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Or inexplicable sudden selloffs, including nasty ones like today, where the dow lost 274 points, second worst day of the year for the two averages, and nasdaq third worst lets tick off the possible reasons why we might have gotten slammed today so you can get a handle on whats happening and more importantly whats going to happen thats what matters. First, the most obvious reason has to do, yes, indeed, with our president. If you believe the huge rally in the stock market since the election has been all about trump, then you might have been jarred into selling in the last few days theres also the narrative of a ceo president , to bolster American Industrial might. As of yesterday, that latter narrative, its out the window the president badly misjudged the ceos who stepped down from his panel. The execs stuck with their values i talked with a lot of ceos. Most of the ones i spoke to believe that the president implicitly backed ....
Now we get these reports what in the world progress on the president s agenda right thats all it takes not only that, but we were talking about this yesterday, how about just the fundamentals of what weve gone through in this earnings season the combination of all of that, and then you start to look, we did get a little bit of pushback on some of the tech stocks they started to move forward as well but its the financials. You start to get any kind of heat under that, moving these financials to the upside, theres a lot of different reasons. By the way, boeing, which continues to be an absolute beast to the upside, keep an eye on this name when you look at cash flows and youre not focused just on p e and saying this is stretch, stretch, stretch, look at the cash flows of someone like boeing and whats going on globally, there are a lot of reasons why some of the stocks in the dow as well are pushing these stocks higher. So maybe the most important thing today for this market is the nasdaq ....
Good wednesday morning welcome to squawk alley. Im Carl Quintanilla sara eisen is here as well the dow is down 59 points following the best day since april. And techs best day in just over a week nasdaq is now lower for four of the past five trading days for more on all of this, we are joined by the chief Investment Officer john rutledge. Good morning, carl. You put more credence on the action yesterday or today, john . I think the risk is the thing you have to watch out for. So i guess that means today. And it is really event risk. Event risk is something investors dont think about very much, but it is like lifting a dumbbell big left, big right, nothing in the middle so you have good economics, bad Politics Around the world, and then its adding up to a lot of risk and makes me want to be cautious. You take risk ....
Somebody just set off fireworks. We talked earlier about people who came to this with an agenda. Protest turned violent after the rally ended. Police using smoke and tear gas to disperse the crowds. Our jeff flock was on the scene. More of his germanic coverage straightahead. Future showing the markets giving back some of the gains from yesterday. 35point loss on the dow futures right now after a healthy gain on the blue chips yesterday of nearly 200 points. 194point by the dow yesterday. In europe, france and germany is the pressures as well, although ever so slight. Asia overnight with mixed actions are trading in hong kong halted due to a typhoon. Dagen relieved of duty, the commander dismissed after a series of worship accidents. Teaming up to take on amazon, details on google in walmart answer to relax a straightahead. Southwest airlines out another major deal. Find out where you can fly on the cheap. A blockbuster trade in the nba. Tyree irving heading to boston. The braun james ....
Maximum category two right now, on the cusp of being a category three. 115 would be the next report. Doesnt happen very often. This lower texas coast actually went lu a period in the early 1980s where they actually had three major hurricanes make landfall, but theyve had a reprieve. It really hasnt been since rita that the coast got hit this hard. Neil it gets more attention here because its also in a neck of the woods in which the entire country is dependent, natural gas, oil refineries, facilities and the like. Is the better part of valor to shut them down and then come back to them when calm proceeds . Usually thats a day or two. This could be a little longer, couldnt it . Right. Youve got a double whammy because youve got chapter one of the storm where it makes landfall lets say in the Corpus Christi victoria region of the texas coastline, but then it meanders, wobbles and stalls for several days. Neil is that worse, michael, ....