Colleagues have come to the floor and spoken here or elsewhere about the importance of providing assistance to state and local governments, and that if that doesnt happen that theyre there are going to be police officers, First Responders and people who have essential jobs that we rely on every single day and for whom were so grateful, that wouldnt be able to get paid. I would just point out that already as part of the Coronavirus Relief measures that congress has passed, there was 150 billion sent to state and local governments, much of which has yet to be spent. And, frankly, much of which we dont know what the actual need is out there until we have a better sense for what the revenue loss is to a lot of our state and local governments. Clearly they are sounding the alarm and are justifiably worried about what happens if the downturn in the economy continues and what that might mean to their revenues. And so they are looking to washington, d. C. For assistance, and i think that as i
Are stuck at home. One on one with Lindsay Vaughn you are watching Worldwide Exchange here on cnbc welcome from wherever in the world you may be watching. Im Brian Sullivan it is early but looking like yesterday could be kind of a one and done for the equity markets. Stock futures are flat to slightly down. That benchmark index still down 3 for the week. Nasdaq down under 2 big tech has been outperforming as of late oil trying to stabilize after an incredibly volatile, record breaking week. We are at 15 and change on u. S. Contract slightly under 22 on international internationalal trade. Yesterday, the president warning any u. S. Ships to destroy iranian vessels that come close to them at sea and a regular lator that will shut down an oil well is not at risk of losing that well long term that may lead to more shutdown and decrease of production we want to keep a close eye on the uso etf. It has been halted a numerous time over the last couple of days normally, this would just buy the
Notably russia, and surely it puts a crimp on the future of electric cars. Look at it this way. Why buy electric when a gallon of gas on average now costs 1. 81 and likely to fall much lower. In wisconsin, the average is all the way down to 1. 22. There are some places where its below 1. We will bring them to you. Its a big negative for the stock market. The dow industrials are going to open down 500 points. Thats roughly 2 . The s p down 1 . The nasdaq down 1. 93 . The oil crash really hurts stocks as well. Every energy stock is down. The airlines and the Car Companies, they cant cash in on cheap jet fuel and gas because people arent flying and theyre not driving. Where is the additional help for Small Business now that the first rescue package has run out of money . As of right now, it has not come through. Treasury secretary mnuchin negotiating with democrats over the weekend. Its supposed to be a better than 300 billion plan but its not here yet. Perhaps thats another reason for th
Weve gone from 18,000 on the dow to well above 24,000. Look at this. The dow is going to be up over 700 points this morning, firmly above 24,000. Thats a gain of over 3 . Weve got a 2. 5 gain on the s p and the nasdaq, 1. 7 . Now, that is a friday morning rally. Boeing sure helps. It is reopening plane production at a plant in Washington State. There are major gains all across the board, especially for big tech. We will have details on that in just a moment. But look at this. The price of oil, sinking. We were all the way down to 18 a barrel at one stage this morning and right now, we are back to 17. 77. Just as plans are being made to help the flat on its back energy industry. Gas prices, look at this, down again. 1. 82 is your nationwide average and its still coming down in wisconsin. Can you believe an average price in that state of 1. 25. I will say it again. 1. 25 in wisconsin. All right. Can you believe this. Speaker pelosi says no to more help for Small Business. The money has r
Jerky market from the premarket to now any trends youre picking up i wouldnt say trends that last too long. I think this kind of choppiness, a little bit of aftershock navigation is what were trying to deal with right here. I do think it shows you what happens in these tightly compressed markets like oil when you have a hint of something oou, you know, going the other direction and you will get this exaggerated pop. Were in the zone in a less extreme way with equities too. Right now today weve traded within yesterdays range so even though it seems like weve been popping all over the place, weve essentially sort of operated within the bands that we set yesterday i dont think yesterdays 4 decline necessarily did too much damage to the idea that perhaps were in this bottoming process, maybe a week ago monday was okay for a shortterm extreme low but todays rally doesnt change the sto story either that it could go either way the conversation perhaps is going to turn a little bit more toward