Next, testimony from white house budget director Mick Mulvaney on President Trumps proposed budget for 2018. He spoke yesterday in front of the Senate Budget committee for a little more than two hours. [inaudible conversations] good morning and welcome to all. I will call the hearing to order. We are here today to discuss the president s budget request for fiscal year 2018. I know my colleagues and i have been anxiously awaiting the arrival of the president s first real budget submission. We are pleased to welcome doctor mulvaney here in detail to hear about the aspirations of the president and after questions. We are interested to the president proposes to grow the economy and help for the fiscal house in order. Of course this is merely the first step in the 2018 budget process. While the president has his plan the United States constitution instills members of congress with key tax and spending functions. And the responsibility to ultimately decide what the fiscal priorities will be.
Again, stocks marching higher despite any noise that is out there in the political world. Overnight, youll see what happened. The nikkei was up by half a percentage point. Hang seng was slightly weaker. Shanghai composite up by a quarter of a percentage point. In europe, the biggest surprise, even though the conservative party was not able to win back a majority, and even though there are all kinds of questions about theresa may and her government, you can see right now the ftse is trading higher. It is up by about three quarters of a percentage point. Stocks in france up as well. Germany, the dakotx is up. And the current sy market, youve seen more of a reaction. The pound is under pressure, the dollar pound is at 12736. Dollar up against the yen and up against the euro as well. Check out the ten year, the yield, at this point, looks like it is trading at 2. 199 . Just below 2. 2 . And if you look at crude oil prices this morning, crude oil is down yesterday. This morning, up by 15 ce
Replace obamacare. Hospital stocks are leading the way, but insurers are outperforming the market and drugmakers, too, have been going up well have much more on the proposal and the impact on various stocks thats coming up in just a few moments here. Molina health care is one insurer really profiting from obamacare. How will the bill affectmanage cops like molina well have the ceo weigh in. And were pleased to welcome Goldman Sachs new president and chief executive officer Harvey Schwartz who is with us here at the New York Stock Exchange. Well talk with him exclusively about financial reform, the latest round of the stress tests which, by the way, are coming out a little more than an hour from now a lot to talk with harvey coming up in a little bit here. Lets begin though with the Health Care Stocks rising after Senate Republicans released their discussion draft of the bill Kayla Tausche joins us from washington with some key takeaways. Kayla. The discussion draft is seen as an openin
Im optimistic now, look, weve only had about two dozen companies, 5 of the s p reporting, but nike, oracle, darden, for example, all had very good things to say. And collectively, these 23 so far have had very good earnings. So right now, 23 Companies Reporting earnings theyre up 12 thats a good number that continues the end of that earnings recession that started three quarters ago heres the important thing look at the revenues up 8. 5 that is a very important number, because now its not just costcutting or buybacks, people have been complaining about, now were really seeing revenues 90 exceeding the estimates for those 23 thats way, way above normal what about the other 95 okay, so far, the estimates are 2 lower than the start of the quarter. Thats important, because you know, scott, analysts normally lower their numbers as we go through the quarter. But the average is about 4 . So analysts arent lowering the numbers nearly as much thats important, because if they were wrong, the com
Worst performer is spains ibex 35 and theres wti which i know my partner here will have a lot to talk about he almost always does. It is often a key to this market, down this morning. Lets get to our road map this morning. It starts with the start of amazon shopping holiday, as the rest of retail suffers plus a number of recent ipos that have fallen below the bear syndicate what their pricing was, what it means for the valuations and rest of the companies that want to go pep. Pepsico is out with its results as earnings season begins. Well speak to the companys cfo on set in just a minute. Amazon prime day is under way. The company highlighting deals aimed at enticing customers to become prime subscribers as a number of retailers are coming off a rough day on wall street we were talking about it here before it began. Macys saw shares fall 7 . Best buy was yielding 7. Reports about a geek squad effort at amazon, jcpenney down now in the premarket after announcing the departure of its cfo