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Highs. Coming up a busy news day, and a series of big interviews as well. The ceo of gap, jonah snngal, her first interview since taking the job in march talking about the post covid lavin escape and the partnership with kanye west. Plus we have patrick frisk with his partnership with steph curry. We will discuss the fierce competent anything footwear. And salesforces deal to buy slack is expected to be announced today after the bell we should get those details. And sales details also out after the close. Looking forward to that. Slack up a little bit today. Lets get to the Market Action mike santoli is tracking it. As stocks moving higher but off the highs of the session. For three weeks they have been mostly sideways around the recent highs right now we are a little less than 1 above the intraday high from november 9th. Est that was the day the election was called. Then you had the vaccine from pfizer that was right in here intra ....
Well in many states. Businesses are holding back from spending amid the pandemic and stimulus talks appear to be at a standstill once again with leaders from both sides accusing one another of moving the goal posts in the negotiations. Unlikely we will get a stimulus before the election. 59 minutes to go, dow down 2. 2 . Lets get to the stories we are watching right now as stocks fall sharply mike santoli is tracking the market selloff for us. Which parts he is watching in particular meg tirrell digging into the latest covid numbers mike, whats the broader take on what is happening today average bit of a rethink on a mull pent fronts the idea that covid might cause more business disruption last week the s p 500 was skirting this boundary between this sort of breakout level we had and around 3,400 we are actually below that right now. Did a little bit of damage s p and the nasdaq fell below the 50day average the s. A. P. Warning probably evented the nasdaq from doing a better job of sup ....
From apple yesterday plus, jim, fedex and adobe to kick around from last night. Wow i mean, these were congratulations gentlemen and ladies calls because the numbers were so unbelievably good, much better than people expected. Now, this is rather amazing, carl why . Because there were firms that upgraded and pushed and raised numbers for weeks and yet they were dramatically exceeded, fedex because of e com, 96 of the growth is e com and adobe because its how companies are able to digitize quickly, particularly retailers, in order to be able to take advantage of this this amazing wave, this amazing boom of ecommerce to the home because of the pandemic so how can there be such a structural thematically strong story behind ecommerce and packages and growth and the targets that fdx has pulled forward by years and all the good news today on vaccines and therapeutics well, i think whats really convincing here with fedex is that theyre talking about how theres actually a weak economy in the < ....
It also says it will purchase additional treasury assets as part of an accommodative policy. It repeat language from previous statements, where it sol it will use the full range of tools to support the economy the statement says weak demand and oil prices are holding down inflation, but the path principally depends on the virus. It says it poses considerable risk to the mediumterm outlook. There were two dissets, from the dallas and minneapolis fed, differences in what they wanted. Capellan wanted more flexibility. Let me tell you about the outlook for gdp. They actually dramatically well, they were looking for a 6. 5 gdp decline, now looking for a 397 decline they were looking for nine and change, now looking for 7. 6. Ill go directly to the actual table here and put my glasses on, and tell you what it says here inflation they have upgraded from 0. 8 to 1 mounta. 2 there it is, folks the path of policy 0. 1 for 2020, 0. 1 for 2021 0. 1 for 2022, and drumroll, please, 0. 1 for 2023 the ....
We see the dow below the 50 day for the first time in awhile nasdaq hit that last week were off of the lows, 32. 29 maybe just ten tonights off of that the problem is not so much technology, but the reopening sectors. They are weighing on the s p if you just take a look energy, industrials, and materials. They have separate issues with suspicious trading activity. Not as they are notably week taed and this is another sign that the reopening story is not going as well as people anticipated. Remember the bucket thats we watched the market with. It is true there have been advancements with treatment and vaccine. The delays in the stimulus program, europe locked down is a worry. Concerns about the potential for the european lock down is there. As far as the stock market goes, we have been looking at valuations for a long time many people feeling the market is over valued but earnings overall have been improving. There is a lot of balance and debate going on. That happened on friday, nasdaq ....