To chancellor merkel set repair a second round of stimulus up to 100 billion euros. Friendship bars and restaurants reopen. The reopening narrative gaining momentum, but that is not what markets are focused on. It is the increasing tensions between the u. S. And china dominating. When President Trump talked about holding a News Conference about a possible response to china, perhaps retaliation if you will, we saw the u. S. Architect take a hit. We dont have a timing for the News Conference but we have read on the screen in asia, and terms of futures, reacting to u. S. Futures. European futures even more so but perhaps playing a bit of catchup. The 10 year yield is slipping. The yen is strengthening. Oil trimming its biggest monthly advance on record, being swept up in the broader negative sentiment. President donald trump said he will announce you new policies in china. It follows beijings attempt to impose security measures in hong kong. This has further exacerbated tensions between t
20. 5 in a data set thats never been more than 2 million in a single month, numbers we never expected to talk about no. The numbers are just completely and totally shocking not unexpected however given the carnage thats taken place in the economy over the last month as we locked everything down those lockdowns ending around the country. Things starting to at least normalize in some states the question will be of the 18 million workers who describe themselves as a temporary layoff of that 20 million, how many really will get their jobs back is a key given the markets reaction today, there seems to be an expectation that most of them will that will remain a question over the next many months as we hope that the economy does start to return to some semblance of normalcy mike, lots of internals to dig through here average Hourly Earnings show a chasm between lowerpaid employees in the country and those with higher wages who, judging from the data, lost their jobs at a slower pace. Yeah, no
Shutdowns until at least may 15th we have a great lineup today. In just a few moments, well speak with Patrick Harker about what will take to get the economy back on its feet and later, Alexis Ohanian will join us hell talk about his investment in a company thats help iing Small Businesses navigate the loan process, which is one of the issues lets focus in on the stories we are watching in this final hour of trade wilfred of course covering the bank earnings. Morgan stanley the latest. Meg has new details on testing but well begin with breaking news out of washington where President Trump is expected to meet this hour Via Teleconference with governors. What are we expecting here that conerer sags is about to get underway where President Trump is going to share with the nations governors what the white house and its medical team have arrived at as far as the guidelines for reopening the economy. The Daily White House briefing is going to take place at 6 00 p. M. And what President Trump
Fafr path forward as the company sets its sights on reopening. The groups president josh bolton will join us in a minute. Kelly. All right. Thanks very much we have all of these market angles covered bob is covering stocks for us. Steve digging into the jobless numbers and kayla on the latest from the white houses plan to reopen the economy lets start with bob on this choppy market session. Bob. Choppy. If you look at the s p, very narrow trading range look underneath the hood and youll see some sectors really doing very, very well and others getting beaten up pretty badly today. In fact, all throughout the week tech stocks are holding up well. Semiconductors have doing well nvidia is doing well microsoft has regained not quite but almost all of the losses it started with in february amazon and netflix all sitting 52 weeks high. Elsewhe elsewhere, look underneath the hood here. Energys horrible week industrials are having a tough week bang stocks are getting clobbered. We have earnings
Year high as the coronavirus layoffs start to show u. And Oil Rebounding crude on track for its biggest oneday gain ever. Absolutely. Its up 26 though still down 17 for the week as a whole. The dow was up 500 points. Now only up 235. Lets focus in on the key stories were watching mike is tracking todays Market Action e meg is covering new developments from the Pharma Industry and kayla has the latest on proposed bailout, but mike, lets kick things off with you. Thanks. Obviously seeing a general pause in the intense selling weve seen perhaps had a wave of that liquidation pass us by and the big old Growth Stocks are leading the way. That hasnt changed through this whole sell off especially sed soed if you look at a one yore chart starting with the nasdaq, 100 the leader, s p 500. The equal weighted verse then the small cap russell 2000 you see that distinct tearing on a oneyear bases in terms of what has worked better if you just focus in on the last month, by the way, one month ago to