Small and mediumsized businesses that were in sound Financial Condition before the virus impact of the economy we will hear from the head of the fed in boston and banking and business leaders. Will come tog order. This is a hybrid hearing meaning some of our commissioners are appearing in person and witnesses will testify remotely. Let me offer a few Video Conferencing reminders. Before you start speaking there will be a slight delay before you are displayed on the screen. Click the mute button until your turn to speak or to ask a question. If there is a technology issue, well move to the next speaker until it is resolved. You should all have one box on your screens labeled clock to show you how much time is remaining. Congressional Oversight Commission pursuant to section 4020 of title 4, subtitle of the cares act, the Commission Must conduct oversight of the 500 billion authorized for the Exchange Stabilization fund. As a part of our oversight work, the commission has decided to hold
Are miles apart. We are focused on that potential record close on the s p 500. The number youre watching for is 3386. 15, a couple points off of it as we stand, sara. Hard to believe that we are here coming up on todays show. S p 500 could close at a record high for the First Time Since mid february were going to talk to wharton professor Jeremy Siegel about whether the rally can last from here. Plus counting down to a pair of key Earnings Results after the bell, lyft and cisco gearing up to report well bring numbers and analysis as soon as they hit. Lets focus on the stories were watching with one hour left of trade. Mark santoli with the action, colin rush from oppenheimer. Lets start off with the broader market, familiar things taking us higher, tech, lower treasury yields and the like. Thats right. A bit of a reform to norm. Yesterday 3381 of about the late selloff. Of course were a couple points above that right now its kind of tantalizing also seems a little bit silly this hesita
The cloud numbers disappointed, if you can believe it they disappointed with 47 yearoveryear growth. Growth is slowing so investors want it perfect. Twitter is popping sharply higher. Up 8. 5 . There ad revenue number slid but what impressed investors is daily user growth, record for the second time in a row, up 34 in the june quarter after growing 24 in the march quarter , telling you that folks in the pandemic want news and entertainment. David fascinating. You mentioned earnings in the tech sector. Lets expand it broader. We are well into the earnings season. You think the markets are encouraged, discouraged, or is it coming and where they thought . Abigail it is neutral. Netflix was a decent surprise. Itself almost a nonevent in some ways. They did put up a gap profit which allows them to be eligible for the s p 500. From a broader standpoint, you were mentioning those jobless claims. Since march, jobless claims have been coming down until this week. During that time period of the
Twoyear is now trading, but that doesnt seem to matter. The majority of debt in europe all undergoing this powerful rally, despite the fact that we are going to see horrific unemployment number in about an hour and a half. Lets get you out of the market moving news from our new york team. We want to start with the much awaited u. S. Jobs data out of april for the next hour. Economists now estimating 22 million jobs wiped out in the past month. Joining me now is carl riccadonna, bloomberg chief economist. It is hard to put these into perspective. Help me out. Morning. D these numbers point to immense disruption in the u. S. Economy, on a scale we really have not whichn recorded history, goes back to either world war ii or the great depression. ,o put some context around this this is far more than all of the job losses we saw during the Great Recession concentrated into a single month. If we take the job losses of the last nine recessions, lump them all together going back to the late 19
The pound is trading up i about 0. 2 . Ultimately what the extra supply is going to do to the shape of the curve, but certainly, this is what many people have been anticipating would be delivered. Italy also announcing it is going to increase its fiscal stimulus to help the economy out , an economy that continues to remain largely in lockdown, along with the population. Lets get more on how Insurance Companies are dealing with what we are seeing at the moment. The u. K. s prudential is a Health Insurer and asset manager as well. Joining us now is mike wells, ceo of prudential plc. Good afternoon. How is the company being affected by what is happening . Todaywe Just Announced 2019 results, were you had a number of convergences occur. Earnings were up 20 . The majority of our markets in x hong kong come very strong and resilient. It is an indication of what youre seeing now, which is market by market, we still see doubledigit growth in Southeast Asian markets, and as we are sitting here