Citigroup names james frazer Ceo Jane Fraser ceo, making her the first woman to run a wall street bank. Good morning. A massive milestone on wall street. The first female to run a major wall street bank. Is this a High Water Mark . It is a crack in the glass ceiling. We have a lot to cover this morning. Covid cases are kicking up, brexit drama, and, of course, no stimulus bill yet. Nasdaq yesterday closing down 2 , a crack in the tech rebound. Futures are up. 01 this morning. Here are your stoxx 50 futures in europe, showing a slower start. Down nearly 0. 3 . In the eurodollar, 1. 18. What lagarde said about the euro, not too worried, she seemed. Joining us now is janet mui, investment director at Brewin Dolphin. Good morning to you. I want to start with what is going on with the tech rebound we are seeing. I was looking at the bullinger, and you can see the nasdaq unable to get rid of that breakout of the midrange. Is this a signal of more erosion or will stocks start to trade sideway
Lineup of guests coming. Federal reserve vice chairman will join us exclusively in a few minutes for his first interview since last weeks fed meeting. Well also pespeak with the ceoo human there is a and a massive afternoon of earnings headlined by disney, ea, beyond meat and activision and well peek with actvisions ceo ahead of his Earnings Calls after the numbers come out as i said, were at 1. 9 with 59 minutes left lets moex fowlkes on the big stories. Meg has new developments on the treatment and vaccine front but mike, lets kick things off with you in the markets yeah, another day of fairly orderly levation in the indexes. Today its a broader rally even though its been led by the big tech stocks. A chart of the s p going 50 0 going back a year, were back up to the upper end of this crash levels last september, october, sort of going back to early 2018, an area where we gave a little friction to the rallies, but clearly, a market is acting as if big investors feel u underexposed to
Comments on the call, disney ceo bob igor stressing that the lower than expected results on the quarter are results of the big changes he implemented at the company, both foxs acquisition and disneys pivot to embrace the direct to consumer business theyre investing in right now igor Just Announced consumers will be able to subscribe to a bundle of their services for 12. 99, they will get hulu, espn and disney plus, worth noting it is the same cost as netflix. Take a listen to his comment here. Our results reflect our efforts to integrate the assets, businesses and talent we acquired in order to enhance and advance our Strategic Transformation implementation of the integration plan is well under way. A complex process given the magnitude of the endeavor, and we remain confident in our ability to successfully execute our strategy reporter cfo Christine Mccarthy saying that the acquisition of 21st century fox and taking control of hulu will have a dilutive impact on the fiscal First Quart
New investment restrictions tied to china its wednesday, august 9th, 2023, and youre watching Worldwide Exchange right here on cnbc. Good morning welcome to Worldwide Exchange. Im frank holland. Lets get you ready to start this day as always kick it off with a check on u. S. Stock futures. Right now were seeing them in the green across the board open up about 08 points higher nasdaq, more than a third percent higher in the premarket after a rough session for stocks yesterday. Investors digesting the moodys downgrade that sent major u. S. Officials sinking. Goldman sachs closing 2 lower, citi down 1. 5 and wells fargo jp morgan largely spared in this situation. This morning, were seeing a bit of a mixed picture take a look at how the stocks are performing right now in the premarket. Were seeing some of them still in the red as you can see, goldman sachs, jp morgan fractionally lower, bit of a rebound for bank of america, half percent higher, wells fargo up. 25 . Bond market, as always,
Me. 13 for the s p. 38 for the nasdaq. Thats. 66 . Russell 2000 down more than 1 . Lets check in with simon at the big board. I mean it is the Energy Stocks that are taking it on the chin here at the moment. That sector down almost 2 trading just above 45 a barrel on crude under a huge amount of pressure. Transocean, southwestern, chesapeake, chevron, many of those are not adjusting correction but arguably in a bear market. Bob pisani is here to talk us through the action. Slower Global Growth in china, slower Global Growth in latin america, particularly brazil. The commodities complex, new lows in exxon, new lows in chevron. Thats why the dow is underperforming the rest of the market. Conocophillips, devon energy, a halfadozen big energy names again at 52week lows. Were seeing some new lows in other commodity stocks. Groups. Ael key with a is at a 52week low. Freeport mcmoran in the copper area also at a 52week low. Another reason that were having a problem is big global companies, th