The nasdaq gaining 1. 7 . There could be a big threat bubbling underneath this market. President trump and chinese president xi jinping both dialing up the rhetoric today at the u. N. General assembly. Reporter President Trump has often used his annual speeches at the u. N. General assembly to challenge his adversaries, whether its the Nuclear Regimes in iran and north korea or for the second year running china, which he took direct aim at in his speech this year that was prerecorded despite consummating a trade deal with china in january. At this years virtual diplomatic gathering, the speeches were prerecorded and shorter than usual, but President Trump pulled no punches against china, which he accused of letting citizens leave the country and infect others and accused it of withholding information about the virus. The Chinese Government and the world health organization, which is virtually controlled by china falsely declared that there was no evidence of humantohuman transmission.
Though still awaits aprooul from the house of rep sentives. That vote expected tomorrow. Jobless claims surging above 3 million americans, far outpacing the record of 700,000 and also well above what economists were looking for around 1. 5 million unemployment claims and the virus itself remains front and center for wall street as italy reports more than 6,000 new cases, the most in five days, the worldwide total now shy of half a Million People wilfred. All of the sectors of the s p higher up 4. 7 . All higher, but one to keep an eye on is energy it has been the best performing. Its now towards the bottom. Still up by 4 oil prices slipped a lot this afternoon. Theyre down 7 , so well hope that doesnt drag the rest of the market lower weve got a huge lineup of gu guesting coming your way, ceo of General Mills, plus peter orszag whether he thinks the stimulus bill is enough to ease the pleading and well speak with the ceo of hertz about their program the give free rentals to new York Ci
And ill guarantee theyll always be working in that direction. Janet yellen staked out a very different territory. For her main speech in chicago she appeared at a conference of Neighborhood Revitalization organizations and said, quote, although we work through Financial Markets our goal is to help main street and not wall street. More than five years after the financial crisis she spoke mainly about unemployment and told the stories of three that lost their jobs in the recession. It became quickly clear that this was a fed chairman well suited for the time in which we live. However not everyone recognized that or her. Not long after she took office somebody came up to her in the airport and said you look just like janet yellen. The second most powerful person in the world. The most powerful woman in the world after angela merkel. A figure that measured in at 53. As the feds leader she leaves with roughly 4 unemployment. 1. 5 inflation. She successfully raised Interest Rates off and eng
Would be more aggressive raising rates. That is hurting interestrate sensitive groups. The sale is also starting to other groups as well. There are some stock specific stories as well. All three major averages are selling to some extent after the big advance yesterday. Take a look at yields as we talk about whats happening in the rates market. Five basis point increase in the 10year yields. 2. 91 . Still not above the recent highs we have seen or that but still hovering around those highs from january 2014. The advance very clear when jay powell was giving his testimony. We have the market implied rateility of four increases this year. That has been increasing, now at its highest at 30 . Still only a third of a percent of a chance that it will be priced in. 34 , to be exact. Nevertheless, an increase. Some Company Specific stories we should talk about as well. They have to do with deals that may be will not be happening. America source bergen and walgreen foods, there were talks. Repor
Wardrobe without spending all of your money. All of that and more over the next hour. But first the headlines for my radio cohost, carol massar. Up 31 , the first straight day of Third Straight day of doubledigit gains. Radioshack is reportedly talking with shareholder standard general about a financing deal. Abercrombie fitch is falling the most today in about six months. The retailer reported secondquarter earnings that missed analyst estimates. Up 7 in the last quarter. Speculation that apples announcement on september 9 will be the debut of a wearable device. Those are some of the top headlines at this hour. Thanks very much. President obama today making remarks about a wide range of issues, beginning with iraq and immigration, and also the situation with the confrontation between russia and ukraine. Peter cook has details. Lets start with a foreignpolicy crisis. He did talk about immigration as well, but the immediate news coming from this statement from the president , this brief