Decision just hours away. Will they or wont they hike . The ceo of mylan takes the hot seat on capitol hill today where shell be grilled on the companys epipen price hikes. What to expect today and the highlights from yesterdays heated wells fargo hearing. Shares of fed ex higher after better than expected earnings and raising their guidance. Well take a look at what drove that quarter. First up, the bank of japan surprising the markets by introducing a zero rate target for its government 10year bonds in an effort to stoke inflation. The boj saying it will purchase bonds if yields begin to rise, lend money at a fixed rate if yields move much lower. That all comes ahead of the feds latest policy statement at 2 00 p. M. Eastern time. Fed chair Janet Yellens News Conference half an hour later. Yen had a run and then the narrative began maybe this is an admission theyve reached the logistical limits of accommodation. Look, i find them flailing. I just find them look, they surprised because
Price hike spreads but thats not the whole story. Mylan raised prices more than 100 for 7 products over the last 6 months. Those details also coming up. Cash burn isnt always a bad thing. Well talk to the man known as the dean of valuation about which stocks with negative cash flow he says could be good investment opportunities. Aswath damodaran coming up. Nasdaq and s p could be in record territory dow. Bertha coombs, whens happening . You know, kelly, this is like the Rodney Dangerfield market. Nobody gives it much respect yet the nasdaq continues to grind to new highs and seeing some of the small caps catching up to the big cap indices. Russell 2000 within 3 5 of the alltime high set 13 months ago and this is a big laggard and momentum continues to be in big tech. Chips seeing a new 16year high. Dating back to october 2000. Broadcom among the chip stocks today at record highs. The sector up 16 since the start of july and a big comeback before brexit. Big cap seeing more momentum. So
Hearings. Mylan ceo answering questions about the epipen price hikes. We have the highlights and low lights from that grilling. And new election poll out as we are days away from the first big debate. Well break down the latest data. First up, futures rising after wednesdays post federally. Heres janet yellen on why the fed is standing pat on rates instead of hiking this time around. We judge that the case for an increase has strengthed, but decided for the time being to wait for further evidence of continued progress toward our objectives. Our current policy should help move the economy toward our statutory goals of maximum employment and price stability. Of course those three dissents, rosengren clearly was not joking around. No. She said weve struggled mightily to understand one anothers point of view. Well, Steve Liesman had some fabulous stuff this morning on Worldwide Exchange just talking about this notion of unemployment, the percentage versus how much theyve really not been ab
Saying they will have a major impact who they vote for in november. Take you out to hempstead, long island, for a live preview of tonights big event. We have an allstar lineup including steve hayes, ron paul and david walker. David first back to the markets. Whether it is politics or earnings recession, the dow tumbling for the second straight day. Ending down 160 points. Looks like 164 right now. Goldman sachs, jpmorgan, home depot among todays biggest drags. Oil a bright spot. Phil flynn, of price futures watching energy climb from the cme. Lori rothman from the floor of the new york stock exchange. Often times oil is up but do it is going in different direction. Wall street doesnt like uncertainty, with the big debate coming up, a lot of anxiety ahead of that. I think it is fair to say played into pressure we saw on u. S. Stocks. The other factor was Deutsche Bank weekend report saying German Government will not offer aid to Deutsche Bank to help it cover its 14 billiondollar fines
Performance then down aggregate news. Other stocks rally on good event but then those gains are not sustainable. Which makes it plain treacherous out there. Everyday. Even a seemingly benign one like today. Let me give you some concrete examples so you know exactly what im talking about. Last thursday night, twitter broadcast an incredibly exciting contest between the new york jets and buffalo bills. And the followers of the stock were bursting with glee. If you went to my mentions column i was bombarded with people who simile could not stop telling me this is the biggest event since the super bowl. They thought the stock would open 3, 4 higher. There were people saying that my tempered enthusiasm was misplaced to use a euphemism no are what they thought. Even though i enjoyed it and the twitter is now to the moon alice, sure enough. Jumping to more than 19. But then we got the numbers for will actual show the other day and they are down right puny. Apples to apples basis, 230,000 em w