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
On the chin. Again what the experts sort of give they can taketh away. When Jerome Powell talked about the fact even with the flood of stimulus weve already seen, good idea to see more stimulus. He didnt put a dollar figure behind it. The Federal Reserve has spent trillions backing up businesses and banks by buying treasury bonds, corporate backed securities, etfs, and to back up corporate paper. That is unusual, in this particular case unprecedented. He seems to signal we are not out of this by any means. These delays in openings here as we heard new york metropolitan area, broadway doesnt do anything until at least labor day. People add up, lets push stocks down. Now there is good news though. We always want to posit that. Favorable developments on the new york state area, new york city to the point and new york area hospitalization as key level looked at closely continuing a decline has been better than two weeks. Anyway, we have David Lee Miller following all of those new yorkrelat
Ive got another one for you. 25 million of us were indeed out and about over the last two weeks and that is a big increase. Its not back to normal but we are coming out of the total lockdown. Dead on arrival. Thats the speakers 3 trillion spending plan. It would have encouraged staying at home. It would have bailed out the Postal Service. It would not have provided any Liability Protection for businesses. It was a votebuying scheme. Thats my opinion. Thank heaven its dead. Now this. Fed chair powell is speaking right now. This is the man who is in charge of printing money so whatever he says is important and it can move the markets. Edward lawrence is with us. Whats the headlines, edward . Reporter yeah, stu, the Federal Reserve chairman saying right now we are in the worst recession since world war ii. He says that this is a severe decline of Economic Activity and that job gains over the past decade have been erased. He says the coronavirus is the largest shock in history. Hes talking
Than 1 . Connell, im not convinced about the report of california staying closed for another three months. We saw a big leg down on that, near session lows. Plus at the white house this hour, President Trump is preparing to sit down with republican senators just moments after nancy pelosi and House Democrats unveiled a new aid package worth 3 trillion, because money grows on trees. Fox Business Team coverage. Break burman with the latest from the white house. Lauren simonetti watching the markets and Edward Lawrence is in washington. Lets kick it off with blake. Reporter melissa talking about moves in the washington. President trump set to meet with republican senators. That meeting comes after House Democrats today unveiled their next step proposal, their phase four relief proposal. Nancy pelosi unvalling the heroes act as she calls it. An 1800 page bill. Through it all, roughly 3 trillion it proposed in relief. Let me tick through some of the items. Calls for 500 billion to states, 7
Gone red as weve gotten more guidance on Net Interest Income on the conference calls. Yeah. Absolutely the banks are in focus as this first day of earning season in earnest really kicks off one of the names im actually focused on that reported this morning is fastenal, distributors, thats what they make and they provide those distributors to quite a variety of industrial excuse me industries and end markets, early indicator of the state of the industrial economy, youre seeing those shares pop today in part because at a time where so Many Companies are cutting their dividends they actually raised their dividend and they noted that theyre seeing product produced significant shifts in business mix and that march sales of the fastener products declined 10 on a daily basis as industrial activity slowed but their safety business grew 31 as they were sourcing and delivering critical ppe supplies to the marketplace why do i bring this up this is essentially what were seeing and i have a feelin