Tiktok is said to be making contingency plans for a u. S. Shutdown, joining microsoft to challenge a bid from oracle. Australia winds up turning season like never before with a recession and record government stimulus. Lets get you started with a quick check of the markets. We are seeing u. S. Futures opening slightly higher. This as we had another record high in the u. S. With the s p 500 soaring for a fifth consecutive session. We have financial and real estate sectors being the biggest gains. We have banks benefiting. Treasury yields were higher. We had the yield curve widening. Powell chair jerome speaking at jackson hole, conveying a dovish and more relaxed approach. Higher yields leading to the dollar rebounding. U. S. Weekly jobless claims remaining above one million. Not to mention the economic gdp numbers contracting slightly less than forecasted due to oil prices looking like this. About 43 ag barrel. We had oil declining through the new york session as laura barreled into lo
Oil, 41. 40 we talked for a long time about mike pences hawkish speech on china from a year or two ago but pompeo yesterday oneupped that and this consulate news from china is weighing on sentiment too. Yeah, he upped the ante jim did focus us at the time on Vice President pences speech because it was quite truck lant would be a word to describe it at the time but it continues to go up in terms of the tensions, carl weve talked about it pretty much every day, whether its a backandforth over huawei, whether it has to do with conversations about closing down the app tiktok in the United States, whether it is the closing of consulates here and the response from the chinese. This is not going in a direction that many, who at least are invested in the idea of global trade, certainly, mike, would wanting to see. For sure. On the one hand the market is not necessarily overly focused to this point on these relationships and not really counting on anything to come out of it. Its not quite like
Moon shine still glistening on the bay this morning. Temperatures 47 to 52 in my 1hour day planner. Notice that by noon were warmer than average except for the coast mid 60s and rest of us at the 80s and 90s and still some 80s around at 7 00. Pretty warm evening. Even hotter tomorrow in some neighborhood. Ill have that coming up next. Back to you. Governor newsom is expected to announce guidelines today for beginning phase two of reopening the state tomorrow. But most of the bay area wont be starting phase two. Only napa and solana county plans to start. Santa clara, contra costa, marin will not. The numbers are still going up. The number of deaths are still going up. We have not lowered the curve. We have to be mindful of that and we have to be responsible when we look at various industries back. Governor newsom says we still have a long road to a full reopening and a full recovery and he says it will take a lot longer than people are saying. The governor is expected to speak at noon
Im brian sullivan, if you are keeping track at home, were pretty sure youre at home heres a sobering stat on the selloff. The dow has fallen nearly 11,000 pointing since an all time high in mid february. Thats a nearly 40 drop the fastest in history investors continue to see their portfolios fall, while washington falls short stimulus still on hold were expecting a briefing on the coronavirus outbreak in about 30 minutes time. Were going to bring it to you live when it begins. Kayla has been tracking the stimulus situation all day long and is with us now on what happened what happened, what didnt happen. And what comes next. For a second time in two days, the vote to advance the stimulus package coming out of the republican side failed meeting are taking place in the wake of that with Steve Mnuchin meeting with chuck schumer, followed by a meeting with mitch mcconnell. Those two back to back meetings, an update on where things stand. A Senior Administration official tells me its unlike
To. Grab your tuning in from a right across the world this hour welcome to moscow. For the company. President trump said he is invoking wartime powers to force industry to tackle the cove would like to break Senate Republicans are also pushing for an economic stimulus package worth up to a trillion dollars but the drastic measures have so far feel to count the markets as you can see here kill up and goes further into. As everything seems to be called a native and quite a crisis we have donald trump invoking the defense production act now that is a law that was 1st invoked during the korean war gives the government the ability to have industries aska late production the hope is that with the government invoking this act there can be an escalation and rapid production of masks medical supplies and other needed materials now donald trump has got a lot on his plate because the stock market took a very dramatic plunge we saw at this point what people are calling a historically unprecedented