Under an hour left in the session. Lots coming up on todays show a big exclusive interview with bank of americas ceo. Well get a read on the Small Business relief program. He joins us live in about ten minutes time plus as retail bankruptcy concerns swirl, well speak with the president of sax fifth avenue about whether customers h actually return to stores when doors do reopen but first, lets focus on the big stories of the day. Mike is tracking the market pullback on this first day of may. Josh is covering apple diedra is watching amazons move and phil has the shocking tweet from elon musk that sent teslas shares tumbling. Mike the s p 500 down almost 3 today. About 3. 5, 4 from its highs just two days ago. Look at a chart. Just to map where we are down about 4 we had broken on a shortterm basis the uptrend from march i dont think anyones going to get too concerned about this unless it goes deeper than at least 2550 week and a day or so ago, last tuesday, we were down around 2730 so w
Congress is negotiate its next round of Coronavirus Relief for the economy and weve seen a stunning move in oil crude was higher by 2 now down 9 as we await the final details out of the opec meeting. Energy sector now word on the s p. Yeah, been a real reversal there. Coming up on todays show, dan niles tweeting a warning about the rally. Hes going to join us with the risk he sees at these levels, plus, well speak with max levchin. Well ask what his micro loan customers are buying amid the shutdown and his read on the state of start ups right now lets focus on the big stories were watching today though. Steve liesman has detailes on te feds big moves and kayla is following the battle for more stimulus on capitol hill but steve, were going to go to you first to talk about the fed. Yeah, morgan, just quick moves the fed has announce nd the last hour. The its reduce uing the purchases of treasuries and mortgages. Treasuries down from 30 to 50 billion a day. Down to 15 from 25 apparently,
The Unemployment Rate rose to 4. 4 . However, on mornings with maria this week, i spoke with the former president of the atlanta federal reserve, and he told me that the Unemployment Rate is much closer to 10 than 3. 8 given we did see. 6 million Unemployment Benefits this past week. Joining me now to discuss the backdrop and the markets and investing around it is the alpha one Capital Partners Founding Partner dan nice. And, dan niles, and it is good to see you. Were going to get into the health part of this and, of course, what corporations are doing, including 3m, but i want to ask you about these markets. How would you look at the jobs numbers and your expectation in terms of when things might come back . Sure. I mean, i think thats really the key to the market, is jobs. As you pointed out earlier, you lost 3. 3 million jobs two weeks ago, then the most recent week you had 6. 6 million. And the funny thing is that as you get into april and may, thats when corporations, the big ones
0. 769 a little lower than weve seen in weeks leading up to this. Joe, the most important thing youve said is it is friday. Is it friday . The days are all it has been months. And then again, it feels like one whole long day for the week. In this new bull market we are in we will see, hopefully. Three days im not saying that we are they make no sense anymore. I guess it is possible we could look back a year or two now and say, wow or as Paul Tudor Jones said. Are we opening he said we could probably see some new lows. We are still on the front edge of this horrible thing that will play out in new york and other cities hopefully not as bad as people thought. The coronavirus cases surging to nearly 86,000 passing italy and china and making america the site of the largiest outbreak. The death toll is nearing 1,300 in the u. S. So far those number doubling somewhere around every three days right about now, a little less. Lots of questions about other areas too now how this is playing out i
Jobs since 2009. The Unemployment Rate rose to 4. 4 . However, on mornings with maria this week, i spoke with the former president of the atlanta federal reserve, and he told me that the Unemployment Rate is much closer to 10 than 3. 8 given we did see. 6 million Unemployment Benefits this past week. Joining me now to discuss the backdrop and the markets and investing around it is the alpha one Capital Partners Founding Partner dan nice. And, dan niles, and it is good to see you. Were going to get into the health part of this and, of course, what corporations are doing, including 3m, but i want to ask you about these markets. How would you look at the jobs numbers and your expectation in terms of when things might come back . Sure. I mean, i think thats really the key to the market, is jobs. As you pointed out earlier, you lost 3. 3 million jobs two weeks ago, then the most recent week you had 6. 6 million. And the funny thing is that as you get into april and may, thats when corporati