Whats of buying, we will get to the new record love lots of buying. And we will get to the new record lows. I cannot believe we are already in the Third Quarter. And pending home sales will be coming out. Guy and better than expected, the data certainly looks bit more optimistic. That may give you the month on month number. 34 point three, the prime number was 21. The prime under was 21. You need to look at the year on your comparisons to give you a benchmark as to where we are. Again, it is better but still not great. So you need to take all of this with a pinch of salt. 34 ,ess time, 34, down by we were expecting it down by 21 year on year. Down nearly 10 , but 10 is still a pretty big number. Alix it is like less bad is the data that we are continuing to get. We are going to tackle all these stories. In addition to this hour, we will focus on specific stocks. Chesapeake filing for bankruptcy. We will speak with stephen richardson, plus mark lehmann, president of Jmp Securities come
The coronavirus takes a toll with tech leading losses. Earlier, apple cut its revenue guidance for the march quarter with the outbreak continuing to impact the iphone maker supply and demand. The coronavirus is impactful, but not permanently impactful. In other words, it is a temporary blip. On the demand side longer term for apple, i dont see any issues so that gives me a lot of confidence we will see a nice rebound when this is over. The bad news is, apple made a big bet on china. 20 of revenue, a huge part of the supply chain. If the virus isnt contained, this will continue to be a problem. In longerterm, it china and the was a u. S. Are likely to be at loggerheads. I think the virus could be a problem longer market thing. There is no better ceo to handle the current challenges then tim cook and while it is currently concerning, having him at the helm is very reassuring. It is quite hard to shift production in a number of weeks. Emily we got more reaction from the Senior Research an
Highs on the s p 500. We do not want to count that out just yet. Made one 2575 level we friday. The nasdaq up more than 2 , the nasdaq 100 up almost 3 . Amazon, microsoft, facebook, google, apple all the names we know that are driving it higher. Lets dig into a few of these. I want to focus on microsoft and amazon. Microsoft serving to a record after a quarter beat on revenue. Dumping jumping by doubledigit. About the pivot to Cloud Computing and ai. Similar with amazon. Doubledigit revenue, 34 in this quarter. A smooth transition with that whole foods business. Like scarlet said, going into some of the pharmaceuticals, getting a license there in 12 states. We are watching that. Lets put this into perspective here. We have been talking a lot about techech sectors sectors outperformance. It is outperforming by about 15 here next to the number two, the health care index. Spreads there are certainly widening today as the Health Care Sector is down again, and the tech sector higher and hig
Were immersed in red with less than an hour to the closing bell. Lets start the countdown. Breaking news maybe he just couldnt take the double speak anymore. 24 hours after that man on your screen said its time to raise rates, the atlanta fed president announcing hes stepping down. Dennis lockhart dropped that bomb ahead of the crucial fed meeting that has investors on the edge of their seats. The dow down 297 point, right now down 264. Weve wiped out yesterdays 240point rally and much more. At this hour, not one but all three major indices are on track for a Third Straight day of greater than 1 moves. Tripledigit losses for the dow, the s p down 34 points. I want to remind people on friday the s p had fallen 52 points. Were close to matching that. The market bumps and jumps sending the volatility index skyrocketing more than 20 . The vix up 23 . Were seeing signs of stress here. That vix is on track for the highest close since june 27th. Investors fleeing stocks to find refuge in not
Bloomberg. Governors central bank who may toe the line with the government. The question of Central Bank Independence here. This the first policy decision of the new central bank governor. The government wanted to cut. Thats exactly what they got. The rate to 10 from 10. 5 previously. Lira a stronger turkish because many did expect this move. Other board for you. I arrived in the city of london hours ago. , thanksto the u. S. Open now positive on futures. Dow jones futures up about one point. Here in london, still lower, down by about. 25 . Out, the japanese government 10 year yield, 13 basis points. When i arrived in london this morning, it was remarkable. Yields below 0. 4 on the way out to 40 year that. 40 year debt. David a big story for the markets. We are looking forward to the japanese and centralbank later this month taking more action or not. The European Union earlier today took another shot at u. S. Tech giant google, this time over the companys android software. There has b