Next the director of the federal Housing Finance agency testifying on housing and mortgages during the coronavirus pandemic. House Financial Services Committee Members asked him how his agency is handling the rice in foreclosures and forbearances as well as the operations of fannie mae and freddie mac. The hearing runs over three hours. The committee will come to order. Before we begin, i want to remind members of a few matters including some required by the regulations accompanying House Resolution 965, which established a framework for Remote Committee proceedings. First, i would ask all members to keep themselves muted when theyre not being recognized. It will minimize disturbances while members are asking questions of our witnesses. Members are responsible for muting and unmuting themselves. The staff have been instructed not to mute members except when theyre not being recognized and theres background noise. Members are reminded that they may only attend one remote hearing at a ti
Speaker pelosi says its absolutely absurdly unconstitutional. What will they do . Go to court to stop people getting the money . Right before an election . Good luck with that. The president s playing political hardball. 84 days to the election and again, the money will flow. Investors like it, by the way. Looking at the futures, the dow industrials will open this morning with a gain of about 100 points. The s ps going to be up about four. The nasdaq, up about 13 as we speak. The president s playing political hardball with china as well and beijing is responding. Jimmy li, a leader of hong kongs democracy movement, has been arrested under the new security law and china has imposed sanctions on u. S. Senators, including marco rubio and ted cruz. Now, that is escalation. Dramatic change may be coming to a mall near you. Amazons in talks with americas largest mall operator, Simon Properties simon group properties, to use some Department Stores as fulfillment centers. Amazon gets cheap spa
Restrictions in one city, but investors are brushing that off. As well, up firmly part of the Semiconductor Story, looking forward to samsung earnings. Looking at currency, the dollar story almost the weakest in terms of the bloomer dollar index, for close to two years bloomberg dollar index, for close to two years. Down for tense of 1 . Hasonshore yuan strengthened. The aussie dollar up as well. On the next board, looking at gold, futures breaking through 2000 announce. You have the likes of bank of america predicting you could get 3000 in therice next 18 months. Wti up 3 10 of 1 . The 10 year yield has edged up marginally at 62 basis points. You can see there has been a marginal rotation out of chinese 10 year as well, more risk on sentiment in the mainland. Rishaad all right, lets look at one of the biggest movers, 7 . Shares up around one at one point. We have a company that has become the worlds 10th biggest stock. Our guest from aberdeen standard investments. Thank you for joinin
It was the big gainer. It closed at an alltime high. Tech has been leading the way. Sales force, facebook, taketwo and qualcomm at record highs you have to watch one stock in particular apple. After more than 10 gain on friday and thursday night, it closed up 2. 5 to an alltime high percentages away from hitting the 2 trillion market cap that 4 to 1 stock split is hit that price has to sit 477 not far off. Weve been talking about the pressure that has been put on yields in the treasury market. Right now, the 10year note at 0. 45 . Scott . Becky, im listening to you talk about tech and these companies. We have to get ready to talk nasdaq 11,000. As crazy as that would sound, we are on the doorstep. In spitting distance, basically. Unbelievable. Largy carri largely carried by these big five apple, amazon, facebook and alpha bes alphabet and microsoft looking back in march, would you have thought we would be talking nasdaq 11,000 by summer . No way. There is reason for it if you look at s
Sanctions and claims to the South China Sea take center stage today. Stocks are shrugging it off. The dow up more than 400 points but the big tech is struggling faang, internet names that have been on fire are seeing weakness today. Were following it all 59 minutes left of trade. Certainly weve been all over the place in markets but were up as we stand with the major indexes we have a big line up of guests. In a few moments well speak with shrewsberry, cfo of wells fargo. And Robert Kaplan will join us and well speak with Michigan Governor Gretchen Whitmer an earlier biden endorser as biden lays out more details of his economic plan. Lets focus in on the big stories were watching at this hour wilfred has the highlights ph wilfred, start off with the banks here. The key focus, sara, as we expected it to be on provisions for potential bad loans. They rose from all the banks from q 1 to q 2 and rose more than expected. Wells fargos more than doubling quarter over quarter the big question