Decline. Biggest drop since 2009. A real freeze that has hit the manufacturing economy. Thats right. The lowest ism reading this is a kind of this 340 versus last month survey sometimes market moves are inscrutable. Yesterday, markets were up clearly just challenged this idea that the u. S. Economy was resilient enough we are constandly talking about increasing recession fears. Suddenly this data point comes along. The consumer, in 2019, are we dependent on manufacturing to the extent we used to be no. Not even close it is a great swing factor it doesnt go down that much but it also accelerates that much. You take a look at treasury yields yesterday as soon as this number hit 0 years at 2. 089 . We were above 1. 7 on the 10year yesterday. That shows you the market is saying, okay, the fed is likely to give another cut in october not a sure thing probability right now. The october adp report will be released at 8 15 eastern. Reportedly added 120,000 private sector jobs last month johnso
Have him go through the numbers. Good morning, welcome to squawk on the street. Im david faber, jim cramer is here live from the New York Stock Exchange Carl Quintanilla has the morning off. Look at futures, final trading day of the week as you see, what a week it has been when you talk about the markets, you see we are looking for a lower open, not dramatically lower, but lower. Ten year note yield, talk about a ride, lets look at the ten year note yield. I actually want to see where we are. Were below 17 again. Lets start with a stock want to do that or talk markets. I want to i want to talk about stocks you do . You chastised me for hyperbole. But the millennials think that uber is the most important stock of the market. Huge amount of work just on that. There it is theyll pay up for uber. Shares are down in the premarket, jim this after reporting what is the largest ever loss, the number 5. 2 billion slowest ever Revenue Growth as well, ride hailing company, incurring responses rel
Im Morgan Brennan with melissa lee and mike santoli live here at post 9 at the New York Stock Exchange carl and jon are both off this morning. Weve got a big show ahead with shares of uber tanking more from our exclusive interview with Ceo Dara Khosrowshahi in just a few minutes. And later, dropbox dropping in a big way with those shares down 13 . Ceo drewhouse will join us in another exclusive at the bottom of the hour. But first, well begin with whats really been a wild week for the markets with the dow down triple digits again down right now about 165 points. What should investors make of the big swings in stocks that we have seen for this week . Bob pisani has those answers from the floor here for us bob . And the answer is that it depends on what the president is doing on tariffs and what the Federal Reserve is doing the president just making comments moments ago, not ready to make a deal on china yet, and thats frankly whats been moving the markets for the last week or so you see
pomp and power, the president of the united states abroad for a big nato summit but a conversation on if and how quickly to bring ukraine inside the alliance threatens to fracture unity across europe. trouble since he walked in. ron desantis falls back on blaming a familiar culprit to explain why his campaign stumbled off the blocks, the media. it might be the ugliest headline of the biden presidency a conversation about the biden family and the cruelty of counting to six versus seven. i m dana bash. behind the head looilines and e politics. up first, geopolitics, the president tries to hold the nato family together. joe biden wheels up right now to lithuania and will land to a new uncertainty about ukraine s future and if it s with nato and conp front rare public fractures among allows over a decision to send cluster munitions to ukraine s front line. the president took pains to project everything is okay in a stop to number 10 downing street with the british prime m
Stoxx 600 after a selloff in Technology Stocks. Meeting, we understand that russia and opec will extend their production cuts. Eurodollar, im looking at that, also pound. Maybe finding an agreement. With some of her possible coalition partners. Later on, we talk italian banks and risk with claudio costamagna. Interview yousive dont want to miss as well. Minouche shafik joins us in her first tv appearance since leaving the boe. I, we will talk with the socgen chairman. Lets get to the bloomberg first word news. Nejra u. S. President donald trump has nominated Marvin Goodfriend to be a governor of the Federal Reserve. A professor at Carnegie Mellon university and a former director of research at the richmond said goodfriend has served on an independent panel of economists known as the shadow open market committee. Opec and russia are ready to extend their Oil Production cuts until the end of next year to ensure global stockpiles keep falling. Viennang to delegates in , all opec members a