Weve got someone from the administration to explain what in the world is going on. And another union may soon invade the south. The last one burned atlanta. The union army. Will this one burn all those manufacturing plants and jobs to the ground . Were talking unionizing. Sue is at the nyse. Hi. Its a down side day. Right now where we were momentarily again, the Dow Jones Industrial average off about 100 points on the trading session, s p down 9, nasdaq down 29. Thats the biggest percentage move to the downside. The russell 2,000, the broadest index is down almost a full percenten. As for Interest Rates, the yield on the 10 year is 3. 623 . The oil and gold market going in opposite directions. Comex up 14 bucks but ice brent is down about a tenth of a percent. Down 8 in month. Were seeing gasoline under 3 bucks at some stations around the country. And the volatility index known as the vix up 10 in a week. It is up almost 11 . At 1855. Ty, up to you. All right. Thank you very much, sue.
Clean debt limit increase. Under no circumstances . I told the president theres no way were going to pass one. The votes are not in the house and the president is risking default by not having a conversation with us. By moodys ceo says the chance of a u. S. Default is extremely unlikely. That reflects our thinking that it is extremely unlikely that the government treasury is not going to continue to pay on the treasury securities. Hopefully it is unlikely that we dont go past october 17th and fail to raise the debt ceiling, but even if that does happen, then we think the u. S. Treasury is still going to pay on its treasury securities, prioritize those payments. Still, the dollar is trading near an eight month low today amid debt default fears. Take a look at whats been happening. You can see that the dollar is down against the euro at 1. 3572. The dollar is at 96. 96. Well talk more about that with john harwood. First, andrew has a roundup of the mornings top stories. Andrew, welcome b
Is what im talking about. Its been a bad february and this is the first trading day of the month already here kelly, so its not getting off to a great start with the dow down almost 2 following a 2 slide in the nikkei overnight. And, bill just so people can get some context around what were seeing this looks like the worst start to a month in terms of percentage losses for the dow, for the s p since 1982 and for the nasdaq potentially ever at least going back to 1972 as our data does. Lets talk about this. I mean its clear that this market is struggling in 2014. What does it mean for you as an investor . With us today, gina sanchez from chantico global. Michael gued anthony chan from chase. And our own Rick Santelli. Michael, we have been talking for months about the need for a 10 correction in this market that did so well in 2013. It would appear its under way. It certainly would appear, and i think its actually perfect opportunity for investors to reposition portfolios. Going into th
2. 61 . As we do every morning, lets take a look at europe and see how those markets are already fairing. Largely, a good deal of red on the board. The percentage declines, well, not too great. Although, a couple there around the 1 mark as you see it there. Lets start with our road map this morning. It starts with day seven of the Government Shutdown. The markets may have been unphased by the shutdown but the possibility of a breach of americas debt ceiling, that is probably the reason you saw the futures deeply in the red. Then, apple getting positive notes from several firms. Jeffreys upgreats the stock and increases its price target to 600. They say the 5s is number one at all u. S. Carriers. Home builders getting hid this morning. Goldman downgrades Toll Brothers saying they dont need to be kro concentrated at the highend of the spectrum. Shares of cooper are going to be down sharply as that deal appears to be unraveling. Lets start off, of course, with that Government Shutdown. It
The standoff, as well. China is worried about getting paid back on its investments. The yields on onemonth treasury yields continue to head higher this week. Its just another sign that investors are getting increasingly worry worried about the government defaulting on its locations i would argue theyre not worried enough, but we can talk about that in a mip. China and japan arent the only ones calling for a solution out of washington. Howard schultz is urging leaders to push for a shutdown. He says the following, utterly disappointed by the level of ir responsibility and dysfunction we are witness to with our elected Political Leadership. It is our responsibility to address this crisis of competent that is needlessly being set in motion. During the last debt ceiling debate, youll remember schultz made headlines by calling for americans to stop making political contributions until lawmakers struck a bipartisan deal on the countrys debt revenue and spending. Dallas fed president Richard