Policy. Lets get to the bloomberg first word news. Morning. Steven mnuchin says the economy urgently needs more stimulus to rebound from the coronavirus. He says he initiated talks with nancy pelosi try to negotiate. Going again. Ations republicans have been putting together a narrow relief package. He says he wants a much larger deal. President trump has condemned what he calls antipolice rhetoric while meeting with police in kenosha, wisconsin. He toward damage caused by demonstrations after a man was shot in the back during an attempted arrest. Two demonstrators in kenosha were killed in the protests. A warning from the pentagon. China is closer to joining the u. S. And russia as the only nations capable of deploying Nuclear Weapons on land, in the air, and at sea. China has been upgrading its strategic bombers to carry a nuclear payload. Has announced his has enoughto suga votes to win. Global news, 24 hours a day onair and on quick take, powered by more than 2,700 journalists and
Data in the u. S. Is bouncing back. Factory orders coming through stronger than anticipated and we are up 6. 4 versus 6. 2 last time. And it is actually a little bit softer than last time. 11. 4, that isat stronger than anticipated. And transportation is a stronger than last time. Orders,tal goods nondefense, 1. 9, bang in line with expectations. Ookare going to get the b a little bit later on. That will give us a good idea about what is happening for the back into july into august backend of july into august. We will carry on the conversation about what is happening in the markets. We have great guests coming up. This hour, we will speak to the ceo of lands end. They have a big digital presence. Have. Ffect they will we will talk with Jerome Griffith about that. And for more on what is markets we have Brian Weinstein from morgan stanley. This talk about what is happening broadly right now. Youre in fixed income guide, you are watching what is happening broadly in these markets, what d
Tom keene, Jonathan Ferro off today, both playing hooky as we get ready for the long Labor Day Weekend in the United States. Im lucky, though. Paul sweeney, my former cohost on bloomberg radio, joining us today. It is so telling that we are showing an image of washington, d. C. Because it was too cloudy in new york city, and perhaps that is a metaphor right now. Very cloudy in new york city for the future for a lot of things. Very much the focus on washington, d. C. As people wait for some signs of fiscal support , as people wait for some signs of just how contested this election in november is going to be. Paul i think all eyes are going to be turning towards washington. This is then thetion, more nearterm fiscal stimulus. The question is, does this economy need more . A lot of folks are saying yes, but we need to get congress back at the bargaining table. They seem to be pretty far apart at this point. Lisa we will find out. Right now, markets unfazed. They are indicated to open at n
Ft good to come home, as soon as we came off the hey, they had all the signs saying welcome home, and that brought tears to my eyes. A huge sense is of relief tonight. 10s of thousands of residents evacuated by the czu lightning complex fires are able to return home. Cal fire officials are calling it a good day with the lifted evacuation orders. We are joined live after speaking with residents in cycles valley, amanda. Yeah, dan, ahma, certainlyahr good day. More than 20,000 evacuated residents have been given the green light to go home. And one step toward normalcy. Its ban while, you are looking at bright signs and beaming smiles. Those in Scotts Valley are slowly making their way back in the city a week after being evacuated. Its erie that nobody is around yet. But, in terms of damage, its, everything looked pretty go. Ive years. He understands scottsvalley was just about untouch eed comparedo other areas. We have as the crow flies a mile from ben loman. The complex grew on to 48,00
This just a correction or is there Something Else more insidious involved . I wouldnt use the c word. I would say this is profittaking pullback. That is all this is. Remember, the nasdaq, top 100, ndx were up 75 straight up off the lows. Even after this pullback were off 10 from the highs, theyre sill up 66 . Looking at the s p, right now as it stands is 50 off that march bottom. So the end is not near. This is just a profittaking pullback. This same situation is in place. Lets see how things react. Even with today, were only down 3 in tech. That is not much at all. What i like to see with vix. The vix has a lower high than it had on friday even though the s p had a lower low. That is very much a positive. David jonathan what do you think . The end is not here. This is just a pullback. We could be way up again momentarily after the pullback is finished. What do you think . Put me in the bear camp, you have 80 new, 20day highs, excuse me, only 8020day lows. And the pendulum is to the be