The backdrop continues to be the coronavirus. New york city finally gets a chance to reopen today. I am waiting to hear the construction outside of my apartment. It has been three months under that stayathome order in new york. A live shot of Herald Square and the area around the empire state building. Construction, add, manufacturing, wholesale trade, and Retail Stores can offer curbside or instore pickup. A former new york state Lieutenant Governor and current member of mayor bill de blasios Fair Recovery Task force. There is really no other person. E really want to talk to today this comes in contrast to the protests we saw. How did the protests affect phase one of reopening . Dick one cannot be certain. I think the Biggest Issue is the revenue loss that the city will suffer as a result of sales taxes and property taxes and income taxes. Its impossible to measure but it is way beyond the capacity fiscally of the city or state to make up for that lost revenue. A function ofs how many
For the rest of the year well get a bunch after the bell including netflix. President trump is set to meet with new York Governor Andrew Cuomo this afternoon key relationship for the country and our pandemic response, which has been marked by tension and cooperation in the last few weeks. Well bring you that as soon as it begins. Were expecting that within the hour ahead on todays show, a key move for earnings. Netflix, chipotle, Texas Instruments and snapchat gear up for results after the close. Full coverage of those names and ana analysis of the reports when they come out. And how volatility has impacted brokers. Well speak with chairman Thomas Peterffy after the numbers hit were down 2. 8 on the s p 500 oil very much in focus energy the best performing sector today, only down 0. 6 well dig into all of that coming up for you. Mike santoli is tracking that market selloff. We have got the cohead of oil trading, ben lucker, important guest to join us to discuss crudes unprecedented vol
Governments around the world pump cash into the Financial System the president promised a large stimulus package, including direct payments to every american and boeing and u. S. Airlines, a Financial Aid package for billions of dollars as the treasury secretary called the situation worse than 9 11. Steve liesman has the latest from the fed Kayla Tausche is tracking the fed response from washington much more from her as you just heard. Lets start with you, mike, on the key market levels. We just bounced off a key market level, wilf s p 500. We closed yesterday about 1 above that december 2018 closing low about 2351 we spent very little time under the 2500 level now what this is, i would call it a very modest bounce, given the destruction that we saw in recent days. I think you can make the can case between thursday to monday you had a multistage capitulation process we should be bouncing on a tuesday after a washout monday right now looks okay but not so decisive were down 30 from the
Uncertainty. Coming in below estimates. Oil making a move higher for a change today, snapping a fiveweek losing streak, turning in one of the best weeks of the year nanny taylor is here welcome to ladies hour here. Girl power. You say tech is the key do you mean fang or something broader . I mean something broader than that we started to see the Economic Data ticking up, yet local p miismt its mi is moving up, small by, Chinese Consumer precoronavirus. So we have to see what is going to be the impact, farreaching impact i think thats good for stocks so i think stocks are less risky. So were looking at tech as if it doesnt work, nothing works right now the total confirmed cases are topping 64,000, the total death toll is nearly 1400. In the u. S. There are 15 confirmed cases with eight of them in california Many Companies are continuing to speak out about the impact the virus is having on their bottom lines. Today british drug Maker Astrazeneca reported quarterly results, warnings a hit
Protests turned violent. Also saw some stronger than expected inflation data out of china, raising questions about whether they can continue their stimulus the dow is higher, nasdaq down about 0. 14 . Of course, record closes last week, hence a little bit of treading water today joining us for the full first hour of the show, nancy the eveningl tengler so whats your take today . The earnings season wasnt as bad as feared, right we seem to be moving towards a more cyclical bias we had overweighted cyclicals earlier this year. It was kind of painful for a while. But it looks like manufacturing is hooking up. Still some concerns about capex, which well talk about, and so were modishly bullish and continue to find places to put money, which is always the test, right . Were going to get some of those picks later on in the show nancy, year with us for the hours. Well focus in on the big stories that we are watching here today josh lipton has details of a brewing controversy including apples