Seeing across Asset Classes that are seeing the stocks lower. It is the biggest oneday goinge for the s p 500 back to august. We saw that earlier in the week as well, and we are also seeing simultaneous at least 1 decline for each of the major averages. This has become increasingly uncommon until the past week or so, when we see volatility returned to the market. Scarlet mentioned what has happened on the week as well. As well,500 down and you have to go back to february 2016, or depending on the lowest today, maybe even january 2016 to find this kind of magnitude of a drop. It is being felt in a lot of different ways in the market today. We are watching media stocks among the groups that are selling off today. Are both trading lower, Discovery Communications as well. Analyst who covers media was on bloomberg earlier, and he says he believes the cbs ceo is reluctant to go ahead with some sort of combination between cbs and viacom, something that has been talked about recently. In other
There is a situation in texas and Mark Crumpton is with us. Mark Tropical Storm harvey is not letting up on houston. The fourth largest city in the United States has been inundated with floodwaters and an additional 20 inches of rain is in the forecast. Has drifted into the gulf of mexico and set to crash the shore of the texaslouisiana border. To pop houston reservoirs are overflowing two houston reservoirs are overflowing. They are both at record high levels due to days of heavy rain. Army corps of engineers officials have been releasing water from both but it wasnt enough to counter the rain, overspill floodwaters ways. Officials say more homes and streets will flood as a result. President trump is promising texas will get emergency disaster aid quickly. He says there will be a very Rapid Reaction from congress, in his words. There are signs that might be a political fight over the money. A Top Committee member suggests he wants to cut spending to pay for the response to harvey. Ref
The president called the explosion another attack by a loser terrorist and suggested London Police missed an opportunity to prevent it in an earlymorning tweet. His travel ban that targets mostly muslim nations should be larger, tougher, and more specific, but that would not be politically correct. The president will meet with leaders of south korea and japan next week in the wake of last nights Missile Launch by north korea, according to an administration official. The u. S. Is not planning to announce any further retaliation, and there are no plans to push for additional sanctions. The u. S. Continues to lean on china to use it Oil Deliveries as leverage against north korea. Has cut off medicaid funding to a nursing home were eight people died after Hurricane Irma. Workers say the air conditioning failed during the storm as they struggled to keep residents cool. Police have opened a criminal investigation. Global news, 24 hours a day, powered by more than 2700 journalists and analyst
May move toward a declaration of independence from spain as early as this week. This after hundreds of activists clashed with Spanish Police yesterday to stop them from shutting down an illegal referendum. Ism manufacturing data from september improved, coming in at 60. 8. Economists were looking at 58. 1. Prices paid shot up. Orders also improved from the previous week, as did ism employment. And Construction Spending up 0. 5 after a very poor month of the previous month. A lot of good data on the manufacturing. First, lets check in on the bloomberg first word news. Here is emma chandra. Emma the worst mass shooting in modern u. S. History. Authorities say a gunman holed up in a Highrise Hotel it in the Las Vegas Strip fired upon thousands of people at an outdoor music festival. At least 50 people were killed and more than 400 people were injured. Police stormed the Mandalay Bay Hotel and casino, using explosives to enter a room on the 32nd floor, and say they found the suspect dead.
That is on location in texas. 30 minutes into the trading day, Abigail Doolittle is here. Abigail we are looking at various bond declines after what that after that jobs report. The first decline since 2010. Investors seem to be looking past that. Much of that had to do with uncertainty around the hurricanes. What stands out, the declines may be small but we dont have any record highs at least so far. And the fact that Hourly Earnings rates rose in the big way. That is putting a big reaction into the 10 year yield. It is up five basis points. The 10 year yield now having its best weekly winning streak of the year. We see that coming after the jobs report. Thinking Hourly Earnings rise is enough to put the fed on course to hike rates in december. There is good reason to think that could be the case. Btv 6588. Look at this goes back to 2008. In yellow we have the Market Participation rate. Blue, we have the Hourly Earnings growth. In white we have the 10 year yield. At the Great Recessio