Component earnings joining us for the hour is stephanie link great to have you here i think thats exactly where we should start we had earnings from walmart and cisco. Cisco is the drag on the dow how would you characterize how it reflects back to the Broader Market last quarter the same thing happened where cisco disappointed and walmart posted a better than expected number. This is what this economy swhat this market is enterprise spend is weak on trade concerns and uncertainty and thats not Getting Better any time soon versus the consumer being very strong those numbers are very impressive 6. 6 stack comp for walmart. It actually kratd. Ecommerce sales 41 . Estimates are going up for walmart and going down for cisco and i dont think theres a lot of visibility at cisco even if you listen to that Conference Call they were disappointing across the board. You got to pick your spots of where you want to be well dive deeper into each of those Companies Reports ahead. Stephanie will be wit
We got a new stimulus plan and a rate cut from the ecb ahead of the feds meeting next week. Joining us in the next hour, were 130 points on the dow. The high of the session was up 170. Continuing a good week sector wise below that certainly different than the start of the week we had a big value rotation on monday and tuesday. A little bit yesterday giving it up a little bit today. Thats, i think, because he got that ecb news on the Monetary Policy which basically was in line but very accommodating for a long time. Welcome back the fbi reportedly opening an rates rallied because the u. S. Data investigation into myth real a the core cpi is the highest in capital. This session cofounded by peter thiel, thats pretty important. And i think that also the alleging financial misconduct. In a statement to cnbc. Initial claim story remains very strong as well i mean i think you have a the company sayings in a foiled rotation today but i think next plot by a selfserving week if we get less exem
Heated tone from the u. S. And china. Financials, semis and industrials are all lower and full Team Coverage coming up dom chu is tracking it phil lebeau with details of on headache for boeing. Market down 333. The low of the session 425 down. The dow higher this session down 205 and red throughout the session as you can see sharp selling. Lets bring in Rebecca Patterson with us for the full first hour of the show. Good afternoon whats the spark again for the selling . Last week a nice end to what was obviously a negative month of august. I think what it boils down to is its not about the cost of capital. It is not about the level of Interest Rates, the stimulus it is the confidence to spend so we can make Interest Rates as low as you want but if you dont have companies and households to borrow and take that money and buy something with it, whats the point . Thats the conundrum we saw it in the trade rhetoric today. It is eroding confidence thats driving us right now. Can the fed or Ce
Currency with benign neglect in order to function as the reserve currency properly. And this is something we really have to take seriously in this particular environment trump can say whatever he wants politically. Mnuchin can say whatever he wants politically, but getting into intervention has always been a failed tool its never worked. And the concept that the Federal Reserve would cause it not to work by sterilizing is probably incorrect. Its not going to work in and of itself because nobody is big enough in that market to really drive the size of that market enough to have a noticeable impact excellent steve, glad to get your thoughts on that. Well go back to jon fortt and the gang thank you, steve pleasure. Good monday morning welcome to squawk alley. Im jon fortt with Morgan Brennan and david faber live from post 9 live at the New York Stock Exchange carl has the morning off and we have to begin with this selloff stocks are falling across the globe, as china devalues its currency
President. Road map begins with stocks moving lower ahead of the open, investors digesting trade war fears, latest jobs numbers, the uncertainty about the feds next moves. Trump tariff threats, the president promising to tax the hell out of china until a trade deal is reached. Oil prices recovering after the worst trading day in four years. Both exxon and chevron moving higher after reporting Quarterly Results this morning. Along with inline results for july, payroll gains were revised downward for both may and june the Unemployment Rate held steady at 3. 7 for a second straight month wage growth 3. 2 from a year ago, but manufacturing weak, year to date average 8k, works 22k last year and santelli pointed out, manufacturing work hours, the lowest since 2011. We know where this is all coming from. Were continuing to get a tale of two economies. Overall a healthy job report, came in line, better participation, better wage growth, a lot to be encouraged about, but there are pockets of we