Welcome to closing bell, everyone im wilfred frost along leslie picket in for sara isen today. Nasdaq holding on to some gains ahead of the holiday tomorrow. Pain in the labor market as new Employment Data underlines how tenuous the economy is nasdaq higher, growth out performed value. Energy under some pressure for a change after a huge surge in november and weve seen strong numbers from Corporate America mastercard said spending remains steady gap the counterpoint that stock is down 20 today alone. 59 minutes and oneday holiday coming up, of course, tomorrow the dow is down 0. 6 . Coming up on todays show, Website Security Company Cloud flair shares are up. Well speak to the ceo plus, riding with unicorns well talk to Founders Fund keith rabois Steve Liesman has a look at todays economic data. Mike santoli is tracking the market action. Deir deirdre bowsa has details. Steve, start us off with the economy. A busy day today. Yeah. The Federal Reserve earlier this month at its meeting d
Good tuesday morning, welcome to squawk alley. Im Carl Quintanilla with jon fortt and Julia Boorstin with us dow because up 275 this morning. We lost some of that the covid19 vaccine rotation is continuing with tech down another 2 today and the s p 500 down 26 points thats where well begin this morning. The nasdaq falls investors rotating out of tech to some degree the managing director is going to help us start off the hour. Good morning, mark good to see you. The. Hey, carl, good to see you. We know i mean, the argument has been made that world changed a little bit yesterday for the better but is the tech reaction is there bath water being thrown out too . Well, yeah. The world did change id argue a lot yesterday. And not surprising that were seeing a rotation in some of the tech names i think for the next little while here, you know, expect the expected were going to think continue to see some rotation away from the work from home names probably bate probably a bit of a short term r
Washington, do something, and do something on this august 7. Jonathan 1 away from alltime highs on the s p 500 coming into this one. Equity futures off by 0. 4 . The data 90 minutes away. Lisa we are getting the u. S. July jobs report. This is backward looking, and only goes back to the first half before the virus started to reshutter businesses. How much urgency is there for negotiations about the fiscal second round of support . I hear someone will be speaking on bloomberg television, national akamai Council Director larry kudlow, speaking with some guy that is on at that point. Tom oh really . Jonathan thank you for the promo. [laughter] lisa then tomorrow, Berkshire Hathaway reporting earnings. Really interesting to see what they are going to do with their 137 billion cash pile. This is a microcosm if the u. S. Economy. Interesting to see any guidance about how some of them are weathering this period. Jonathan the price action shaping up as follows. In the bond market, treasury yie
Fed president Robert Kaplan this hour. President trump orders chinese to shutdeo app tiktok down in the u. S. Next month unless there is a deal with microsoft or another leading american company. Breaking news out of south korea. The cpi numbers for the month of july year on year, a growth of 0. 3 . This is of course after inflation remains flat for the previous month year on year. We have seen somewhat muted demand. Perhaps weighing on the month on month numbers. We are seeing inflation at zero growth. This really missing expectations that prices would rise 0. 1 if also inflation is decelerating from the previous month of june. Core cpi take out oil prices, and you get a rise of 0. 7 , in line with estimates, and slight acceleration from the previous month. We have seen brent crude prices recover somewhat from aprils slump but still down 38 year on year also. The are also expecting tokyo Inflation Numbers within the hour so take a look at what japanese futures are doing at the moment.
Versus value. We had the nasdaq earlier this week trading at record highs. We have not really seen the other indexes get back to those record highs. Wayrussell 2000 is a mild is a mile away from its record highs. Are you comfortable with this idea that we only have a relatively small cohort of companies and sectors pushing this market higher, or do you want to see broader participation . I think it helps make sense of the market action. Thinking through, where would you want to put capital to work . What is driving this vshaped recovery . I think it would be quite irrational given what is going on with the pandemic and the broader economy. Investorson here for is where do you put capital to work from here on out. These positions within technology, there are some unstoppable trends like digitization, cybersecurity, which are really interesting given the work from home environment. Some of that, we do believe would continue to move higher. An area that you like. That not just the fact th