Live this hour. Plus records watch, the plus ive got it, carl the dow aiming to erase 2020 losses and the s p heading for the best august since 1986, kelly. Wow and cocacolas restructuring strategies amid plans to streamline the drink portfolio they are setting voluntary job cuts for thousands of its workers. David, it is friday, and kelly, friday and you just sort of think back to what this week has brought us, guys alltime highs, obviously news in sports in the nba, hurricane laura, the rnc and we will hear from what the president said last night tiktok, microsoft, walmart, oracle, you name it, david, but large discussion this morning about how the thing thats going to probably stick with us for the weeks and quarters to come is going to be that historic powell speech and we will have to decide whether this long end is bringing us noise or something more yeah, i mean, im glad kelly is here because im sure she was home studying every word after it took place, as you know, not my area
Airlines tiktok bids moving walmart is now in the mix. Yes, walmart and that stock is up 5 . Microsoft up 2 . A record close watch for the s p 500. At least 59 minutes left of trade. Anything positive, jon, for s p and nasdaq as we go into positive territory with the new records . Once again. And coming up on todays show. Two key reads on the state of the recovery in america. Well speak with the heads of Regal Cinemas parent cineworld and ihg group about safety and demand in light of the pandemic. And counting down to big earnings after the bell, including dell, gap, hp and more well bring you all of those numbers as soon as they hit. Now straight to the big stories we are watching today. Mike santoli is tracking todays volatile Market Action Steve Liesman and Morgan Stanleys chuten aya are here. And ylon mui has details on the new rapid covid test and bank of america is calling it a gamechanger. Start us off were extending up into record territory a little bit erratic fashion the mark
Even if today was a dow. S p inching down 1. 3 . Nasdaq climbing 4. 2 the fed is supposed to cut rates when the economy is in trouble, right . How can the economy be in trouble if the s p 500 briefly made an alltime high . I hear a lot saying this but its based on the serious misapprehension usually bring people who dont understand the stock market itself because it is a market of stocks. Its no longer a good gain the indices arent a good gauge to the economy the recent rally tells us lots of companies are doing well. Some are doing well because of lower Interest Rates than the treasury market. Some are doing well. Theres been some fast growing tech stocks that have not been constrained and farm well, farm and fast growing tech tend to thrive in a weak economy. More importantly i think were looking at this backwards. The market roared to these levels because wall street thinks there is going to be a rate cut it would be much lower in jay powell told us it was still on the table that th
Of innovation. We hear from the microsoft ceo as their conference builds off. Actress Scarlett Johansson back against openai in the eerily similar voice. All of that and so much more ahead. We want to keep the record highs going. The nasdaq turns flats. Pushing forward to whats happening in crypto. We will get back to the major benchmarks in a moment but crypto has been a key story. All i shifting from what we saw was a spot bitcoin etf to potentially a spot eth etf. The nasdaq trading into positive territory. We are at a new record high for the s p. Not so for the stoxx 600 but all eyes focused on fed talk. Raphael bostic still trying to analyze the data. We are seeing whats happening with the 10 year yield. May be a bit of buying into the bond market right now as we push forward to whats happening in earnings. Lets have a look at some of the individual movers. Palo Alto Networks coming off its lows. Cybersecurity company posting revenue that is 11 15 growth on a year on year basis, t
Station. He will visit the region this week along with his wife karen. , estimates to total damages caused by Hurricane Harvey continue to rise. Research now projects losses of 42 billion, up 12 billion from monday. Other analyst estimates are at more than 100 billion, potentially more than hurricane katrina. Louisiana Governor John Bel Edwards said his states offering to shelter storm victims from texas after the state conducts rescues of its own residents. More than 500 people have been evacuated in southwest louisiana. Global news 24 hours a day powered by more than 2700 journalists and analysts in more than 120 countries. Im emma chandra. This is bloomberg. Bloomberg technology is next. Caroline im Caroline Hyde in for emily chang. This is bloomberg technology. Coming up, north koreas clear and present danger. The Un Security Council schedules an emergency session after another Ballistic Missile launch. We discussed the reaction from around the world in the plan from the pentagon.