Fed, the chair saying inflation is still too high. Weve got a big day for apple, which will report its earnings after the bell, this amid signs of an iphone slump and, of course, potential struggles in china were keeping an eye on shares of carvana. They are up as much as 40 in the premarket. Remember when that thing was close to bankruptcy . Well, this was a recordsetting quarter, and were going to talk with the ceo that will be next here on squawk on the street. Lets begin with the markets and the fed, the day after the chair delivered this message on rates. Its unlikely that the next policy rate move will be a hike. I would say its unlikely. You know, our policy focus is really what i just mentioned, which is how long to keep policy restrictive. Lot of takes today, jim bmp unequivocally dovish, you agree . Thats a hard one, because i think that b of a saying fomc meeting, wait and see. Fomc bias here, Morgan Stanley firm hold with the firm hold. Fomc stalling for time, wells fargo.
Following yesterdays rout john ferroli and dan sculley join us. Happy friday to you both a lot of debate this morning about the jobs number, and the degree to which it tilts the macro debate whats your take its more of the same, which is strong job growth, low unemployment, but disappointing wage numbers which is the story weve seen a bunch of times over the last year or two i dont think this does much to resolve the debate growth looks good. The question is where inflation is going the wage numbers dont scream out that theres a whole lot of inflation worries for the nrt nearterm. Dan, do you agree how long can that dynamic last i would say we had solid news in particular in the manufacturing jobs sector this morning. We may continue to see that as we get infrastructure announcements into january potentially some changes in capex trends as we have fiscal tax reform and tax changes the broader takeaway for our team is that were seeing a rate of change inflection in job growth going back
It is always a guessing game but this time around, the rules have changed companies will beat or miss their forecast now we are guessing how much money those companies will return to you. Sure, there are going to be disappointments. But less frequent. It is this delicious backdrop t that prevents the market from cratering despite these fears. Dow inching up 54 points nasdaq gaining we had a nice uturn from intraday lows. Speaking of a government shutdown, when we have one of these mickey mouse shutdowns, it isnt that meaningful for the stock market itself. It means a lot to the people who need government assistance, and it is shameful, they may not get it for most businesses, it is not a big deal people panic on news like this and that is the opportunity. When washington turns out the lights it gives you a chance to buy stocks lower prices than where it deserves to be trading. It causes delays from when the irs sends tax rebates. Again, another buying opportunity. Home depot, amazon, c
A senator mr. President. The presiding officer the senator from washington. Mrs. Murray thank you, mr. President. Mr. President , as people around the nation listen to this floor debate, im sure they can hear the divisions about immigration loud and clear. I know i can. Immigration policy is hard. It is emotional, and it has vexed this congress for decades. And while the floor debate were having right now can be trying and can be actually thrown off kilter by one more illtimed tweet from the president , we have to keep our eye on the ball, because as tough as it may seem right here, the stakes are so much higher for millions of people who live every day in this country. They are trapped in a broken immigration system. They face the constant fear of deportation, and they suffer the threat of being ripped apart from their families, their friends, and the communities that they love. So just like the deep divisions we see on this issue across the country, finding a path forward in the sena
Opened up 250 points. Its not that i want stocks to go lower. You know that. I just hate it when people buy stocks up huge and then get picked off by a gigantic move that should never have occurred. As the average gave up almost all of their gains, closing up 33 points. The s p climbing 3. 2 . Nasdaq advancing just 0. 62 . The severe retreat made much more sense to me than the up opening because it was based on nothing that has happened here. And therefore zero staying power during the day. I get upset when i see that were taking our cue from the chinese stock market. And when they rally, we open higher . Well, the sellers come in knowing they have been given a gift, the gift of higher prices for all stocks. A gift that is frankly undeserved. The only difference this time we had to be wear of chinese bearing gifts, not just the grifts. Its this infuriating setup with the dollar and Interest Rates were going higher. We know that those are both poison to stocks. Well stocks were still cl