economic crisis? plus, when working from home is just too expensive could soaring energy bills drive a mass return to the office for the first time since the pandemic? hello. we start with the cost of living crisis here in britain because the boss of one of the uk s top energy suppliers has told the bbc the government must act now to protect customers from soaring bills or face catastrophe this winter. ovo energy ceo stephen fitzpatrick has been talking to our business editor simonjack about their own ideas for supporting households. he said it felt like the past 12 months had been wasted despite the scale of the crisis becoming increasingly apparent. and he called on the uk s new prime minister to take action as soon as they are appointed next week. if we don t start working on this first thing on monday when we have a new government, a new prime minister this has to be the first order of business. and if we don t use every available moment over the next 12 weeks
afternoon as president biden mourned the victims of an horrific mass shooting over the weekend. investigators believe an 18 year-old white supremacist gunman targeted a supermarket in a predominantly black neighborhood, killing 10 people. the president and first lady jill biden arrived in buffalo this morning to show solidarity with the community laying flowers on a makeshift memorial. buffalo s mayor says he s grateful to have the support from the first family. we are very thankful that in the midst of this darkness, we have a president and first lady who care deeply about our community and communities all across the country. president biden made an emotional address to the american people saying people in all walks of life have to stand up to condemn white supremacy and domestic terrorism. in america, evil will not win. i promise hey, will not prevail. and white supremacy will not have the last word. the evil. did come to buffalo. this comes all too many places. he
Business that logged the worst session since march of 2020. 166 billion wiped out that is equal to the entire market cap of nike and amd or disney that cloud weakness spilled over into amazon. We will hear what amazon has to say tonight after the closing bell amazon shares off from yesterday at 1. 7 . Treasury yields picked up. The 2year treasury at 5. 12 thats the key level those are good facts you gave you can find a lot of companies uccompanies. Boeing ibm. Ge to lose that and still be worth a lot is the good news and bad news maybe good news and bad news morning. Uaw and ford reaching a tentative deal to end the sixweek strike. Phil lebeau is joining us with details coming out overnight good morning reporter good morning, andrew the final push for the deal was this week after the uaw called for more strikes ford earnings were set for thursday they finalized a deal. It kaulscalls for a 25 hike foe several four and a half years. There is more Profit Sharing for retirees here is shawn
That group is down 4. 8 , because of google and alphabet, a sharp negative reaction to earnings there. A big week obviously, on the nasdaq as well, which is down 1. 4 , alphabet will be the bottom performer, but youve also got weakness today in amazon, in apple, offsetting some of the strength in microsoft earnings and tesla. When it comes to finding opportunities in the market right now, our next guest says steer clear of utilities and largecap value, bullish instead on midcaps with a eye on rolling recessions hitting a variety of Different Industries next year joining us, city Global Wealth chief investment strategist, Steven Whiting its an interesting idea to not just worry about overall recessions, but rolling recessions in industries, because what you hear and what ive tried to capture in Certain Companies and industries is very different, whether youre in housing or in travel absolutely. And look, two years belowtrend growth feels awful but its going to accomplish what a shallow
86 points. If youre looking at the treasury market, this has been our big interest point. Right now it looks like the 10year is back where it was yesterday, not back above 5 even though yields are a little higher. 2year is at 5. 08. Crude prices around 85 a barrel this morning, wti is up 3 cents, and then crypto is on fire. If you check out sessions this morning i dont know why i say sessions. Bitcoin is always trading, never stops. Just above 34,000 this morning. Meantime lets talk about todays squawk planner. Boeing, norfolk southern, and tmobile. After the close well get reports from meta, ibm, and mattel. And as joe said, the drama continues for speaker of the house. Tom emmer ended his bid. Dozens of larms and former President Donald Trump expressed opposition to his candidacy, last night choosing mike johnson as their next nominee. A social conservative from louisiana. Hes a former analyst and radio host and served on president trumps defense team during his two impeachment trial