Welcome to power lunch, everybody, and it is a far, far, far cry from where we were 30 years ago on this day. The dow is pulling back today after smashing through 23,000 with a big gain yesterday. But remember 20 years ago, down 23 . Today down about 23 points, Something Like that. Apple and Goldman Sachs leading the dow a little bit lower more on those stocks coming up adobe shares today soaring after reporting strong earnings. Better than expected guidance. Analysts also liking liking the companys Artificial Intelligence platform. Thank you as tiler said, the markets lower across the board but not close to what we saw 30 years ago today when the Dow Jones Industrial average fell. A look back on black monday. And i guess, bob, to put it in context, a 508point drop, which today seems like not much. The equivalent drop today would be 5,200 points. Simply staggering. Thats right. The dow dropped 508 points, brian, 22. 6 , the biggest oneday decline in the history of the stock market. On
Can you even imagine . Well, it was pretty dramatic back then. Back then, i was anchoring for the old Financial News network, and on that day is that ron burgundy no look who that is that is a very young paul tutor jones. Oh, my goodness. This is back when paul used to take my phone calls call me again, paul. Wed love to talk again. Anyway, he was on the floor i love that stache. Talked about what happened, what was going on, what he was thinking. Did you lose the stache after the lets see, that was in 87. I lost the stache around 88 or 89 yeah wasnt long after that. Not too late to bring it back. I think it is by the way, paul tutor jones is lauded for having kind of foreseen that drop was happening. Let me tell you, i mean, we were friends back then he was a very still is very, very smart trader. He came up out of memphis trading cotton futures. Wow and hes very savvy trader. Very, very savvy trader. I mean, no surprise that hes had the kind of success he has had. Anyway, were going
Separatist barcelona, standoff. Lets be clear, what we are seeing now has nothing to do with what we saw 30 years ago on this october 19th, thats when the dow fell 22 in one day. Thats a crash. [laughter] liz who is that . Stuart you could have gotten a better picture than that. How cute. Stuart i was fully functional. [laughter] stuart the crash shook the Financial System and shook me. Look at the picture. Ashley look at the hair. Stuart i had hair in those days lou dobbs on this program today. Thirtieth anniversary. All right, lets get to politics. This could help stocks, a vote on the budget is coming today and its expected to pass. That would mean the republicans could pass tax cuts without help from senate democrats. Now the president tweeting about this this morning, republicans are going for the big budget approval today, First Step Towards massive tax cuts, i think we have the votes, but who knows. Relax. Varney company is about to begin. Spain moves to take over catalonias gov
Good morning. Happy friday welcome to Worldwide Exchange. Im sara eisen im dominic chu in for wilfred frost. We are starting your weekend off with taylors swift single called gorgeous. Taylor swifts new single are not like they used to be i dont know ill give it a chance to grow on me we are seeing action in u. S. Equity futures after that late senate vote that cleared the way for reconciliation dow futures are higher, up 80 points s p up 4. 5 nasdaq up 12 points. The nasdaq yesterday was the only one to close lower. The tech selloff led the nas da down the dow and s p finished in record territory yet again the party keeps going. Among the reasons for the jump in futures, big news out of washington the Senate Passing a budget resolution late last night among prartity lines that final vote was 5149. Senator rand paul was the only republican to vote against it. This is a crucial step towards that president s goal of passing a tax plan for this year senator als will have to reconce their
10ye 1 10year yield highest since july the gop does move closer to tax reform what does that mean for investors . Ge is down sharply after a wider than expected Third Quarter miss slashing the full year guidance, revenue did meet estimates in the release John Flannery said this was a very challenging quarter. While a majority of our businesses had Solid Earnings performance this was offset by the decline in power performance in a difficult market. Stay tune for david aegs exclusive with flannery. Talking with squawk about this what are your thoughts is this below 22 yeah, i actually confronted jim immelt with many of these particular issues in my last interview with him and he was very much in denial these things would occur. I point that out because today is flannerys day. This is not a report card on flannery it is a statement that says heres all the things weve done wrong. I think they did very ill advised accounting in turbines and the key phrase here is that ge capital might have