Its pretty weak overall. You look under the hood, theres the picture from the three sectors i mentioned. Financials, theyre lower too as they get ready to kick off earnings season. Citi, jpmorgan, wells fargo, all of that before the bell. Tech, well, it was one of the only decent spots today. Even it has rolled over. We show you the tech xlk etf. The nasdaq performing better lately and still on track for a relatively strong week, can tech alone carry the market higher into the end of the year as it did for the First Six Months of 2023. Lets ask someone who count thes several tech names of top holdings. With us today at post 9, joe terranova, joe a cnbc contributor. Its good to have you both with us. Amy first, were still worried about rates, obviously. Weak auction, cpi, ppi, both a little hotter than expected. How do you see it . Yeah, i think, you know, the market is obviously on its toes. Youve got higher for longer. Thats the bottom message. Youve also got a number of market dynami
And a rocket headed in the wrong direction. Im melissa lee, coming to you live from studio b at the nasdaq. On the desk tonight tim seymour, karen finerfinerman nathan, and mike khouw. We start off with breaking news, the vote in d. C. To vote Kevin Mccarthy out of the speakership. Emily has the latest. Yes, Kevin Mccarthy was ousted as speaker of the house. The house current lip has no speaker. That chair is vacant. There is an acting speaker, but theyre not someone who can actually move legislation, continue the work of the house, and continue the progress that congress is trying to make on a number of different bills. Now, mind you, a lot of republicans still support mccarthy, one of the congressmen came out and thought that he thought, at least 19d 0 republicans still back mccarthy for speaker. But the fact of the matter is, republicans had such a small majority that only eight republicans voting to ougs mccarthy were able to do it. I just spoke with congressman matt gaetz, he just
Scooped all the bears. Thats where our road map begins this morning. The inflation picture, of course, is what were talking about. Weve got wholesale prices increasing less than expected, as jim just said. Two banks also lowering their rate cut expectations. Thats off of yesterdays cpi news. Were keeping an eye on big tech as well. Nvidia shares, theyre bouncing ahead of the open. Jpmorgan, lowering its apple price target, and you just heard from amazons andy jassy, saying so many Different Things, including the fact that hes committed to costcutting while investing in a. I. Plenty of other stocks to track this morning. Nike, airbnb, chevron, occidental. Well go through all the upgrades and downgrades. Lets get to the Broader Market here. First, lets get a reaction to ppi after yesterdays selloff on the cpi. There was a lot to like. I think theres a lot of confusion about these numbers. I find that whats happened is that yesterday, there were a lot of mistakes in the data. What do you
Office to face charges. We are in washington now with the latest developments. Reporter good afternoon, a former high ranking Trump Administration has plead guilty to lying to the fbi. And said in a state his decision to cooperate was in the best interest of his family and country. Former National Security, michael flynn, arrived in court this morning. Pleading guilty after charged with lying to the fbi. The council charged the former adviser to lying to the fbi about the infamous phone calls and Text Messages between himself and the russian ambassador. One happened the same day that president obama posed sanctions on the russians for the meddling in the 2016 election. The calls raised red flags to the Obama Administration and they advised against choosing flynn. And citing that he was vulnerable to being blackmailed by the russians. But even after his firing the president supported flynn. I dont think he did anything wrong i think he did everything right. And he asked flynn in private
Here it comes. Take a look. And no, thank you [ laughter ] President Trump released a 2018 budget plan today, titled a new foundation for american greatness. Boy, you can tell that from the name, trump loves this budget. When he doesnt love something, hell give it a boring name like eric. [ laughter ] according [ cheers and applause ] according to politico, President Trump is reportedly looking to hire a crisis manager. A manager . Its a presidency, not a walgreens. [ light laughter ] mr. President , what do you have to say about these new russia allegations . Im sorry, i just work here. Youll have to talk to my manager. [ laughter and applause ] ive got to go price some cans. President trump will meet with pope francis tomorrow at the vatican. I cant wait to ask him why he wears that ridiculous thing on his head, said the pope. [ laughter and applause ] according to a new report, a group of experts have found President Trumps speech has deteriorated in recent years. For example, he us