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Themselves on the wrong end of a judges decision in california it is friday, october 23, 2020 and you are watching Worldwide Exchange on cnbc good morning, everyone. Im seema mody in for Brian Sullivan we kick off your friday morning with a look at stock futures, the dow up currently about 75 points the major averages august coming off their second positive day in three. But looking to end the week in the red. Here is how were set up the dow and s p are on track to snap a three week winning streak, the nasdaq on pace to break a four week winning streak for its first worse week since september. Part of that is apparent rotation out of Technology Take a look at the ishares and momentum etf, it is down more than 2 this week. And on pace to snap a five week win streak the etf tracks tesla, apple, amazon, invidia and mic ....
Dom . How many of us wish we had more time, not just 48 hours but more time in general anyway, the markets right now are in a Holding Pattern thats what well call t. Marginal losses in the s p 500, dow and nasdaq, as you can see there. Just about a quarter to a third of a percent across the board here, but we were positive at one point today so a lot of that uncertainty playing out, but not a lot of reason to wholesale buy or sell so thats what were seeing in markets. One place where were seeing a good amount of positivity today is in the internetrelated names. Social media specifically. Check out this First Trust Dow jones internet etf ticker fdn is off the highs of the day, off twothirds of 1 small of the smaller social media ones are there as well helping to power this particular move remember from the lows up to here, it was up about 96 , and then it fell about 15 here ....
The answer is not for a long time even the greatest optimists think a mass vaccine in the middle of 2021 maybe something smaller this fall the idea of something that is just given to you in the hospital iv that makes it so it eliminates the lets say the odds of you dying, its something that makes us feel like maybe this is the tamiflu for this dreaded disease i think, of course that makes people feel more optimistic. Everybody wants the country open, but nobody wants to do its been that stark, that bipolar. How about we get it open versus getting really sick. Thats something that people will say open it up, thats why the market is flying its not the tamiflu, its for when you are already fairly sick its very important i dont want to discount it in any way, listening to Scott Gottlieb has been one of the more rational voices on this throughout. He frames it properly. We actually do still need those antivirals that would be taken ear ....
And the estimated number of deaths we will get ism today. Adp is out several european banks are spending dividends jim, how much of this mornings action does reflect the grim picture that the white house set forth yesterday . Its difficult to imagine how, lets say, optimistic people were versus what the president said last night. I think many people in the stock market understood that the numbers were completely understated. You did leave the office saying, wow, that could be just terrible because they didnt caveat it as much as you might have thought they didnt say, all right, but were doing great in this state, this state, this state they said look, this is the reality. I think the reality rolls back some of the 19. 9 gain we had last week in the s p then whats going to roll back the rest is if we have credit problems ill defer to david. David knows behind the scene what day it is today today is the day youre supposed to pay your rent david, a lot of people wont make those payments, ....
Those markets are doing today. Its a red day for the most part, spain is in the green. 10year note yield were always watching that and that is at 2. 42 boy, its a big start to the year for crude well talk a lot about that. Crude over 60 bucks even though its ticking slightly lower today along with brent and wti and brent at the bottom of the screen the roadmap starts with the new year and new rally futures rising as we said as wall street shrugs over geopolitical concerns and the tax effect bp taking a major q2 earnings set but bullish on the tax laws long term impact apples mea culpa, looking to quickly make amends with angry customers. Stocks coming off the best yearly performance since 2013, including 71 record closes for the dow, 72 for the nasdaq and 62 for the s p the dow posting a 25 gain for 2017 and s p up 19 . The nasdaq leading the three major indexes up 28 jim, happy new year to you. Happy new year. Thank you very much. It would certainly seem as though we entered a new yea ....