It wasnt the highlyanticipated speech from fed chairman Jerome Powell that sparkedy to intense selling. Instead, it was a new record ou tariffs imposed by the chinese ndvernment on goods President Trumps response to hike more tariffs on chinese goods. It all served to escalate the trade waretween the worlds two largest economies. That clouds the outlook f theon y and it rattles wall street once again. Here are the closing numbers for this friday. The d industrials down 623 points to 25,628. Sdaq fell by239, and the s p fell 75. Seema mody walks you through this day from the new york stoc exchange. It was another dizzying day for the stock market. Equity futures initially rose oe encouraging cs from fed officials but just befor 8 00 a. M. Eastern, china announced retaliatory tariffs firing the latest salvo in the trade wars. At 10 00 a. M. Astern stocksli ed off their lows briefly when the fed chair said that the fed would act as needed to sustain the economy. An hour later President Tr
Chipotle and snap. All of them, up big. Facebook and teslas numbers come out later this afternoon. Both down in advance of the official numbers. The overall market, that will open lower in large part because of the downside move of caterpillar and boeing which are dow stocks which are taking a large number of points off the dow. We will open down about 100. Look at that nasdaq, down about a half percentage point. Unless theres a big surprise, again, this is my opinion, the hearings are not likely to affect wall street. Varney company starts right now. Stuart they started. Youre looking right now live at the mueller hearings. Joining us, judge Andrew Napolitano and liz peek and david barnson will chime in as well. Weve got him on camera. First to the judge. Okay. They started at 8 30. 31 minutes ago. You have been listening. What have you heard so far . That bob mueller is a good marine and hes going to follow the instructions from the department of justice and basically not talk about
Chipmaker is writing the demand for cuttingedge semiconductors. We set we had asset mark, a that is your business flash update. Romaine if you are looking to chinese asset company, up 23 . Buy a maximum security vault in singapore to store all your you also had iheart radio, which precious blue diamonds, you in dropped 3 . Luck. The freeport, considered asias fort knox, is looking for cloud strikes and some some recent ipos. Potential buyers looking to spend 74 million on ewald. Lets dive into our market action. Lets look at bitcoin. I thought this was interesting. They set this vault up in 2010. A roller coaster ride in the month of july. The whole idea was people with a lot of wealth and material earlier, bitcoin had been lower. I live on my own now possessions like gold, diamonds, ive got xfinity, in july, one point down double digits. Because i like to live life in the fast lane. Atis also up in a big way even cash, could have a freeport type of place to store that unlike my parent
The latest phil melissa, not surprisingly boeing will take a big hit when it comes to the q2 earnings that it reports next week lets run down the numbers the Company Announced within the last half hour it is taking a 4. 9 billion after tax charge that works out to 8. 74 a share. Thats for the Second Quarter. Essentially it comes down to the 737 max, they say it is due to concessions and considerations theyre going to be needing to make to customers, not only those they made in the Second Quarter but extending over the next couple of years revenue and pretax earnings are going to drop by 5. 6 billion in the Second Quarter or theyre going to be reduced by that much in the Second Quarter. Production costs in the Second Quarter, up an estimated 1. 7 billion, but we should point out that is accounted for over the life of the program so it is going to be extended out over many years since they have more than 4,000 737 maxes on order the assumption from boeing at this point is that the airpla
The same as wall street saw the two previous market peaks, september and may. The pricetoearnings ratio below 17 for the next 12 months. Right now ahead of what could be a couple of fed rate cuts and a trade deal still in the works with china, is the market still a value trade or a value trap . Who is that dion warwick it is dionne warwick. Like that wasnt on in your car on the way over. I love that sothebys stuff. Deja vu my voice, i apologize to the people at home i know you think you know me, and you say, absolutely, value trapped in terms of the s p and you know what, mel youd be wrong wrong wrong, i think its a value trade. I think its 17 times for ward earnings and in this low Interest Rate environment the market is not expensive and it will not sell off because because of other reasons and theyre right at the top and the fact that maybe the fed will disappoint or maybe there is no china deal or maybe this situation with iran gets worse and the mark has a lot of reason to sell of