How did they get hit so hard when Nothing Happened . The absurdity of all it can seem preposterous, totally frustrating. Market wide selloff makes you feel like the business of stocks at best stupid, at worst corrupt and it drives you away from the entire asset class i wish i could tell you that theres some hidden logic that makes these declines seem reasonable but your inclinations are right. The action often is every bit as stupid as it appears thats way i want to tell you all the ways stocks can be impacted by forces that have nothing to do with the companies themselves so you have some grounding about what might be driving you crazy. The absurdity of your stocks going down when nothing happens at the underlying companies. So were going to pull apart all the reasons your stocks do go down through no fault of their own. That way youll have a more certain handle on how to take advantage of these big market wide declines. Because when you know what youre doing, you can make a decline w
Youll understand why were playing that music in just a minute welcome to power lunch. Im michelle carusocabrera. Stocks carving out small gains the dow hitting yet another record high. Lets take a look at the benchmark tenyear note. The yields there hitting their highest levels since mid august. Right now the 10year yield at 2. 24 . Some of the stock movers, sprint and tmobile, both soaring our david faber reporting the two were in active talks about a merger again going the other way, however, best buy shares are tanking about 9 . The retailers outlook falling short of expectations. Were going to head live to the investor meeting in just minutes from now heres some other news happening at this hour cnbc confirming reports that the senate gop is looking at a tax cut that would total between 1 and 2 trillion. And are cereal and sausage the investing breakfast of champions . The company post hopes so because its buying food maker bob evans for 1. 5 billion and its prime time for kohls in
The transports to record highs again today. Plus the grocery wars are heating up again. This time walmart is making a newing a b decision to go after amaz amazon very interesting a lot of people in new york city are very excited about it. Well explain coming up in a little bit. Good for brooklyn. We start with our top story right now, executives from two scandalridden companies have been meeting facetoface with lawmakers on capitol hill today. Cnbc cnbcs wilfred frost has the highlights of the wells fargo hearing, about millions of unauthorized accounts opened by that company and aditi roy has the latest on the exequifaxs ceo, the attack that compromised the data after more than 145 million milliamericans. Aditi, start us off. Reporter former equifax ceo Richard Smith was grilled for close to three hours by about two dozen lawmakers. As he headed out of the hearing, i asked him about the breach he remained tight lipped eped a walked past our cameras. Gave an eight page remark before he
Its market cap now almost 900 billion. Josh, stocks trading at be a alltime high, all the way back to the ipo in 1980. Yeah, well, and deservedly so look at the size of this business look at breadth of everything that they do and how it all works together look at the Services Revenue look at the fact that the jesus phone is upon us, and people are waiting on line in every cosmopolitan city in america and soon to be the world you know, i think you have to give these guys their due, and i think big picture what we did on the show with ale is very important two weeks ago. You had those rumors start to surface from the quote, unquote asian suppliers. Every time they were about to release a new nope, we hear word that orders are not what people thought they were or there was some kind of technical glinchings sometimes both. We rightly dismiss that talk and rightly point it out that we did it with the 4, the 5, the 5 s and 6 and hopefully people didnt overreact to the headlines because right
Work and prepared to set to step a little bit higher. That is how semiconductor will play into the chipmakers. You have job movementsm and qatar is a very strong economy. Fors theresa may braces and stocks are set for a high opening. You have Global Equities and pushback from tory lawmakers over her brexit repeal bill. Yellen fueled the investor confidence. Global equities, the longest winning streak since the middle of april. The chinese export numbers as well. Anna a very warm welcome to exports of 11. 3 in june from 8. 7 in may. Anna a couple of things to bloomberg daybreak europe. Im anna edwards. Watch, we put up details where manus janet yellen has managed we are in the market. A couple of headlines coming through. The owner of the unicode chain to poor coldwater on the uniqlo chain. Probability of a rate hike. The probability in december drops to 50 . In at ¥22. 9t coming when it comes to size and scale of the bond market, a 10 billion below the estimate of million bet, and thi