Flat for 2020 as tech continues to lead the gains. Financials and utilities amongst the worst performers today coming up on todays show, we will speak exclusively with sap ceo Christian Klein about his companys efforts to develop a coronavirus Contact Tracing app and what hes hearing from customers about the state of local business and the earnings reports will come fast and furiously this afternoon highlighted by lyft, grub hub, tmobile and well speak with tmobile Ceo Mike Sievert ahead of his companys Conference Calls just after numbers cross. The big stories we are watching, mike santoli following the volatile trading action, Steve Liesman with a look at the economy and another sobering jobs number today, and deirdre bosa is covering uber and lyft mike, start us off the s p struggling to stay in this zone for the past few weeks. This is a oneyear march its flattened out since april is it resting, rolling over . Its a bit of a standoff i think people are saying right now its preserve
The dow gained 91 points the s p only climbed 1. 9 . Nasdaq barely at all 0. 8 where do i even start . This morning kicked off with an interview we did with the chief Economic Advisor and my former cohost here on cnbc, he explained that the agreement side with china is a lot more farreaching than most people realize. It actually forces china to change the way it runs its economy to create a more level playing field. He said our relationship with china is quite cordial because the Chinese Government recognizes that the United States doesnt want to disengage with them. While this deal was being negotiated, the big fault line was repeating those who dont believe china can ever be redeemed so why not just keep hitting them with tariffs forever so wreck their economy and those that think that china can be a good trading partner if theyre willing to play by the rules. Call it the engage camp versus the disengage camp and the engage camp just won from the stock market perspective, that is fab
Its back to 32 a share. Down 6. 58. Overall, the markets holding pretty steady as the profit reports roll in. In fact, id say stock prices are real solid and some of the profit reports, thats keeping the market at very high levels. No big pullback at this point. The dow industrials will open up about 40 this morning, s p up 6. By the way, the s p is only 22 points away from the alltime high. Whats that, just one big rally . The nasdaq, look at it go, up a half percentage point premarket. Big deal. Now let me lay out what we have for you. An important speech from Vice President pence on china. He may take a hard line. That could affect the market. And here comes amazon, perhaps the most important Earnings Report of them all. How strong is Consumer Online buying . Very important and we are going to find out today. Of course, we are going to watch apple hit new highs and unless something dramatic happens, we are hardly even going to mention impeachment. Here we go. Varney company is about
Doing which. And speaking of the consumer, the high end mostly holding up so far so good thats good news for taylor made, the company taking a big swing at athleisure. But we begin with todays markets and dom chu with the numbers. Its wait and see and you might suspect on a fed Rate Decision we are seeing a mixed market, but its fractional moves and not dramatically so one way or the other. Dow outpacing the broader market, up 93 points 37,908 the s p 500 down 16 points, about 1 3 of 1 . Even at the highs, we were down a modest three points and 22 at the lows so a wait and see type trading rake the nasdaq, 66 points to the downside for the nasdaq composite. 15,591 heres the current state of play for the macro market as we head into the big rate announcement later on, the twoyear note still above the 5 mark the tenyear note yield, 4. 655 there. Comex gold up to 2313 and bitcoin down below the 58,000 mark, down 4. 5 . And then the big cap tech trade, very much about earnings and the s p
How long could that drag on for . What does it mean for a debate around the first of november . I think theres already promises that the company will file a lawsuit, trying to overturn the law and say that its unconstitutional. Violating the First Amendment right to free speech. But the lawmakers say that they are very confident they will prevail because this is a foreign controlled company and theres no right to free speech for a chinese company. The right to free speech is for the people on tiktok. So the argument is that this is very similar to regulations that the government has on who can own broadcast stations, for example. Or radio stations. Theyve had these kinds of regulations in the past. Of course, this is an immensely popular social Media Network that 170 million americans are using. So that makes it such a valuable resource if you are the chinese government. This is something where its going to piece be hard to see whether china will be willing to let it go. Let the algori