Different donald trump then we just heart making big news on iran and china. He was asked if he would consider meeting and he said he would if the circumstances were right. By that he means they cannot have nuclear weapons. He also appeared to suggest he would be in favor of extending a letter of credit backed by oil so they can meet some of their financial obligations. Until now you know the strategy from the u. S. Was to apply maximum pressure on iran. President macron said he is working to get the meeting done within the next few weeks. On china, also big headlines from the president. He says the deal can be done. He thinks the chinese need this deal badly. And he insisted there was a call made yesterday night. The chinese that they cannot confirm there was communication. The president said there was and he said at this point he believes the chinese are sincere. Kevin back to the issue of iran. It was fascinating to see President Trump relying on a progressive president , Emmanuel M
American companies should move production out of china and back to the u. S all of this with the eyes of the world on jay powell in wyoming Steve Liesman has been talking with the most powerful central bankers and will join us in a minute but to e lolon where the president lunaunched a tweet storm. On september 1st, the chinese imports supposed to be taxed at 10 will be hit with a 15 tariff on october 1st, the tariffs on 250 billion in chinese goods that were already in place will go from 25 to 30 . And then on december 15th, all of the products that we import from china will start being tariffed the rate will be 15 instead of 10 . In the tweet storm, trump said that china should not have issued retaliation tariffs 75 billion of goods and called the move politically motivated we know trump was huddling earlier today with the top trade and economic advisors how to respond to beijings move. They were all there and just before or just as that meeting was happening, the president went on a
Our road map does begin with tech stock volatility. Adobe shares are tumbling. Microsoft, though, record highs. Tesla and nvidia, those stocks, at least recently for nvidia, saying its a struggle may be an overstatement, but they certainly have not been going up. The nasdaq 100 pointed to its first backtoback weekly loss since last october. Plus tiktoks owner, bytedance, on track to surpass Metas Facebook as the Worlds Largest social Media Company by sales. And the chamber of commerce suing the s. E. C. Over new Climate Disclosure rules, a lot to unpack there. And were going to begin with the road ahead. In particular, for what has been driving this market for quite some time, and that is namely what we call the Mega Cap Technology companies, a. I. , particularly generative a. I. , and mike, ill turn to you. We just mentioned, of course, nvidia shares, which, yesterday, we discussed. I mean, jim and i, years ago, developed this thing called the key to this market, and it does feel like
Rink. Rivian revved up after its big reveal. Tim seymour, dan nathan and guy adami with us. President biden expected to announce a slew of policy proposals on the agenda, a call to increase the minimum Corporate Tax rate to 28 and the rate and taxes on buybacks and crackdown on junk fees from credit cards to airline and shrinkflation. A proposed 10,000 tax credit for firsttime home buyers in an attempt to boost the Housing Market. Could that actually heat up that market . Lets bring in diana olick diving into this one. Diana . Melissa, Housing Affordability is still near a record low. Just 38 of both new and existing homes sold in the Fourth Quarter of last year were affordable to families earning the Median Income which is the 96,300. Home prices in january also hit another record high and showed the biggest annual gain in a year, so the Biden Administration is unveiling a plan to tackle Home Affordability and first theyre urging congress to pass a 10,000 firsttime home buyer tax cred
Isnt lost. It may be found. What do we think about where we might go . I think were still stuck in a range, were battling with the emotions of feeling better, seeing corporate earnings do better than we expect. Were seeing goldman say things like, hey, were decreasing the chance of a recession. Then were fighting the math on it. I dont see how the multiple on the s p gets above 20 times. With that you have a heavy cap on the market. Were stuck in this range and it might take time to get out of it. Investors are impatient. Theres so much we still need to digest. Were digesting 18 months of rate hikes, the fed reducing their balance sheet, the inflation reduction act, unemployment levels that are changing, inventories. Everything is distorted. We want it to happen all at once, get back to high growth but its important to do that. I think were stuck. Joe, are we stuck . I think it rallied from the 4 low. Youve built in a cushion. I think jenny is on to something. Weve priced in the fact t