United states, and it is simple. He wants to get this thing done now. Jonathan he was asked specifically about some of the details in a News Conference yesterday evening. He took a sidestep. He is leaving the swing to secretary mnuchin. Weve got a real fiscal test, and yet this equity market is still doing ok. Futures this morning up 11. Tom it is an absolutely fascinating tape. Point, lisa is going to talk italy, spain, something. Look at where the vix is. Crisis over. Jonathan dr. Talk about the data 90 minutes away, initial jobless claims. To seehis will be key the deceleration, potentially even decline in job growth. At 11 00 a. M. , the other backdrop is the widening deficit in the United States. The u. S. Treasury set to announce their plan to set sales of debt. Later today, Major League Baseball is kicking off with a shortened season, the shortest since 1878. The think is against the Washington Nationals cardboard cutout fans. Jonathan it is the shortest season since 1878. Thats
Surveillance today on television, on radio. We welcome all of you worldwide, across this nation, where the linkage, the urgency that we see within our politics and our economics is truly front and center. Get out the calendar. I believe it is 23 july, and this is a nation staggering to the first week of august. Jonathan what urgency . It is sunshine and rainbows in the equity market. In washington, d. C. , we havent seen the urgency we actually need. There are a lot of people still out of work. This market is in a lot of pain, and it is not going to heal as quickly as we needed to. In about 30 minutes, initial jobless claims set to come in at around 1. 3 million again. We need to see much bigger improvement. Tom that will be a key statistic of the week. Rule number one in the equity market is follow bonds. I continue to see yield compression, lower yields and flatter curves. Jonathan sunshine and rainbows lisa sunshine and rainbows very much funded by real yield that is negative by the
Ah but have a look at tesla. It made a profit. Its opening a factory in texas. It hopes to sell a half million vehicles this year and the stock is up again this morning. Elon musk now leads, im going to say he leads the technology economy. The stocks up 64 bucks now. Microsoft down. Whys that . Im told its because their Cloud Business only grew 47 . First time the growth rates been below 50 . Well, sell that thing. The stocks down nearly four bucks. Theri cnhe tin in po rt landrtla oregonor a44th offf inriing. Th ayor or jtl jedostl bedy b b pst at th supporsupp the anarc ahinast anast anaaken ne inne t ihen theheneworkork ity i nows theshehe wororst pl ac businebuness retairsrsrsrsrs sarsy. Now, tnohaw,tw,w,s a is. Th e new cold war, china and andhe s. A a fitivs researcher linked to chinas military is reportedly holed up in the chinese consulate in San Francisco. The president s considering closing that consulate just like the one in houston. And now look whats lapping on happening o
Waste. Thats why the tech heavy nasdaq rallied when the dow tumbled 226 points and the s p 500 back slid sure, the tech titans respect crowing about it, that would be in bad form. But when you look at their numbers, versus the economy, gdp down over 9 in the Second Quarter, lets call that the worst ever, with 17 million continuing jobless claims. It feels like the old economy is lost the house of pain is the new companys gain. The house of pleasure at the very least, the cloud and communications have gotten a massive windfall here. Digitization pulled through by two, three, four, five years look at that 7. 4 billion revenue amazon reported. Theyre like the amazon mint, because people dont want to put themselves at risk bishy shoppig in person. Amazon is the answer to the pandemic every day some pundit comes out here and argues that the Federal Reserve is propping up the economy by keeping Interest Rates low. They tell us its a bubble they tell you to ignore it they imply the gains in t
Just hours before the hearings and one day before they tell the world how much money theyve got, all their stock prices are on the upside. All right. Now to politics. Joe biden says he will announce his Vice President ial pick by the end of next week. Its probably the most important veep selection in history. Hes 77. Hes forgetful. Occasionally unfocused, and he does not campaign vigorously. If he wins in november, who will really run the country . We will find out. Getting back to classroom learning. Looks unlikely in many parts of the country. That means parents scrambling for child care and lower educational standards. The American Federation of teachers says their members will strike if safety is at stake. They dont want to go back. The unions president will join us shortly. As you look at the early market action, remember there will be a Federal Reserve News Conference this afternoon. That will give us a hint as to how much money they are going to print and how long Interest Rates