Runs just under two hours. Good afternoon, everyone. Thank you for being with us, or being near us, at least in the technology since. I welcome all of you to todays hearing that weve entitled, examining the response to the covid19 pandemic. The subcommittee at the sound of the gavel will come to order. As the nation continues to fight the unprecedented Public Health crisis, americans worked to protect against further spread of the virus while trying to maintain a certain degree of normalcy, including maintaining a job and earning a paycheck. There is not a corner of the u. S. Economy that has not felt the impact of the pandemic todays discussion will talk about the harmful effects on the Manufacturing Sector. During this pandemic, many in the Manufacturing Community have adapted their operations to help provide products needed to prevent the spread of the virus. Distributionlesale company that pivoted to manufacturing face masks in response to a dire National Supply shortage, or a cart
Dow down about 30 points though fractional moves if you look at whats working in the trade, its not your Traditional Technology and consumer names its utilities, health care and materials. What is netflix big miss for the growth trade is this a warning shot of beloved technology darling getting too high expectation it might be tactically on the short term but i dont think long term. For you to see a true rotation out of growth into value, you actually need to see Economic Growth and acceleration and a little bit of inflation. While we are seeing improvement in growth, we still have a long way to go. Were definitely seeing the better growth. Look at retail sales, Industrial Production this week every week were Getting Better data whether it lasts or not because of the closure is a big question mark. We are seeing better growth. What we dont have is inflation. Thats what value needs to out perform growth for the time being, i think youll continue to see growth in value as i mentioned, ta
Thinking about over the weekend . Next week, which is going to be just gigantic we have everything from ibm, we will bookcase ibm on monday and American Express on friday, both will be challenging and i think they could determine things. Carl, i have to tell you, 8 30 santelli comes on and gives you that housing start number, then diana talks about how there are not a lot of houses. I sit here and i think the fed has done a magnificent job, what can they do . They can take rates down to the point where, yes, maybe jpmorgan doesnt make as much money, bank of america certainly doesnt, but people are buying houses and thats whats been working in the stock market this week is the housing trade the lows, the home depot the deere small tractors, that stuff has been flying off the shelves and thats exciting. It was not, of course, the cloud, saas stocks and cybersecurity. Theres always a bull market somewhere. Right weve been taking note of all the upside reannouncements today. Today its daim
Bigger. Astrazeneca approaches gilead for what would be the Largest Health care deal in history. A joint company would be worth almost . 25 trillion. Cheaters. Brents eightday streak is the longest since february as opecplus seals a deal to extend output cuts but worries persist that some nations may not to the line. Payrolls rebound. On employment in america declined. The surprise jobs bounceback does not apply to black americans. Colin powell turns against trumps threat to use troops against protesters. Lets take a look at what is going on in futures. European futures are not pointing higher right now. We get german industrial output following more than expected. 17. 9 month over month, extending a 16. 5 drop. But even before this news which is just breaking right now on the german economy, we have european futures down. Not seeing the same kind of gains that the u. S. Markets saw after those jobs numbers came out, so not catching up to the u. S. Market. That said, european stocks ha
Fed funds rate the chairman talking about the action and admitting that the cut may not be a cure yall, so to speak we do recognize the rate cut will not reduce the rate of infection or fix a broken supply chain. We do believe our actions will boost our economy. Avoiding a tightening of the conditions that will help boost household and business confidence. Then stocks whip sawed with stocks ending down yesterday, the yield dropping below 1 for the First Time Ever take a look where we stand now at. 94 as we speak quite a bit lower quite a day. You want to get ahead of these things but can you we were up 1,300. I know. Im not listening actually i do want to know your predictions. He would shave to do it at some point i think there is no winner here exactly if they didnt cut, you are skpengting why didnt they cut and the markets go down . What do they know nobody else knows. At this point, it is pure insurance trying to loosen liquidity. You look at people looking at mortgages. I locked i