The cover is an expression of that this week. Jay powell, fed chair, probably the most important person in the world of finance. He heads the Financial Institution that is probably the most important anywhere in the world and for a year now, hes been the target of trumps friend are ire, because trump wants lower rates, lower rates, and jay powell has basically been a stoic figure through all of that. Carol we believe this is an independent organization and for the first time, we are wondering is it going to remain independent . And can they continue to fend off the executive branchs desire for lower rates . We will see what happens this next week with rate cuts. The market basically thinks there will be a rate cut. The bigger story is one we wanted to ask to dig into, which is for a year now, weve lived through the tension between trump and powell, more from trump than from powell. It is onesided, for sure. What effect has not had on the fed . What chris got to was, not much of an effe
Good morning, good afternoon, good evening and welcome from wherever in the world you may be watching. Im Brian Sullivan thanks for joining us. Youre coming off a 767point drop for the dow yesterday that was the biggest drp of the yea year at one point the markets were down nearly 1,000 points we came back a bit futures are slightly higher. At one point down 950. The currency manipulator tag that trump threw on china last night could rattle the markets again. China making a move this morning to firm up its falling dollar setting a peg to keep it from dropping more. Which has futures bouncing back a bit. We are up right now 73 points. S p and nasdaq, i get it, cold comfort. We lost 760, were up 66 still we are in the green, at least at this hour were not seeing a sell followthrough in the markets. Heres what were coming off of yesterday. Every dow stock fell the average decline of a dow stock, 2. 7 . 12 of the dow 30 fell more than 3 the dow is now 6 off its july highs. The thing drivin
It is tuesday, august 6th. Fbn a. M. Starts right now. Nothing else compares. Cheryl welcome to fbn a. M. Good morning im cheryl casone. Deirdre im deirdre bolton, in for lauren simonetti. Cheryl lets take a look at how your money is moving this morning after yesterdays 767 point plunge on the dow, the s p losing 3 . We have green arrows. Were looking at buying this morning, dow is up 189, s p up 23, nasdaq is up 80, looks a little better. Deirdre this is a after yesterdays huge losses. In asia, you actually still have pressure on the markets, this is selloff day two. Youll see on your screen, the nikkei, hang seng and kospi all lower. Cheryl you have that pressure on europe. You also have the eu responding, looking tha that a crash may bee likely. The ftse is down. Cac and dax are now up. Deirdre yesterday was all about safe havens. Gold is off highs from yesterday. If you look at bitcoin and weve been seeing this more and more over the past six months, when u. S. Equity markets sell
Thatdominated yesterdays action, that along with chinas currency move. Overnight Chinas Central Bank setting the yuan mid point firmer than many expected. That happened at 9 00. We saw a turnaround in u. S. Equity futures which were down overnight as much as 600 points at the lows. Right now a positive open across the board. S p looking to be up by 11 points dow jones up by 102. The nasdaq looking to recoup 44 points as for u. S. Treasury yields, we saw a 2016 low also. We had the tenyear note at 1. 758 overnight we breached that 1. 7 level. A key level here. We have cnbc reporters everywhere this morning covering the Market Reaction to this escalating trade war willem marx is in london well get to him in a moment, but across the world to china. Eunice yoon is on the ground in beijing. Reporter china strongly opposes being labeled a currency manipulator. The central bank, which manages a floating currentry cy exchang rate called the move unilateral protectionist behavior that violates
Joel weber. A solitary figure on the cover this week, chairman jay powell. We often try to take something complicated and simple it down. The cover is an expression of that this week. Jay powell, fed chair, probably the most important person in the world of finance. He heads the Financial Institution that is probably the most important anywhere in the world and for a year now, hes been the target of trumps twitter ire, because trump wants lower rates, lower rates, and jay powell has basically been a stoic figure through all of that. Carol we believe this is an independent organization and for the first time, we are wondering is it going to remain independent . And can they continue to fend off the executive branchs desire for lower rates . We will see what happens this next week with rate cuts. The market basically thinks there will be a rate cut. The bigger story is one we wanted to ask to dig into, which is for a year now, weve lived through the tension between trump and powell, more