Welcome to squawk alley. The at Home Technology story continues to deliver big you can see there sonos up 26 this morning after strong earnings want to talk to the ceo in a minute and nvidia also delivered solid results on pc and Data Center Demand beating on both earnings and revenue. Sales up 57 from the same period last year though its lower this morning on modest guidance second biggest gainer on the s p 500 year to date though. Julia, its really interesting how, you know, stay at home stocks maybe suffering a bit but some of the Underlying Technology driving some of that action doing quite well well, jon, one stay at home stock that is not suffering today is roku. That stock up over 6 . Driven in part by the circulation of reports saying that roku could be near a deal with at t to have an agreement for hbo max to be included on roku which would be a big deal and speaking of hbo max, i have to mention that news that wonder woman 1984, the big wonder woman sequel that was scheduled
Small businesses. The airlines in dire situation. United and american saying they have to cut jobs, tens of thousands of them, as borders remain pretty much locked down. Yvonne you are seeing the president trying to do at least some damage control after he talked to negotiators to pull out of talks for a stimulus. Perhaps we are seeing some targeted measures. You have seen the market impact. The nasdaq and futures reversing the losses we were gaining. U. S. Futures are up. We will see if this bodes well for the rest of asia. If you look at the rest of the asia region, it looks like risk assets are looking less entire than the wall street session. We are seeing a bid for aussie against the japanese currency. When it comes to u. S. 10 year yield, we are holding steady, but the move up in yields on the announcement from trump. Stocks have been lower. Jakarta life coming back online. We are heading lower in jakarta. Hangseng up about 163 points. A touch higher for some markets. The rbi is
Activity in the Second Quarter of 2020 we are going to see eyepopping forecasts in the third quarter. We cannot lose sight of what that means for people who are struggling, businesses who are struggling, in the fact we still have a deep hole. Recovery,led k shaped and those who do not have options to work from home, is already fading away. We see a hollowed out downtown. [indiscernible] what does that mean for city revenue . In high rent districts employment is still at that 45 of precovid levels. Colleagues and i have a clause looking at what this means for cities and how it depends on revenue structure, industry, and exposure to covid as well as federal and state policy response. If i could get the next slide, please . Go. E we going into this there were a lot of things we thought we knew about city economies and finances. Much of that has been upended by covid. You are thought to be a Success Story if you are a service economy, and now they are under threat. We used to think cities
We should not lose sight of what that means for people who are still struggling and the fact we still have a very deep hole to climb out of. The socalled [inaudible] workers at the low end distribution hedonic options to work from home and federal health is already fading away. Nasa been said about what this means for cities and as we see hollowed out downtowns with your workers coming in, buying lattes and what 115th congress has called any service that depends on a smile what does that mean for city revenues . One estimate suggests especially in high rent districts, employment is still at 45 of precovid levels. We arere about to explore the sinks a bigger graph of blog, my colleagues have a blog looking at what this means for cities and look at how really depends on state revenue structure, well exposure to covid as as the highly uncertain federal policy response. If i could get the next slide, please. There we go. The point of a blog is really going into this were a lot of things we
Further. We are joined this hour by finance minister. The other big story today, lawmakers in washington take aim at the power of big tech. Saystitrust investigation they are abusing their dominant status. Australia coming online. Lets turn to Sophie Kamaruddin in hong kong with a checkup on markets. A two day rise, we are seeing pressure come through for the benchmark while the aussie dollar is testing that 71 popl after forming a double early this october. We are seeing action in the bond space. The front end of the aussie curb slipping with the three year yield falling as much as four basis points earlier in the session. This after australias updated debt issuance coming in less than expected. I want to highlight bhp shares. We are seeing the stock fall as much as 2. 3 this morning. Tesla bhp in focus be at flipping the board to check in on futures, s p eminis under pressure. The yen trading study but theres upward pressure on the stimulus deadlock. We are watching iphone makers aft