Good to see you, melissa, live today from jacksonville, florida. Florida, the final stop on our swing state tour, out speaking to voters here in the Sunshine State the earlier today, all of this as President Trump prepares to formally accept the gop nomination later tonight back in washington. So a lot to do on a busy thursday. Fox Business Team coverage for you. Blake burman and gerri willis to start us off. Blake, you get to go fifth from the north lawn of the white house. Reporter and we have a little bit of news as it relates to no deal at all whatsoever for a phase four relief package because the chief of staff, mark meadows, and the House Speaker, nancy pelosi, spoke this afternoon, and pelosi has just put out a statement saying, essentially, that the talks once again went nowhere. This was the comment from the House Speaker a little while ago. Quote the conversation made clear that the white house continues to disregard the needs of the American People as the Coronavirus Crisis
We have blake burman at the white house. We begin with gerri willis. We finished with the s p at new record highs for first time in six months. Above the prepandemic highs. Think about that. That is the 14th record close this year. Turn to the nasdaq as well, also at a record high today, second Straight Record close for that index. The 34th record close this year. 174th record close since election day. Good news there. Market keeping an eye as you said on two big earnings reports today. One was walmart. Shares down after the nations largest employer reported eps of 31 cents a share, blowing out estimates samestoresales up 9. 9 . Online sales up 97 . Even so the stock is down. Dont know what it takes to get walmart up today. Home depot that stock up as well. Blowout Second Quarter with the sales up 23. 4 . Americans are remaking their homes as they are forced to live there, stay there, work there all the time. Finally weve been watching apple shares closely. They are higher today as the
Mile. Vandalization, high crime, 100 arrested, 13 officers injured. I dont know where to start on this one but well be covering it. Because there are ramifications for the rest of the country and maybe the president ial race. Meantime, focusing at the corner of wall and broad, with the dow up 300 points. A lot is on optimism that despite the back and forth nastiness between democrats and republicans on the president s executive orders here, to go ahead and provide stimulus himself because congress was unable to do it, there is optimism that some deal will ultimately struck. It moo be ultimately close to what the president wants, there are nagging issues is it constitutionsame issues come up when republicans were saying that to barack obama when he was looking at a payroll tax cut there is a long history to president s taking these payroll tax cuts to the executive level. President george w. Bush implemented one with much democratic, you know complaining. Again i mentioned about preside
Gloom out there. Were following the Airline Industry very closely as you know. Theyre looking for more aid, this time in the form of direct government grants here. The talk is how are they going to get that . The question, how much. Jetblue, robin hayes, what the significance of the flying industry is going through now. Jetblue has been able to fly over the turbulence. There is something that must be going on that were missing. Were looking what is happening at colleges now. The university of North Carolina at chapel hill. Kids were congregating, going to bars and parties. Not exactly social distancing. Now that university among some others that goes from inperson to virtual classes. Iona colleges president is with us, how that school is avoiding all of that. Meantime were focused on day two of the Democratic Convention as stuart was highlighting. The president has his own plans, continuing to visit battleground states that could turn the tide on this contest, still 76 days away. Blake
And so much more, on making money. So folks as we end the week the big investment theme is the retreat and big growth names those mega tech stocks that have been on fire for a long time, profit taking was sparked by concerns over the quality of teslas earnings, of course it came from selling those tax credits and slower cloud growth microsoft, and the smooth sailing has run into an air pocket and now these pockets though, theyve been great entry points in the past and the question now is will history repeat itself. Joining me, ubs private Wealth Management senior portfolio manager, katarina simoon it, and let me start with you, overall, the sense that we see these names and i guess investors have become accustomed to them being up every day. Why now . Why are they beginning to stumble . Im talking bigger tech names and the larger growth names. Of course, and charles, thank you for having me on the show. Well tech certainly has been an exciting sector to watch over the last couple of we