Data on inflation. Also minutes from the last fomc meeting. The july Consumer Price index will be released at 8 30 eastern time and at 2 00 this afternoon we should be getting more insight into what fed policy makers talked about last month and perhaps what theyre thinking about is the highly anticipated september gathering. Heres the other stories were watching today. Chinas wild and scary ride continuing, volatile perhaps not a Strong Enough word to describe the session. The shanghai composite dropped by 5 early on but then closed up by more than a percent. They point to government backed buyers as catalysts for the turn around as well as rumors that Chinas Central Bank might be ready to cut the key reserve ratio requirements for banks. German lawmakers are voting on a greek bailout. The legislation is expected to pass despite a growing rebellion within chancellor merkels on party. More from our colleagues in europe in a few minutes. Back here in the states the consumer remains front
Creeping back into this market lately, as attention remains squarely on the potential for tax reform, on lower oil prices, and on the health of the economy. When all was said and done, the dow jones industri dropd another 138 points, closed at 23,271, its lowest level in three weeks, by the way. The nasdaq was off by 31. And the s p 500 fell 14, but it does still remain just 1 from its most recent high. And tax reform is indeed a big deal for the markets and investors. This afternoon senator johnson became the first republican to say that he will vote against the Senate Tax Plan because he thinks it unfairly benefits corporations more than other types of businesses. The senate can lose only two votes and still pass the proposal. But as ylan mui reports, there are a lot of changes being made, including one that could make your tax cut tempo. Reporter the senate adding two bombshells to its tax plan. Getting rid of the individual mandate for health care, and making the tax cuts for house
Scott walker will be talking to th gundlach in a moment. Long emerging markets. Tim sea mour, youre an eem merchant. This is a trade ive been long for a long time. I actually think emerging looks good against the etf. If you spread it over the spy, you can see the ratio, somewhere around 16. 8 right now. Some key levels to break through. Emerging is absolutely out from the s p. A lot of the bogeys for em, really, the big hurdles for em have been dollar related, growth related. Those economies are starting to move. If you want to see a trade, we talk about this on the show, this is the trade. Emerging is underperforming the s p by almost 60 from the peak of april 2010. And if you want to look emerging markets that took fire in 2003, 2004, 2005, youre back to square zero. Thats exciting. It feels like the short spy side of the trade might be a little trickier. We were talking about how its difficult to not be long at this point. The s p 500 with the volatility so low. Listen, i cant spea
Insurance work like Car Insurance . Would that solve the problem that debate is on tap as power lunch starts right now. All right, welcome to summer, everybody. The Summer Market as well. Stocks in a narrow range energy, though, the best performer in the s p oil doing something it has not done in a while, rising for a fourth straight day. Financials also doing pretty well the big bank etf, the kre and the kbb both near session highs. Theyre on pace for one of their best shake shack higher, despite a note from Goldman Sachs saying earnings could take a hi because of all the rain weve had in the northeast goldman noting shake shack has heavy exposure up here many locations have outdoor seating. Also, darden rallying on its earnings beat, the restaurant chain raising its Quarterly Dividend 12 tyler. Welcome, everybody. Im Tyler Mathisen and heres what else is happening this hour fed chair janet yellen speaking in london on the state of the economy. Shes expected to take questions. Will sh
Health care bill will be delayed. Leadership has been pushing for a vote ahead of the july 4th recess, but now, thats going to take place after that. The president called Senate Republicans to the white house for a meeting this afternoon as majority leader mich eer mitch said extra time is needed to get more support for the bill. Were going to continue the discussions within our conference. On the differences that we have that were continuing to try to litigate consequently, we will not be on the bill. This week, but were still work s dipd midday and least 50 stay eed lower. The dow jones fell to 2131 0. Nasdaq off 100 and s p 100 fell 19. European union has slapped alphabets google unit with a record fine. E r alle google is taking advantage of its dominance in online searches to direct customers to its Online Shopping business. Shares fell more than 2 and if dwoog l doesngoo, it will have to pay more. Googles dont be evil culture is far from its practice. According to the European Un