U. K. s chief negotiator rejects a proposal to avoid a no deal. Him ask exclusively with he plans to shore up recovery. A lot of things for markets to grapple with. We have concerns about the record cases in the u. S. A number of states, not just texas, pausing on reopening. The initial jobless claims causing some concerns. Could we see layoffs coming through, even with the reopening . We look ahead to Consumer Spending data in the u. S. , and the news flow yesterday and overnight. On the one hand, given one hand to the banks volcker rule, and dividends. We did see the s p 500 yesterday. Chinese markets are closed. We do see a risk on trade in equities. In terms of her features are positioned, muted, up to 10th of 1 . 1 2 10 of 1 . The bloomberg other index is pretty much unchanged. The 10 year yield is study. For oil is study. For is steady. , its beenor oil tempered with a sharp drop in export plants. It is headed for its highest weekly decline since april. Wall street lenders will s
You from the bloomberg terminal. American contagion. The u. S. Records its biggest ever jump in new virus cases. Governors reverse plans to reopen their states. Powell puts his foot down. The fed dividends bid buybacks. Buybacks amid uncertainty around the pandemic. Wall street giant slide in late trading. An elaborate fraud. Auditors accuse them of a sophisticated scheme to hide billions of euros. Visa and mastercard consider cutting ties. Just under one hour away from the start of cash equity trading in europe. Lets take a look at the futures as they are trading now. Yesterday, we closed slightly in the green. The u. S. Also rose and rallied into the close on news that banks would get a little bit more room from regulators to trade and be able to use more of their capital buffers, so diminishing the volcker rule, helping in the u. S. European futures are up as well as we get headlines that klm is securing a 3. 4 billion euro bailout from the dutch government, so we see more hope of s
Of that. And in terms of the month on month number we are looking at a 16 jump. So a decent recovery in the Housing Market. It is starting to show signs of life again. We will talk more detail about what is happening in the Housing Market, in terms of construction in the united states, all in a moment. Alix the Richmond Fed Manufacturing index at zero. Could not imagine a world where that would be good news. Coming up onlking what is happening in the Trump Administration and how the markets need to look at midnight tweets coming from the president. Libby cantrell from pimco will be here. And we will break down the housing data a little more closely now with taylor richardson. With nela richardson. You are an expert in housing, so where are we in the Housing Market in terms of a recovery . Nela i think that the Housing Market is holding up pretty well. We might see a great social experiment, now that many of us are working from home. Even as new listings have been pulled out of the mark
Tepper and Stanley Druckenmiller both say stocks are overvalued u. S. china tensions flaring again as the fbi warns that chinese hackers are targeting covid19 research firms. We have a big lineup of guests today to help break down this selloff including bill mill miller, david harrah, david ruinstein and Liz Ann Saunders from Charles Schwab. Down 550 points, down 620 moments ago. Weve got full Team Coverage of todays market downturn. Scott wapner, mike santoli, and Steve Liesman with us. That bearish call from apple when asked about Hedge Fund Manager Stanley Druckenmillers assessment that the risk reward in the market is, quote, maybe as bad as ive seen it in my career, heres what he said. Its definitely as of yesterday, now the market is down from yesterday, i would say that, you know, 99 was more overvalued than 2000 but, yeah, i would say its one of the most overvalued markets, maybe second most overvalued i seechb the market is pretty full but theres a lot of liquidity there. Its
Alltime high. Another Federal Reserve official says he sees growth returning in the second half of 2020 and no need for negative Interest Rates. With lots to come on todays show, well speak with mylans ceo. Well discuss the companys outlook for the rest of the year and whether its seeing a trend of customers stockpiling medicines. And the ceo of Ortho Clinical Diagnostics will join us at the moment we are up 0. 4 on the s p 500. Before we continue, just got to comment, new braackdrop, i love it did you do this by yourself . No, i had some help by the amazing technical staff at cnbc. I think people were sick of looking at my old School Parking meter. Its a great balance between home and work. Cnbc, always with me. Exactly the s p 500 is up about 0. 4 nasdaq up 1. 25, dow is flat. Lets get to the markets as stocks are climbing back from sizable losses at the open all four indices just turned green. Mike santoli joins us with more on todays action. Hi, mike in fact, kind of an extreme exa