Tensions with the u. S. Remain tightened. Those stories and more tonight nightly Business Report for tuesday, june 25th. And good evening, im Contessa Brewer in for sue herera. Welcome aboard. Good to have you back. We begin with the Federal Reserve, which has been a iving force of course for stocks. The market has been looking for an sbes rate cut as early as next month. Any suggestion one is coming, investors cheer. Any suggestion of something else, stocks falter. And thats what happened toy. Fed chair gentlemjerome powell e fed o grappling with whether reduce Interest Rate and while he said there is a case to be made for lowering them preempively, he said he did not know how long all the current economic uncertainties willast and h warned against Monetary Policy that responds to shortterm political interest. Today, the dow fell 179 points. Nasd down 120. S p 500 slid by 27. Dominic chu sarts as off. Jerome powell saking at the council on Foreign Relations saying the Federal Reserve
here we go. welcome to our viewers in the united states and around the world, it is monday, october 24th. i m christine romans. we begin with the midterm elections now just 15 days away. early voting already under way with more than 5.8 million ballots cast in 39 states. right now polls and political spending suggests republicans are surging and stand a good chance of retaking the house of representatives with a solid majority. recent surveys show the reason for that surge, the economy. inflation and to a lesser degree crime. early this summer looked like the anger at the supreme court ruling overturning roe versus wade would give democrats a chance to hold back the red tide and keep control of the house. now it looks like that abortion-fueled momentum may have peaked too soon. they have to split their messaging between abortion and the economy are the democrats. nobody said we re doing abortion rather than economy. but it s about both. i can tell you that that issue is ver
inflation. construction hiring thanks in part to the dow ends up tumbling 270 points the s&p sinks. nasdaq goes to 5.4%. all because we appear to care right now about the coronavirus and the disease seems like it s running rampant in china in truth we have the situation under control. but in china it s like they re running an operation with a million people cordoned off from the rest of the society. any game plan for next week needs to start with this virus and what it means for the chinese government not good. so many are dependent that we ll see signs of the global slowdown that so many have been predicting the one who s epicenter is in beijing. start with allergen. i know there are tens of millions of people who can benefit from the pill. i m betting it s a blockbuster even as they don t seem to know it we also get results from burger king we re seeing a real divide in restaurants between the haves and have nots. mcdonald s and wendy s, i think wendy s breakfast is going t
Street. Im Carl Quintanilla a strong close with buffett on squawk. Fed chair pal on the squawk tomorrow we begin with futures pointing to a sharply higher open on the twoweek rally and buffetts advice for the longterm investor despite volatility, buy equity, not bonds. Ge is planning to restate three new candidates to a streamlined board of director. And the chip war continues over qualcomm urging broadcom to engage in direct talks for a takeover deal. Buffett is one of the big stories of the deal saying Berkshire Hathaway received the new tax law. Heres what becky said earlier on squawk. We had about 100 billion of unrealized gain in equities. Now, when they are sold, you pay tax on that. And previously when the tax was 35 , we would have had a 35 billion reserve for taxes against that as a liability. That would drop to about 21 billion. So 14 billion roughly that was a reduction in the amount of tax that when we saw those securities, we will pay. It wasnt cash now, but it reduced the
61 points. Whats happening across the pond in the european markets, and its a mostly lower day as you can see. The ftse bucking the trend up one third of one percent see where Interest Rates are heading today and theres 236 on the 10year and crude is holding there. The road map starts with the largest proxy fight ever Procter Gamble shareholders deciding whether nelson peltz should get a seat on the board plus, the e commerce play, walmart remodeling stores andaging digital experiences and betting online sales will grow by 40 honnywell, shares rising after they spin off the home and transportation units front and center, Procter Gambles annual meeting getting under way. Shareholders whether to give nelson peltz a seat on the board. He has been seeking changes and p g officials are opposing saying their Growth Strategy is on track of the lobbying on both sides has been intense sara eisen will have exclusive interviews with nelson peltz and Procter Gamble ceo, david taylor first, jim cra