The session. High intraday high russell 2000 continues its high but it, too, has faded during the session. The russell flat, the other indices negative coming up in todays show, well ask allianz chief economic adviser Mohamed El Erian about todays highs plus, the president of shopify about the companys new partnership with alipay mike santoli, tracking the market action. Meg tirrell has more news on pfi zechlt rs vaccine data and phil lebeau, covering the boeing 747 max. Mike, start us off here. Weve been dealing with a couple of issues, the market being a little stretched on the upside after that strong rally month to date. Over bullish sentiment has had a hard time getting traction, but no damage done at this point on the year to date chart were slightly above that september high by half a percent nothing damaging really happening here i wanted to zoom into the last ten days of trading or basically really more like eight days of trading, back to last monday, week ago monday. Pfizer n
Reported a good quarter, but the Third Quarter guidance not needing the mark. Att stopped plunging 15 , the lows, down 18 . Its worst day since 2002. Another big story, we have been talking about silver. The spotlight today gold crossing above 1900 per ounce earlier. That haven asset, also you could say a derivative of fed liquidity on the others. Painting a risk out picture for all of this, we have the yen up for a second day. Dollaryen up 1 . That tells you investors are going into the yen, which is a true haven currency. Lots of pressures gritting this risk off picture. David it is not just the dollaryen. The u. S. Dollar is down overall. It is weakening. Is that right . Abigail yes. It has been down five of the last six days. One update was up ever so slightly. From a technical perspective it has been breaking down. A weak dollar is what happens when the fed pumps a lot of liquidity, easy money into the system. The fact you have the dollar week could suggest some traders may not li
Is falling, so does the s p. Caroline Second Quarter is beating on an adjusted earnings per share basis. Revenue, also a beat. The chipmaker is accelerating the product transition, they say. Revenue, 75lyear million dollars. We are managing to get some clarity from businesses in terms of forwardlooking guidance. Romaine hersheys was one of the big over today, up 6 . Even if the guidance does not necessarily meet expectations, the idea that they have some clarity definitely emboldens some folks. Of course, intel right now down about 4 . A lot of folks looking deeper into these numbers and apparently you are as well. Taylor key headline, that they will be accelerating the product transition. That is what they need to do to remain competitive against amd. I know that analysts, particular where looking to see how you maintain that competitiveness. A lot that could be within that 10 nanometer product transition. We also know that apple has been announcing their own chips, potentially hurtin
Headlines and what it means for markets with our markets correspondent, abigail doolittle. Tech continues to outperform today, and it is something we have seen in recent weeks. Where is the leadership tech typically provides . It was not there on the day. That has to do with one of the headlines you were talking about, ratcheting up tensions between the u. S. And china. They have been there in recent weeks, but markets ignoring it to some degree. Last year, every other week risk on, risk off, depending on the headlines. Right now, there are concerns those headlines, the war of words between the u. S. And china, taking down tech. A lot of these Companies Receive quite a bit of revenue from china. Apple, the tech heavy weight received about 20 from china. The ship sector chip sector is super sensitive to china. We see the s p 500 tech index down more than 1 . The stock down even more. Over the last nine days, we have seen a real roller coaster ride. Last week was risk off. This week we h
First a check in on the market the dow lower by nearly 300 points moved low er perhaps by the fitc rating plus, some street talk around discover financial the company ceo resigning. That stock down more than 10 . Also, good news, bad news. The good, Warren Buffett adding a stake in the stock bad, home Builder Sentiment dropping sharply with rates over 7 . We begin with the warning from fitch the firm saying it may be forced to downgrade dozens of banks, big ones, including jp morgan chase, coming after recently downgrading the United States credit rating. For market reaction, lets bring in doug butler, director of research at Rockland Trust what has got fitchy feeling so well, i could rhyme but i wont. Ill also not go there. But again, fitch downgrading the banks, very core lair to what they just did. Its their really negative on the government and theyre taking this as a broad swath theyre saying the Banking Industry as a whole and greater problems which is why they would hit jp morga