Records, tax reform and that surprise special election result in alabama. Plus a little more clarity and an update on disney and fox. We are less than 24 hours from the announcement of that deal. Apples billion dollar fund finds another investment fin asar surgeries on the news as apple builds on lasers and specialized chips. The fed is expected to raise Interest Rates again today as it concludes its twoday meeting. If so, it would be the third rate hike of the year. Then this afternoon the president is said to deliver remarks on tax reform as happens trying to put the final tuchoucs on the bill. The president is going to have lunch with some members of the Conference Committee it looks like theyre trying to meld the two by from the, get it to his desk by the 20th. Maybe corporate rate to 21, some compromise on mortgage interest deductibility. I think its interesting also just in terms of what would pass versus not if you had democrats. A cut of 37 in the top tax rate for individuals,
And welcome to power lunch. Im melissa lee. All three major averages at session lows right now. S p 500 down almost 1 . The nasdaq the biggest loser of the three major indices. Were seeing the biggest oneday losses in fact in more than a month. And keeping an eye on the airlines, they are down big being led lower today by delta and thats Airline Index on pace for fifth straight down day. Michelle. Im michelle carusocabrera. Thanks, melissa. Heres what else is happening at this hour. Americans made more and spent more in june. The government reporting a 0. 4 increase in Consumer Spending. Thats the Third Straight monthly increase. Personal income up 0. 2 . The centers for Disease Control awarding 16 million to u. S. States and territories to fight zika. Thats in addition to 25 million in funds at the cdc awarded a month ago. And u. S. Automakers weighing in with disappointing results. All but toyota falling short of expectation. Fiat chrysler did manage a small increase in sales however
Where are we . Around there. As you can see. Hanging around 44. 50 on wti and you see brent as well. Our road map this morning starts where you expect it to, donald trump, taking an ominous tone in his acceptance speech at the Republican National convention. We will bring you the highlights live from cleveland. And we have a parade of earnings this morning, stocks moving on those results, everything you need know about the reports. Ge, starbucks, at t, honeywell and a lot more. Roger ailes is out at fox. What happens next . And what it means for the entire media landscape. In his acceptance speech last night at the Republican National convention gop nominee donald trump set in the tone for a battle against Hillary Clinton. Amon javers is in cleveland and brings us more. Good morning. Good morning, david. It was a Family Affair at the Republican National convention in cleveland last flight. Donald trumps daughter ivanka introducing him to the crowd. A lot of americans will have seen iva