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Anxiety is mounting over Fed Chairman Ben Bernanke's presser tomorrow, and President Obama has added a bit of fuel to the fire.
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Same Store Sales, Bernanke Among Issues For Thursday's Market
Posted By: Bob Pisani
Here's what the market faces tomorrow: 1) October retail same store sales. Weather got colder toward the end of the month; traders are primed for bad news as most of the big stocks are at 52-week lows. Any good news should move them up.
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Market Leader Focus: Materials, Techs, Energy
Posted By: Bob Pisani
Two market worries this morning are declining fourth quarter earnings and deteriorating internals. Ned Davis, a respected market researcher, specifically pointed to the poor breadth this morning and told his clients "further caution is advised." The bottom line: market leadership is increasingly focused in some materials and techs, and a few energy stocks.
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GM: A Sign Of Lower Auto Profits Ahead?
Posted By: Bob Pisani
The takeaway from the GM numbers is that expectations for auto sales, particularly in North America, appear too high and is exacerbating concerns about a softer U.S. consumer. Forget about the somewhat confusing $39 billion non-cash charge.
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GM, Falling Dollar Weigh On Futures
Posted By: Bob Pisani
Several factors weighing on futures prior to the open: 1) GM posting its biggest quarterly loss ever; $39 billion amounts to $68.85 a share loss, a mind-boggling number considering the stock is $36. Down 5% pre-open. Declining to provide guidance is the key here. However, this news came out last night and is not the primary reason the market is down.
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Market Story Today: Weak U.S. Dollar
Posted By: Bob Pisani
Market leaders like metal and energy and tech stocks got help from financials today--that hasnt happened in a long time. But the big story was the weak dollar, which helped push gold, silver, and oil to new highs. Commodity stocks like precious metals, steel, and iron ore also surged.
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Retail Stocks: No Bottom In Sight
Posted By: Bob Pisani
With retail stocks down 11% year to date, you would think some would be out looking to call a bottom, but bearishness remains very high among retail analysts. Morgan Stanley very typical of that mood this morning, was out with a long note on retailers called "Not Too Hot, Not Too Cold, Just Wrong."
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Strong Dollar, Weak Dollar: Which is Best?
Posted By: Bob Pisani
The dollar, which is hitting new lows against the Euro and other currencies today, is sparking considerable debate. Gold and oil are hitting new highs, partly on the dollar's weakness. The weak dollar has been a big help to U.S. exports and definitely helped corporate earnings of U.S. multinationals. That is the standard line, and it's true.
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Out of Office Reply
Posted By: Bob Pisani
I am out of the office today so I won't be blogging until tomorrow. See you then with what's going on in the markets.
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Market "Disappointed," So What's Ahead?
Posted By: Bob Pisani
Despite the late day 100 point move in the Dow, the day had a feeling of disappointment to it. Traders made it clear we were now data-dependent, and we got the kind of positive data we needed in the jobs report. The result? A rally that lasted 15 minutes at the open, and then traders sold into it.
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LM's Bill Miller Worry: U.S. Consumption Slowdown Effect
Posted By: Bob Pisani
Bill Miller at Legg Mason just sent a letter to his investors. He correctly identifies the key issue: "The issue for the stock market and for the global economy is the extent to which the slowdown in U.S. consumption will spill over into a decline in global production next year"
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About Trader Talk with Bob Pisani
Direct from the floor of the NYSE, Trader Talk with Bob Pisani provides a dynamic look at the reasons for the day’s actions on Wall Street. If you want to go beyond the latest numbers— Bob will tell you why the market does what it does and what it means for the next day’s trading.
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A CNBC reporter since 1990, Pisani reports on Wall Street and the stock market from the floor of the New York Stock Exchange. Follow him on Twitter @BobPisani.
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Wall Street
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Everyone thinks the market will zig when the Great Taper is announced. What if it zags?
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CNBC's Bob Pisani and Art Cashin, of UBS, discuss the NSA surveillance program and the revelation it foiled a bombing attempt at the NYSE. And during an interview with Charlie Rose that aired last night, Pres. Obama may have put tapering on the table, Cashin says, to set it up for Bernanke's successor.
Most Popular Video
Tuesday, 18 Jun 2013 | 11:00 AM ET
The world's second-wealthiest man explains to CNBC why workers in Europe and other parts of the developed world are at the "best" part of their career after they reach their 60s.
Tuesday, 18 Jun 2013 | 10:00 AM ETViolent protests broke out in eight Brazilian cities last night, with the worst violence occurring in Rio de Janeiro. Thousands of protesters threw Molotov cocktails and anything else they could find. The protests began over a 10-cent increase in bus and subway fares.
Tuesday, 18 Jun 2013 | 11:05 AM ETFBI Deputy Director Sean Joyce describes how NSA surveillance helped to detect and thwart a plot to bomb the NYSE.