Donors he would get rid of most of trumps tax cuts. That wouldnt be good for stock prices or your 401 k . Right now we see the dow losing maybe 90 points at the opening bell, 25,400. The s p will be down and the nasdaq is off about 20 points. No serious selloff at this point. But we do have dramatic stories breaking this morning. Overnight, a young black man, 16 years old, shot and killed in the seattle chop zone. Its the fourth shooting there in nine days. Democrat mayor durkin said the zone would be removed. It is still there. In new york city, the city votes on taking a billion dollars out of the budget the police budgets. Mayor deblasio calls it real redistribution. This follows a devastating blow, the citys 15 billion theater industry will stay closed until next year. The democrats trash the president and mt. Rushmore. A tweet from the dnc says the president will be quote, glorifying White Supremacy when he attends a fireworks display there on july fourth. But its okay. They took
We are getting out of equities and bonds. They are getting out of crude. They are all just going into dollar, the dollar being another safe haven here. Caroline certainly the dollar remains the haven of choice. It is interesting whether we are talking about an inflationary or deflation area cycle as sherry was pointing out. Volumes have been very much on the thin side today, and people have been taking a step back on the risk on and risk off folk us. Volumes in the s p 500 remain. Romaine i am glad you brought up the volumes. That is something we should have talked about a bit more. The price action over the next couple of days may not be completely reflective of economic sentment, but it could cause a lot of problem for folks depending on the side of the trade you are on. Caroline lets take it back out to sherry paul now. Sherry, the big expiration as for the hearing from that coming up. Volatility s of and you are saying to remain committed. The dollar remains stronger as taylor poin
2. 8 million added well explore if that means a v shaped recovery is coming. 2. 7 on the s p 500. Coming up, retail making a big move higher today as reopening trend ramps up across america. Well with marc metrick about what hes seeing from customers so far and later, are leaders doing enough to address equality daymond john will join us with his list of actions. Lets get straight to the key question of the day. Have we bottom ed were ploex ploering in a number of ways. Steve liesman has e details on the number mike looking at the rapid pace of the rally scott will give us his Market Outlook and well focus in on the soaring Airline Stocks with Raymond James analyst. Steve, start us off on the jobs report and how sustainable it is great question, sara, but a lot o head scratching going on how u were 2. 5 jobs created and no one knew it wall street didnt seem to know it but look, i put together a list here of maybe some reasons how do you get 2. 5 million delta there, 11 million jobs 8.
Watching here, losses to end the week, stoxx 600 down 1. 25 . Of the major european indexes, the ftse is the biggest loser right now, down 2 . Thats because some of the heaviest stocks affected are british trading in london. Hsbc, london shares of royal dutch shell, British American tobacco, bp, all big losers, and they are very heavy, so they weigh on the ftse. It has been a banner week for equities. If you were long this week, you did quite well because we were up the past four trading. Essions it is not taking away the gains you made for the week. You can see the pound rising. This also amplifies losses on the foot. There tends to be inverse correlation between the pound and the ftse 100. And then rollsroyce. This is not the carmaker. That brand owned by bmw. ,ut the jet engine maker already troubled. It was cutting 9000 jobs it announced earlier this week, but now s p has cut rollsroyces longterm Credit Outlook two junk, and the outlook is negative, so rough for rollsroyce. Vonnie
Spending and chicago pmi fed chair with alan blinder in a few moments. Steve liesman will give us a curtain razor on that. Hey, steve. Good morning, carl. Yeah, were wondering whether powell continues a cautious tone, much more cautious tone than the market seems to embrace and in a way his cautious tone seems to give the market a green light because it means more stimulus or the fed being around for a long time here among powells concerns hes expressed in the past that the employment and growth rebound could take longer than it anticipated, some businesses wont survive the downturn, a possible second wave of the virus and the stimulus will run out and think about more stimulus on the other side you can see the effects of the stimulus carl alluded to in the income and spending numbers this morning. Quite astonishing. Every one of the numbers youre about to see are historic, never been there before. 11 month to month rise in income well tell you why that happened in a second. 13 month t