And technology outperforming in todays trade. Theyre all up more than 1 hers at the moment weve got 59 minutes left to go in another wild session. Green across the screen once again. The company now pivoting to very different space. Well speak with the ceo about the strategy shift plus, former ceo getting in on the spac craze with a Blank Check Company. Lets get straight to the big stories were watching mike santoli tracking the market on this first day of the Fourth Quarter. Steve leezmiesman has a look ate Economic Data and we have the latest on the stimulus notions its been a little jumpy. A little fitful action it is shuttling up and down within that range. It seems as if the market is trying to shake out the people or the al go riridg al algoriths the year to date chart, we remain here. We keep pointing out its kind of this, you know, upper range above the year to date break even level it is about 1 , 1. 5 up from this level in the 3400s. People say maybe represent an upside break
Points at the lows, the nasdaq nearly dropping back into correction territory after hitting an alltime high just last week. Tesla down more than 34 from its alltime high hit last wednesday. Apple down 18 , microsoft and alphabet too seeing some major losses when does the pain stop, guy obviously ive been pretty skeptical the entire move higher or most of the move higher something sort of struck me last week, i think it was wednesday when you had those headlines from the cdc putting on notice people from the 50 states to get ready for the vaccine and the market had that huge rally to the upside what caught me by surprise was the fact that the volatility index didnt buy it. That was the tell. I think it continues to be the tell to answer your question, i think youre going to see the bottom on a day where the market has a big move to the downside coupled with the day the vix actually moves lower as well. We didnt see it today the one thing that really struck me as upsetting today or somew
South korea. Infections slow in japan, but young adults becoming more vulnerable. Do infections in new zealand itsend weaken reputation as a covid19 beater. The Prime Minister is delaying the election. Down that is weighing matters in new zealand, but lets look at u. S. Futures. Uncertainty continues to plague markets as we kick off this new session in asia. Uncertainty when it comes to trade with the phase one meetings being postponed indefinitely. We are also getting an indefinite stalemate when it comes to stimulus talks, as well as uncertainty over the future of mailin voting and usps. Theve futures trading on s p, positive 5. 1 . The nikkei 225 up by about. 25 . We are continuing to watch price action on the topics, the worlds best performing index in august as we continue to see the encouraging recovery in industrials and financials. The japanese economy sent to crater by a record in the latest quarter. We are getting gdp numbers later today. In new zealand, back to one of the to
3000 jobs will be cut under bains new ownership. Bain capital ownership, which in addition to these details relating to jobs, we are also expecting to hear about aircraft fleet and the future as well, this after bain bought Virgin Australia in what is a pretty bold that on an industry that has been shattered by the travel restrictions and the coronavirus pandemic. Virgin australia committed to regional and charter flying. Of targetsindication and priorities when they are restructured in addition to 3000 jobs being cut. Also getting data out of australia. Manufacturing pmi, services as well as composite index coming through. Dropping from that preliminary number for july. The composite number of 67. 8 also a little bit weaker. The performance of Construction Index coming in at 42. 7, higher than 39. 5. Lets take a look at the aussie dollar. Largely to do with the situation in victoria. We have that renewed lockdown, stricter stage four restrictions. At this time, later on today and tomo
States to roll back their reopening process. And the move today in part driven by the banks. Goldman sachs, jpmorgan leading the dow lower as the Federal Reserve clamps down on dividends and buybacks amid the pandemic stress are the banks really as strong as they seem plus, the airlines are getting crushed today. Executives will meet with Vice President mike pence as we speak to ask for more aid as travel remains on eyes for most of the country. We will have more on that, kelly. But now over to you tyler, thank you so much the other big name, nike down 6 , almost 7 now after an ugly quarter. They missed estimates by a long shot revenue dropped 38 . Setting off a key debate on wall street we could be in for an earnings season of pain as Companies Struggle to get back to business we will continue to backstop any market pain if the economy remains sluggish or comes to a halt again what will take the wheel Going Forward . Bob pasani and steve diessman to debate the rising cases and the slo