Seeing a lot of treatment claims. Getting the streets attention. This company appeared virtually out of nowhere. Progress to likes of regeneron, becton dickinson, benefiting from the 1. 6 billion u. S. Government commitment. You have makings of something down the pike that could treat the virus, maybe as soon as the end of this year, in the case of some of these phase 3 advanced trials, maybe as soon as the fall of this year. But being coast to coast were all over the place on all these other developments including out in california where they are extending shutdown provisions now expanding to include virtually all businesses, indoor dining, barbershops, salons, tattoo parlors, you name it. Also focusing on whats going on in florida right now a big spike in cases but as stuart was just telling you some confusion about how many of those cases are indeed positive. Weve got the the latest going on in texas, where the spike in cases is so severe theyre looking at crowded hospital beds. Ree
Fed governor saying the fed is likely going to need to shift its Monetary Policy from a policy of stabilization to a policy of accommodation which means helping the economy achieve the level of growth that it has previously. Remaining low until certain Employment Outcomes are hit. A thick fog of uncertainty now surrounds the United States. She goes onto say the Downside Risk dominates the strength will depend on Additional Support along with Monetary Policy. She urges fed emergency facile tills to be as broadly accessible as possible perhaps a concern on her part that maybe some of the current facilities are not. Melissa. Does she sound much more pessimistic compared to other Federal Reserve Board Members . She does sound somewhat more pessimistic but the fed overall has been more pessimistic than the market this continues that concern. The concern about uncertainty that really has been a consistent note from fed chair jay powell but perhaps youre right, shes more pessimistic especiall
Good morning welcome to squawk box here melissa lee is hanging out again with us. Becky is off today for some welldeserved vacation well see her next week. As joe said yesterday, one of the first down days weve seen in a while a little better s p up about 13 and nasdaq looking to open about 45 points higher also showing you treasury yields now you can see where those are standing well flip that around to. 628 on the 10year you thinking about refinancing a mortgage anytime soon, guys . Im as low as they go im good if you have an account where you can use assets for credit line or to make an investment or Something Like that, i remember two or three years ago, i locked this ridiculously low rate if they come to me again and offer another one, it will be lower than it was last time. It was like 2 or 1. 5 when you get money that cheap, dont you think you you are in the drivers seat when rates are this low i dont feel bad about borrowing money at rates like that so you are talking about get
Sanctions and claims to the South China Sea take center stage today. Stocks are shrugging it off. The dow up more than 400 points but the big tech is struggling faang, internet names that have been on fire are seeing weakness today. Were following it all 59 minutes left of trade. Certainly weve been all over the place in markets but were up as we stand with the major indexes we have a big line up of guests. In a few moments well speak with shrewsberry, cfo of wells fargo. And Robert Kaplan will join us and well speak with Michigan Governor Gretchen Whitmer an earlier biden endorser as biden lays out more details of his economic plan. Lets focus in on the big stories were watching at this hour wilfred has the highlights ph wilfred, start off with the banks here. The key focus, sara, as we expected it to be on provisions for potential bad loans. They rose from all the banks from q 1 to q 2 and rose more than expected. Wells fargos more than doubling quarter over quarter the big question
Today. Tech stocks continue to lag. Lets get to bob for more on todays Market Action. Bob. Hello, melissa. Were near the highs for the day but have not been able to get into positive territory. Sec cyclicals tend to lead banks are having a pretty good week strong trading revenues. Jpmorgan, same thing there important thing here is banks tend to drop in the week of their first earnings report. Thats when jpmorgan reports this week not so bank of america strong you saw there kbe, theres a bank index almost up 5 for the week banks have been terrible under performers megacap, theyre down this week. Some of them are down. Amazon is down about 6 for the week apple is flattish. Most of the others are down 2, 3, 4 . How about netflix, which is a faang name out there its been all over the place 500 to 570 back down to 500 the important thing here Social Security moved in a 5 range today. Lot of volume. Three times normal volume. Thats typical for netflix well get the earnings soon here finally