wealth management ceo josh brown is with us as well good afternoon to you. the broader market stocks rallying today, not erasing last three sessions, s&p on track for the best day since june 5th and nasdaq on track for best day since april 29th. mike, clearly a nice bounce, dow up 260 points, high of the session was 700 points do we have any idea and does it matter who the marginal buyer is stepping in? >> you certainly never know, certainly not in realtime. some indications from trading desks that definitely hedge funds came in and tried to buy some of the formerly leading stocks in recent days. you don't necessarily know how it's getting sorted out. what is interesting the market initially averted a breakdown in trends that might have been the case if they declined further today. the bounce was well timed and necessary. point out the high for s&p 500 was below where we closed friday an attempt to recoup yesterday's loss and faded from there. seems a little posturing and repositions people wondering if that was enough of a gut check to refresh or not. three

this one rallied significantly we had a nice trade yesterday, scott in one of josh brown's favorite stocks. shake shack. at the money calls yesterday the 67s that expired tomorrow, friday the 11th. those calls accumulated in big money yesterday. they went $5 trading from 67 to 72 and change most dated within the next 30 days some of in days as in two days until tomorrow's expiration. >> sounds like we'll have a debate for a moment on shake shack. >> i think you're calling shake shack too early to make that move >> i was just teasing the shark. i don't want to get too cloese t the shark. >> josh, you've made the case. >> it's options. he's doing options >> he's defining his risk. >> the difference for me and jon. i can sit forever and can be right. jon is leaking gamma and th eet out of his ears. he's got to make a move. >> i hear you. the thesis is different. i get that jon is doing this for a trade but maybe you're more optimistic about what you think shake shake's exploits are going forward even at a time where josh, you've been a little more cautious on that name due to the pandemic and

josh brown, we look at this and say how bad is it going to get what do you think? >> i don't think it's that bad you have plenty of tech stocks up today that have in the green. i guess i don't see it as quite a tech wreck i feel like we have seen actual tech wrecks this year. these are stocks up 100% or more give or take from march giving back like 12%, 8% in some cases. i'm not with you on the premise. these stocks are off their highs but they've been making new highs relentlessly for months. >> good point. let me come back at you and say what about the premise being, stocks were up 100% in whatever they were since march. was it normal they were up 100% or whatever since march. they were up on multiple expansion. if they were up on all of that and some of the air is coming out of it, doesn't that say they have a lot more room to fall i think it's tough to generalize some of them have more air to come out than others and some will continue to report out standing fundamentals without playing any games and see even higher levels than what they are seeing today i thin

there's free versions, premium versions we'll thrilled to see what you're doing thanks to josh browng it to everybody's attention. thanks for joining me. >> thank, kelly. that does it for the exchange today. stick around for power lunch tom lee joins us to talk about why he thinks investors are too ba bearish.

josh brown, you get the first one. >> simon property group. in the mid-60s i like the risk reward as a trade. i would use 60 as a support level for a stop loss. >> we're looking at simon today of about 1%. pete, what do you got for us >> i'm seeing some paper out there right now with zillow. i like this name already, so i'm about to jump on it, but i think this stock goes higher and breaks 100 >> brenda? >> i shares. >> united health i think this is way overdone this is the one you want to buy on weakness. >> we're digesting what the fed chair had to say along with the treasury secretary talking about the pandemic response. the dow right now is down about 86 points. >>> that does it for us. thank you so much for watching "the exchange" starts now. >>> thank you, scott, and hi, everybody. the chorus is growing louder for congress to pass a stimulus bill as the fed chair powell now says it's essential with a court fight looming, is there any chance congress can compromise and push the bill through. we'll ask larry kudlow in a couple minutes >>>

today management ceo josh brown here as well welcome back, josh we'll kick it off with broader marketo the close, dow up 369. at one point session highs earlier during news conference giving up most of its gains ticking higher 159 points. josh, do you demand to come on during fed days so you can explain what the market is doing with powell? if so, explain it. >> it's in my contract, sara i don't know we want to take this late day swoon as anything more than buyers and sellers matching prices. i don't think any message specifically big picture what i want you to focus on is this pervasive idea we've had the entirety of the market rally has been pushed up by a group of five or eight stocks, large cap tech, consumer discretionary. all those stocks are red, nvidia, netflix, go down the list meanwhile, materials breaking out to fresh highs home building stocks, itb names, every single one of them, i went down the list, looks incredible. technically, they are acting like they are involved in cloud computing. industrials breaking out the reits look like the world fair so i think you've got s

the close mike santoli to break down crucial moments of the trading day and wealth management ceo josh brownus as well good afternoon to you. josh, let's get things off with the market surging into the close. s&p 500 on track for record closes once again. the dow is now less than 2% from its own record high. we're pretty much at session highs, up nearly 500 points on the dow, 1.7%. laggard up 7% itself quite an extraordinary rally into the close in some way, a repeat of yesterday. >> runaway-type action fascinating. as if the market, anthropomorphi anthropomorphize tesla, zoom, they said fine, we'll take those four down and not affect the rest whatsoever, we'll buy other stuff. that's what's going on you had reverse always, almost as if during the day when that action did not spread more instability and basically the overall index is held together this you have fresh money coming in chasing other stuff we'll see. i still think we're still in the same dynamic there's house money in play where people have lots of profits. no reason to sell in a hurry, show them more risk because you have gains

mike santoli break down crucial moments and wealth management josh brown with us as well good afternoon's kick things off with the broader market. >> good afternoon, wilf. >> stocks higher on the last day of september, last day of q3 dow, s&p and nasdaq on track to post their first monthly decline since march. all three major averages higher for the quarter, though. mike santoli today first of all, half our gains, dow up 600, close to 300 seems overall that's around headlines on possible stimulus. >> that seems to be the trigger at least in the afternoon. there were kind of a confluence of economic bullish figures, factors that came out this morning, obviously, pending home sales very, very strong, housing stocks up big. did have a good chicago pmi, manufacturing in line. the idea you might get a quick move on stimulus probably was just adding to all that. the one thing i will note treasury yields kept their gains. bond market has been asleep for weeks now. you have seen this push higher in treasury yields perhaps in response to that, quarter end, asset allocation shuffling, who knows w

i'm looking at ifmy q4 budget they have regional and geo-locked advertising >> josh brown?>> nice offices as well. thanks, guys the "the exchange" starts now. >> thanks, scott welcome to "the exchange." i'm kelly evans. here's what's ahead. a small step forward in stimulus talks with a new proposed package in meetings today. the market isn't sold yet. we'll get the greatest details >>> the value of nothing the asset investors may be overlooking when buying stocks and it could give a big-time boost to returns >>> the tiffany battle continues, group watch from disney and microsoft thinks you miss you

. >> josh brown?y harrington >> you better get that burger money ready, that's all i'm saying. >> and burgers >> pete. >> i'm going for the one with the gold on the bun. >> either way he's a winner, right? i'm going to give you -- i think there's material space ready to the up side. >> he's eating a burger, no matter what. it's whether he's buying it. everybody, thanks for watching q. the exchange" begins right now. >> thank you, scott. hi, everybody. they're taking the lead from technology with the nasdaq languishing down 10% from its highs. can this new group keep the market going forward

joining me is josh brown and amy raskins. let's go to wall take a look at stocks.hing tech as always nasdaq 100 is on track for its worst month since november '08 we have been all over the map

josh brown, we look at

they are, as josh brown likes to call them, work from anywhere stocks or anything that's done quite well and thrived during this period of sheltering in place might continue to correct and money would flow into other areas as ryan suggested. i do worry this market is still vulnerable i don't think we're out of the woods yet given the concentration of gains that we have seen andfully change in outlook could affect those stocks rather disproportiona disproportionately >> thanks so much. have a great long weekend. where else do you get business news and biblical conversation in one segment nowhere else >> what else do you want to do on that one today? >> thank you >> thanks, guys. kelly. >>> thank you very much. the chips are among those getting wrecked in this pull back just out this smh. it's a semiconductor index looking at its worst week since june nvidia among the names getting hit. qualcomm down more than 1% broadcomm did have a big earnings beat after the bill it's managing 3.5% gain now. talk about the valuations going into this correction did they concern you >> it's interesting. v

joe buying another stock that he's been involved with before prior josh brown name is on the list got a lot to get through we'll do that next plus, this mystery chart is up 50% in the past six months up 3% in this we's sekell off. we're back in two minutes with the answer machin achievable steps along the way... ...so we can spend a bit now, knowing we're prepared for the future. surprise! we renovated the guest room, so you can live with us. oooh, well... i'm good at my condo. oh. i love her condo. nana throws the best parties. well planned, well invested, well protected. voya. be confident to and through retirement. at morgan stanley, a global collective of thought leaders offers investors a broader view. ♪ we see companies protecting the bottom line by putting people first. we see a bright future, still hungry for the ingenuity of those ready for the next challenge. today, we are translating decades of experience into strategies for the road ahead. we are morgan stanley. . >>> mentioned our investment committee making a lot of moves today. pete, i'm starting with you. you have a lo

joining me is josh brown and amy raskins. let's go to wall take a look at stocks. we are watching tech as always nasdaq 100 is on track for its worst month since november '08 we have been all over the map today. jim, i want focus on a couple of things that you did in the market today you bought walmart and mic microsoft. why are you putting money to work in those stocks now >> why am i putting money to work and then i'll get to those stocks we had had a 10% correction. you know i've held cash for a little while i'm not the onlywaiting for a correction i still have some cash but, look, for this to get worse than a correction, maybe it goes down 12, 13%. i don't know if it to get worse you have to think the fed is ineffective and the cash on the sidelines which we know is there for mutual fund and etf flows isn't going to come flooding in i think it will start coming in. otherwise, you're predicting the end of the world in 42 years of investing i have yet to see the world ends walmart has a good mixture of brick and mortar with online presence has a peg ratio of 2.0

. >> josh brown, quickly from you. >> verizon, 4% yield, sting long. >>> good stuff thanks, everybody, "the exchange" starts neo the markets are struggling today, but we're down 122 right now on the dow goldman just out with a big call on q3 gdp. >>> plus from walmart to movie theaters to home depot, we're going to talk with the ceo of one of the country's biggest real state landlords. >>> and pumping up profits, all ahead of us today, and maybe some pictures of work from home. >> i have a feeling we'll see some of those in the rapid fire segment. as kelly pointed out, we have struggled to find some kind of direction. as you can see here so far, at this moment in time looking at fractional losses for the major indic indices. similar percentage move for th s&p 500. the nasdaq outperforming, only down about 0.25%, about 6% away from their recent record highs the other place we'll look is signs of stress elsy in the market we're not sees as much of them in the market right now. these two etfs call investment grade or high junk bonds as you can see, they've been fairly steady over the pas

ceo josh brown with us as well skrosh, kick things off with the broader market, the selling continues break yesterday and a break early this morning. but selling off intraday as you can see from the dow chart, down 1.8, s&p 500 down 2.1%, all sectors lower, mike. this is definitely led by tech, this afternoon's selloff, but it has dragged down everything, even sectors like health care, utilities, banks, that were quite markedly higher at the open. >> it's a big enough part of the index it has spread more broadly to tech. the fact it still has been somewhat led by the nasdaq lower does imply that part of the market remains in sell the rallies, every bounce, tends to be suspect until you can prove a little more follow-through behind it. it also suggests today even though background hum of concern about whether case counts or fed sending a muddled message with different voices or the fact we haven't had a lot of upside economic surprises, it doesn't seem like that matches with the market action, which seems to be we're in a correction, have to do more testing here people still feel as if

i'm looking at ifmy q4 budget they have regional and geo-locked advertising >> josh brown? >> phg >> nice offices as well. thanks, guys the "the exchange" starts now. >> thanks, scott welcome to "the exchange." i'm kelly evans. here's what's ahead. a small step forward in stimulus talks with a new proposed package in meetings today. the market isn't sold yet. we'll get the greatest details >>> the value of nothing the asset investors may be overlooking when buying stocks and it could give a big-time boost to returns >>> the tiffany battle continues, group watch from disney and microsoft thinks you miss your commute. dom chu is here with the markets. hi, dom. >> that's one heck of a virtual presence device you've got going over there right now, but i am looking at the markets because at the lows of the session we were down about 256 points on the dow industrial average you can see we were positive at one point, but the s&p 500 still eyeing that 3355 area. that's a big movement there in the 50-day nasdaq composite. sigh real outperformer on the day as it's been outperforming

you have a crowd strike, which josh brown has been adding to on a regular basis, he said that stock is up 12% month to date peloton up 28% zoom video is up 60% month to date so it feels like almost now within this high growth tech it's even bifurcated within that group. >> i think some of those stocks are too hot. i like crowd strike and zoom i talk about them all the time and wish they would come down like faang came down a lot of people were comparing this market to 1999. i went back and looked at the charts of 1998 to 2000 for qualcomm, intel, cisco they were the hottest ones they were far more straight up than this and didn't have this kind of correction i think this correction is very good if you own them, what are you talking about? those stocks are cooling off let's not forget zoom after they reported was down 100 points let's not forget that. and the average sell side price target is 394 so they have to upgrade just the way with the battery. i look and say zoom down 100 turned out to be an opportunity and yet everyone said zoom was done they said docusign was done, scott. they

it double counts and triple counts some of these news cycles josh brown mentioned that in the previous show. it's wonderful to be long and it's very easy to make fun of people like myself who try to poke holes in it and point out what could possibly go wrong i look around and i don't like what i see other than the fact that the stock market goes up every single day again, i think it is worth mentioning and bonawyn spoke to this a few weeks ago, at a certain point something's got to give i think the vix here with a 26 handle that spent most of the day in the green is really trying to tell you something, that maybe people are buying protection maybe that's a good thing. i just think the vix is telling a much different story than the broader market i will say this, you know, an hour ago just as the market closed, president trump tweeted out the dow jones industrial just closed above 29,000, you're so lucky to have me with my president. with joe hiden, it would crash again, the market is what they're running on without question they'll conflate the market and the economy. to his credit, he