Something we havent seen for the dow and s p in more than a ho month and a half to wilfred frost who has breaking news. Hi, morgan. Yes, james gorman the chairman and ceo of Morgan Stanley sent a note out to colleagues that were seen by myself and the content confirmed by a spokesperson at Morgan Stanley, in it he said, quote, 90 of our employees are working from home. As a result the normal bonds created by every day interactions with colleagues have been impacted and im hoping my perspective on the firm and crisis will be helpful and you have all seen the Federal Reserve actions are extraordinary but given the circumstances necessary markets cannot function without liquidity and they have taken real steps to address this critical issue he went on to say, slowly, governments across the world are putting aside their politics to arrive at blockbuster support and stimulus packages. Way too many people have lost their jobs overnight and it is central for government to act as aggressive as
We will go to that conference once the mayor begins his remarks. Well hear from a number of ceos about how sandy has impacted their businesses. The heads of hartford financial and landry is among the top executives who will be joining us over the last few hours. How equity Index Futures are trading. Will cease trading in 15 minutes time. The dow and nasdaq pointing d n down. As for europe, the action dominated by Deutsche Bank and bp. We do see green arrows across the board with a 1 gain in germany. At least 16 deaths blamed on sandy as the storm continues to wreak havoc on the northeast with new york and new jersey dechaired major disasters. Overnight more than 200 patients have been evacuated from two nyu langone hospitals after backup power failed. Millions on the east coast awoke without power or mass transit. An estimated 7. 8 million are believed to be without power and experts say it could be several days before it is restored. Mass transit at a stand still after an unprecedente
Right now. And welcome, everybody, to power lunch. Im tyler mathisen. Stocks are lower to kick off the week with all three major indexes sporting somewhat modest declines, massachusetts dak the biggest of the three. Financials posting the biggest losses and the new kid on the block, snap, is having its first down day since going public thursday. Snap down now. Michelle, nearly 7 . Big intraday move there, tyler. Yep. Im Michelle Carusocabrera. We have a busy twohour show once again we kick it off with news out of the white house. President trump signing a new order on immigration, following a busy week of meetings, travels and controversial tweets. Eamon javers join us. Reporter were told the president signed the executive order at the white house earlier today. The white house didnt allow reporters or cameras into the room for that. They did make a few highranking officials available for some comments on television about this. Secretary of state Rex Tillerson described it this way. It
Six of the last seven days. Saying markets are still a bit nervous about the potential brexit next week. The dow jones is down. 3 , the ,asdaq near a threeweek fourweek low. The s p 500s down. 3 . The s p 500, one of the few sectors that is up our homebuilders. We just had Housing Starts data this afternoon showing Housing Starts are a little unchanged in may, however, permits, indication of future construction, are up and continuing to increase. Hat is helping the markets still, the s p 500 down. 3 , big declines across the board. News is down 1. 7 after that regulators in china said the latest iphones violated some Design Patents of a chinese headed, so now that is for its biggest slide in five weeks, dragging down the tech sector with it. Health care right now leading the declines. We are seeing this has been one of the weakest sectors this whole year. We are now seeing Drug Pharmaceutical companies down 2. 7 . This is on concerns of not only a brexit, which could impact the sector,
We can see the s p looking some muted reaction this morning. Perhaps today will be a quiet day. How did europe do . Lets show you and see how it is doing. The markets wont close for a few more hours. There is a look at the uk. And germany and france. All of which are in the green. One week ago, a very different story, wasnt it, as you look, that still takes your breath away sometimes. 1. 419 on the 10year. Its 2016. Halfway through. Those people who get older, those ones, those guys who get in their like 50s and 60s have no place to invest. No kidding. No kidding. What do you do . Municipal bonds. Its a problem. Whats this we, you stuff . Ill be there soon enough. All right. Our road map this morning, starts with the first trading day of the second half where the market is heading as we turn the corner, oh, man, second half already. Hershey rejects a 23 billion takeover bid from mondelez. First we told you about that yesterday. The question now is, well what is next . What does the tru