We are then told that right after the tour, hes to deliver remarks. We will take you back there as soon as the speech begins. It all comes as the market sinks slightly after the Labor Department reported that nearly 39 million americans are now out of work. 39 million total. The bears holding the edge over the bulls right now as businesses do slowly come back online. Lockdown orders come to an end here and there, but for now, the dow jones industrials, s p and nasdaq are colored red. Dow is down 84 points. We have the s p down 18. The nasdaq lower by 63. So how then do you square the reopening of the u. S. Economy with worrisome news that millions of americans are falling behind on credit cards, mortgages and auto loans . We have one of the biggest fish in the wall street pond. Jpmorgan Asset Management chief global strategist david kelly is here to reveal the data he uses to cast his net for market winners and how deep he thinks the covid19 recession might just be. Despite the continu
It has been 117 days since the first case of coronavirus was reported in the United States. Now they say related mystery illness that could be affecting children the virus is showing no signs of letting up but has now claimed the lives of almost 87,000 americans and has infected over 1. 4 Million People california hospitals may have to use a lottery to determine which covid19 patients will be treated with remdesivir. It suggests it helps speed up recovery in severely ill patients there are for more patients than doses. The Los Angeles County fair is cancelled because of the pandemic it was set to begin september 4th. The fair typically attracts over 1 million visitors the Navy Hospital ship, the usns mercy is leaving and returning to san diego it arrived in mid march to help treat the surge of coronavirus cases. Tyson foods is slashing prices at supermarkets by 20 to 30 the move comes despite surging prices at meat packing plants. The company says the discounts are to help keep meat on
Back into the workplace. You theres been no National Program to provide worker safety. The covid19 pandemic has led to historic job losses and the economy on the verge of a recession and an unprecedented but an even emergency federal response. Today the trump administrations economic response to this crisis was held under the microscope in a state hearing. Karen k for has the story. In dire warning about the state of the coronavirus economy. There is the risk of permanent damage and will for the first time treasury secretary steven new shannan Federal Reserve chairman Jerome Powell face questions from lawmakers on the rocky rollout of the cares act the historic trillion emergency relief package, these programs are making a major positive impact on peoples lives. Thats really at times heated hearing highlighted the delicate balance between the health of americans and the health of the economy it is so important to begin bringing people back to work in a safe why how many workers should
Likely it is that huawei will get those licenses and the department of commerce wouldnt say specifically they wont get any licenses, they said they will review those on a casebycase basis you can imagine given the administrations crackdown now its going to be difficult for huawei to get any of these licenses from the United States to use this type of technology back over to you. Eamon, its jon what this seems to me to be is something that introduces a lot of uncertainty into the Semiconductor Industry in general. I mean if you look at chip equipment suppliers, if they cant supply technology to one of their major customers, that has an impact on their ability to make money. It has lots of follow on implications down the line is it your sense that the administration is taking an initial stance and looking for room for flexibility and to negotiate or is this something theyre going to push forward in the Semiconductor Industry has to brace for well, we dont know for sure, jon. This is a pi
Thats unbelievable. Bob has more on whats driving the action bob. Thank you were seeing some rotation today. Its about time and thats a really good sign for the market. Well see if that holds. These things come and day. The banks have been drooping a bit. Nn energy, first rally really in a month. Tech is sort of inline today thats interesting i want to show you something health care is lagging nap was the Leadership Group this the the rotation im talking about. How about tech tech is up its an interesting form of tech its Old School Tech hewlettpackard is up nice today. Xerox is rallying. Corning is rallying. Thats old school stuff. Hoe about the megacap stocks the big five names theyre up i want to point out, they were very late to the party today those stocks were all flat at the open a lot of people are offsides today. Look at the estimates out there. Theres been some conneequity ad mutual funds that tells you a lot of people are not very optimistic. 2939 that was the old high at te