Secretary talks to cnbc moments ago. Shares of Morgan Stanley are slightly lower, it would appear, ahead of the open. The bank topped revenue estimates by a billion on what was stronger than expected trading revenues and ev price war elon musk cutting the cost of teslas model s for a second time in one week, carl meantime, guys, got to take stock of this selloff here in the premarket, jim general take this morning is that the market is now catching up to what we know has been a problem in europe, and these lockdown restrictions in the uk and france are getting more serious. Dollar strengthening, some believe, because the situation here is at least better than europe on a relative basis. I think were importing their negative ty. I dont think it is going to last you cant make any moves to the positive until about 11 00 when you start seeing their markets peter out. It is one thing, it is very frightening when you read what is going on there. It is obvious it is a second wave it seems mor
Good morning, welcome back to squawk box right here on cnbc this morning. Im Andrew Ross Sorkin along with joe kernen and kelly evans. Becky is off today lets show you where futures stand at this hour maybe 12, 15 hours after President Trump returning to the white house. The dow looks like it would open down marginally about 63 points off, nasdaq off about 83 s p 500 off about 15 points. Lets also show you treasury yields as we speak, well show you the ten year yield right now, you are looking at 0. 763. Meanwhile ill pass it over to kelly. Thanks for joining us this morning. And youve got the news on President Trump. And before we get to that, joe, we were just joking about, you know, you and me we could banter and we were in studio and andrew wasnt and now, you know, were all no, you are in studio still im still here. Ive been here since april and i like it here there is no delay. Is that are you wearing orange or that red i think that were in sync sort of yeah, it was an orangey red
Screen is driven by not the feds comments, a little boring with the zoom box or retail sales that we got or housing numbers. But what is happening at the mornings Research Meetings all over the country today where the down gained 37 points and the s p dipped and the nasdaq lost 1. 25 . More on that later today seemed like it was dominated by the fed in the amazing snow flake ipo and as someone that helped bring the microsoft ipo to goldman sachs, i know a big deal when i see one. More on the demons the deal unleashed. We had a nice rally going today and thats about what is going on behind the scenes every morning they have a meeting where they pitch the sales force on individual stocks and entire industries as buys or holds or very rarely sells after the pandemic got rolling, almost every piece of research that came out cut numbers. For individual companies and suggested the situation would get worse. The conclusion ive never seen so many sell eric men dae eric men dae er recommendatio
[narrator] finish your degree at snhu. Edu. It is 11 00 a. M. On wall street and squawk alley is live. Good morning, welcome to squawk alley. As we watch the markets have a nice bounce on this monday morning, the down up almost 500 points the s p holding on to 3335 banks and energy are part of the story. Banks, amazon up almost 50. Amazon in the news this morning because they set a date for prime day. That will be october 1314th, delayed because of the pandemic. That is setting up a unique one to thee. Now october actually has a lot of action. You have prime day, that is probably in september. Then you have singles day, then you have black friday. In the mix there you have console launching happening there. It is an interesting moment for investors to think about what that means, all of that retail momentum going into q 4 and how that might play out differently this year. That is right, john there is so many different shopping events for the year also something that i have looked as is
Businesses stay afloat until we get a vaccine . The market doesnt remember, which is why it got crushed today. Dow plummeting down. The s p plunging 1. 16 and the nasdaq sinking 1. 3 , nice comeback there forget another bailout there is another possibility of a Government Shutdown next month. Stocks have been getting hammered for sometime now as i listened to the talking heads today, i was kind of autohear them suddenly recognize that the big tech names act terrible. Like wow, holy cow these are down a lot we better sell i mean, of course they were also acting terribly last week and the week before so a bounce could potentially be in the offering one held by the amazing rebound in apple which at its lows today was down 25 from highs earlier this month. Apple led the nasdaq 100 from morning oblivion drenched in red to bright green in a strong rally that nobody is taking seriously except for me. Before i get into where were headed, you need to understand why this moment is perilous for s