Taranova were green across the boards. Dow, s p, nasdaq all green jim, we have a big rebound in the nas names. Best pace on the month since january of 1987. Well, scott, first off, thank you. Every year you and throughout the year you give a lot of respect to veterans. It means a lot to me personally. You and the team at cnbc, thank you very much. Onto the markets look, a little reversal today where the cyclicals are fading and tech is rallying i think thats healthy i mean, look, weve had one heck of a rotation. Not just this week but in the last two months its been going on its time for a pause. And i think the most Important Message here is, anyone whos feeling like they missed out, you dont need to feel that way. If you feel like you missed out on the tech rally of the summer, well, guess what, september and october have given you the opportunity to get into those largecap tech names, the faang names. If you feel like you missed on you the on the cyclical rally, thats going to go on
Financials all higher by 2 or there abouts shares of Sonic Automotive up 200 from the march low as the demand for used cars skyrocket during the pandemic. The ceo david smith will join us well welcome him as power lunch begins right now thanks the stocks are still on track for a week in the red bob was more on the moves for us we were moving down quickly at the open. We turned around at 10 00. Thats when we got the headline that the regulators were easing part of the rule we had word that texas was pausing the roping plans we drifted lower again thats what i mean about dualing headlines that we have been seeing its been drifting lower they are delaying the california theme park they have been on a down trend for a while. Nice to see Energy Bounce back we had a bad day yesterday on energy as oil dropped about 5 they are all bouncing back today. Thats helpful all five of the big names advancing, theyll be up on the day. Back to you. Lets go to the bond market where yields are lower rick
Watching for wild swings right here 10 year yields 0. 7 and thats pretty stable compared to where we were two days ago i checked that, whats the problem with the markets but theres a lot going on breaking overnight, this should have been somewhat helpful you would think. Bank of england announced emergency cut. Lowering the bank rate by 50 basis points to. 25 englands central bank also announced a new funding plan to support small and Medium Sized Companies as well as new steps to help commercial banks lend more well get a live report from london in just a couple of moments. Now an update onthe coronavirus. In the u. S. , confirmed cases have now topped 1,000. Want to get to meg now who joins us with the latest meg. Good morning, andrew, case counts drived to 119,000 overnight with almost 4,300 deaths among the hardest hit countries, italy, iran, and south korea and they tell dramatically different stories. Italy reported highest daily jump in deaths yesterday to more than 600 of more
Thatdominated yesterdays action, that along with chinas currency move. Overnight Chinas Central Bank setting the yuan mid point firmer than many expected. That happened at 9 00. We saw a turnaround in u. S. Equity futures which were down overnight as much as 600 points at the lows. Right now a positive open across the board. S p looking to be up by 11 points dow jones up by 102. The nasdaq looking to recoup 44 points as for u. S. Treasury yields, we saw a 2016 low also. We had the tenyear note at 1. 758 overnight we breached that 1. 7 level. A key level here. We have cnbc reporters everywhere this morning covering the Market Reaction to this escalating trade war willem marx is in london well get to him in a moment, but across the world to china. Eunice yoon is on the ground in beijing. Reporter china strongly opposes being labeled a currency manipulator. The central bank, which manages a floating currentry cy exchang rate called the move unilateral protectionist behavior that violates
It is not anti semitic. To point out that your bombing has completely destroyed more than 221000 Housing Units in gods up leaving more than a 1000000 people homeless and his right, the s drive kills full people in the site on the refugee camp in central garza thousands of people are dead, thousands of houses washed away by spots in kenya. More rain is expect the student protests to bolting palestinians that began at Columbia University in new york, a spread across the us and to europe, and beyond the demanding that schools divest from israel. The growing assets by University Officials and police to clear the demonstrations. John henry reports from new york another day, another group of pro palestinian students occupying yet another american university, demanding a ceasefire in gaza, end of free palestine. This in camp and at City University of new york was in its 2nd day on friday, a Public Institution joining a movement that started at elite private institutions. It is spread from cam