Workers of an annual cost of a billion dollars and thats why the stock is down. Down 1. 6 . Tesla, the stock thats going straight up and it has nothing to do with the virus. Tesla, 500 index meaning a lot of Money Managers have to buy the stock so up it goes and by the way the gain of 53 13 makes elon musk the third richest person in the world. Overall, the market is in a mild selloff mode. Dow jones closing and 29950. Its retreating a bit. S p down about 25, nasdaq a slight gain. A big tech is doing okay. We are in creeping lockdown mode and thats the problem for the markets as many states and cities imposing new restrictions as virus cases arise. Wear a mask in north dakota, utah. No Indoor Dining in california, michigan and in philadelphia, no indoor football watching parties. My opinion, thanksgiving next week, confrontation is coming. Who will enforce limits on your thanksgiving celebration . Where does president elect joe biden the stand, lockdown joe, where does he stand . Hes n
But im good and im back. Tom we are thrilled that you are back, and this illness is something, whether it is the flu or covid or whatever. Betsy grace at Morgan Stanley yesterday, and she said she is focused on the original moment we had in earnings yesterday. We will see that with j. P. Morgan and wells fargo. As you mention in your opening, the major thrust here, country to country come is on lockdown, and if and when anybody can really wish country to country, is on lockdown, and if anybody can relinquish the quarantine on society. Francine we will have a full round down rundown on the possibility of a vaccination, but we are nowhere near that yet. We also have to look at antibody testing. Lets get to the bloomberg first word news in new york city with viviana hurtado. Viviana President Donald Trump hopes to reopen the u. S. Ahead of schedule. The president saying within days the administration will issue guidance for governors who want to relax social distancing practices. The pres
Jonathan it was better with cable down and the euro at 1. 17. Alix talking about cable, take a look at the gilt market. In the gilt market you are seeing yields up about four basis points. After thetively flat data out of the u. K. Unemployment and wages. Dollarmex down slightly. Aluminum missed, down 1 . David it is time for your morning brief. We will start out here in from two fed president s, bill dudley and Robert Kaplan in a discussion. U. S. Nutes later we get Housing Starts and Building Permits for september, and the Senate Finance committee will meet with President Trump. Jonathan chinas president xi jinping laid out a roadmap to turn the country into a leading country by 2050. He warns there may still be a bumpy road ahead to success. Our development is due within a great situation. Slight but our challenge is tough. Jonathan opening chinas doors to foreign businesses and monetary policy. Joining us are Tom Mackenzie and enda curran. Just run us through the highlights of what
Obamacare repeal yesterday. A very strong jobs number, with unemployment at an 11year low. But the market meanders during the day. It just wasnt the huge upday that i think you could have expected given all that good news, bought rights now were caught between those that think the economy isnt all that strong, as demonstrated by the weakness in the commodity complex versus retail sales. What could tip things in favor of the bulls . If the white house and congress can come together on some kind of tax reform, this market would roar if they would pass what our president describes as the biggest tax cut in history. Although have you noticed he tends to you hyperbole . However the markets clearly skeptical of washingtons ability to get things done, because otherwise the averages would have soared instead or just bide their time and go up at the end of the day. Were still in earnings season, which is now back to its garden hose status, instead of the fire hose numbers we have gotten used to
John. Michelle, the breaking news is that bob corker, the senator from tennessee, republican who chairs the Foreign Relations committee, has told the Washington Post he has withdrawn from consideration as Donald Trumps running mate. It underscores the question hanging over trumps running mate process, which is who exactly can he entice to run with him. Can he get given how controversial his reputation is, can he get a young rising star in republican politics, or does he got to pick somebody like newt gingrich, the former house speaker, chris christie, the governor of new jersey, who doesnt have much of an electoral future given controversies that have weighed them down. Bob corker is somebody who has been rising within the senate and in republican politics. He says the job of being the Vice President ial candidate is more political than he wants. That hes more of a policy guy. Not comfortable being the attack dog in the campaign. So he has taken himself out. Weve still got some others,