Coronavirus cases top 2 million in the u. S. As the number of infections rise in texas, california, and florida, all recently reopened states. Not even thinking about thinking about raising rates. A dovish jay powell sends global stocks and treasury yields lower. Most fomc measures see rates zero through 2022. It raises concerns about the real state of the economy. Nd capitalizing on chaos Goldman Sachs makes 1 billion from the oil market turmoil. Drivingp sees its bond trading revenue. Big on europe. We are seeing futures. 2 losses point two losses on the indexes. Most of the major indexes were less than 1 . Drops in the u. S. After that fed meeting. Jay powell saying hes going to keep rates at zero through 2022. It looks like the market is now concerned about the strength of the underlying economy considering those comments. U. S. Futures down 1. 5 in terms of the dow and the s p. Anna in terms of the underlying economy, concerned also about the rise in the rate of infections in the
States to roll back their reopening process. And the move today in part driven by the banks. Goldman sachs, jpmorgan leading the dow lower as the Federal Reserve clamps down on dividends and buybacks amid the pandemic stress are the banks really as strong as they seem plus, the airlines are getting crushed today. Executives will meet with Vice President mike pence as we speak to ask for more aid as travel remains on eyes for most of the country. We will have more on that, kelly. But now over to you tyler, thank you so much the other big name, nike down 6 , almost 7 now after an ugly quarter. They missed estimates by a long shot revenue dropped 38 . Setting off a key debate on wall street we could be in for an earnings season of pain as Companies Struggle to get back to business we will continue to backstop any market pain if the economy remains sluggish or comes to a halt again what will take the wheel Going Forward . Bob pasani and steve diessman to debate the rising cases and the slo
Median the long one remains unchanged at 2 1 2 . The economy is very much the same as it was in fact, i dont have any changes at all Economic Activity rising at a moderate rate. Job gains solid on average Unemployment Rate remained low the only weak spot there and inflation running below the feds 2 target. The fed used to morninger Global Developments and inflationary pressures. Those two things animating fed policy, very much on its radar there in terms of what is behind or motivating policy right now finally, a little bit on the Unemployment Rate. They lowered the Unemployment Rate forecast to 3 1 2 from 3. 7 and in the long run, down to 4. 1. Thats a sign that the fed at the current rate is willing to tolerate a lower Unemployment Rate thats a number that ases now over the years has come down and down and down. Tyler . Ill pick it up from here, steve. No, its okay do not worry about it, listen, man. You got your hands full there. I love these word counts, back from the old days when
Miss. While streak drills wework, facing questions about its finances. We get a read on investor appetite ahead of a potential ipo. First, shares of qualcomm falling in after hours trading after the chipmaker gave a downbeat fourthquarter sales forecast. At the highend, qualcomm is looking at 5. 1 billion sales. Analysts predicted that is in 5. 7 billion. Line with a warning issued back in april. Demand for smartphones, particularly in china, would be weak ahead of the introduction of 5g. Joining us is mike regan and sarah mcgregor. Explain whatf all, we are seeing driving this drop. How much does it have to do with china . Mike the revenue forecast for the current fiscal quarter was very light. The eps for the quarter also really light, and adjusted eps of as much as. 75, and the street was looking for 1. 10. It boils down to qualcomms basic business model. It has a controversial practice selling chips to manufacturers, they license chips to them, and they want royalties equal to a ce
Power lunch kicks off right now. And stocks are hitting highs of the session on some breaking news out of washington, as you see, moving up by a half or a little more of a percent each lets get to Kayla Tausche with the details. Hi, tyler the market is moving on reports that u. S. Negotiators will be departing washington on monday to go to beijing my sources tell me these inperson facetoface talks are expected to take place in china at some point between the congressional recess, which begins friday, and a chinese holiday, which is set to take place on thursday, august 1st. Remember, the top u. S. Trade official, ambassador Robert Lighthizer wants to be meeting with members on capitol hill to talk up the usmca, he wants to get as much support as possible before lawmakers leave town for a month and so he personally, im told, has not wanted to leave washington until those conversations have wrapped up. That leaves just a window of a few days time for these inperson talks to take place. T