Little ahead of expectation. The employment number has picked up a little bit as well. But you need some real analysis on what is happening here. Theres one man to ask, mike mckee, bloombergs International Economics and policy correspondent. Michael read into it what you want. The numbers for ism do come in at a headline level lower than the last month. 56 last month, 55. 4 this month. It would suggest a be a little slowing, but that is the statistical anomaly probably. It isnt a major change. We see drops in new orders and production, but those were very healthy. For for new orders, 61 production. It is not positive. There is still some contraction, but it is up to 49. 6 from 46. 4 . It does suggest some progress in adding back some of the jobs that were lost. Customer inventories is an interesting category a lot of people has been what a lot of people have been watching. Do you need to increase manufacturing to replenish those inventories . That would suggest that you do. New export
Good to be back with you. You did mention very important piece, which is davids piece and hes a friend of the show. Talking last night i was reading it and thinking can we really go higher he has a piece that says we will blast higher that will be something that i think a lot of people would be suspect, little critical of because were going right into the election he doesnt seem to mind that davids work is high quality and i just really think that he is just saying, it is time. And wouldnt that be something if we have a big, big move here. Its fascinating. He does say, jim, as you point out, the election does remain a risk but 3,600 year end and 3,800 in 12 months is a 6 gain and earnings estimate, jim, for next year 170. I mean, i remember when they thought 150 might be a risk. I just have to tell you, i wish everyone could get goldmans research i was fortunate enough to get that piece because it is a very logical piece because how there are many parts of the economy that are good. Th
Cases surged across several u. S. States, while hong kong and tokyo report new high marks, and india considers new lockdowns. Wall street banks capitalizing on the Federal Reserves extraordinary rescue measures with record profits. Shery lets take a look at how markets are trading at the moment. U. S. Futures are coming online flat, after we saw losses in the regular session after two days of gains. We had investors continue to rotate out of this years top performers. Zero. 7 , fell about with microsoft and apple leading the losses. We had technology, the biggest decliner on the s p 500 as well. When it comes after hours trading, netflix also slumping on disappointing results. We had a couple of elements factoring into the market resurgence of virus cases factoring into the market, resurgence of virus cases, of course, but initial jobless claims higher than expected and the smallest weekly decline since march. Take a look at what oil is doing, Holding Steady at 40 a barrel, trading on
Heres the markets performance this thursday morning. Not paying much attention to those jobless numbers. We are going to be down pretty much across the board. The dow industrials on the down side to the tune of 200. The s p down about 20. The nasdaq, not much of a loss there, down 12 points. Now, ive got some negatives to lay out for you. This may be a negative. Several states report big spikes in virus cases following their reopening. Its the second wave worry. Number two, medical authorities in beijing say the new outbreak has been controlled, their words, but virus statements out of china dont have much credibility with investors. Heres another one. This is not helping. The European Union will go ahead with its plan to tax big American Technology companies. The u. S. Has withdrawn from those talks. This too might be hurting investor sentiment. John boltons book, very negative on the president. Bolton says that everything he does is geared to his reelection and that includes shifting
For you with Jackie Deangelis watching these markets today, Edward Lawrence has some reporting from washington, well get to edward in a moment but on a friday afternoon jackie we start with you. Reporter well, lets take a look at where the markets finish for the day because the dow started a little bit higher there was optimism about reopening but that petered out because you can see that the dow is down 207 points the s p finished for the day by 17 and the nasdac managing to get out a small gain of three points there but also early optimism about some commentary coming from china about its commitment to the phase i trade deal too, but what really took the wind out of the sales was this report coming out of apple saying that its going to close close to a dozen stores because of spikes in coronavirus cases across the country that have raised concerns so when the market sees apple is a little bit worried the market gets a little worried and they said in a statement and ill just give you