Its competitor, nikola the Airlines Holding up after Morgan Stanleys bullish call on the group. The analyst will join us kelly, first over to you major aver raages are hitting their lowest levels. Bob has a look at the stocks making the biggest move today. Bob, lets start with you. Were in a 40point trading range. Were about to break out on the upside i know this sounds crazy lets look at the sectors and whats moving. Were not getting a lot of help from technology. It rallied early yiier but hasnt been moving as forward were getting nice moves from the industrial and Health Care Stocks these stocks rallied earlier off of their lows. Apple was 119 earlier. Its not moving the market forward here in the middle of the afternoon. Still off of their lows. Same with microsoft, nvidia, lam and some of the work from home stocks they were lower earlier but not rallying dramatically. All of them down wayfair was briefly positive slack has turned positive. The stocks are all off their lows most of
Out. The billionaire Tilman Fertitta will be here power lunch starts right now the dow making major moves to keep up with the changing times and the changing economy bob is looking at the moves and how they will affect the markets. Bob a bit of a shake up in the dow but the moves make some sense. Let me explain why lets take it piece by piece first we have salesforce. Com replacing exxon mobile the apple split has reduced the tech weighting in the dow and we need more Technology Sales force reflect the growing importance of Software Overall in the u. S. Economy. You dont need two Oil Companies in the dow you dont need exxon and chevron with energy only 3 of the s p one of them chevron will do. Lets look at the dow industrials. Pfizer is the lowest stock price in the dow the price would be even lower. Another reason to move it away amgen is reflecting the growing importance of the biotech space. This sounds like two industrial swaps and they are theytheon overlaps a bit with boeing now,
With civil Rights Groups today to address the growing boycott the organizers of stop hate for profit calling the meeting a disappointment saying that Mark Zuckerberg and Cheryl Sandberg are not ready to address the hate on that platform and did not respond to demands of dozens of its largest advertisers the ncaa color of change, Antidefamation League and free press saying Mark Zuckerberg did not offer any tangible plans on how facebook will address the rampant discrimination and violent conspiracies on their platform the meeting that we just left was a disappointment facebook has had our demands in multiple ways and they showed up to the meeting expect an a for atte attending. Attending alone is not enough. Civil Rights Groups saying facebook did not address their list of demands, saying zuckerberg offered no automatic recourse for advertisers whose consent runs alongside hateful posts. They did not address why facebook recommends hateful groups and didnt address rampant disinformation
Gone the worst week for the markets since the financial l crisis back in 08 and the quickest move from record high to correction a 10 drop in the history of the s p 500. Thank you and welcome to power lunch. Team coverage of this coronavirus induced sell off continues. Meg is breaking down the latest news on the outbreak bob is tracking the volatility Rick Santelli is in chicago watching the yield curve and Steve Liesman is here on the pressure facing jay powell and the fed. Meg . The virus has now reached more than 40 countries with total case numbers worldwide topping 82,500 and more than 2800 dead. The World Health Organization telling every country to be prepared, citing the virus quote pandemic potential that includes being able to detect cases early, isolate t m them, trace their cats and provide quality clinical care. Saying people need to have the right information, including what the disease looks like. In 90 of cases, its a fever and in 70 , a dry cough. Typically not a runny
Commercial free dan nathan tim seymour and. And the head of rbc capital markets. Let us recap how this incredible day played out the dow just had the biggest point drop in history. Falling 1190 points. A 4. 4 drop. The dow index has now lost 3,200 points in week alone its now down nearly 10 this year the s p meantime falling 4. 4 as well handing in the worst day since august of 2011 and this is the fastest correction, a 10 drop from highs in the entire history of the stock market lets focused on big names you know controlling the market, fangs tumbling as well and took the market with them you had apple down 6. 5 . Google 5. 5 and microsoft a 7 drop wow. As stocks sold off buyers they flooded into bonds the 10year yield at one point trading at 109. 24 ended at 1. 26. The lowest at any time in American History for the ten years. Bond traders expect a rate cut on march 18th. But there is chatter possibility of intrameeting cut between now and then all told, the fear on the street is very