But is the custom sound System Company showing trademarks of a takeover . We will talk about the survivability of upstarts in the big tech era . Breaking news. U. S. Treasury has named no currency manipulators in its fx report, effectively taking china off of being a currency manipulator. Again, the u. S. Treasury has named no currency manipulators in its foreignexchange report. We know that china was put on that designation list in august, being removed today. I want to get back to our top story. It is all about earnings season here. The big banks set to report earnings this week after having spent billions on technology in 2019. That could be bringing a big change to the bonus culture as traders are being forced to unlearn some of their most basic assumptions about making money. Joining us, our Bloomberg Finance reporter. What are we learning about unlearning the bonus culture on wall street . What we are unlearning is that bonuses or maybe a thing of the past. In the past, traders w
Welcome to squawk alley. Im jon fortt. David faber and Morgan Brennan are here a lot to get to today, including winners and losers from last nights Golden Globes. Well begin with todays market drop, though stocks are off the lows, actually at the highs of the session. Bob pisani has whats driving todays down swing and maybe swing a little back up more than a little. We almost went positive a few moments ago on the s p 500 heres the intraday. This is similar to friday. The low print but v was there at the open friday we tended to have faded into the middle of the day, looked more like that. Well see if the same pattern happens. For the moment, we touch even going on the s p ill show you the sectors here cyclicals tend to be most affected energy on the upside today mostly the big integrated companies that are up, shale down, e banks down but off the lows same with transports not a good day for the transports overall retail is down, but again, off the lows thats the general pattern you se
New ceo. Largely on the and, mobility tech is all the rage and uber takes one more step to becoming a onestop shop for all of your transportation needs. Heavyweight Technology Companies led a rebound. Andanies like salesforce alphabet, fresh record highs. That means that the smallcap Technology Companies are looking relatively cheap on a valuation basis. Joining us, bloomberg across asset reporter sarah ponczek. Really i am showing, now looking like some of these smallcap Tech Companies look cheap relative to some of those big things. You are looking at the forward price to earnings ratio the s p p 500 versus 600 for both technology sectors. 600, as you can see, trading at a discount, at the lowest level since 2001. I will say that we posed this chart to Jonathan Golub of Credit Suisse about an hour ago and he said, i would not be too quick to count out these large Tech Companies. , but theaw the rally earnings picture for smallcap is likely to be a bit rockier. At the same time, many
This is not a drill. Gwyneth paltrow will join us after announcing her new show with netflix power lunch starts right now and welcome to power lunch. Lets take a look at the markets now. The dow well off the lows of the day. Still just barely in negative territory but earlier, down more than 200 points. The s p and nasdaq have now turned positive and check out shares of alphabet up 2 jumping to a high after Pivotal Research calls the tech giant a buy. Lets get started with bob pisani at the New York Stock Exchange for more on whats moving those markets e today this is different than friday, contessa again supporting the idea of these kind of events while emotionally disruptive have limited economic impact. Thats what the market is saying so like friday, the low is at the open heres friday and heres today theres the lows friday though, we saw a move to the upside in the middle of the day now, we have been slipping already. We are not slipping. We are holding up here late in the afternoo
Uber and lyft went on public with much fanfare. What does 2020 have been store . The s p 500 returning 46 so far this year. The last time we saw these gains was 2009 with the index returned 60 . The breakdown for what is driving this is michael regan. What is fueling this massive rally . Mike mostly chipmakers. Lam research. There has been talk about this rotation out of growth into value. Sells whatcell happened. It wasnt a great year for growth for most chip stocks. It is about the next big thing. What are the next big things . 5g, a lot of chips needed for that. Is in early stages. Machine learning, ai, there is a lot of optimism tilted around these innovations. The Cloud Computing arena has still not completely matured. The next big thing used to be social media, google, facebook, and those have matured to some degree. People are looking forward to that next big bump up in Tech Innovation we will see in 5g and iot and on and on and on. Taylor i want to look at this chart im showing