Hour but ill give you the good news first and that is our bridges look really good so heading into San Francisco this morning, no delays for you at the bay bridge toll plaza it is picking up more folks are rolling in, but no big problems so were still at an easy 7 minutes off to the fremont street exit were off to 92 and its much busier and our busiest bridge right now we have a crowd, lets itself on the flat section but that is the norm, so youre averaging a very quick 12 minutes to the peninsula. Heres the trouble spot left over from the 4 oclock hour injury crash 80 north at to kowtow so coming out of fremont into union city weve gone from having all lanes blocked to just the right lane. It was a multi vehicle accident and car fire. The right lane is still closed your backup tore thornton but thats really not too bad as i zoom out you can see that as soon as you pass the crash the rest of the trip continuing north will be fine on through union city and hayward well check out some mo
Chief of staff. Now, live coverage of the u. S. Senate. Vice president under the previous order, the senate will consider the following nomination. The clerk nomination, general charles q. Brown, jr. , to be chief of staff and general of the United States air force. The Vice President under the previous order, the question occurs on the nomination. Is there a sufficient second . It appears there is a sufficient second. The clerk will call the roll. Vote vote vote the Vice President are there any senators wishing to vote or to change their vote . If not, on this vote, the yeas are 98, the nays are zero. And the historic nomination of general charles q. Brown, jr. As the United States air force chief of staff is confirmed. Under the previous order, the motion to reconsider is considered made and laid upon the table and the president will be immediately notified of the senates action. Mr. Alexander madam president . The presiding officer the senator from tennessee. Mr. Alexander thank you
Oil markets, the energy markets, saudi arabia cutting an additional one Million Barrels per day. Fact thatt change the the demand has collapsed. Even changes like that dont seem to change the trajectory of what we are dealing with in the oil markets. Still with us is chris ailman of calstrs. Positioning to hedge against another, like, down in the market . Of ourit is a big chunk market portfolio. 10 . We are still keeping our fixed income. For us, it is really all about diversification. We are underweight global equity. We think this market will have some weakness. Going into the last couple of weeks, these rallies back and forth, we have repositioned our equity portfolio to be more defensive. , cash isilt defensive king. As return on cash is trash, ray dalio likes to point out. But, liquidity is king. We are seeing Equity Portfolios already coming out from the disruption, people who need bridgeeople need financing. Nice strong returns. And, just the dichotomy in the market. The indexe
A similar loss on the s p. Big loss on the nasdaq composite. Why the nasdaq down so much . Well, just look at this. Big tech being taken to the cleaners this morning. Start with apple. Look at that. Its still a trillion dollar company, way down this morning after its Financial Report late yesterday. Ive got more on all this. Amazon, huge drop, down 120. They are plowing their profit into coping with the virus. Microsoft, not much impact from the virus but its caught in the downdraft. Microsoft is down nearly 2 , 3. 46. Next case, the political news. Topping that this morning is joe biden. He has denied a Sexual Assault allegation. He says quote, this never happened. Ive got more on that in a moment, too. Got a big weekend coming up. Texas opens up a lot of businesses. Who will go to the store, the barbershop, the restaurant . Thats going to be a pretty good indicator of the urge to get out of the house. In california, the governor has relocked down the beaches. How will that go down .
Dollaryen pushing a bit higher. You are also looking at the 10 year going no real place, and oil trying to stabilize as earnings continue to rollout. Honeywell the latest, suspending their fullyear guidance. Time for todays market moving news from new york and washington. Lets start with earnings. We are about halfway through the seasons. Oil giant chevron out this morning, cutting capex for the second time at about five weeks, warning profits will suffer. Bloombergs Annmarie Hordern has more. Annmarie thats right, that capex headline is really the one to take away from chevron. Clearly, they are doing what they can to save cash. The original plan before they cut earlier was for 20 billion. 14 billion is roughly where chevron has been spending over the past three years or so. Dividends has been a big topic for the oil company. Sayingre now they are they are doing everything they can to protect it. In just going to be out under 30 minutes. They said they are going to freeze it. One thin