Stocks close at session lows as Tillerson departs
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Stocks close at session lows as Tillerson departs


. LIZ: WE CAN SAY THIS WITH 6 1/2 MINUTES LEFT, THE NASDAQ BETTER GET GOING IF IT IS GOING TO HAVE EIGHT STRAIGHT WINNINGED SESSIONS, DOESN’T LOOK LIKE IT. DOWN 75 POINTS. JOSH, PHIL FLYNN AND JEFF FLOCK JOINING US FROM EXACTLY THE LOCATION WHERE CONGRESSMAN DAVIS REFERENCED, GRANITE CITY, ILLINOIS WHERE A BRAND-NEW STEEL OPERATION IS OLD BUT OPENING UP ONCE AGAIN OSTENSIBLY TO THE PRESIDENT’S JUST ANNOUNCED TARIFFS. JOSH, YOU ONE MONTH AGO SAID WATCH OUT THE S&P HAS DROPPED 10%, IT HAS. NOW WHAT YOU SEE IN THE CRYSTAL BALL?>>COULD BE FUZZY, LONG-TERM FUNDAMENTALS ARE GOOD, I’M STILL POSITIVE ON THE OVERALL TRUMP TAX LINE. TONIGHT SEE WHAT HAPPENS IN THE PA18 ELECTION. WHAT’S GOING ON WITH THE PAUL AND THE TARIFFS THAT COULD BE TIMED BY TRUMP TO HELP A FAILING CANDIDATE. IF YOU LOOK AT THE DEMOCRATIC CANDIDATE, THE REPUBLICAN CANDIDATE SACCONE WAS IN TROUBLE. I THINK THIS WALL THING, THE WALL DEMONSTRATION COULD BE TOTAL POLITICAL OPTICS. I THINK THEY’RE GOING TO GO THROUGH THE SEE-THROUGH WALL, THEY’RE GOING TO PICK THE SEE-THROUGH WALL. LIZ: THAT’S WHAT THE PRESIDENT LEARNED FROM THE BORDER AGENT WHICH BRINGS ME TO YOU, JEFF FLOCK, AND YOU ARE SORT OF AT GRAND CENTRAL STATION WHEN IT COMES TO REVITALIZED STEEL SITUATION IN ILLINOIS, BUT JUST AS JOSH REFERENCED, PENNSYLVANIA, STEEL COUNTRY, PRESIDENT TRUMP WON THAT STATE, BUT A DEMOCRAT WHO’S A FORMER MARINE AND SERVED HIS COUNTRY STRONGLY. LOTS IN THE AIR AS IT PERTAINS TO WHERE YOU ARE? . REPORTER: I TELL YOU, I HAVE NEVER SEEN MORE OPTIMISM IN THE STEEL INDUSTRY. I’VE BEEN COVERING THE STEEL INDUSTRY 30, 35 YEARS, THAT THE BLAST FURNACE THAT THEY’RE GOING TO START WHICH IS 500 JOBS HERE. THEY FEEL LIKE SOMEBODY CARES ABOUT THEM, THEY KNOW THAT PERHAPS SOME PEOPLE MIGHT BE HURT BY THIS, MIGHT BE BACKLASH BY FOREIGN GOVERNMENTS AND MAY BE A TRADE WAR, BUT FINALLY FEEL THAT SOMEONE CARED ABOUT THEM AND THAT KIND OF GOES A LONG WAY. LIZ: WHY DO YOU THINK U.S. STEEL IS DOWN NEARLY 8% RIGHT NOW, JUST SELL ON THE NEWS, MAYBE? REPORTER: YEAH, WE WERE TALKING ABOUT THAT EARLIER, THAT THEY FEEL LIKE THE THOUGHT THAT IT GOT OVERBOUGHT A LITTLE BIT BECAUSE WE WERE TALKING ABOUT THE TARIFFS SO MUCH, THEY JUST ANNOUNCED THAT THEIR EARNINGS, PROJECTIONS ARE INCREASED, BUT, OF COURSE, THAT’S LARGELY TAX BILL AS OPPOSED TO ANYTHING ELSE. MAYBE IT’S BUILT. IN ONE ANALYST SAYS IT COULD DOUBLE. IT’S AROUND 40 RIGHT NOW, IT COULD DOUBLE TO 80 THEY THINK IF THIS GETS TRACTION. THERE’S A LACK OF CONFIDENCE THAT THE TARIFFS WOULD BE AS BROAD-BASED AS SUGGESTED. THERE WILL BE A LOT OF CARVEOUTS, MAYBE THERE WON’T BE AS MUCH IMPACT. LIZ: BOY, IT REMINDS YOU IN A DISTANCE BUT ECHOY WAY OF OBAMACARE WHEN THE COMPANIES RUSHED TO GET WAIVERS, MAYBE THE COUNTRIES ARE RUSHING TO GET WAIVERS. JOSH, WE HAVE PHIL NOW, GIVE ME A SENSE WHERE PEOPLE ARE PUTTING MONEY. WE ARE OFF THE SESSION LOWS. DOW IS DOWN 174 BUT PEOPLE NEED PROTECTION IN PORTFOLIO.>>I THINK THE BIGGEST WAY IS TO PROTECT ONE’S SELF FROM THE TRUMP TAX PLAN, ONE OF THE THINGS WE’RE SEEING WITH CLIENTS IS PORTFOLIO BUNCHING, MEANING WITH THE HIGHER INCREASED STANDARD DEDUCTION OF 24,000, NOT MANY PEOPLE ARE GOING TO BE ABLE TO ITEMIZE. WITH THE MARKETS, THE MARKETS ARE UNCERTAIN, YOU CAN LOOK THE BUNCHING, YOU CAN LOOK AT MAXING OUT YOUR 401(k). QCD, THE QUALIFIED CHARITABLE DISTRIBUTION, YOU ALSO HAVE RETIREMENT PLANS, PEOPLE ARE ALSO LOOKING AT CREATING LLCS AND S-CORPS. LIZ: OH, YES.>>THE MARKETS ARE UNCERTAIN RIGHT NOW BUT ONE OF THE THINGS WE COVERED IS TRUST. THERE’S GOING TO BE A HUGE BOOM IN TRUST NOW BECAUSE YOU CAN ACTUALLY OWN REAL ESTATE WITH TRUSS AND ALSO, WE’RE LIKING OMNICHANNEL RETAILERS. I WAS JUST WITH MY WIFE AND INSTA-CART WAS A HUGE SUCCESS AND WALMART. I THINK CHANNEL RETAILERS WOULD BE DOING WELL WITH THAT STUFF. LIZ: PHYSICALLY, THAT SAID, WE ARE LOOKING AT A DOW JONES INDUSTRIALS STRADDLING 25,000. WE ARE BELOW IT TODAY. I DON’T LIKE TO LOOK AT THE DOW. THAT’S WHY WE HAVE THE NASDAQ ON THE SCREEN. WAY MORE COMPANIES. WHAT SENSE ARE YOU GETTING FROM THE TRADING FLOOR OF WHY WE STARTED OFF IN THE GREEN STRONG AND BEAUTIFUL AND NOW WE’RE IN THE RED. BEAUTIFUL FOR THE SHORTS BUT NOT SO MUCH FOR THE BULLS.>>I THINK IT’S A LITTLE BIT OF THE POLITICAL UNCERTAINTY, YOU KNOW? I THINK AT FIRST, EVERYBODY LOOKED AT THIS REX TILLERSON FIRING. THEY DIDN’T QUITE KNOW WHAT TO MAKE OF IT. BUT IT CREATES THAT ERA OF UNCERTAINTY. YOU HAVE THIS ELECTION IN PENNSYLVANIA, WHICH IS GOING TO BE VERY BIG IN KIND OF A LOT OF TRADERS ARE LOOKING AT THIS. IS IT BELLWETHER FOR THE DONALD TRUMP AGENDA? AND IT’S GOING TO BE A VERY TOUGH RACE FOR HIM. AND IF DONALD TRUMP, YOU KNOW, REPUBLICAN WINS TONIGHT, THAT’S GOING TO BE VERY POSITIVE, I THINK FOR THE

4 thoughts on “Stocks close at session lows as Tillerson departs

  1. See how deep State runs our markets with their powerful high frequency trading platforms. They can make or break the market daily. I guess they lost on the Tillerson shuffle.

  2. It's sad that simply the risk of a Democrat winning an election in one state makes the market drop. How does anyone vote blue any more?

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