Subside but mexicos nominee for the World Trade Organization leader tells cnbc a key kpo component has been lost. The basis of cooperation and trust. This trust has been lost completely the second night of the Republican Convention defies tradition with secretary of state mike pompeo from overseas. Delivering on this. This president has led bold initiatives in nearly every corner of the world. A warm welcome to street signs, everybody. Lets get in to the latest weather developments in the United States. The National Hurricane center has upgraded laura to a category 2 with maximum sustained winds of 155 miles an hour and is likely to produce a storm surge and should be a category 3 before landing on shore tonight. Producers prepare for the biggest threat to the Energy Industry in 15 years lets look at how oil is trading. No massive moves we have seen a jump higher in oil price. Wti and brent have been trailing higher lets turn to jay gray who filed this report from lake charles, louisia
The nasdaq on track for a 5th week worth of gains here and the dow is erasing its losses for all the year at its highest level since late february, its also having its bests august since 1984. We turn to the Investment Committee for this we have just been seeing green, green, green for it seems like weeks, if not nonts months at this point it is surprising the markets have marched higher the way they have over the last several months since the pandemic lows its not all surprising all the factors were looking at from the fiscal side, the monetary side and the virus side are lining up in support of equity just think about what happened with chair powell yesterday and the historic announcement he made about departure from the prior inflation targeting regimes to this averaging inflation concept. What does that mean . That means rate will be low, low, low for the foreseeable future we think thats two years from now. That is very support ifr five f valuations then you have this fiscal stimu
Attention to what is happening. Very much what we did earlier. This is it this is what Christine Lagarde says the central bank will do. The governing council will carefully assess incoming information, including developments in the Exchange Rate when it comes to simplifications for the mediumterm inflation outlook. Christine lagarde, president , speaking earlier and joining us now. Christine lagarde basically indicates it is ok until there is an impact on inflation. Three ways the ecb can talk about currency. They can talk about principles, how it is not a part of their policy. They get seriously concerned about the movement currency and it could lead to price stability or the aims to achieve inflation goals being undermined. We can go back to worrying more about covid19, more about the growth prospects, rather than ecb getting too worried today. Whenever you see a headline about policymakers, bear in mind the context of where it is coming from. Those comments are in reference to the q
Meanwhile Federal Reserve not even thinking about raising rates now. Fed chair jay powell saying the current economic down torn is the most severe in our lifetime. Warning containing covid is essential to protecting our health and the economy. Big tech in focus all reporting today, their earnings after the bell, ceos grilled on capitol hill yesterday about anticonservative bias, Business Practices, privacy and china. Highlights from the fiery hearing coming up. Markets this morning pointing to selloff at the start of trading. Take a look at futures indicating decline 216 points right out of the gate, s p lower by 28. Marks rallied yesterday following Federal Reserve decision. The market was up 160 points don oh dow. The nasdaq up 140 and s p up 40 points yesterday. Unrest in america with violence in major cities. And the nba tipping off today, players taking to court in bubble at disney world with empty stands, we will check it out. The ceo of fanduel is here on how the virus is impact
Monument association is nonprofit that was organized in the 1990s. Theis associated with organization of the same name that until it was transferred to the National Park service. The dma is dedicated to the preservation of grants tomb, the largest muzzling them in the western hemisphere. An important part of our mission is to Foster Foster education , our ulysses s. Grant nations 18th president. In recent years, we revised the tradition dating back to the 19th century to commemorate grants birthday with a dinner in new york city. The program each year has been an educational one highlighted ia, quite in which general david petronius interviews a historian about different aspects of grants story. Another annual tradition is the official commemoration of grants birthday at his tomb. An impressive ceremony organized by the National Parks service and west point. We are of the pandemic all experiencing, both events have been canceled but we thought it was important to recognize grant;s birt