Strengthened antiMoney Laundering levels. Rising virus cases across europe as the u. K. Government says it cannot rule out a second lock down and the white house grants tiktok another week to seal a deal with oracle and walmart as President Trump gives them his blessing but says they must create a 5 billion u. S. Education fund. It will be a Brand New Company and it will have nothing to do with any outside land, any outside country. It will have nothing to do with china. It will be totally secured well, a very warm welcome, everybody. Lets kick off with a look at markets. It was a brutal start to trade you have the dax trading down more than 2 the ftse underperforming down by 2. 5 and the cac 40 coming under massive selling pressure and a couple of sectors baring the brunt of the hit amid concerns around rising case numbers and further lockdowns across europe and the u. K. In particular and then the Banking Sector taking a hard hit down more than 4 and a couple of banks in focus but th
Were learning in the wake of the shocking ipo yesterday where buyers seemed indifferent to the share price if you wanted to buy snowflake, you had to sell something else, which triggered a selloff in the nasdaq, and that spread today, with the dow dipping 130 points, and the nasdaq losing 1. 27 . A lot of people call into question what theyre doing paying such high prices. We saw the spectacle of a stock trading at more than 100 times, not earnings, but sales. Dont get me wrong, snowflake should not be about making money, it should be losing money. It makes sense for management to spend fortunes to dominate the cloud Data Management business you want to win, youve got to spend. Snowflake is not the issue, though the ceo will do everything in his power to deliver for shareholders hes got an amazing track record i totally understand why people are willing to pay for the nose for his stock. I liked it even as high as 125 but i jumd eunderestimated the. I heard that the underwriters were t
Additional funding for the post office to other elements of support that might potentially encourage mcconnell to call the senate back as well. But that will be a bridge we will find out more about later yeah, will they have a relief bill as people look to get relief and extension that they have been waiting for for, you know, several weeks now since it last expired. Over to you, john. Interesting what the president was just saying. Drawing a distinction between universal mail in ballots, which he opposes, and absentee ballots which he has cast himself and is in favor of saying he does not favor slowing down the mail. He wants to speed up the mail, of course. The house wants to question a lot of that and well see if that happens thank you, it is 8 00 a. M. At apple headquarters in coopertino, california, its 11 00 a. M. On wall street and squawk alley is live good morning, what a week it is, can you believe were starting this monday at levels for the markets that we were prepandemic. T
We get prices down and yields up across bond. I dont know how long it can last, given the fact that we still are getting signs that there are going to be layoffs, and thinking in particular of delta coming out overnight and saying they may have to lay off nearly 2000 pilots after the september period. Ive got to say, still a lot of headwinds out there. Tom i agree. The partition of america is extraordinary. We just spoke to the congressman from the court could from the fourth Congressional District of arkansas. He made clear the economy is really good and sets up the inequalities and differences you see between democrats and republicans. Of course, our convention coverage. One quick point before we get to the complete data check, futures up 15. You looked at the brief for the morning. Lisa Consumer Confidence for there hasof august, been greater resilience than in coronavirus cases. After that, we get a tale of two markets. Roadforce. Has given a into the Consumer Confidence. As you me
Ecommerce the big baba breakout. We start off with the end of an era. Exxonmobil getting booted from the dow after nearly 100 years in the index exxons tenure as the longest serving dow component comes to an end on monday when salesforce takes its place. Exxons removal from the dow is nothing less than a remarkable sign of the times. Just seven yearsago it was the largest publicly traded company in the United States since then, shares have been on a steady decline exxon is down more than 40 in 2020, on pace for its worst year ever so is exxons removal from the dow a sign that big oil is dead money . Guy adami . I think so. Its something weve been saying for a while. I think they finally came to the realization that the worlds changed. Energy is not nearly as on the to the u. S. Economy as it was a decade or so ago i guess we have to make a choice between chevron and exxon. For whatever reason, im sure they obviously have their reasons, they picked exxon to remove i think exxons been in