Good monday morning. Welcome to squawk alley. Im Carl Quintanilla with Morgan Brennan and jon fortt at the Stock Exchange it is a historic day of trading. We will begin with the selloff which did include a break with Circuit Breakers richard on the stress test for stocks, mike santoli on the crude awakening in oil prices as the saudis launch a price war. Rick santelli on a bad yield trip for treasuries and Steve Liesman on the fear and the feds response bob pisani, lets begin with you and think about whats important this morning. Whats important is how did the system respond to the immense stress that we had today. This is the first real test of the margin Circuit Breaker system set up back more than 30 years ago and we did have a halt on the s p at 9 33 for 15 minutes. The by all appearances it looked like it went well it reopened understandably some bargain hunters there, a mild lift in the markets so the mechanics seem fine. What was distressing to see what happened to Oil Stocks Pu
To do in these extort every times. You can see the closing levels for the day. Scarlet looks kind of mundane, a welcome breather for everyone. This is the first time in nine days we have not seen a 1000 point move in the industrial average. We have been seeing 1000 plus point moves every day the last eight sessions. Today, we break that streak. The s p 500 up 0. 5 . Keep in mind that we will have quadruple witching tomorrow. The excitement begins again. Romaine fulltime saying that could bring relief to the market because once we get that, it gives an opportunity to reset on volatility. Some of the individual movers. There are some big names. Uber up 30 today. Cisco of 20 . Slack up 16 . There are people bottom fishing, saying some of these stock valuations have gone down too far, too fast, and there are some longterm opportunities here. That are some of the names investors saw worth buying. Scarlet scarlet the faang index rising 8 . Clearly people seeing value in the big cap tech name
Welcome back ourwitnesses and i now recognize the gentle lady from washington. Thank you mister chairman and thank you all for your very informative testimony. You all touched on this but a common refrain we hear from companies is during the course of this committees investigation but also just on my own i have many of them in my district is that they cant possibly be violating antitrust laws and the primary argument is that its because many other products either cheap or free and therefore consumers are inherently benefiting. You all have indifferent ways talk about this. To me the big question of course is is free really free . Consumers i think its increasingly clear are paying for the products that they use read theyre paying in data, theyre paying in privacy and often dont know theyre giving up and of course the Big Tech Companies use that data to build these massive empires of information about consumers then give them spectacular advantage over newcomer businesses, allow these c
Already better than a dozen lives in syria, with fighting continuing on and on. The president trying to assure the folks the worst is over. Everyone adhering to the ceasefire he told the turks to adhere to. Blake burman in the middle of all of that. Hi, blake. Reporter a lot going on. That is what is going on in the cabinet room at the white house as the president is holding a Cabinet Meeting right now. You know how this works. Headlines starting to trickle out here. The white house going into this said part of the discussion would focus on the economy which the president said already it is doing fantastically well in his words. The white house said there would be a discussion on regulations and highlighting the role back of regulations leading up to this the white house sent out a note saying for everyone regulation had been a added eight 1 2 had been rolled back the we expect the president to touch on that shortly. These things take on a life of their own as they happen. Were startin
Improve the quality of both monetary and fiscal policies and in particular the public understanding of them. Under the under the very able leadership of david wessel, weve worked to promote analytical rigor but also to make complex questions relevant. Today one of the most vexing questions for people who participant in markets, but thats a different part of the world, is that inflation has refused to rise, much less persist, at the 2 targets. Key question is, why . While history will be the judge once the data has been interrogated, we dont have time for that, because todays policymakers and investors need to act and to do so require at least a rudimentary answer to this puzzle. Today we have gathered some of the leading experts in the world. Inflation didnt fall as much during the Great Recession as the models anticipated and hasnt risen as much lately. Is it dead or just dormant or has the death been much exaggerated. In my experience, wiped capitulation is the first sign of the bott