Early investor will join us to talk air bnb power lunch starts right now the markets are at all time highs. Usually means great things on wall street but means much worse on main street these days. Well get to Steve Liesman for more on that lets start with bob on the market the low print was at the open were 25 points above that its the same pattern that we have seen for a while now. That is Technology Leading and consumer discretionary, amazon mostly, pushing the market to be upside industrials, energy and banks and energy has been on a downtrend for the last six or seven trading sessions and so have bank stocks they had a brief rally about two weeks ago. They have been down on trend for the last six or seven trading days i mentioned the ten new highs but were at new highs its because the megacaps continue to move the market forward. You get the big five moving up that pushes the market up even if the rest of the market is down semikwuk semiconduct iors are down trending we have nvidi
And say the market is reaching extremes of being oversold theres been signs of internal panic and we were set up for at least some kind of snapback. A couple caveats there, we did have a couple tuesday rallies of 5 and 6 the past couple weeks that did not arrest the downtrend. One thing you can hang a little bit of weight on right now is the fact that over the past several days youve been able to look below the surface of the indexes and see more differentiation, separating winners from losers and a little more stock picking and less indiscriminate selling all sets us up for a good bounce on obviously expectations of policy traction that were getting from the fed and congress likely. All that seems to say its a bounce, a very strong one, its an overdue one will it carry on to anything i dont know that we can say for sure, but i like to say every bottom start with a bounce, not every bounce becomes a bottom. In the meantime just i think to put your point into one phrase, its turnaround
Colder compared to yesterday so bundle up. As we head through the afternoon looking at mostly sunny to partly sunny skies, a low of 50 for the coast guard mid50s for the bay and inland locations. Temps are running cooler compared to average. Our daytime highs, 54 San Francisco and oakland, livermore and concord 54, 56 for san jose. We will talk about that weekend forecast and have more details on the game to the forecast on sunday coming up. Gianna. Taking a look at the roadways unfortunately we are dealing with a Traffic Accident that is a deadly crash. The second day in a row where we have been reporting on something similar to this. We had an accident yesterday reported as a wrongway driver and this one is in the south bay on 17 as you work your way near 280 at hamilton. That enter ramp to 17 from hamilton is shutdown so at one point they had all lanes closed through their. It looks like they may have opened one lane on the northbound side of 17. Will have more information coming up
Trade deal with the japanese but talked extensively about a trade deal between the United States and china given negotiations are kicking back up this week. The president was asked if he would accept a smaller deal rather than waiting for that grand big deal that hes been pushing for. Heres what he said. I think that we just have to see what happens i would much prefer a big deal thats what were shooting for can something happen maybe. In guess its probably unlikely reporter i also asked the president whether or not he told xi jinping as has been reported he would remain quiet about the hong kong protest during the course of these china trade negotiation. The president said no i didnt he said were new yorkgotiating. Politically it would be very tough. The president going on at some length here about the protests in hong kong and admiring the american flags, the trump signs he sees in the crowd and admiring pro democracy protesters but ultimately saying that the protests in hong kong an
To the inability to get a nafta replacement deal done with mexico and canada, to the federal reserves lack of sensitivity to the strong dollar put it all together and the industrial economy just cant catch a break. And thats why the market exploded higher on that robust employment figure. Dow gaining 373 points, s p soaring 1. 2 nasdaq surging 1. 40 it didnt hurt that we were oversold look, i know the Unemployment Rate is down to 3. 5 lowest in nearly 50 years. But it has to do with the makeup of the economy the manufacturing side of the ledger is not just doing that well the weakness in manufacturing hiring gives fed chief jay powell all the ammo he needs to justify cutting the federal funds rate that may make it more in sync with the traditional curve of low short rates to higher long ones normally, you wouldnt expect the fed to hit the accelerator with the jobless rate this low, but wages are still stagnant and theres no inflation to speak of basically, if powell is asking himself,