Moving to the upside today rebounding beyond the major u. S. Indices oil is bouncing back. This is important. Its helping the market hire. This is after brent crudent entded in bear market territory. As for europe ftse ending up 0. 7 of a percent. In asia overnight, chinas selloff continues. Not as bad as the day before. And nikkei 225 hitting a twoweek low. Lets get to trading action here in the good old United States of america with bob pisani down on the floor of the nyse. Weve been do for an oversold bounce and it helps that earnings are better than anticipated today particularly in industrials. Look at the major sectors. Everything thats been a disaster this month is up today, which is the way it should be. Were due for a bounce in energy and materials and industrials. A lot of disappointments in earnings. Health care has been holding up. Thats on the upside. Watch the market leaders. Market leaders are internet stocks like google and Facebook Biotech stocks and banks. All of thos
Now in bear market territory. Those stocks are down at least 20 in some cases, more than that. All the major averages deeply in the red today. Its i shaping up to be the worst week in the dow, s p and nasdaq in nearly four years. This is serious selling. Lets look at the price of oil breaking below 40 a mark today. Weve been watching this one for some time. Its now down about 20 . Thats a bear market. Thats just this month. Finally, take a look at volatility index. Surging today. Its doubled this month. Its above 25. This is the one we are watching. It was dormant all summer. Today its up above 25. This is the best month it had. All sorts of benchmarks are being set. Exactly. Dow jones industrial average is close to breaking below 16,600, which it did do briefly earlier. We started the week with the vix around 12 and were at 25 now. We have bob doll to break down where he is telling his clients to put their money now. Tech and social stocks getting crushed in this market. Apple one of
Weeks ago. Its not a market for the faint hearted even for some of the greats. Bill ackman and bill gross suffering amid market swings. And case dismissed. Theyre clearing them of accusations of rigging markets for fast traders. Welcome to the second hour of Worldwide Exchange. After five days of triple digit delines the dow surging 619 points. The s p 500 up about 72 at 1940. The big out performer in terms of percentage terms was the nasdaq. Still well above 5,000 but gaining 4 with tech and bio tech being the stand outs. Here in europe reminding investors how much the reset in the Global Growth picture can impact equity trade. Weve seen a lot of volatility over the past couple of days. Do you see a trend there . I think i do. Xetra dax back above 1,000 and still in correctioner the moy t. About 14 from its recent highs. Of course out of these four european markets germany has the highest exposure and makes about 10. 5 of sales in the market. French markets with a gain of around 3 . I
Streets pull back as oil prices slideand tax plan jitters target targets holiday forecast, Brian Cornell joins us exclusively. The General Electric slide, continuing to sink premarket now down more than 43 this year stocks are poised to open lower after the dow and s p posted a third negative session in the past four, concerns about slowing growth in china, weighing on Commodity Prices and crude under pressure after the International Energy agency lowers its Oil Demand Forecast jim, weve got the same jitters about high yield and then of course inflation has run hot for a couple of days. I come back and look at the bureau of labor statistics number that came out real average Hourly Earnings for all employees decreased. 1 . So i think theres a lot of faux worries here china has been okay the whole time, remains okay these wage numbers tell me were okay and oil went up on turbulence and middle east problems and goes down incredibly wrong i think were churning what matters is we keep impor
Lowes and home depot, something in the chart suggests more pain. Lets get to it while the s p has fallen 1 in the last month the socalled safety sectors, rallying, telecom and utilities up 4 , even Consumer Staples managing to eke out gains. If volatility picks up, is this where you want to be dan . Its interesting, we used to talk about Interest Rates and thought we were in a rate increase cycle here. Fed fund futures pricing less than a 35 chance of hike in december thats why youve seen these rate proxy names kind of come back to life a little bit. Telecom is interesting, we know theres fat dividend yields there and utilities like you mentioned there, staples are acting pretty well if youre looking for safety trades and volatility will pick back up, valuation may become a concern for some of these sectors that have had big runs it makes sense to look at ones regionally priced with decent yield. What could you do in view of the safety trade move weve seen one of the things interesting