The committee will attempt to order. We are already having some technical problems. There we go. Thank you. Before i begin my Opening Statement this morning, i want to acknowledge the loss of congressman john lewis. The civil rights icon changed history. In 2015, i was honored to be among those who joined him in selma to commemorate the 50th anniversary of the bloody sunday march 2011. I send my deepest condolences to his family and loved ones. Todays hearing comes at a time when our nation is experiencing confluence of the Health Crisis economic depression series of killings laid bare the racial injustices in our country. Our focus today is on covid19 disproportionate impact on black and latino seniors as well as seniors from other racial and ethnic minority movies. According to the New York Times analysis black and latino residents are infected with the virus at three times the rate of their white neighbors and they are nearly twice as likely to die from covid19. The state of maine h
We are also getting some breaking news out of china for end of july Foreign Exchange at 3. 1 coming in trillion. It is a touch above that. The markets also focusing on the stimulus in the u. S. That may or may not be coming. President Donald Trumps latest attack on Chinese Companies also stoked tensions with beijing, which is why we are seeing treasuries and dollar actually rising. The president signing an executive order prohibiting u. S. Residents from doing any business with wechat, tiktok, or the owners of these chinese apps. Now, lets get straight to the bloomberg first word news. There has been no headway in talks between the white house and democrats over a new virus relief package. There are still major sticking points and both sides are accusing the other of refusing to compromise. One key difference is the top line number. The democrats want 3. 5 trillion of aid. The republicans want 1 trillion. Another round of monetary stimulus is expected from the bank of england. Policyma
Joe, you tell me first, whats going to be the determining factor this month for stocks i think were going to need to see some value. Were going to have to see energy and financials come around i know i am asking for a lot to see those sectors participate. To your comments at the top of the show about the month of august and the impact that it has, went back and studied the last ten years and in the last ten years, if you did go and purchase or enter the market at the low point in august, at the end of the year, in each instance, except 2018, you were rewarded for that. I would be concerned if we dont see a correction because thats the set up in 2018 we never got the august correction and we set ourselves up for a really bad fall id like to see a bit of a correction i would like to see financials and value and energy participate here i think thats going to be important but any type of correction, the history of the last decade tells you thats an opportunity to be a buyer thinking forwar
1. 2 million. Thats the lowest since the pandemic began we will tell you which sectors of the economy are hiring the fastest. The answer might surprise you. This company is powering up Artificial Intelligence for Big Companies amid the coronavirus pandemic and the stock is soaring. The ceo of live person i dont know if you can get a live person on live person but thats the idea. That person will join us later this hour. Power lunch starts right now kelly. Im here live live person a big company to watch. Look at this 11,0 11,062 we could have that over 11,000 close like you pointed out for first time in history. Remember that massive run higher in the nasdaq keeps going. At what point will it stop well have to see. Theres a little skepticism building out another place thats driving the action in the nasdaq is the Biggest Company of them all out there. That is apple. The number were looking for is 467. 77. Thats the number at which apples market cap reaches a total of around 2 trillion.
Bid. The dollar was a little stronger but now we are into that risk on field. You have a bid into gold, a bid into the 10 year yield. Old futures almost hitting a record high. Coming up, we are going to break all of this down with southwest ceo. He will be joining us later on in the hour as well as the founder of robin track. Looks atg he everything robinhood traders are doing. U. S. Initial jobless claims arising for the First Time Since march last week. Joining us now Narayana University of rochester professor of economics and former minneapolis fed president. He recently wrote a bloomberg piece that talked about what the fed can do in times like now, in particular when it comes to inequality. What should they be doing and what help should they be getting from washington . Narayana thanks for having me on. I think the fed should be doing all that it can to stimulate the economy in the current setting. That will further their current mandates in terms of trying to get inflation back u