Potential conflicts of interest and the possibility of recusals. From capitol hill, this is about 2 1 2 hours. This hearing will come to order. This morning we will hear testimony on the nomination of jay clayton to be chairman of the United States Securities Exchange commission. Mr. Clayton has extensive experience in our Financial Markets as a highly regarded securities lawyer. For decades he has helped Companies Access our Capital Markets, increased their ability to invest in the United States, and grow and create jobs. One area on which mr. Clayton has already indicated he would focus is Capital Formation. Capital markets drive innovation and job creation and access it the life blood of our economy. The jobs act helped revitalize the primary markets in both congress and the sec should continue to find ways to help companies go public and allow their investors to share in their success. Recently, this committee marked up several bipartisan securities bills and we encourage you, mr.
The man of the hour joins a long lineage of men and women who have broken barriers in this historic hall, advancing critical thinking, new ideas and the voices of others who have been marginalized. Some of the most important speakers in history have stood here to present, contest and shape the issues of their day. It is here that Abram Lincoln made his famous speech argument against the expansion of slavery and launching his bid to the presidency. Susan b. Anthony and Elizabeth Cady stanton advocated and organize here for the womens right to vote. Early meetings to form the naacp took place here. Before they were elected, president lincoln, grant, cleveland, past, theodore roosevelt, obama and trump all spoke here. President bill clinton made his first Major Economic speech year, speech that such upset the course for his presidency. The list goes on and so does the legacy of the great hall. With important voices like Preet Bharara tonight and congressman john lewis next month on may 11
Here on the Halftime Report. We do want to begin technology where were watching an up raffling of the chips. Smh seeing its worst day in a month. Youve been talking about it for so many months. Is this going to be the down fall of tech . Well, i think that there is no doubt in my mind we talked about the idea of this thing moving very fast. We talked about going all the way back to brexit and suddenly this entire sector took off with technology and a lot of that is because the fundamental story was there to to back up the fact that you had dividends. And pes are starting to stretch a little bit. Weve talked about this on the show. Time to maybe take it out of the stock and do a stock replacement, old options for more up side. If it falls apart like theyre starting to roll down now, you at least were able to get yourself into a risk reward position. And thats what were seeing right now is down side. And we asked if we were going to have some kind of melt up. And now i wonder if were goi
Welcome to power lunch. Im melissa lee. Lets take a check on the markets. Out of the gate pulling stocks lower, we hit threemonth lows on the dow, as well as the s p 500. We are off session lows now. The s p higher by about 16 points from lows today. Banks gets hit hard again. Third day of lossesment this of course ased of a slew of bank easternings that start tomorrow. One bright spot in narcotics. Utilities are holding up nicely. Up by 1. 8 at this hour. Thank you very much. Welcome, everybody. Heres what else is happening right now. Worlds longest reigning king has died passing away today at the age of 88. He took power back in 1946. Amazon hiring 120,000 holiday workers this year. Thats up 20,000 from just last year. And u. S. Jobless claims now at a 43year low. The 84th straight week that claims have come in below 300,000. Got a big two hours ahead and we kick it off with this big move down in the market. Though not as far down, bob pisani, as earlier today. Weve come back. Weaker
And spain and france. Strong gains across europe. And look at crude, which is set for weekly gains, up by 1. 25 on the week. Showing just about that gain today. We got surprising inventory builds yesterday. Traders seem to be taking in stride. The u. S. Treasury department issuing final rules to crack down on those tax inversions. Thats when a company is acquired by a smaller foreign business in a low tax country to avoid paying the higher u. S. Corporate tax rate. The new rules crack down on earnings stripping when the u. S. Subsidiary avoids taxes on domestic operations by sending them overseas as tax deductible payments. Got that . Sara eisen does. This is clearly becoming a signature issue for the treasury secretary, for this administration. And what he issued yesterday were new rules to crack down on tax avoiding companies. This earnings stripping strategy, its a common practice by inverted companies, they use the u. S. Subsidiary to issue loans from the Foreign Company that are t