Were always keeping an eye on tech. For example, apple share, can they stem what has been a sevenday slide . Chip stocks, though, continue to outperform. And the other big story, that weight loss boom and novo nordisk overtakes the market. Market reaction to the jobs number, not just the headline and the unemployment at 3. 9 but revisions taking about a third away the last couple of months. I think those of us who are used to the precision of Artificial Intelligence and generative a. I. Are just in shock that there could be a number thats this far off. This is the kind of thing that jensen huang could solve with his eyes closed. Why its so important, this takes away what was the hot number that made us a great threat and took away a spring rate cut. 3. 9. We know they remind me of the dow jones average. Very interesting headline, but its not really whats at the guts of this, but in a political year, what that says is, hey, look, the economy is slowing and maybe the fed should have pres
A confirmed tornado touching down in massachusetts. Straight line winds downing Utility Poles like dominos near baltimore. Thousands of flights delayed or canceled. And millions also facing extreme heat alerts from texas to florida and the carolinas. Record temperatures expected into the weekend. Rob marciano timing it all out. Breaking developments late today. Sources telling abc news the Fulton County District Attorney is expected to go before the grand jury next week, presenting her case against former President Trump, his allies, and their efforts to overturn the 2020 Election Results in georgia. Donald trump potentially facing his fourth criminal indictment. Jonathan karl standing by. For the First Time Since the 1950s, a confirmed shark attack off new york city. A swimmer bitten on the leg and seriously injured. Beaches closed, police and dr drones patrolling the water, looking for sharks. Trevor ault at new yorks rockaway beach. New charges and several warrants issued in the dis
Investment in chinese technology. Later on, renting in manhattan just got a lot more expensive. Its thursday, august 10th, 2023 you are watch wiing Worldwide Exchange here on cnbc good morning welcome to Worldwide Exchange. Im dominic chu in for Frank Holland this morning lets kickoff the morning with the down day for the stock market s p is implied higher 24 points. Dow jones industrial average is 17 177. Investors are geeg gearing up for the latest read at 8 30 a. M. For consumer prices. The estimates right now are for 3. 3 gain year over year after the 3 gain for the july cpi checking on the bond market with the cpi print. Benchmark yields are rising. 10year treasury is 4. 018 2year treasury at 4. 811 . In energy, energy could be a key driver of the inflation story this time around you see wti crude at 84. 65. That is up. 30 . Ice brent crude futures at 87. 85 nat gas prices which were on a tear yesterday, is flat today. Time for the mornings big money mover. That is disney Silvana
In focus as we are dropping below or have dropped below 4 we want to Pay Attention to that the vix moving around 18 some Movement Something we havent seen in a while. When looking at the sectors, tech and financials which really the biggest laggards of course we have the big cut from moodys today we want to dig into the financials red across the board after the firm cut Credit Ratings for a number of these banks. 10 small and mid sized banks also put a number of others on watch. Im going to start, i believe you own u. S. Bank corp, one of the names on the watch, why are we seeing so much bloodshed today . Of all the concerns that moodys list none of these are particularly new this is old news. They should have come out in the First Quarter when we had the debacle with the banks youre seeing a shortterm reaction where you probably have a bunch of the you know, the computer funds thats what i was going to ask. Selling short on the financials you get the regionals. But all this was mentio
Decline and a loss of momentum in the market overall. Steve, this is one of those situations where over the last couple of weeks there have been folks who have said the market has been hot this year its due for maybe a breather. Is the problem right now the idea that there is no nearterm catalyst to propel things back towards the upside yeah, but you could argue there were no nearterm catalysts to propel it to the upside from the beginning of the year in fact, there are negative catalysts that should have propelled it downward. I dont think its necessary catalysts. The market was tough to figure out all year this is the easiest part of the market to figure out, because it had a big run, were in the dog days of summer, volume is lighter and its typically when the market takes a breather. I dont think you can draw anything from the direction. Im so tired of hearing about the 50day moving average. Hearing about it every 10, 15 minutes. It Means Nothing it may mean something for shortterm