The market moving news from around the world. Joining us on the phone from hong kong is karen lee, from london, emma chandra, and here in new york is michael mckee. First we want to kick it off and hong kong come over the chief executive carrie lam spoke at a briefing following 12 straight weekends of protests in the city. Lam the government is confident we can handle a months long disturbance. I think it is a common goal and hong kong to handle this by ourselves. Alix bloombergs karen lee has the latest. Where are we at . Carrie lam speaking publicly after another weekend of violence, saying they can handle unrest without assistance from chinese forces, and that she still wants to hold talks with protesters. This comes after beijing issued its most direct warning yet, saying in a commentary on state media that the government has the Legal Authority to halt what it said had become a revolution, even though analysts still say such a move remains a last resort. There are calls now for an
Selloff today after disappointing earnings news from facebook owner meta. Please fact amazon after the belt and i think the street is prepared for some disappointing news as well. Nasdaq 100 down 2. 2 . That is just a concentrated version of the ccmp. Abigail doolittle has a look at the earnings that have driven these losses today and the effect on volatility. Abigail pretty brutal stretch. The declines you were talking about, we have the major indexes down for the second day in a row. I dont think the s p 500 is oversold yet. There could be more selling ahead. This is since j. P. Morgan kicked off earnings season, down 5 . The worst stretch of the year. The bears are in control. Looks like we will have a thirddown month in a row for the s p 500. Relative to the earnings that are pressuring this week has every thing to do with big tech. Yesterday was alphabet and today is meta and alphabet and amazon. Meta down about 5 , the worst day going back to december of last year. The quarter wa
Strong number but they did not hold on. We ended with red on the day. Still less than 1 but it felt like a selloff. Scarlet look no further than retail. I have a weekly chart of some of the names that got taken out to the woodshed. Jcpenneys reporting earnings, the rating was downgraded to junk and macys cutting forecasts. You had nordstroms falling the most in the s p today. Cutting its annual forecast and , thehat dragged on the xrt spider retail etf. You brought this question of earlier in the week. For retail spring the way summer was for media . At some point you realize media is up against a wall with the cord cutting and there is no hope and there was that huge selloff and stocks. Are we here for retail . Joe i want to look at the 210 spread. And 10 year. Ear those have been tumbling. Earlier in your year we talked about the flattening that was going on then it started steepening a little bit. The narrowest spread in eight years. There is that anxiety that if it that haso negati
And what youre looking at. Hours later, another Police Officer shot dead. This time on the streets of san diego. The Democrats Convention was characterized by strong antipolice and antimilitary sentiment. That was the back drop to Hillary Clintons acceptance speech. The first woman to accept a major partys nomination presented policies little different from president obama, very few are calling it a rousing presentation. Oh, what a contrast to the performance of americas top tech companies, truly rousing. Google and amazon followed facebook with stellar Financial Reports. Those stocks are going straight up. What a day. The conversation this morning is not Hillary Clintons speech, no, its about disgraceful behavior, another fallen officer, and the weak economy. The latest report on growth just 1. 2 . A special postConvention Edition of Varney Company is about to begin. And we begin with this. A san diego Police Officer is dead. Shot last night working with a special gang unit. He had a
Terrorism. John harwood will join us from the white house. Before we do that, lets get up to speed on this mornings other top stories. Michelle . Lets start with oil. Crude prices dropping after fridays opec meeting. As a result theres no agreement on output targets. In fact, the cartel didnt even mention a quota, something we havent seen in decades. Analysts say this is a message that opec or saudi arabia is willing to deal with low prices. You can see wti is back below 40 per barrel. U. S. Gasoline prices dropping again as well. The lundberg survey says the average price is down 4 cents. 2. 10, the lowest level since late january. In global news, big win for venezuelas opposition. The Party Winning control over the National Assembly and changing the balance of power. The victory comes 17 years after hugo chavez started the socialist information. It could mean dramatic changes down there. In corporate news, General Electric is terminating a deal that it had to sell its business, its a