On the walls check out my twitter feed. See all the ridiculous speculative names people hope ill mention or pump same deal, no earnings, but right on stocks. These are textbook signs of what we call froth. Thats what this is. Its froth and you know what . All the froth got crushed today. Dow plunging 517 points, s p plummeting 117 , nasdaq nose diving 1. 55 not bad for an amateur so whats become too riskier let me give you an example last night kind of cool. We had novavax on, hottest stock on the market. Vaccine developer working on something for covid19 the stock runs from 18 to 40 in two days i cant recommend Something Like that thats this, you know, novavax is this, okay. Good guys, but it doesnt matter it actually managed to rally today. Maybe novavax wins the vaccine rate if they dont, the stock is going to get eviscerated id rather have you in something thats diversified glaxo, pfizer, j j same for biotech stocks. Anything related to ebola, flu, except regeneron they have little
Bottom line at novo nordisk and shares moving in an interesting direction overseas. And looking at the u. S. And what jay powell said could give emerging markets a boost today it is thursday, may 2nd, 2024. You are watching Worldwide Exchange here on cnbc good morning and welcome to Worldwide Exchange. Were coming to you live from cnbc london. Lets get you ready for the trading day ahead. Wall street is waking up with whiplash after the rally that saw the dow surge 500 points higher and ending the day with marginal gains u. S. Stock futures are trying to build on the gains you see they are gleareen acros board. Dow opening at 120 points higher nasdaq off the highs from earlier, but up. 50 all this after jay powell ruled out the next move by the central bank which could be a hike my expectation is that we will, over the course of the year, see inflation move back down thats my forecast i think my confidence is that is lower than it was because of the data we have seen. It is unlikely th
Morning. Our road map begins with a new Gopcontrolled Senate for the first time in eight years. Implications for the rest of the president s term and the markets. Media earnings also out. Time warner lifts its outlook. We have a beat from Rupert Murdochs 21st century fox. Both stocks rising after a drubbing yesterday. And better than expected adp numbers. Well get that ahead of the big jobs number coming up on friday. But last nights midterm elections resulting in a power shift on capitol hill. Republicans retaking the senate for the first time in eight years, capturing at least seven seats and defeating democratic incumbents in states including north carolina, colorado, arkansas. The gop also strengthening its grip on the house, winning governorships in blue states like maryland and illinois. It is a stinging defeat for the president and his party, who by the way, is scheduled to hold a News Conference this afternoon and is planning to meet with congressional leaders in both parties o
It is unusual. The tradition is the chairman will deliver the exact same testimony the day after. We expect the same thing today. No indication well get a dramatically different message. She said basically the Economic Forecast looks like it is holding. Take a look at what you said. We are likely to continue reducing the pace of our purchases in measured steps. We also indicated this program is not on a preset course. It means if the Committee Judges there to be a change in the outlook, it would reconsider what is appropriate with respect to the program. We have gone weak economic numbers. Sales and production. Some of those things may also had to do with the weather. We have had interim time, fed policymakers, the cleveland fed president last night suggesting the taper would continue and that the dramatic change in the outlook, and, we had those fed minutes, which indicated a fed had agreed to alter their Forward Guidance with regard to Interest Rates going forward. That may be the bi
S p is down about 2. 6, and the russell 2000 is just on par with percentage moves, so bob pisani is here to explain the illogical response. A lot of people felt this doesnt change their secondhalf outlook, the Second Quarter gdp. A lot of people fed they might hind they may. There you are at 2. 5. , and ratesensitive stocks all week today. Consumer staples, utilities, telecom, housing, all Interest Rate sensitive, though economically sensitive groups like consumer distressary, financials, Technology Stocks put them up, they are to the up side. Then there are reports that ukraine might be getting worse. Russian troops russian stocks move to the up side on some peoples believe that the sanctions werent quite as bad as people anticipated. Finally an idea that maybe a Market Correction is coming. Alan greenspan was on another network say we think there will be another correct coming. But we dont know when. With all due respect to mr. Greenspan, thats a discussion weve been having for a lon