Listen to me. What the markets love is certainty. For months clinton seemed like a sure thing, but then those new emails surfaced a week and a half ago and stocks got slammed as the race suddenly seemed like it could go either way. That sent investors fleeing to the sidelines, raising cash, not because of trump but because you cant gainel dont have a clue who is going to win. Now the fbi has said the new emails dont change anything, meaning theyve taken the possibility of an indictment off the table. So things are looking a lot more predictable again, at least for now. This morning, squawk on the street cohost joe kernen asked me in the cross talk i do with him whether i missed just talking about corporate earnings. What a blessing of a question i long for the market to be, well, a market. The market again, where we Value Companies based on how well theyre doing, not as part of a vast basket that goes up or down depending upon how certain we are about the results of the election. Stock
Listen to me. What the markets love is certainty. For months clinton seemed like a sure thing, but then those new emails surfaced a week and a half ago and stocks got slammed as the race suddenly seemed like it could go either way. That sent investors fleeing to the sidelines, raising cash, not because of trump but because you cant gain an election if you now the fbi has said the new emails dont change anything, meaning theyve taken the possibility of an indictment off the table. So things are looking a lot more predictable again, at least for now. This morning, squawk on the street cohost joe kernen asked me in the cross talk i do with him whether i missed just talking about corporate earnings. What a blessing of a question well, a market. The market again, where we Value Companies based on how well theyre doing, not as part of a vast basket that goes up or down depending upon how certain we are about the results of the election. Stocks have become creatures of the polls, not the sum
Near the all time high as the start of earnings season i can cans off. Alcoa tonight. Twitter will live stream the republican and Democratic National conventions. This on the day that the stock gets a downgrade from sun trust. You will look here at a live shot of the microsoft worldwide partner conference where they Just Announced a partnership with general electric. Well talk to Satya Nadella and jeff immelt later on. After fridays job report rally the s p beginning the week within a point of the alltime closing high five points from the intraday high. We head into the unofficial start of earnings season. Alcoa set to report. What a day to come back. Tgs rejuvenating. Take a week off. Im thrilled for the opportunity. Thank you, cnbc. Italy, amazing. You have a full week off. Okay. It was hard. You know. Without you. It was hard. Dont do it again. It was frustrating not to check in. Didnt check in. I will say this. Fridays rally, felt like what the market used to be like when we made n
It all, the dax, the ftse and frances cac, all up this morning as you can see britain not, perhaps, with the uk, at least for now the uk. Maybe not that much longer. The 10year, there it is, 1. 57. Only a few weeks ago we were below 1. 4. I know. We have moved up. Oil at 44. Didnt think we would take it at 45. Inventory at 10 30 today. Lets get to the rest of our road map this morning and it start with more fireworks from the Republican National convention as we kick off day three in cleveland and carl, of course, as we said is there live. Shares of Morgan Stanley up in the premarket on earnings. We will dig into the numbers. Also ill be speaking to Ceo James Gorman later in the show this morning. And roger aisles future at fox is in question. It appears he will be leaving the network he founded after the Sexual Harassment claims. Were going to give you the latest details and what does it mean for 21st century fox, the company. But first, lets get to carl in cleveland. Carl . Hey, good
Uncertainties weve been telling you about, including great britains vote next week whether to leave the European Union and the federal reserves forecast of slow Economic Growth. The Dow Jones Industrial average capped this rocky week with a decline of 57 points finishing at 17,675. Nasdaq dropped 44. And the s p 500 fell 6. For the week, all of the major indexes lost more than 1 . And concerns over slow growth may not bode well for one of the most critical forces in investing, corporate profits. Forget the fed. Set aside the vote on britain leaving the European Union. In the long run, and probably the short run too, what matters most to stock prices is, yes corporate profits. The mothers milk of moneymaking. And the profit outlook, weak all year long, is getting worse. Fact set says u. S. Corporate profits will likely fall more than 5 this quarter. S p Global Market intelligence thinks theyll slide 4. 7 . If profits do decline this quarter, and theres only two weeks left to go, it will