Good tuesday morning. Welcome to squawk alley. Im Carl Quintanilla with jon fortt and Julia Boorstin on this election day markets are continuing the rally we got on monday were close to session highs right now. Dow is up 665. Best day since june 5th for the dow and s p 500. Best breadth since april 8th nasdaq and s p 500 erased their october loss, jon, as were seeing things like yields go higher as well and the dollar weaken which is another sign that some of the imbedding on emerging markets going out of this election. Yeah, carl. Looking at tech overall and particularly big tech, its interesting the gap between microsoft and amazon lagging behind apple, thats narrowing a bit. Remember, you had apple above 2 trillion in market cap and around 1. 5 trillion now thats come down apple is below 2 trillion those two are still around 1. 5 alphabet lagging all of those year to date so what is surging today tesla is up 5. 5 sales force, cisco, micron, dell, if you look at enterprise space, tho
A glitchy start. Microsofts Online Game Service is hit by an outage on the same day it introduces its newest xbox gaming console. We talked to the head of xbox this hour. U. S. Stocks dropping amid a selloff in big tech tuesday. Amazon among those caught up in it, falling as the ecommerce giant facing an antitrust complaint from the eu. I want to get to Abigail Doolittle in new york. Walk us through the factors dragging stocks down today. Abigail another mixed today. Another down day for tech and the nasdaq 100 in particular, having its worst two days in two months. You have other index is doing well such as the russell 2000 and other cyclically minded sectors. Nasdaq down for the second day in a row, the worst slide since september 8. Investors want out of this years stayathome trade. The russell 2000 gaining an alltime high as investors charging forward into the reopening trade. We have seen this playbook so many times this year, inout, inout. As for what was dragging on technology,
Should have seen it coming. I would like to start with what was my personal favorite moment in the book which is the first meeting between donald trump and steve bannon who would become a very influential political strategist in his world where he explains to trump that he cannot if hes thinking of running for president he cant do it as a traditional republican. Can you describe the scene . First of all, thank you for having me. One of the things you have to remember is donald trump didnt come into this he had been thinking about running for president for years but he wasnt sure, he did to have an identity. Sometimes he was democrat, sometimes republican, someone independent. By 2012, he was getting serious about it and a conservative activist, was a friend of Donald Trumps and he decided to talk about running for president and they took their friend who didnt know donald trump at that point up to new york at a meeting to talk about the possibility. If he ran as an outsider, how would
Side on happy even angry he got to figure kron fours Maureen Kelly found barricades going up in the city as Business Owners say theyre worried some of this anger could turned to destruction morning. Thats right im here on Market Street right now at new montgomery and behind me you can see a long line of businesses here. Their doors and windows covered up with plywood. Now this is all in case, theres trouble on Election Night. No matter which side wins or loses and this is not the only place i saw precautionary plywood being put up. The sounds of hammers and saws could be heard in many spots in downtown San Francisco as construction workers and security guards put up sheets of plywood over a plate glass windows and doors this some barricades protecting the glass from potential riots that they think that might elections. Disease this plan to gas a pretty expensive lot to put it is to build into destructive behavior. You dont really know whos going to win, but people are crazy right now t
Against a u. S. Company in decades. Google says the government case is deeply flawed. Late tradenges in after missing on subscribers last quarter. Its outlook for the current period is below expectations and investors are not happy. Haidi we are just getting a little bit more of an update on these ongoing stimulus discussions in washington, d. C. Nancy pelosi saying she is optimistic a deal can be done before the election and that she is calling on Committee Chairs to resolve some of the differences when it comes to funding levels and language so they can get back to negotiations between her and secretary mnuchin as soon as possible, crucially saying she remains hopeful an agreement will be safer, bigger, and better, and will be retroactive as well. We are seeing that reaction when it comes to the futures markets. Lets look at the asian trading day. Sophie kamaruddin is here with us in hong kong. Seeing s pare eminis gain ground and a muted start in asia with the asx 200 coming online