Despite strong sales during the shutdown, especially from walmart. And times of trouble in the Housing Market u. S. Home building dropped by the most ever in april a lot of talk of a bottom has those housing stocks up as well today. Absolutely. But as you said, the Broader Markets near the session lows. Coming up on todays who, well speak with Eric Rosengren on the back of that congressional testimony from chair powell and secretary mnuchin. Well get his read on the economy and whether weve reached a trough in the data plus, well speak exclusively with jim fiterling as the Company Releases a return to work playbook but lets focus in on the big stories were watch ing today. Mike is tracking the Market Action courtney has highlights from retail earnings. Mike, you and the market just selling you have a bit, but of course only lightly following yesterdays big rally. Actually today is i think the narrowest range intraday for the s p 500 in three months and by the way, three months to the d
Territory. We will see how long that lasts. A strengthening dollar today and treasuries at around 63 basis points for the 10 year yield. European markets are returning today. The ftse 100 was the only one open on may 1. The rest were closed. We went lower the first thing this morning. The ftse opened and was trading higher, but all of the others lower. Out of the gate as you say, we got a stronger teller today. A big move coming out of the ecb tomorrow sorry, out of the Constitutional Court regarding the ecb. We had some really poor Economic Data out of the manufacturing front in europe as well. The italian 10 year selling off just a touch. Brent crude up by 1. 21 . Climbing init risk europe unbidden mounting economic concerns over u. S. Suggestions that china hid the severity of the covid19 outbreak. A sickly escalating rhetoric, which is being a little bit aggressive towards china. We have a speech from the National Security advisor today which called out china and the suppression of
Handling protests breaking out across the nation. Lets get straight to Julia Boorstin with the very latest. Julia. Melissa, Mark Zuckerberg did defend himself and his stance in that meeting with facebook employees. Facebook just issuing a statement moments ago saying open and honest discussion has always been part of facebooks culture. Mark had an open discussion with employees today, as he has regularly over the years hes grateful for their feedback the New York Times reporting that zuckerberg said in this meeting that of the decision not to flag President Trumps post, quote, when the looting starts, the shooting starts is what he called a tough decision but that it was pretty thorough zuckerberg reportedly saying that the companys free speech policies show that the right action where we are right now is to leave this up zuckerberg reportedly saying in this meeting with employees that he knew this decision was going to lead to people within the company being upset as well as to critic
Romaine we will get back to david in just a moment. Taylor to jump over to riggs. Taylor attack, the big movers. Wanted to take a look at interday of the s p 500. Pretty volatile. Earnings around, so if you dont mind, i will jump to the end of my segment here where we were taking a look. Amazon saying that they are 26 ng net sales up yearoveryear and just a little bit higher than the estimates of of a 73 and three quarters billion dollars. Secondquarter net sales a here, versusy estimates of about 78 billion. They are saying that they see the crisis, demonstrating adaptability and durability. Amazon First Quarter net sales just above estimates. Sales rising about 0. 25 . In theally interested cloud service. That is where we saw a lot of strength with microsoft and alphabet. Strength within that cloud business. Very curious as Amazon Web Services is the leader. I will leave you all with that note. We will finish that later. Amazon coming out. That is going to be the key driver here as w
It took a tumble in less than six weeks and then rebounded 36 of the lows from april yesterday. The s p down 34 from february 19 to march 23, less than five weeks. Crazy to think about how quickly that fall came then we were back up 30 off the low for april. Joe . If you used april then i could get to 82 years i dont think sorkin was listening to me. I was i said, no, i dont remember. You are always saying maybe i wasnt around for that here is my proposition for you, andrew sell in may is a common expression go away ive never felt more like selling in may than i do right now. I have to be honest. It is not just you. Look at the dow this morning down 454 points. Just to test whether this kind of thing works. It would be impossible for me to go long with money what was he, 163 or something. I saw another guy say it is going to be so hard over the next year that we are looking at another 40 drop others that say the average recession that the market doesnt bottom for 11 months although jim