Tech names may be beneficiaries of a decision the United Kingdom has made when it comes to huawei and 5g. But wait a minute. The big banks did send up some warning flares in their quarterly reports on this first day of Second Quarter earnings season. Why are the biggest names in finance fast inflating their Rainy Day Funds . What do they see that you might not . Our floor show traders are on it. They will shine a light on it and explain. Just as teslas stock bubbles even higher, here comes a potential pin to pop it. Fisk fiskers uber cool all electric ocean suv with its 300 mile range, karaoke and california mode features is ready to open the reservation lines. Founder, chairman and ceo lhenrk fisker is here on his unique route to the New York Stock Exchange, taking on elon musk and yes, he will explain what california mode is. Pretty cool. From california all the way to a tiny private island on the east coast where the wealthy elite are ready to pay a pretty penny to escape from the c
Group. All of the numbers as soon as they hit the tape this morning. Futures showing a mix bag as you can see, excuse me, we have that is arrows across the board. Nasdaq up 34 and a half, s p is up 11 this after yesterdays crazy lateday selloff. California announced lockdowns and when the announcement came through that really did hurt the market. The dow barely holding a gain. We will see if we can do better today. Well, jumping species. Animal to human virus contraction may become more common. How to protect yourself, plus, ford taking nostalgia route with newest suv back by popular demand. Mornings with maria is live right now. Coronavirus lockdowns in the United States and scaled back reopenings both impacting european markets. As you can see red across the board. Weve had improvement overnight with europe. As you can see the dax and the cac 40 down more than half percent. Not in asia, red across the board. Different story from yesterday morning. We have pressure on markets especial
Sanctions and claims to the South China Sea take center stage today. Stocks are shrugging it off. The dow up more than 400 points but the big tech is struggling faang, internet names that have been on fire are seeing weakness today. Were following it all 59 minutes left of trade. Certainly weve been all over the place in markets but were up as we stand with the major indexes we have a big line up of guests. In a few moments well speak with shrewsberry, cfo of wells fargo. And Robert Kaplan will join us and well speak with Michigan Governor Gretchen Whitmer an earlier biden endorser as biden lays out more details of his economic plan. Lets focus in on the big stories were watching at this hour wilfred has the highlights ph wilfred, start off with the banks here. The key focus, sara, as we expected it to be on provisions for potential bad loans. They rose from all the banks from q 1 to q 2 and rose more than expected. Wells fargos more than doubling quarter over quarter the big question
Today. Tech stocks continue to lag. Lets get to bob for more on todays Market Action. Bob. Hello, melissa. Were near the highs for the day but have not been able to get into positive territory. Sec cyclicals tend to lead banks are having a pretty good week strong trading revenues. Jpmorgan, same thing there important thing here is banks tend to drop in the week of their first earnings report. Thats when jpmorgan reports this week not so bank of america strong you saw there kbe, theres a bank index almost up 5 for the week banks have been terrible under performers megacap, theyre down this week. Some of them are down. Amazon is down about 6 for the week apple is flattish. Most of the others are down 2, 3, 4 . How about netflix, which is a faang name out there its been all over the place 500 to 570 back down to 500 the important thing here Social Security moved in a 5 range today. Lot of volume. Three times normal volume. Thats typical for netflix well get the earnings soon here finally
Cases surged across several u. S. States, while hong kong and tokyo report new high marks, and india considers new lockdowns. Wall street banks capitalizing on the Federal Reserves extraordinary rescue measures with record profits. Shery lets take a look at how markets are trading at the moment. U. S. Futures are coming online flat, after we saw losses in the regular session after two days of gains. We had investors continue to rotate out of this years top performers. Zero. 7 , fell about with microsoft and apple leading the losses. We had technology, the biggest decliner on the s p 500 as well. When it comes after hours trading, netflix also slumping on disappointing results. We had a couple of elements factoring into the market resurgence of virus cases factoring into the market, resurgence of virus cases, of course, but initial jobless claims higher than expected and the smallest weekly decline since march. Take a look at what oil is doing, Holding Steady at 40 a barrel, trading on