Picture. Goldmansachs expects the fed to begin easing in q2 of next year. Also ahead, were going to talk about what is next for the tech sector. This is in the midst of whats been a rough august at least so far. Were down 7 month to date. And letter x Surging Company rejects an unsolicited takeover offer from its rival, cleveland cliff. Lets get some other news, though, as well, as we start the show paypal has a new ceo whoa. Yeah. Alex, who currently runs the Small Business and selfemployed group for intuit, is going to take over from paypals longtime ceo dan shulman on september 27th according to members of the board a little earlier than expected they conducted the search for paypals new ceo shulman will remain a paypal director until next may. Chriss being hired was a result of the process where the board interviewed nine ceos. They reduced that pool to four candidates and then they chose mr. Chriss members of the Board Selection Committee tell me he impressed them with leading a d
Video showing the widespread destruction on the island of maui after a fast moving wildfire tore right through the Historic Town of lahaina. At least six people are dead and hundreds of homes and other buildings destroyed. We have two cars, two suitcases, and our lives. So thats devastation and heartbreak after a firestorm destroys communities, homes and businesses. Good evening, everyone. Im mike mibach and im Heather Holmes local and federal officials now assessing the damage. One pilot says he had tears in his eyes as he flew over the destruction. The church all the places that are tourist areas that are hawaiian history are gone and that cant be replaced. You know, you cant read, you cant refurbish a building that is just ashes. Now, you know, it cant be rebuilt. Its lost forever. Video shows the town of lahaina nearly flattened with piles of rubble all along the waterfront. Officials say at their latest count, at least 271 buildings are damaged or destroyed. Lets go now to ctvs Ja
Market site. Our guest trader for the hour, lori cave cena welcome. We start off with that muted reaction to the markets Inflation Report this mornings Inflation Report. The market rising as much as 455 points early in the session, but losing steam throughout the day, closing up just 50 points. The s p and nasdaq following similar trajectories the benchmark up just a point. The reversals coming despite the fact that Consumer Prices rose less than expected in july, 3. 2 , versus 3. 3 estimate the drop in gas prices outweighed by a rise in the cost of food and shelter, so, todays action suggest a shift in the markets focus, guy . Its interesting. The s p closes flat, i get it, and lori has thoughts on this, and i mentioned it here, but what i took away, the move in the bond market was, again, extraordinary, in a word yields open on the lows. Spent the rest of the day rallying to basically the highs. I dont think thats good. Bill ackman ringing the bell in terms of his bond call, that top
Kingdom. And ahead, the future for the Company Formerly known as twitter. We will sit down with x corp ceo coming up in the next hour these are numbers that you want to see if youre bull earlier this week there were a number of articles about how we overbuilt apartments and theyre about to come on if thats the last sicking point, the fed cant dough claire victory i think they should do one more just because you want to be sure that the vampire doesnt rise up but this is going jays way. Its not a soft landing or hard landing, its a glide. And the dichotomy, i think that theyre fanciful and speaking more fiction than fact it will be welcome news to those who are long, for example, fang or what we like to call the magnificent seven. Were down, what, 4 and theres negative news out there for nvidia someone saying they cant deliver all the chips. Youre not allowed to say true or false it is not a great move for fang. I do think the trade desk made me feel much better last night for alphabet.
The s p 500 negative by 0. 1 . 16 positive weeks out of 18 for the First Time Since 1971. A long run to friday. We have a double dose of chairman powell, state of the union from the president and a payroll support. Lisa which is the most important aspect for these because its a blockbuster week across the Monetary Policy and economic activity. Ultimately it has to come down to the jobs report, ultimately its can it come down to whether the economy continues to grow at the case people expect. Weather february confirms january. If it does we had a big repricing, what is that mean for the fed and this market . The Market Pricing out only a 25 basis point rate cut or less than that by june for the First Time Since october. We have not seen this type of lack of rate cuts being priced in since going back to late last year. Markets arent really alarmed about that. Maybe people think they are just pushing it back. They are not deferring them indefinitely. Jonathan we begin another week at reco