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I also have a great guest for you, michael kolanovic, j. P. Morgan, he thinks the bottom is in and hell be here to explain why and well talk about what hes seeing and why hes studying coronavirus trends around the world to try to understand the stock market, netflix made a new high. Bed, bath and beyond, that stock is up a little bit after hours and its down about 80 over the past year. We got a triple whammy we have to start with the market bad data on retail and oil falling to 20year lows and the banks continue to drop on their earnings concern guy adami, of those three because i would argue and i didnt think data mattered at all, of those three which one matters the most to you . I think the fact that oil cant get out of its own way out of those three the way that banks have traded, we can talk about that, but the way the data we knew would be miserable and maybe its worse than a lot of people thought and the bloviating and the noise, it cant get out of its own way and the rally las ....
Brennan and jon fortt. Markets have been well off the highs. Dow was up 937, trying to hang on to about 400 points on the dow right now. Lets bring in mark mahaney of rbc, david lovevitz of jpmorgan. We knew 2700, 2750 would be a bit of a battleground and its turning out to be exactly that yes, exactly. One of the things thats occurred here over the past couple days really over the course of the past weekend is you finally saw consensus earnings system begin to come down and the narrative that had been in the Market Equities are looking cheap, the question we were always asking was cheap relative to what earnings . When you use the new estimates that are around 145 a share, you know what youre seeing is stocks are looking fairly valued not outright cheap and i think thats a big part of why were seeing things run into resistance at these levels mark, its a great opportunity, davids answer, to ask you how in the world analysts are ....
Chips. The chips in this bag and the chips on this rack. I know it sounds like i agimmick. Maybe it is. But if you understand the zeitgeist of this market, if you really want to get it, these two types of chips tell you a great deal of the drama going on in the stock market and in the entire country. So on a good day when the dow advanced 130 points, s p gained 1. 03 , nasdaq jumped 1. 51 hallelujah allow me to explain. Lets start with these chips, the semiconductors. Right now theres a veritable feeding frenzy for the chipmakers. Investors cant eat just one. The etfs are going crazy. Buyers are chomping down on this stuff like piranhas in the amazon basin. Nvidia, obviously the not disputed leader of the group is up 87 year to date and 757 from its lows just 17 months 757 , people. On the other hand, though, this bag of chips is under assault. The price of a bag of potato chips has risen 45 while the cost of producing them has increased by about 40 over the last few years. But unlike ....
That is where we begin well head down to d. C. , ylan mui with the latest on the vote that could occur tonight reporter brian, were watching for Senate Majority leader Mitch Mcconnell to take the floor. The latest guidance is that the final vote will come about 9 00 p. M. Its already clear that republicans have the votes to pass this bill the only republican holdout will be bob corker of tennessee he put out a statement just recently saying he was disappointed, it was a tough smo vote, but he could not cast aside his fiscal concerns at the end of the day whats unclear still is what the senators will be voting on we still havent seen the revised version of the tax bill. There have been a few details that have been leaking out among them are the inclusion of the alternative minimum tax, both for individuals and for corporations full expensing will also be in place for five ye ....
Do before, brian hosted that one as well. We talked, and i was shocked and i dont know how you feel about this on a friday with all the potential risks over the weekend, vix closed effectively unchanged, closed up three quarters of a percent or not i would have said if you told me all this was going to happen today, the dow had at least 500 points and the vix north of 15 i understand why you would want to buy protection. By the way, theres a lot of scary stuff that the market doesnt seem to think so. The most important thing i would focus on there was some massive underlying weakness in the big market leaders this week we saw it in the semiconductors, in some of the faang stocks. Thats something that makes a lot of sense wednesday, when the semiconductor was down and the s p flat because of the rotation in financials and industrials and retail that was troubling to me its fantastic that s p could be flat, but there is some underlying weakness here. Yeah. I mean one other quick point, o ....