Mnuchin and says there is no agreement yet, and Majority Leader Mitch Mcconnell saying republicans and democrats still far apart, and even if both sides come to an agreement, it could be too little, too late. There has been no financial bridge to help a lot of individual americans, families withstand the recession. We are seeing a lot of bluechip release alike disney warning sign, telegraphing job cuts. The question is, if we dont get some sort of government stimulus, whether this could actually accelerate. Joe thats the big story. Duringdisney yesterday our show, more news coming out on layoffs just now. It does feel like some of the bigger corporate announcements are gathering steam a little bit. Europe, continental, shell. These are not furloughs the way that some of the layoffs were earlier in the year. These are deeper, permanent, more restructuring as the new environment starts to become clearer. Romaine disney there, you see the 28,000. Those were originally furloughs. The idea
Losers. As york city has a curfew they are poised to reopen after months of flock down due to the covid19 pandemic. Meantime, the markets ending the day up, somehow disconnected from all of this chaos. I want to bring in our markets reporter, abigail doolittle. On top of this, u. S. China tensions flaring up. Why do investors seem unconcerned . It is puzzling, especially with the degree of unrest in the u. S. It kind of is offensive in a way that you see stocks climbing higher. Today, almost a giddy feeling to the session. That kindhat you have of trading action, it does not seem to make sense but, again, it tells you that investors are looking past these unfortunate, sad, surreal events and making the assessment that it is unlikely to affect the economy on a longerterm basis. We have Something Else going on beyond the weak dollar. We have had a move over the past few weeks into cyclical stocks, recovery stocks out of the stayathome stocks. Up top, the nasdaq 100 and index. Take a look
Damaging as the financial crashes. Italy is taking steps to contain the worst infection rate outside of china. All businesses and pharmacies are ordered to close. Shery lets get you a check of the markets in the u. S. We had the dow fall into a bear. Arket territory, falling 20 the s p 500 a hair away from the 19 lower than the previous high. We had every group on the s p 500 sinking more than 3 . The nasdaq down 4. 7 . U. S. Futures under pressure. We have seen no more details on the substantive stimulus that President Trump had promised. In the afternoon, he said at one point that the u. S. May not need the fiscal measures. That did not sit well with the markets. U. S. Futures gaining 2 10 of 1 . We will see how we do without how we do throughout the rest of the session. News and headlines dominate market sentiment. Sophie a lot of caution. A she futures pointing lower despite the global stimulus engine being revved up. In new zealand, a fiscal response is being considered. The rbnz
Everything from the bank of england, we are looking at the ecb as well later tonight. Lets briefly have a look at where we are on the state of risk assets right now. We are down 2. 5 under zealand, so down across the board equitywise. U. S. Futures pushing lower. Stocks and bonds were both hit, combined was the worst that we saw since at least 2002. The dow now in a bear market and ending that 11year bull run and the s p just within 1 of entering a bear market as well, that 19 drop, so you see that selloff continue during the asian session. Further intoking bear market territory after it did enter one yesterday as well. Japan also down more than 1. 5 . Also, we are taking a look at bonds, seeing that yield pickup across the board in asia. We are hearing President Trump is heading for the podium. He is there now. Lets listen in. And istarted in china now spreading throughout the world. Today, the World Health Organization officially announced that this is a global pandemic. We have been
Wework. Biggest bets, a drop in ad sales and what that means for streaming. First, our top story, the challenge to tmobiles sprint merger in a courtroom on monday. States and the district of columbia suing to stop the deal. But the latest, jennifer read, who was in the courtroom. Takeaway what is your big take away . Jennifer it started with a surprise because the judge said, we are not going to have opening statements. I read to the pretrial memoranda , lets go straight to the witnesses. The judges really intent on getting this done in two weeks. This was part of that, getting things moving quickly. We cut right into the first witness, basically got through 2. 5 for the day. Overall, the witnesses were pretty good. Documents some bad introduced with the first witness. Ands only two witnesses part of the third but overall, i think the day was pretty good for the companies. Taylor we got a headline that sprints chief marketing officer said in 2016 that he thought this merger would raise