At 2. 664 and europe is back to work and largely mixed. Our road map, the jobs number, payrolls above consensus. The Unemployment Rate dives to the 5. 5 year low. Watch the participation, rate, wages, more americans drop out of the work force in april. Pfizer raising its bid to try to buy astrazeneca. Astrazeneca says a few hours later no thank you. Astrazeneca shares trading below the offer price. Pfizer may need to raise a bit more. Were going to have a lot more. Upbeat morning for internet stocks. Linkedin, open table, expedia beat. A miss for chevron, profit dropping 27 on lower production. J. Crew going budget friendly. Can cheaper sweaters boost sales without diluting the brand . First up, though, lets tackle the jobs number, 288. The Unemployment Rate at 6. 3 , thats the lowest since 2008. People are wondering how this is possible, though, with the labor force decline like we had, jim. 62. 8 is the lowest since december of 2013. Yeah. Look, these are hard to rationalize. The 6.
The 17,000 mark, we should add. Pressure across the other indexes as well. The s p 500 up almost 10 points to 1,978 aramafteramaicing new this week. And remember, amazon is about 13 of the nasdaq 100. Lets get more on what was wrong with visa and its responsibility for a lot of the dows decline today. Heres Mary Thompson with that story. Mary . Hey, there, bill. Visa is off the lows of the session, but the Payments Processing giants stock is the biggest loser among the dow 30, this after the company lowered its revenue forecast for the full year. The strong dollar and decline in crossborder payments revenue, payments made in one country and used in another, behind the lowered outlook. The crossborder business impacted by unrest in the ukraine and rising political tensions with russia. Heres cfo Byron Pollitt on yesterdays Conference Call. We see no signs yet of any acceleration in economic recovery and crossborder volume growth remains soft in the midsingle digits. Visa earned betterth
My take is dont get too excited. Why . Because we just found out why weve been going up. Weve been going up, s p, people trying to figure out why. You have good employment. You have workforce growth and the hours not that great because of the weather, but i think you say to yourself, well, why is the s p going up every day . Oh, employment has gotten better and thats a major switch would it shock me if the market takes some profits in this . No, because its been going up on anticipation of something good and then we got the big enchilada good. I kind of like it. The s p has rallied the past ten jobs fridays in a row. Some say thats a ridiculous metric, but maybe its time for a reversion to the mean. No metrics are ridiculous if they just look, i forgot to wish the bull market happy birthday. Of course, it never happened, you know that . You know the bull market has never happened. Jim has been on a tear lately of the haters of this market, right . Yes. The haters will have to asterisk
Economics and the church. And how much home does a Million Dollars buy you in different parts of america. Our trademark Million Dollar homes feature is back. Main street edition. Meanwhile, sue, check in at the nyse where the selloff continues. Yeah indeed, it does. Thank you. Stocks in the red as investors chew over that budget deal. Many thinking that perhaps that will lead to some fed tapering. Were going to talk about that. The Dow Jones Industrial average is off 86 points at 15,887, the nasdaq is down 39 points, almost a full percent on the nasdaq and the s p 500 is down 13 points at 188. 64. We are moments away from the results of the key tenyear note auction, the last auction, last note auction before the fed and might give us some kind of indications if you will about whether or not the fed might be tapering or whether wall street thinks the fed will be tapering. Talk about this with Kenny Polcari and bob pisani. Kenny, you dont think theyre going to taper but the budget deal y
A billion. I did not say that, jim. Youre my hero. You know that. Mark haynes introducing cramer for the first time here. The first time on cnbc. Oh, i loved them. This the networks 25th anniversary. Well bring you highlights later in the morning. Welcome to squawk on the street. Im Carl Quintanilla with jim. Faber is up town at the nasdaq today. Hell bring us key interviews including Morgan Stanleys james goreman later on. Massive day for earnings. Big cap banks, industrials, tech, s p on track for the best week since july. Dragged down, though, in part by ibm today. The tenyear yield crept up to 2. 66. Claims up just a touch. Europe hanging on to some gains before the long weekend the road map will go like this. Earnings, lots of earnings. The blue chips, goldman sachs, Morgan Stanley, am mex and ge beating expectations. Google and ibm reporting quarters that were disappointing. Pepsi profit and revenue ahead of expectations. Chipotle, mixed quarter, missing estimates but revenue bea