Weekend for labor day. Road map, it starts with some optimism on the trade war front. Same thing we were saying yesterday. Stocks rising amid cooling rhetoric but here come tariffs. A new set, theyre going to be hitting chinese imports and will kick in this weekend. Keeping an eye corporate earnings, plenty this morning. Campbell soup, ulta, dow, workday. Shares rallying, this on news that 16 models will be exempt from the china import tax. All three major indices in the red for the month. And the nasdaq is the biggest decliner still down more than 2 , this might despite what has been a last rally the last few days well see how we end the month. It has been a round trip, actually, from last thursday to yesterday on the s p 500 you recouped all that was lost on that friday, a surprise escalation in trade war fears. Todays open at the s p level that were seeing right now, it would take you back three weeks. Basically august 8th, most of the losses of august, it is kind of partly, i think
Of the New York Stock Exchange carl and morgan have the morning off. And were going to begin with tech bracing for tariffs now just days away from going into effect on september 1st trade tensions between the u. S. And china not slowing down, as the wall street journal reports that u. S. Prosecutors investigate new allegations of Technology Theft against huawei. Acme capitals heene nada and kevin dilanian, of course, both join us here at post 9 happy preLabor Day Weekend. Good morning. Heenne, you were a protough stance gen china when it comes to ips and other things. When it comes to these tariffs, september 1st, december 15th, are you pro this approach . Does it depend if it gets nearterm results . I think the tariffs are going to do some harm in the nearterm. I think youll see pricing increases in the u. S i think youll see trade tensions worldwide globally. But i think the longer term impact is actually much more detrimental to china than it is to us. Whats happening is Tech Compan
We will ask. Bear in mind its a volatile market. Who knows how we will close today. Now, heres the really big reversal. Yesterday, that key interest rate, the tenyear yield, had dropped to 1. 59 . It was a massive move. Now its 1. 73 . A massive move in the opposite direction. Heres the question. If that bond was a safe haven yesterday, why is it not today . We will ask. Breaking overnight. I. C. E. Raided Food Processing plants in mississippi, apprehending 680 people believed to be illegals. The left is all over this one, describing the arrests as horrifying and horrendous. Mississippis governor will be on the show later this hour. Lets get right at it. Varney company starts now. Stuart start with the markets. You have to. Another wild reversal. Michelle mckinnon is with us. Tell me, what was that all about . A couple things. I think the market is now pricing in that 10 additional tariff, really wouldnt be the end of the world, because lets face it stuart the reversal. Thats why we re
As you mentioned, shares popped around 50 when compared to the socalled Reference Price of 26 a share. But no investigator actually made a quick oneday gain of 50 , as they might have in an initial public offering. In fact, the most any Public Market investor would have made buying and selling slacks shares yesterday is about a 9 return thats because the Reference Price is more of an arbitrary one set by the Financial Advisers in the nyse and a direct listing, so no shares were actually sold at that level. The shares opened at 378d 38. 5 rose as high as 42 and ended at 38. 62 to many, thats the beauty of the direct listing strategy versus the more traditional ipo. Theres no favoritism on the part of the underwriters and theres no money left on the table, because slack didnt raise capital in the first place. Overall, slacks debut was viewed largely as a success. And further evidence that the direct listing model works there were no crazy price swings Trading Volume was manageable, and t
Bag the dow attempting for a Third Straight interestrate session of gains but between the bulls and the bears as anyones game, the s p 500 and nasdaq on the other hand are little more firmly in the green as you can see, nothing to write home about but there in the green, as big tech and growth stocks, maybe the chip stocks to lead the way higher, nvidia, micro, their higher but not just tech and control, Steel Dynamics claim in the top spots on the s p 500 at this hour. Coming up by the way were going to dig into whats driving the gains in the rejection and rocking the Steel Industry the ceo of spring maker Cleveland Cliffs will join me whether to discuss whether or not he can seal the deal with u. S. Steel, that is a lot of rhyming. The Chinese Markets are reeling today as the countrys property crisis deepens the hang seng deeply more than 1 of chinas top privately run developer, Country Garden holdings failed to make its Interest Payments onto u. S. Dollar bonds. Could turbulence and