Of china casting a dark cloud other its economic output. Industrial production, meanwhile, coming in weaker than expected and, oh, yes, china unexpectedly cutting rates by 15 basis points. All kind of negative headwinds. Now on the other hand, strong data guest canically not helping Investor Sentiment either. Retail sales rose more than expected showing that the consumer here in the u. S. , very resilient. But you know what thats codes for, yep, the feds could have to keep rates longer for high higher can higher for longer, rather. [laughter] Neel Kashkari saying today we are, quote, a long way from cutting rates. Oh, great. Those higher rates, however, certainly have proven burdensome to banks. Today Credit Ratings company fitch warning it may have to downgrade several u. S. Banks including jpmorgan, the big financials all moving lower on that warning as you can see. Morgan stan hi down 1. 33. Morgan stanley. Regional banks also seeing declines on worries over tighter regulation, toda
Welcome to squawk alley for thursday were at post 9 of the New York Stock Exchange were getting some Oil Inventories in a moment here Hurricane Irma makes its way to florida as a category five storm, slamming into several islands in the caribbean overnight. We have Team Coverage this morning. Wmaq meteorologist is back at hq phil lebeau is in chicago. Lets start with you we have a very strong category 5 hurricane that is going to churn over warm waters and low sheer, those help keep the hurricanes moving at the intensity that they have if you look behind me, you can see a very strong, very wide large hurricane first going to be moving towards turks and cake yoes as it moves forward tonight. Then eventually going to be making it to the southeastern part of the bahamas. And then the eye set on south florida. Still, were watching some questions and some points that we have for you as we move forward in the next few days the potential path as of right now could have this storm moving right
The dows advance today wasnt big. But it was enough to put it at levels never seen before. The blue chip index added 45 points to 22,203. The nasdaq fell 31. And the s p 500 was off two. The run to records for the dow was gradual and kind of quiet, as if the index was just crawling along. But something is helping lift that part of the market. Bob pisani explains what reporter the dow notched its third record close of the week today even as the nasdaq and s p closed slightly lower. The dow remains on pace for its best weekly gain since april. Crude oil sent Energy Stocks higher. Leaders included schlumberger. But there was some weakness out there. Other sectors that had been strong last week ran out of steam today. Bank stocks, for example, had been up 3 to 5 for the week. But most closed lower by about 1 today. Retailers which had been having a great week, they also declined today. Tiffany was down nearly 5 . Qatar still retains a 10 stake in the company, wiping out a twoweek rally in
Alibaba came public in 2014. Snap, and it went off like a snap, without a hitch. Believe me, it could have been dreadful. It could have been like the facebook deal. Boo which caused tremendous concern about the entire underwriting process. It could have been like twitter, which was way too hot, too soon. It could have been like zinga or groupon, two deals that spiked as only a small amount of stock was offered, socalled sliver deals and then cost aftermarket buyers loads of money. Instead the snap deal went off pretty much like clockwork. Congratulations, New York Stock Exchange. Causing nary a hiccup for the rest of the market. Dow sinking 113 points. S p backsliding 0. 59 . Nasdaq declining 0. 73 . The stock of snap, the company that has pioneered social picture messaging opened up at 24, a pleasant, not too hot, not too cold, gold i locks like 7 premium to its 17 ipo price. It went smoothly and while you may regard the stock as hopelessly overvalued, it could have played havoc with
Doesnt seem to influence was going on with the investigation. Maria the controversy coming as clinton and donald trump get back on the campaign trail. Both candidates in North Carolina and president obama will appear later today. A deadly week of terror continues. A string of bombings in saudi arabia yesterday, when taken place in a mosque or thousands of worshipers were about to hold sunset prayers. An event five years in the making. And nasas days back entering jupiters orbit overnight. The goal of the nation and what it means for Space Research coming out. More cool video, too. A center in the nba. Kevin durant announcing he will join the Golden State Warriors. Turning to markets, a selloff around the world. Futures. 393 by bus on the dow futures. Off the lows of the morning so far. And your british pound fall into a newt or the one year low against the dollar at 131 and change. The major indices in europe. Weakness acrosstheboard. A selloff of more than one and a 3 in france and ge