Roughly 328point drop this is a market we havent seen in a while bryn, maybe well start with you on whether or not this is the beginning of something great or just the pullback to cool off the jets for the time being. I think now we can say its a pullback technicals were saying we were overbought, which we had been in july august, as you have talked about all week, has not been a good month typically for stocks i think this is a breather i want to say talking about the debt down grade, thank you fitch, thank you finally someone says what needed to be said is that, you know, dom, in 2021 Interest Payments were about a third of what we pay on social security, which is around 1. 2 trillion as we know today Interest Payments on the debt are at a trillion dollars and growing i think whats been what needs to be said, and although it hasnt reflected the market today, a lot of this inflationary pressure, the fed will not say any of it has to do with Government Spending i think we all know it h
we saw intraday records for the dow, the russell, as well as the transports, but of course faded as the morning progressed. the s&p 500 is coming off its best week since february 5th check out the ten-year know, w are just below 1.6%, 1.599%. steven weiss, i ll open it up with you how are stimulus checks going out, powell later this week how are you feeling about narcotics? i think bwe re in the digestive period rig now the markets had this great propensity to discount moves, once with a major knee-jerk move down we ve seen it make basically every event over the last five ye years, including covid that was a bigger event down, but then it starts to recover. and i think we re at this point now with rates, as well. so rates, foreign buying, if you take a looat what happened at the auction last week came in. 1.6 looks pretty good, 1.5 looks pretty good. particularly with the ecb saying we re going to get more aggressive and things not going so well in europe. so that makes the
Its not just the faang stocks its the semiconductors. Microsoft, all these names cisco, oracle, really moving nicely to the upside you throw in the biggies amazons and facebooks and apples people went and looked for value that they felt they could trust off the fundamentals they heard when they felt this market moving back. Were back as if the correction never happened. Leaders are leading again. Its the industrials tech, cyclical stocks that got us here in the first place where we are now yeah, leaders are the companies that have the most to gain from repatriation and have the best Earnings Growth and no one should be surprised by that. Thats actually whats been leading for years now. And so maybe this year ss gotten a little bit exacerbated netflix is easy. Its up 53 year to date even after a massive correction in early february apple is is another great example. Down 16. 5 at its low. Its now within points of the record highment back above a 900 billion market cap. Biggest stock in
Business impact. Jackie deangelis is in Corpus Christi watching the refineries, and Brian Sullivan is focusing on the port side of the story. We begin with brian. Hey, brian reporter hey, melissa. Thank you very much. I can confirm that it is once again raining here the rain will just not stop. And there is nowhere for the water to go. Were south of houston, by far were in texas city, which is where a lot of these major refiners are based lets focus on the ports because the galveston ship channel, which is the doorway to the port of houston. You literally, all the ships in houston have got to go through the galveston ship channel it is completely shut down it is not that far that way to us there is no, at least, word that weve gotten lately of when that will open. And there are many, many supertankers that are off the coast. The reason we care about the port of houston is not only because its going to bring in needed supplies, but its a national story, as well. According to the port bu
Good wednesday morning im Carl Quintanilla what a morning markets are not moving much. Travis kalanick is stepping down as ceo from the company he founded back in 2009 in a statement he said, this is a Bold Decision and a sign of his devotion and love for Uber Kalanick will remain on the board. Joining me is executive editor kara swisher who famously profiled travis in vanity fair. Not long ago, well walk through what our discussion entailed. He was the ceo of a mess they are cleaning up now. Thats pretty basic. They are resistant to remove a ceo in the founder of technology, but a number of things have been going wrong from the Sexual Harassment allegations, the retaliatory behavior, to the gray balling, it just adds up to a really situation there where they understripped some of the responsibilities from him. And they decided to act because they were worried about their investment interest, i think. Kara, from a fundraiser standpoint can we be that specific yet . From the ipo standpo