On the barrons round table, ben leveson, jack howe. Ben, we saw stunningly horrible economic numbers last week, really unbelievable, but the market actually was higher on the week. What is happening . Yeah. I mean, this data was just terrible. Retail sale, industrial production, empire state manufacturing, you name it, it was probably the worst ever on record. Unemployment, the jobless claims continued to rise another 5 Million People lost their jobs. I mean, its just bad. But we knew it was going to be bad, and theres also two rays of hope out there. One was a new set of treatments that gilead is working on for covid actually might be work. We dont have all the data on it yet, but that provided a boost for stocks x. Then theres talk of reopening the economy, and thats also helped too because it signals perhaps there is a light at the end of this tunnel. Jg jon so, jack howe, i know youre looking at valuations, and as ben pointed out, there is light at the end of the tunnel, but still
We will have more on that in a moment. But we begin with that onagain, off again merger of mrint andile which now appears to be very much on. After years of intense gulatory scrutiny, the Justice Department today approved 26 billion deal which brings together the nations third and fourth largest wireless providers. That news sent shares of both companiesighertoday, even thoughpp the aroval comes with conditions. Ylan mui rorts for us from washington. Reporter the department of justice giving the green light to the 26 between tmobile and sprint, but forcing the companies to sell some assets as part of the deal. Will the agreekment, sprint have to sell the prepaid business to dish and spectrum to dish. E company will have to make 20,000 sale sites and hundreds of Stores Available to hish. Dish woue access to tmobiles network for sevenar assistant attorney general megan gallahine said without the rger it would harg competition. It sets up dish as a dis iptive forc wireless. This agreement
We will talk to him about why he is doing it and what it is come what has come from it. Alix i hope we can sneak something in there about their activity. Are they seeing a pick up here . David i have burned in my brain just for you. I will ask about it just for you. This is the morning brief. At 8 00, the cleveland fed president will beginning a talk on Monetary Policy and the economic outlook. At 11 30, the u. S. Treasuries will be optioning 50 billion in bills and after the bell, metlife will be recording its earnings reporting its earnings. Alix two and a half hours until the cash open in the u. S. And its a modest risk up kind of day. Kind of moves become the new normal . The u. S. Dollar pretty much on the back foot all day. And sell is buy bonds peripheral bonds. Yields moving lower by about three basis points in the u. S. 60 aalso weaker, under barrel. My chart of the morning, i feel like everyone on the street is talking about it. Dollaryen breaking through key levels like 1. 0
Another 32 points. The nasdaq looks like it would be down by 123 points. Again, this is across the board some rough times. If you thought you were going to see a rebound this morning, its not happening, at least not yet. Part of the reason what happened in china. Joe mentioned the shanghai composite plunging to a fivemonth low. Its now giving up all of its gains for the year. That decline of 8. 5 that came today follows a 4 decline from friday. Again, it has been rough. It has been difficult. Weve been watching what chinas trying to do. There is a general sense of not only a slowdown in china but also the idea that the Chinese Government may be losing control. Many investors had been expecting beijing to unveil more policy support over the weekend following last weeks 11 drop for stocks, that didnt happen and the disappointment over the lack of a move is evident. It is one of the big reasons for todays more than 8 drop. The rest of asia also closing sharply in the red. Take a look at w
President trump is talking drug prices with the Ranking Member of the Oversight Committee right now. Well bring you the latest out of that meeting coming up. See what they talked about. A billionaire Real Estate Developer who says he turned down President Trumps proposal to build a wall on the mexican border. He will join us to talk about his relationship with the commander in chief and whether mr. Trumps negotiating skills will come in handy as he tries to get tough bills passed in congress. First the ying to elon musks yang. J. B. Straubel on the companys energy push in hawaii. And diane greene, the cofounder of vm ware will join us and talk about how google is taking on amazon web services. Back on track. Starting with appaloosas david tepper. Making headlines after sharing his bullish market views on squawk box. Here is what he said. Were more long u. S. Stocks. The bigger bet is on listen, its all the same sort of bet. If were short u. S. Bonds, were betting on a stronger economy