Kenny Polcari is in for Brian Sozzi, and he is not a neutral party on the Black Monday anniversary: he was standing on the New York Stock Exchange floor on October 19, 1987, when brokers had nothing but sell orders and the specialist became the buyer of last resort. He prices the comparison too. The Dow was 2,246 then and 51,966 on Monday, so the same 22% would be roughly 11,432 points in a day. What he sees instead is sector rotation. Plus RTX beating by almost 50 cents and raising guidance, oil back above $103, housing starts missing, and GM’s quarter.
Featuring
Kenny Polcari, Chief Market Strategist, SlateStone Wealth, and host of Trader Talk on Yahoo Finance
Pras Subramanian, Senior Autos Reporter, Yahoo Finance
Paul Jacobson, Executive Vice President and Chief Financial Officer, General Motors
Timestamps
0:00 Kenny Polcari in for Brian Sozzi, and thirty-nine years since Black Monday
0:33 What a 22% day would be worth now
0:56 Chips down eight days, and the chatter getting louder
1:12 "I know, because I was there"
1:44 Sell orders, no buyers, and the specialist of last resort
2:05 What the market actually did on the anniversary
2:27 The Nasdaq’s worst week since June, and why the Dow still finished higher
2:40 Rotation, not liquidation
3:25 A reported $45 billion compute deal
3:40 The two questions investors actually want answered
4:04 What to watch in SpaceX’s results tonight
4:35 Aerospace and defense: RTX, GE and Northrop report
4:52 RTX beats and raises
5:26 GM falls as much as 6% on its quarter
5:40 Oil above $103, and the risk premium behind it
6:21 The consumer read-throughs across today’s reports
6:55 Housing starts miss, and mortgage rates near 7.5%
7:26 Ahead of the Fed decision on October 28
7:45 The GM interview begins
8:08 Guidance, cash flow and $2 billion of inflation
11:19 Whether DRAM pricing is an AI data center problem
12:04 The $20 billion buyback, and a stock the CFO calls undervalued
13:02 Fully diluted shares down 37% since 2023
14:16 Revenue up, unit sales down, and the consumer
16:52 Where EV demand settled after the tax credit lapsed
#BlackMonday #StockMarket #RTX #SozziUnleashed #YahooFinance
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