Dow sinks after Fed Chair Powell's comments rattle Wall Street



Fell sharply after the Federal Reserve. Chairman said Moore may be needed to support the economy the Dow falling for the third straight day. This time more than five hundred points. The S&P five hundred and Nasdaq off. More than one and a half percent. Energy and financials were the worst performing sectors in the SNP TODAY. One big reason for the drop perhaps comments from one of the most respected investors in the world. David Tepper was with me today on the halftime report. It's definitely As of yesterday on the markets from yesterday I would say that ninety nine was more overvalued in two thousand but Yeah I would say it's one of the most valued markets maybe the second most valued I've ever seen. The market is pretty high in the feds. Put a lot of money in here. And it's a question. Has there been different? Miss Allocation of capital in the markets? And certainly you're seeing pockets of that now on the stock market And the market is by anybody's standards. Pretty full. I think that you know that the bottom is in. I think probably if the situation remains you know if we're just dealing with a virus and there's no other issues that come up. I was David Tepper for more. Today's big drop Mike Santoli with us once again by good to see. David tepper speaks people. Tend to listen Jamaica comments today. Well I do think it's spoke to a lot of the sentiment that if you're looking at near term fundamentals the aggregate corporate earnings power of this market. You really can't make a great case for being at these levels of for to have this rally continue. That makes a lot of sense clearly. Thirty-five percent Ron off the lows did build in a fair bit of optimism at least in those leading stocks. Do you think difference today though the week stuff that you mentioned like banks like energy like the travel stocks. They've been week for a while. They stayed week today. The difference today was the leading tech stocks. Have taken a breather. They're down three or four percent off their highs and therefore it kind of exposed some of the underlying weakness in the broader market. Because they've been sort of protecting. An insulating index is to a large degree over the last several at

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