engagement and add revenue the cofounder will join us in a few minutes for an exclus iive interview. The dow is on track for its biggest drop since march bob has more on this sell off for us bob. The whole reopening story a little bit under debate right now. The important thing is, the reopening stocks the industrial, the fin tech names, the energy and oim names. All moving to the down side. Boeing is still up 24 this month even with this decline its been a monster. Jpmorgan, all banks, weak, caterpillar weak these stocks had very big moves. I want to show you the big etf movers today were getting double digit declines with some of these energy names the jets have become a super star down big today banks also weak and the pej which is a leisure sector very weak here. The reason were having this is because these were the sectors that moved up the most in the last month i want to show you, can you explain to anybody,