The s p 500 is down half of 1 . A 125 point drop. 5059, the market is pricing in the events in china overnight. Olivia same story all year, the market moving sideways. Some of the top stories we are watching at this hour crossing the bloomberg terminal, another big takeover in the health care industry. Hassraeli drug manufacturer agreed to purchase allergan and its generic drug company. Teva with jew its hostile offer for another drug withdrew its hostile offer for another drug maker. Financial, 2. 2 billion in cash, they are the parent of Standard Poors owned by new mountain capital, members of management. Matt orders for durable goods came in higher than expected last night. The first time in three months there had been a rise in orders. The Paris Air Show was during that time. 13 corporations are investing at least 140 billion to reduce their carbon footprints. Including apple, goldman sachs, and berkshire hathaway. They have pledged to cut in missions and water use and will agree t
Earnings. Olivia take a look at those declines, you are seeing major benchmark indexes in europe all up 2 or 2. 5 . And the broader continental benchmark off by 2 . Sour sentiment coming over from asian markets, but also Economic Data coming out of germany this morning, perhaps. Pimm there was market moving you cant out of germany. Olivia german Business Confidence is up today. You would have thought that would have produced pimm maybe theyre looking at china. Everyone is looking at china. Top headlines, stocks lower in china. The shanghai composite falling 8. 5 , the most since 2007. Investors are concerned the Chinese Government may hold the steps it has taken to prop up share prices. Earlier, the head of the council on Foreign Relations called a nightmare scenario for chinas leadership. The question is where does this government, where does this party get his legitimacy . They cant quite figure it out if markets cant work. These are broadly participated in markets. The real problem.
Composite, spread to europe, and spread to the u. S. The u. S. Holding up much better than we thought. You may want to buy some weakness in the next day or two. Scarlet that is what people are doing given the losses have moderated overtime. 75 stocks fell for everyone that really you are not seeing that much negativity here. Take a look inside this terminal put the s p into perspective. What you are looking at is how long until the s p gets a 10 correction. Is the third longest stretch. The first since 97 and 2007. Do you want to be associated with this . Scarlet come inside my bloomberg terminal here. A 200 day moving average. Within the bloomberg terminal you can see this. The purple line as a longterm trendline for the market. We bumped up against it three times this market. Three times. You can see the purple line has been at support level consistency level consistently over the last year. We bounce right back and now we are touching it again. Brenda a lot of traders want to work a
Data and they have a different much smaller number. Stephanie say it aint so, mr. Trump. Time to give you the top stories 32 big drugmakers reported earnings. Pfizer posted secondquarter revenue and profit that beat analyst estimates. Sales of its new cancer drug rose. Meanwhile, mercks secondquarter profit fell. Merck also raised its profit forecast for the year. The profits surge in the second quarter. At ford. Earning has rose 44 beating estimates. The reason, the demands for the numa aluminum bodied f150 pickup. Discounts on the truck after sales fell last month. The sales account for 90 of 40s profit. Ford said it will be september before the fully stocked. Matt i like the idea and i will get you one third you deserve one. President obama is wrapping up his five day trip to africa. Today in ethiopia, he warned African Leaders that the continents economic progress rests on a fragile foundation. He said something must be done to provide opportunities for young africans. President ob
The month of july. The month earlier, jim, was 99. 8. It was at the second highest level since the recession. 100 was the economists estimate. 90. 9. We are seeing Consumer Confidence worse than estimated. Im looking at the s p 500 on the screen behind me. It looks like we are not seeing a huge effect. If anything, stocks have rallied off of the lows of this early session. We will continue to watch the reactions, and the read through to the fed which begins its meeting today. Matt thank you. Lets go to the market. Right behind julie you saw the market rallying from a low. It was coming down a little after the Consumer Confidence number. He s p is up one third of 1 earnings surprises helped the market. The dow added. The nasdaq is unchanged at 5000 43 at 5043. Saying i rally that we have seen in treasury. It is being interrupted with a selloff in chinese equities. The treasury is a little bit weaker on your screen, the yield on the 10 year is up for basis points. The meeting begins toda