Tensions with the u. S. Remain tightened. Those stories and more tonight nightly Business Report for tuesday, june 25th. And good evening, im Contessa Brewer in for sue herera. Welcome aboard. Good to have you back. We begin with the Federal Reserve, which has been a iving force of course for stocks. The market has been looking for an sbes rate cut as early as next month. Any suggestion one is coming, investors cheer. Any suggestion of something else, stocks falter. And thats what happened toy. Fed chair gentlemjerome powell e fed o grappling with whether reduce Interest Rate and while he said there is a case to be made for lowering them preempively, he said he did not know how long all the current economic uncertainties willast and h warned against Monetary Policy that responds to shortterm political interest. Today, the dow fell 179 points. Nasd down 120. S p 500 slid by 27. Dominic chu sarts as off. Jerome powell saking at the council on Foreign Relations saying the Federal Reserve
Joining us for the hour to break down the market action, keith bliss. Good afternoon to you. Thank you very much, wilf really good to be with you snapshot of today, why are we selling off . Number one, you have low volumes coming into july you usually have the spike in june on the weekly volumes were seeing that today. Listen, you got to say the news is really washing over the markets as it relates to boeing. The downgrade we had at apple, people are getting nervous about what fed chairman powell may say and may not do at the end of the month. I think thats why youre seeing a little selloff in combination with that is we did get overbought in the dow a couple weeks ago are traders talking about the fed and whether they may not cut at the end of the month . Youre certainly seeing that in the discussions that you have with traders and investors alike. Youre not seeing it reflected in the fed funds futures yet still an overwhelming majority of people think were going to get a 25basis poin
What we had seen with the weakness last month. Overnight in asia, the nikkei actually was down almost 1 . The shanghai was up by a half percent. In europe you will see the dax is flat. So is the ftse cac is up. There are green arrows across the complex of stocks. The treasury markets this morning will be closely watched. The tenyear at this point is yielding above 2 . We want to start with some developing news. The New York Times reporting that President Trump approved military strikes on targets in iran that would be in retaliation for shooting down a surveillance drone but the mission was called off at the last minute eamon javers joins us in washington, d. C. With the latest good morning. The New York Times and the Washington Post are reporting that the president authorized these air strikes last night but backed off at some point subsequent to having authorized it the New York Times is reporting that the mission was under way. There were planes in the air, but missiles had not been
Rebounding from the downward dog days, and bitcoins big bounce, whats driving the crypto climb, and a serious snap back for snap. I havent gotten to you guys yet. Is it a surge or just just poof, just disappeared like that. Im Tyler Mathisen in for melissa lee. On the desk, dan nathan, and guy adami, we start with the market jump. The dow up 314 points, blue chip index now up six of the last seven days. Nasdaq and s p 500 bouncing more than 1 , wall street embracing earnings season optimism and shrugging off those rising treasury yields which were higher today. Among the biggest winners, retail, the s p retail etf rallying almost 3 , solid rebounds, since its been down nearly 8 over the past three months. A lot of those names really limping. Another encouraging move higher in transports, rising 2 today, transports struggling since hitting 52week highs over the summer. And these gains today came even as yields ticked higher, so could this be the start of a seasonending melt up for the m
Revenue. More labor strikes to come. Thousands of hospitality workers in vegas planning to picket this week after another round of failed negotiations with the casinos. Lets begin with the markets trying to build on yesterdays rally, jim. Were you surprised at all by what stocks and oil did . Yes. Actually i started my show last night by saying a little counterintuitive you could have both at the same time. If you take a look at the same time, obviously, vice chair jefferson speaks and boom, 1 30. They couldnt take the oil stocks down because of whats going on in the middle east. They didnt have the bonds because of columbus day. It was a threepronged oddity that the s p could roar and we didnt have the bonds to key off of and set up a picture that i think was counterintuitive to most people. You had logan and then jefferson talking about higherterm premiums and being mindful, they said, of the impact of higher rates. Yeah. I also think you had the note from edgar din any. Hes always d