Well in many states. Businesses are holding back from spending amid the pandemic and stimulus talks appear to be at a standstill once again with leaders from both sides accusing one another of moving the goal posts in the negotiations. Unlikely we will get a stimulus before the election. 59 minutes to go, dow down 2. 2 . Lets get to the stories we are watching right now as stocks fall sharply mike santoli is tracking the market selloff for us. Which parts he is watching in particular meg tirrell digging into the latest covid numbers mike, whats the broader take on what is happening today average bit of a rethink on a mull pent fronts the idea that covid might cause more business disruption last week the s p 500 was skirting this boundary between this sort of breakout level we had and around 3,400 we are actually below that right now. Did a little bit of damage s p and the nasdaq fell below the 50day average the s. A. P. Warning probably evented the nasdaq from doing a better job of sup
Says a 10 correction remains the most likely outcome in the nearterm. Joe, tell me whether you agree with this call he said last weeks failure to break through technical resistance for the second time suggests the correction is not over he expects softness past the election before the next leg of the bull market. Do you agree with that last monday we got up to 3,459 on an intraday high. The previous high was 3,588. The reason we pulled back is the absence of a stimulus deal the conditions are fully in place now to exceed that 3,588 high when you look at retail sales in the u. S. , when you think about the strength of chinese economic numbers, think about the fact that yesterday we had the single largest travel day for the Airline Industry in the united states. Clearly the conditions are in place. If i look within the markets itself, its just not technology on friday reaching 52week highs. Air freight logistics, construction and engineering the conditions are there its the absent of sti
Day. Pete, i come to you. Jpmorgan the quarter was good Loan Loss Provisions were surprisingly good. The commentary today is a surprising show of coronavirus resilience thats what i just read. Why is the stock down . You know, initially it had a nice pop to the up side, scott i think people step back and say the financials, we need to hear a lot more about what theyre going to be able to do at some point in time thats outside of the trading spot because thats another area the Loan Loss Provisions, you just brought that up but how about the trading numbers . The trading numbers are outrageous for them and for citi that is an area we expected to be strong. It was Even Stronger than expected but theres more to the bank than that. I think thats what were going to be struggling with for a while with these financials. And when you look across just about every name, scott, other than Something Like a black rock, asset manager. When you look at the banks and the financial world there, they jus
States right now in washington, fragile hopes for a stimulus deal remain Speaker Pelosi and secretary treasurer mnuchin are expected to talk this afternoon in hopes of getting a deal done. A full economic recovery has a long way to go and another expert said many lost jobs may not come back. All 11 s p sectors are lower 59 minutes to go we are making new session lows with the dow down 400 points. Lets get to the market downturn we just referenced. Mike santoli is tracking all of the action no trigger but a clear response. The only trigger that seems clear at all is the mark of 2 30 eastern time, when the downturn accelerated. It seems as if it is essentially kind of getting ahead of the close, peeling down exposure we did have that good rebound into last week from the late september lows we had some positioning indicators suggesting people were full up on equity there has been a pattern of strength overnight in equity futures opening up strong and selling throughout the day it seems li
This is the bus the one business show you cant afford to miss im sorry monteith theyre going to washington coming up president ial candidates joe biden and donald trump take the stage one last time before the election will discuss their plans and what it could mean for you at home with our teeth and claws we released its latest mobile device but it may be the last one for a while thats because u. S. Sanctions have the chinese Film Producer in chip french we have a lot to get. A big day for the u. K. And brags that as the country signed its 1st large post bags that agreement with japan Japanese Foreign minister said it is paramount to maintain the supply chain. In between the u. K. And the e. U. While British International trade secretary list truss called the agreement a landmark stating it is to be in the land of the rising sun to welcome in the dawn of a new era of free trade this is the 1st new free trade deal to be agreed since the u. K. Once again became an independent trading nat