Measures fail to emerge. On the monetary side, the bank of england, becomes the latest to cut rates treasury yields hovering around 80 basis points. Full Team Coverage of todays market plunge. Mike san tolly is with us and meg on the latest on the coronavirus. But well begin with breaking news out of washington major Bank Executives meet with the president today. Well get to wolf at the white house. Reporter the president and the Vice President and the treasury secretary currently hosting in the white house behind me the leaders of the major Financial Institutions of this country in attendance we have the leaders of jpmorgan, bank of america, citigroup, goldman sachs, wells fargo, black stone making it the type of gathering we havent seen since the peak of the financial crisis. Theyre all inside, as we speak. What will be on the agenda well, two main things. Number one, liquidity and the functioning of markets number two, lending to businesses that are most affected by the coronavirus.
Order. Without objection, the chair is authorized to declare a recess of the committee at any time. This hearing is entitled Monetary Policy and the state of the economy. I now recognize myself for four minutes to give an Opening Statement. Id like to welcome back chairman powell. As i discussed earlier, and at our last hearing with you, i remain very concerned about the president s efforts to interfere with the feds independent Monetary Policy. A recent news story noted that trump has tweeted over 100 times about the fed since your nomination. Many of those tweets appear to be attempting to exercise pressure on the fed. Chairman powell, you and the fed board of governors must not be swayed by these aggressive tactics in upholding the feds independence you should be mindful of public perception. Of course, trump continues to try to claim credit for Economic Growth that was put in motion by the policies of president obama Congressional Democrats and the Federal Reserve, irresponsible tr
Decade, peloton tracking lower thats straight ahead. Stephanie is back. Some encouraging signs on the economy particularly in housing. We talk about this endlessly about the consumer being strong, manufacturing being weak really benefiting from low Interest Rates home sales at a 32 month high. Thats impressive. The other thing is nasdaq is up. This is where the momentum is in our economy. People are wondersing about the consumer i think its a very good sign. I own dr horton, home depot, stanley, black and decker. Im in this trade for sure dr horton is the home builder. We were talking about valuations youre talking about 12 times earnings, one and a half times book value i think theres a lot of pent up demand especially if rates stay low. You have the whole new generation, millennials starting to buy more. S p and dow down 0. 1 russell and nasdaq down more lets go to the ipos we went to peloton wild week for Companies Looking to go public and some names have already recently hit the ma
Neil not roaring like a not lyanne but it wont go out after a lamb after the two months weve seen with these markets and not looking at the nasdaq and s p, building on records yesterday and acknowledging investors are chasing of the day. Artificial intelligence was a big deal last month, one of the smartest people on the planet tell us it will be a bigger deal this whole year. Ubss ai excitement fueling another 20 rally from here, the s p 500 this year and arrayed domino says things might get crazy but are far from crazy right now. As we set up on the third month of training, whats next . Lets ask ray want, gary k kaltbaum. Ray, what do you make of this . Its too fast. Another 3 or 4 , calm down, what do you say . The market has a lot of room to grow even if nvidia hits 900, we have the beginning of the ai age, thats just hardware, we have areas around software that will grow, companies that make a lot of advancements and service companies, this is like the beginning of the internet. W
As long as it tops expectations, they say, nvidia is likely to remain a key tail wind for the overall u. S. Stock market. Theyre going to live up to the hype. Do we really think that one quarterly report, even if they miss is going to motivate investors to remove this company as a core holding and a portfolio . No. This is the anchor. No one is going to say youre going to sell it i dont buy that onebit. Absolutely. I do think, though, if they miss, this stock could go down a lot and the nasdaq could go down 2 so they get the benefit of the doubt if it goes down. Yes, the stock market will go down if theres a miss the bear argument is simple. Forget that they have to beat. They have to beat by how much . They have to beat by an exorbitant amount. Fundamentally, the blackwell chip is coming out later in the y year youve got customers that are going to hold back on spending in anticipation of blackwell the problem is twofold, and the reason why i actually think tonight i wouldnt be surpri