Acrimony. Washington says it is disappointed with its partners attitude. Yvonne a busy day for us. Lets start off with breaking news from south korea. Unemployment numbers at 3. 7 for the month of september. That is bang in line with estimates and slightly lower than the 3. 8 we saw in august. That was due to the weather conditions that impacted the construction sector. Things looking steady when it comes to the jobless numbers. The big news today is going to be how asia is sandwiched between two speeches with president about tax reform a couple minutes ago, and president xi at 9 00 a. M. Hong kong time. With President Trump, people are waiting to see, does he give us details . My things set yet in congress . Eager to hear about tax cuts, what they might be. At least we do not have to wait long. Yvonne i love how our live team calls it the calm before xi and trumps speech. We see records on wall street, despite that. Kathleen but shortlived. Cost 23,000. Riefly United Health care and j
Comments from Steve Mnuchin about tax reform and stocks that investors are talking about. Tax reform or look out below is that what we need to start thinking about well, i think, number one, we dont want to pass a tax bill just to support the market markets are up 80 of the time, number two number two, its an irresponsible comment by mnuchin and number three, the u. S. Market is lagging other markets around the world, so theres no or very, very little expectation that a tax plan will occur and that it will occur thats going to impact this market. Heres Steve Mnuchin with these comments there is no question that the rally in the stock market has based into it reasonably High Expectations of us getting tax cuts and tax reform done it also has based into it amount mitchell on regulatory relief which they have begun to see, and theres expectations, so i think to the extent we get the tax deal done, the stock market will go up higher, but theres no question in my mind if we dont get it done
Buy timewarner a big power lunch begins right now. Welcome to power lunch, im melissa lee. Were just off session lows but stocks have accelerated losses here in the afternoon. Worst day in nearly three months stocks pushing lower following new details of the new Senate Tax Plan including a possible delay in Corporate Tax cuts. For all the details we have, lets head to john harwood in washington john the senates got a problem, their budget reconciliation rule allows them only to reducethis tax bill as we have seen emerge in the house, is going to cost more than that in the shortterm and also raise the deficit in the longterm. Also not allowed under senate rules. So what the senate is trying to do is make adjustments both to get the votes and also to meet the rules, one of those judgm t adjustments is going to be raising the Corporate Tax rate going from 25 to 15 . From what i understand, the senate will not delay immediate expensing, which is likely to be the stimulus part of this bill
Trump about how we could end up in a major, major conflict in his words. Did put some pressure, if you see the nikkei, down about 0. 3 . Same with the hang seng. In europe this morning n some early tlading, things are mixed. The ftse is down by 0. 25 . The cac is up by that much. The dax is up by 0. 10 . With crude oil prices this morning, looks like wti is still below 50. Up 27 cents. Tech stocks on the move this morning. After quarterly reports late yesterday. Lets give around up of whats going on. Amazon eps tops estimates by 36 cents. Saying revenue from the Cloud Business, advertising and Subscription Services helping to drive those results. Alphabet beating the street on both the top and bottom line. Strong ad sales sending profits up 29 , despite some advertisers boycotting youtube. And microsofts ref knew ju revenue just missed consensus. Sales of the Cloud Services platform jumped 93 in the quarter. Last but not least, look at intel. Reporting lower than expected quarterly rev
Decline in oil i just dont want it. The action begins right now. We saw some explosive moves out of these names nvidia searching 12 just this week facebook up nearly 6 and hitting an all time high today microsoft hit a new high today that stock up 5 this week apple has been on a tear, so should you buy these names as we head into earnings season . I think it makes sense to be careful. Microsoft is up 5 on the week up about 7 over the last couple of weeks here. Its at a new all time high. Today. So, as we think b about what were anticipating, a good quarter and good guidance and it makes sense to think b about e bank stocks reaction today where there was news about what their quarters lookeded like each one had a little piece of news that surprised investors and the stocks were down 2 . They closed decent lichlt part of this is at this point, the play for a continued consolidation, the move might be muted. You could see it down downside to me, it makes sense to be cautiously optimistic.