Not surprisingly tech stocks are holding up the best today. Bob is looking where we stand on earnings about halfway through the season and our tech team will get us ready for what to expect tonight josh lipton on apple julia on facebook. Bob, lets start with you. Kelly, earnings are a little bitter than expected the market is holding up pretty well because of that the big winner here remains technology stocks. Why shouldnt it just look at the Second Quarter earnings estimate. You heard of what a disaster the sec quarter is 38 for the Second Quarter this is almost the same for the Second Quarter technology will have a small decline. Thats why tech keeps winning. Look at lam research they make semiconductor equipment. The ceo said covid19 has underscore the rapid growing on reliance look at the chart up 28 good Earnings Report but straight up since the bottom in march. Telemedicine is killing it look at these numbers here 2. 8 million visits in the Second Quarter. 200 growth. They raised
Albertsons ipo. All of the stories that we cover so closely i know. And banks already rallying today off that deregulation news earlier on the day theyre up 1. 6 at the moment. The top of the s p 500 sector. We have a huge show coming up on closing bell. On the day, we get the stress test results that sara mentioned. Well be talking to the ceo of barclays in a rare exclusive interview. Thats just about five to ten minutes away after the close, the they will join us this is the sign for the first time in months so lets get the pictures here mike santoli is here for the markets. The moves and valuations he is tracking the surging covid19 cases across the u. S. Mike, first to you. We have a pause today in the markets within a pouz. That is similar to a couple weeks ago. We this that big down day number real sustainable followthrough to the down side why is that . It doesnt seem like theyre overleveraged in a way that kree auts a liquidation cycle on the down side. There you see that flat
So call me at 1800cnbc how did we get up here with the s p 500 hitting alltime highs, dow hitting its high for the year after gaining 249 points today. S p climbed 4. 9 nasdaq rose. 80 and more importantly, does this market have what it takes to keep powering higher regardless of what happens with the president , with trade, with the Federal Reserve . Just looking at the fundamentals of individual companies which is what we do best in cramerica, i think its worth wondering what might happen if we stay on evq we need it know if the market has gotten too expensive, or if its got more room to run. Especially with oil having a monster runoff just today because of tension with iran so lets zoom in on the top ten performances in the Dow Jones Industrial average, 2019 see, this will help us put in context so we understand how we got up here and whether it is dangerous, whether its safe, whether it makes sense number one is microsoft. Its a trillion dollar household name with a stock thats up
Now street high. John correctly predicted the rally last year. Joining us at post nine. Great to have you with us. Great to be here, melissa. What was that moment when you said, i have to go to street high of 4900 it occurred a few weeks ago we held back, waited for Economic Data to cross the transom, whether it was last months jobs or the prior months jobs whether it was the continuing claims or whether it was initial claims, what have you. And then the gdp number, i think, really added to confirmation we saw last week that there is strength in this economy, that the fed has been remarkably sensitive even though on a nominal basis the hiking has been aggressive when you consider the inflation, dangers to free money of the system where bond issuers dont pay for the privilege of borrowing money. This is a normalization process. A big shock generationally to many people who were not in the markets in 2008 and may have been this high school are now in their 30s. But the reality is, for th
Quite a nice return to form. We have had a couple of difficult days, factoring in the chinese story, and the s p has been knocked pretty hard. At 1 10 of 1 i dont feel does justice. Atwere down really sharply one point and then we bounced back quite strongly. You can see it here this is the recovery we saw yesterday on the s p 500. You can see its lower as a result of whats been happening in china. Equities back in form. The chinese devaluation is a storm in a teacup. Veryine Central Banks, rarely do they come out and have a press conference. Or briefing that they were stepping in when the market is distorted, they say. An amazing quote the Deputy Governor. He says, trust the market, respect the market, here the market, and follow the market. How much should the market now be fearing this chinese market, or indeed starting to trust at once again . Guy we are getting a few numbers coming out as we speak. The adjusted that income is 543 million. Thats the german utility below expectation