And welcome to power lunch. Im melissa lee. All three major averages at session lows right now. S p 500 down almost 1 . The nasdaq the biggest loser of the three major indices. Were seeing the biggest oneday losses in fact in more than a month. And keeping an eye on the airlines, they are down big being led lower today by delta and thats Airline Index on pace for fifth straight down day. Michelle. Im michelle carusocabrera. Thanks, melissa. Heres what else is happening at this hour. Americans made more and spent more in june. The government reporting a 0. 4 increase in Consumer Spending. Thats the Third Straight monthly increase. Personal income up 0. 2 . The centers for Disease Control awarding 16 million to u. S. States and territories to fight zika. Thats in addition to 25 million in funds at the cdc awarded a month ago. And u. S. Automakers weighing in with disappointing results. All but toyota falling short of expectation. Fiat chrysler did manage a small increase in sales however
From taking center stage in jackson hole, and investors will be hanging on every single word she says. Cnbcs senior economics reporter Steve Liesman is on the ground with what is sure to be a very big day for the fed and for the market. Steve . Reporter yeah. Melissa, good to put it in context. For the past several years the fed meeting in jackson hole has taken place amidst a crisis, the financial crisis and the fear that the European Union would break up. Labor slack is coming out of the labor market. Were making frustratingly slow progress and the some progress on inflation, and i think that gdp growth in the second half of the year will be stronger because the consumer is strong, and even the Second Quarter gdp number was disappointing, because of a inventory number and final demand was strong and i think the case is strengthening. Im not going to speculate on which meeting. Reporter so theres still plenty that the fed is worried b. U. S. And global growth. Been sluggish. Inflation
Effecting 10 million drivers. Nightly news begins right now. Good evening. From the campus of Catholic University of america, behind me the basilica of the nationalal shrine of the Immaculate Conception where pope francis will sell bright mass tomorrow. The first journey to america began late this afternoon. Welcome to washington, planeside by president obama and a cheering crowd. Following his threeday trip to cuba. For american catholics, the next six days offer a chance to see and touch a leader who is inspired with his humbleness and compassion and mercy. But his outspokenness on matters of world afears means this visit is seen through a political lense. We begin with peter alexander. Quite a welcome today. That is right. This is a historic trip. Pope francis is now in for the night. But his arrival has energized so many americans, including 70 million american catholics. His holiness today made history, touching down outside of washington, franciss first visit to the u. S. Joined
Joint pace andrews. What did he say . Lester, i can tell you it is was an energized pope francis talking to reporters after three long hot days in cuba telling about a woman thinking he is the antipope because he doesnt wear the red shoes. The pope knows he has the worlds attention on this trip and we expect him to use it to hit some favorite photographer sis themes. First of all climate change. He believes that developed countries like the United States owe a debt to developing countries for all of the Carbon Monoxide they have spewed into the air. Immigration, he has asked everybody to adopt refugee family. Might he do the same here in america. The plight of the poor. Le have lunch with the homeless here in d. C. And the important of family is the topic when the pope travels to philadelphia over the weekend. The hope told me on the plane he is anxious to meet the american people. And he gets the first chance around the ellipse tomorrow. Lester. Anne thompson, thank you. And a story s
General Family Dollar tieup goes through, the combined company would have 20,000 stores in 46 states, a total of about 28 billion in revenue. Now, heres the important part the synergies on this transaction, which contrast to the other one and i know were talking about dollar tree and Dollar General and Family Dollar, its confusing. Dollar, dollar, dollar. Dollar, dollar, dollar. Heres whats happening. On the Dollar General Dollar General tree. On the Dollar General proposal, they would have 550 million to 600 million in synergies annually. That would happen three years after the close. That is in contrast to what was 300 million in synergies on the other dollar tree deal. Now, the dollar tree is a much Smaller Company than Dollar General, and thats one of the reasons theyre not able to have the type of synergies. A lot of analysts had wanted Dollar General to come forward with this deal. Were surprised that they havent. Apparently, if you look through some of the filings on the origina