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The market appears ahead of itself as economy reels from coronavirus lockdowns: Citi's Levkovich

11 075 views | 21 May. 2020

Tobias Levkovich of Citi

Tobias Levkovich of Citi and Sam Stovall of CFRA join "Squawk Alley" to discuss the markets amid the coronavirus pandemic.

Stocks dropped on Thursday as Wall Street digested a strong rally this week along with the latest weekly jobless claims data.

The Dow Jones Industrial Average traded 90 points lower, or 0.4%. The S&P 500 fell 0.7% while the Nasdaq Composite was down 0.8%.

Amazon shares traded 1.8% lower after hitting a record high earlier in the session. Netflix slid 3.7% while Alphabet and Apple both dipped more than 0.7%.

The major averages entered Thursday’s session all up more than 3% week to date thanks in large part to state efforts to ease stay-at-home orders and begin lifting restrictions on business. Connecticut, for example, began on Wednesday to allow residents to dine in at restaurants with outdoor seating.

Sentiment has also been lifted by rising optimism around a potential coronavirus vaccine. Moderna said Monday that an early stage vaccine trial had shown positive results, with all 45 participants developing Covid-19 antibodies.

“The broad market has taken some support from positive treatment and vaccine headlines as a complement to a generally more optimistic economic reopening,” LPL Research wrote Wednesday.

LPL Market Strategist Ryan Detrick did caution, however, that such a comeback is usually accompanied by occasional pullbacks — sometimes as steep as 10% — as investors try to correct sentiment and prices to an appropriate level given bear-market headwinds.

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Kenneth Ng

The global stock market is clearly overly optimistic. The Covid-19 has not come to a full stop and stocks keep rallying, like having taken pills. What the heck is wrong?

J Snow777

Should joe Scarborough go to prison for murdering his intern??? Shame on NBC for employing serial killers

ponder2006

Can you guys please pipe down on the negative sentiment. I am trying to dump stocks I currently have at a loss. I just need two weeks for the market to rally so I can exit. Much appreciated.

edward lee

T market can not be looked as a election poll this time, because the market is manipulated by the FED ordered by Trump, how can you look such kind of manipulated market as a presidential poll ?

Toby smith

People are taking advantage of cheaper stocks because of covid

marc keeling

Biden and Bernie ... a match made in Heaven ! Throw in Liz and Kamala and you got it ALL ! Trump 2020 !
Click areyoush-tingme.com for more .....

B. W.

Fed goes: BRRRRRRRRRRRRRRRRR

Kids on Robin Hood go: BUYBUYBUYBUYBUYBUY

Verizon phone exchanges

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Xynteo Exchange: Why are the challenges we face today still the same as a century ago?

261 views | 4 Feb. 2019

At the Xynteo Exchange

At the Xynteo Exchange Square 1, David Suzuki, Samina Ansari, Stein Olav Henrichsen, Felipe Calderon and Arvid Moss debate why we are confronted with the same problems today as a century ago.

Verizon phone exchanges

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Melody of Forgotten Philadelphia Phone Exchanges

147 views | 6 Mar. 2019

Our old Philadelphia phone

Our old Philadelphia phone exchanges were strong reminders of our old neighborhoods. Today, phone numbers are just colorless strings of digits...