And months ahead at the center of the drama, of course, today the currency clash. President trump accusing china of currency manipulation as china lets the yuan fall we have got the details of the punch and counterpunch plus, the consumer crush the names the trade war could hit hardest, as well as which ones could actually benefit from escalating tension power lunch starts right now lows of the day on the dow right now, 781 points. The next two hours will be big trade headlines sinking stocks today. Kayla tausche covering all of the trade angles for us, as she has for months now but lets begin with bob pisani at the New York Stock Exchange hey, bob and tyler, todays declines are very broad based everything, except maybe gold and utilities. Lets take a look, down 1. 5 to 3. 5 Technology Stocks down, bank stocks down. Consumer discretionary down, energy, industrials, all down about the same however, even Consumer Staples are not faring that well look at the walmarts of the world, costcos
Protesters withstood heavy rain in hong kong to march for an 11th straight weekend. Organizers say more than 1. 7 Million People took part across the city. The protests shut down major boulevards. Ekendsaken demonstrations were mostly peaceful. Global news 24 hours a day, onair, and tictoc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. Im ritika gupta. This is bloomberg. David it is 1 00 in london, 1 00 in newon york, 6 00 in london, 1 00 a. M. In hong kong. From bloomberg World Headquarters in new york, here are the top stories from the bloomberg and around the world. All eyes on the bed. Fomc chair jay powell will kickoff the Kansas City Feds annual jackson hole Economic Policy symposium. Wall Street Apartments are not selling like hotcakes. We will tell you what is behind the slowdown. And its been a little more than a year since the sports world changed forever after the Supreme Court clear the way for states to legalize sports betting. W
Costs in the slowing economy. The loan prime rate tracks credit of trustworthy customers. Shery we will discuss the crackdown by social media giants and what they called a china backed effort to undermine the protests in hong kong. First, lets get you started with a quick check of how the markets closed the monday session in the u. S. The s p 500 gaining more than 1 for a second session. Every sector in the green, led higher by energy and tech stocks. Oil rallying after a drone attack in saudi arabia. That really highlighting middle east tensions in the oil market. The dow gaining 250 points. The nasdaq up 1. 4 . More optimism over the trade fund. That is filtering in through the u. S. Dollar which was higher throughout the session. Taken to another level, the highest this year after the boston chief eric rosenkrantz sounded a more hawkish tone. See how things are shaping up for the as markets. Sophie asian futures are trading mixed with tech very much in focus after semis rallied on w
Tuesday morning, down another 400 points yesterday. The dow will drop a little bit more at the opening bell today, down maybe 60 points. With the s p and nasdaq also moving down. It is a down day. With this volatility, however, who knows how we are going to close. The president leaves for pennsylvania later this morning. Hes talking energy. Pennsylvania allows fracking which helps america become independent. Neighboring new york does not. When he leaves the white house in the 11 00 hour, he may speak to reporters. You will hear what he has to say. Are you just a little worried about your 401 k . Yeah . Stay there, please. Advice for investors coming up. Varney company is about to begin. Stuart just getting this. President trump tweeting on china. Here it is. Through massive devaluation of their currency and pumping vast sums of money into their system, the tens of billions of dollars that the u. S. Is receiving is a gift from china. Prices not up, no inflation, farmers getting more tha
China trade talks ends with the same result as the previous 11. And the new british Prime Minister brings new worries for business with the breaks that brinksmanship ends in a much threaded no deal. This is your Business Report and stephen bears in berlin thanks for watching its a modest cut Interest Rates that has some scratching their heads the u. S. Federal reserve has lowered rates by a quarter percent despite strong Economic Indicators in the country officials pointed to softening Business Investment and muted inflation its been a long time since the last rate cut almost 11 years in fact that was december 2008 on the tail end of Federal Reserve efforts to prime Financial Markets during the recession. Its only gone up since then in line with the recovering and eventually booming American Economy now compare that to the European Central bank where the deposit rate has long been below 0 and where policymakers are still cutting and thats putting even more pressure on the fed as rate c