Billion. That according to standard poors, the ratings agency. Standard poors also estimating that u. S. Gdp growth will fall from 3 to 2. 4 in the Fourth Quarter. Im going to caution you, though, a lot of people on wall street are calling for just 2 . Dow jones industrial average is the one major holdout today, the rest look pretty good. Whats going on with dow . Well, the fact that its ibm, ibm is really dragging it down. Ibm is a problem, has to do everything with the Computer Services world n. The meantime, though, the s p 500 is on track for a record close as long as it can stay above, and heres the magic number, 1725, two points above it right now, well see if that happens. The russell 2000 hitting alltime highs earlier today, but the biggest earnings news of the day comes after the close. Its google. Google reporting Third Quarter earnings. Remember, it missed analyst estimates on revenue and profit last quarter, its got a lot of wind at its back. A lot of excitement around that
As well and europe moderately in the red as asia does retreat from the big gains yesterday. We have hit dow 16,000 and s p 1,800. But then those comments from carl icahn yesterday spoiled the party a bit. There could be an announcement this morning involving that 13 billion settlement between the department of justice and jpmorgan chase. If and when, well fill you in. More problems for tesla as the automaker is the subject of a formal government probe involving fires in the model s. The dow hit 16,000, the s p 1,800 yesterday. Both closed below those levels after carl icahn expressed concerns about current valuations, saying that stocks, in his words, could face a big drop. Jim, the story for retail in the Fourth Quarter is going to be price competition and margin pressure . I think companies mentioning price competition, best buy, contrast Urban Outfitters last night, contrast that with home depot and dicks where theyre not talking about that. I was talking with john donahoe yesterday
Probe. They say the u. S. Should cancel the charges. Thailands Army Declares marshall law but stops short of a fullblown coup in a sixmonth crisis that has paralyzed the government. Youre watching worldwide exchange, bringing you Business News from around the globe. Resignation has never been a consideration. Thats the statements from a defiant brady dugan after Credit Suisse has been fined 2. 5 billion after pleading guilty to help u. S. Citizens evade taxes. Its the biggest bank to admit to a criminal charge in more than two decades. Eric holder says the activity has been pervasive. It helped account holders by concealing assets. These secret offshore accounts were held in the names of entities and foundations. And this conspiracy spanned decades. In the case of at least one wholly owned subsidiary, the practice of use iing using this more than a century ago. He was named ceo back in 2007. He didnt oversee most of the wrong doing that occurred much earlier. As of 2007, 2008, Credit S
The biotech index is the new vix. Though today the vix is the new vix as well. Oh, how quickly things unravel. The nasdaq is down more than 7 from its high of just a month ago. The russell 2,000 is as well. The Dow Jones Industrial average by comparison is only after 2. 5 from its 2014 high. Thats only a reflection of how poorly it had done relative to the nasdaq until the last week or so. The dow is down 1. 3 . American extress, disney, microsoft, jpmorgan whose earnings are coming down right in front of us here. Some of the real rate sensitive names, rate sensitive parts of this market as that tenyear continues a jawdropping drop db pardon the repetition there is one thing thats getting peoples attention. You can look at some of the big insurers, metlives, and see the pain there. People are jumping out of those higher rate moves. What do people do when they feel pain . They eat and they shop. Mcdonalds is the best performer in the dow. It is actually in the green today. Theyre eating
Oil supplies. Gdf falls to the bottom of the market. Trader say the sale rose 1. 5 billion euros. Announcer youre watching worldwide exchange, bringing you Business News from around the globe. A warm welcome, again, to todays worldwide exchange. Some interesting news in the market yesterday. Selloff in the u. S. Market. Wall street. Can we call. 7 a selloff . What i found surprising was that the markets didnt react to the robust Economic Data as it was in the back with mirrors, lagging indicator, oil remains the big headline risk. Maybe they did react to the data, sri. Maybe were back to good news is bad news as far as the fed is concerned. Supporting consumer housing data, Consumer Confidence. Maybe this is the start of a good news is bad news. Like parting a baby from its candidate. You could say that, but the price of oil, i think, is going to be a factor that we continue to watch. The situation in iraq, headline risks from the oil market, is it going to be, though, the catalyst tha