Companies preparing for less than historic times. Cocacola and gm announcing thousands of job cuts. Isnwhile, capital one cutting borrowing limits on credit cards. This is coming just as stimulus money is running out and people need loans the most. Romaine interesting that they would take this action. The credit market dropped pretty dramatically prior to covid19. The number of credit card loans outstanding on a household basis dropped in the first quarter. It accelerated in the second quarter. That was the sharpest drop on record. I guess the question is what caused that. People were shopping and traveling less, but there is also a sense, and you see this in some of the data, that credit card lenders were tightening their standards. Interesting, this data on your screen only goes through the end of the second quarter. Talkede and we particularly this week of the Federal Reserve committed to keeping lower for longer. Come intohe drip feed the real economy . At the moment, we are seeing
With the dow gaining 6. 8 there has been some controversy about that too explain whats going on behind the numbers. In terms of how many jobs have been lost during the pandemic. Its fifth positive session. Its been up five sessions in a row. Its indicated higher and the 6th day of the week. That was up by 6. 8 . S p was up by 82 points. And then the nasdaq was up by 2 almost 200 points. The s p indicated up by 6. 5. And treasury yields and did see quite a bit of activity there too. The ten year yield picking up substantially last week and this morning its back at 0. 91 i cant remember the last time we had a ten year above 0. 8 let alone 0. 9. It could be a round number some day not that far 1 maybe cross your fingers. Oil too is almost 40. Oil looks like a bad break looks like it went down and it is such a quick one right back up and almost to the levels where it was almost prior to this the journal has the piece when the spiggots are opening here today. We have a huge show again today
Otto libre, the amazon of Central America up on the day, reinforced bying the covid19 environment and that seems to be reinforced by reports. Scarlet taking a look at the nasdaq 100, which covers the biggest 100 companies and the nasdaq composite index, it is at a oneweek high, even though we have seen other indices limp into the close and ended the day near their session lows. We have more earnings coming out. Tmobile is the latest company to report, First Quarter etf revenuer the period, 11 million, short of what 11 billion, short of what analysts were looking for. Still awaiting peloton ,nd fox, etsy and other name Different Companies that have been to fitted that have benefited from the lockdown, along with tech. Regardless of where you look, apple, microsoft, facebook or amazon, they continue to get bid higher on the idea they will come out of this even stronger. Definitely, foursquare and paypal coming down the pike. Still with us, barbara reinhard, Asset Allocation hit at voya.
Been arrested in the deaths of 71 migrants find found in a truck abandoned on a highway in austria. Probablyy they suffocated and at least some of the victims were refugees fleeing violence in syria. , president george w. Bush visits the site of one of the low points of his presidency. He traveled to new orleans to mark the 10th anniversary of Hurricane Katrina. The former president was criticized for his administrations response to the disaster. President obama was there yesterday and watched through the new orleans neighborhood that was one of the hardest hit. The president said new orleans is a model for resilience in the face of catastrophe. I am here to say that on that larger project, stronger, more , the progress that you have made this remarkable. Mr. Obama called new orleans recovery a work in progress, saying the job is not to rebuild the city as it used to be but to rebuild it a new. Defense secretary Ashton Carter is on a friend raising mission to Silicon Valley. Carter wan
About . Vote . The new yorkwith times front page this morning. It is the nra. The association has spent millions of dollars on Television Commercials for mr. Trump, even as other republican groups have kept their checkbooks closed. Mr. Trump has not run any ads of his own. Forceful gave a fo testimony at the convention. The nra this week released a new ad, againstlion Hillary Clinton. Take a look. [video clip] she is one of the wealthiest women in politics. 30 million income. Tours the world on private jets. Protected by armed guards for 30 years, but she does not believe in your right to keep a gun at your home for selfdefense. I fully appreciate how life is for so Many Americans today. She would leave you defenseless. The enemy Political Victory Fund is responsible for this advertising. Host the latest ad by the nra. They have spent 6 million in ads supporting donald trump. We want to know how important is gun policy to your vote this november . Good morning. Welcome to the conversat