To leave the eu next week. It wont lead to the chaos that many seem to be expecting. Yet here we are after yet another day where the market was totally immersed in what will happen a week from now. The dow slipping 58 points. Nasdaq falling. I say weve seen this movie before. Except the last time we women through this, it was a heck of a lot worse. I dont really fear the idea that the uk, a country with its own currency, might divorce itself from europe. A whole couldnt penalty in with a different currency. Greece leading the way, a few years ago, i was genuinely concerned about greece, spain, portugal and especially italy. The Third Largest bond market in the world. Those were real unknowns and that would have reverberated around the world. But the European Central bank solved all those problems, maybe not to your satisfaction but certainly the satisfaction of american stock investors. I think the same thing will happen again. The pajama traders. Believe me. You may just get your chan
About 30 minutes into the trading day in the u. S. , we have some economic notes, so let us head straight to the markets desk. Jamie dimon has the latest to the markets desk for the latest. The forecast was for a reading of 97. That is the highest since last september. Reading the best in nine years. We also have a reading from the richmond fed that was slightly better than estimated. Came up with a reading of negative eight, the manufacturing index. The manufacturing indexes are trading higher, bucking the down trend in europe. Mark will give the details on european selling any moment. The initial rally in futures did fade a little overnight. See aok at futures and rally in the wake of the debate, as many investors judged that Hillary Clinton had won, and then you see the futures fading going into the Early Morning hours, influenced by european selling, and then bouncing as we open here in the u. S. Oil continues to be a factor. Expressing, or not expressing willingness, i should say,
Technician. Later, while the market tanked today one group of stocks hit year to date highs and the real story. But first, we start with a very tough day for the markets, the dow losing more than 200 points having its worst day in two months. The s p and nasdaq losing almost 1 and all started with these words from billionaire investor carl icahn. We no longer have a position in apple. To start, tim cook did a great job. Its not the no brainer it was. Well, after that, apple tanked, took down stocks with it. Dan nathan, what do you make of it . Apple is 3 of the s p 500 and took with it microsoft, which is 2 of the s p 500 and snowballed. There is bad news in those large cap, mega cap names over the last week on earnings and continue to get sold every time the market kind of turns. We havent had a particularly large sell off today, 1 feels like the largest weve had in weeks but if you start losing some of the largest components of the index, this is where the markets rally off the fed l
Companies can be and as allamerican as they come. Coke, boeing, and late today, American Express. And thats where we begin. The Financial Services company struggling since its exclusive relationship with cosco was broken off earlier this year and today it posted disappointing results. Earnings per share came in at 1. 24, and that was a full 7 cents below estimates. Revenue for the quarter also missed, and it was down about 1 from a year ago, and that pressured shares initially in extendedhours trading, as you see there. Mary thompson has more on American Expresss results. Reporter well, American Express is spending more to get new business, and that hurt its bottom line in the Third Quarter. The electronic payment giants profits falling over , hurt by higher spending on growth initiatives, the impact of a stronger dollar and money spent to renew cobranded relationships. With its exclusive deal to be the lone credit card accepted in Costco Stores expiring next year, amex expanding more
Companies can be and as allamerican as they come. Coke, boeing, and late today, American Express. And thats where we begin. The Financial Services company struggling since its exclusive relationship with cosco was broken off earlier this year and today it posted disappointing results. Earnings per share came in at 1. 24, and that was a full 7 cents below estimates. Revenue for the quarter also missed, and it was down about 1 from a year ago, and that pressured shares initially in extendedhours trading, as you see there. Mary thompson has more on American Expresss results. Reporter well, American Express is spending more to get new business, and that hurt its bottom line in the Third Quarter. The electronic payment giants profits falling over , hurt by higher spending on growth initiatives, the impact of a stronger dollar and money spent to renew cobranded relationships. With its exclusive deal to be the lone credit card accepted in Costco Stores expiring next year, amex expanding more