Youtube segment. The coronavirus remains front and center the u. S. Reporting more than 90,000 cases in a single day for the first time ever. 59 minutes to go in this session, the week, and the month. We are down 3 on the nasdaq today. Ahead on todays show we will speak well break down all of these moves and speak with dan niles and see if he is buying any of the tech nims names on the dip. Lets get first to the market. Mike santoli is tracking the action for us. What stands out . Just in the last hour or so, the s p 500 did go back down and test this level everybody has been watching. We have been pointing it out all week basically the september lows, 3,230 and change we did hit it on the nose. It was a little bit of a tag and then bounced off that. Thats what a test looks like. You dont pass every test. Keep that in mine. It is also the june highs. Also the break even level for the year so there are understandable reasons why people are clustered in this area and decide whether thats
It or go bankrupt. If you want to invest in airlines, im not with you but there is a trade prospect. There is every possibility this is the time to take the road less travels thats the point of this particular segment right now lets look at a few tables and charts we know this was the hardest hit area of the market you can see the decline in the s p, down 35 , restaurants down 45, airlines down 70 and hotels and cruise ships down 73 its the epicenter of the pandemic the issue is that despite all that, we really havent gotten there since march. Thats an important circumstance look at slide two. Heres the etf in question rather than taking the idiosyncratic risk to put American Airlines or delta or southwest, heres jets its the Global Airline industry in fact, its 39 stocks. Its not just u. S. Carriers. A total of 1. 5 trillion in market cap take a look at the first of two charts here is the plunge, of course. After bottoming in march with all equities, you get a nice ricochet and unlike
A lets do business american great microsoft could save the day for ticktock fads its in talks with the chinese owners of the app to buy the service in the u. S. Canada australia and new zealand the deal could stave off a president ial bad by ensuring user data stays in the u. S. Office life today would be unthinkable without microsoft word and x. L. But so far the worlds leading Software Producer hasnt ventured significantly into social media that however could be about to change. U. S. President donald trump wants to back chinese and platform ticktock in the u. S. He feels data from u. S. Citizens could end up in the hands of beijing communist party this could be microsofts. Is an internationally successful video platform 2 8 3 2 2 4 8 9 2 4 ringback. It allows users to upload short clips of themselves and watch clips of others available worldwide its owned by Chinese Company bite stumps thats a problem for the u. S. Government trump wants to curb their aging influence in the United S
Announced today some extra resources to help with that. The extra resources will go to eight counties in californias central valley. Thats where theres been a surge in coronavirus cases. The governor delivered todays update from a Diamond Foods sto. While positivity numbers are stabilizing statewide, eight counties are seeing increased infections in the central valley. How deadly this disease continues to be. Reporter he announced a 52 Million Investment for those counties specifically, used to improve isolation and testing protocols, as well as to provide more support and personnel to health care workers. The money is part of a 499 cdc grant to california. These dollars, we think are timely. These dollars are critical. And important. And they will buld off local infrastructure already in place. Reporter strike teams will be deployed to support the essential workforce. We have a great deal of work to do to get transmission rates down here in the central valley. Reporter the governor to
Where we bring you todays market moving news from around the world. From hong kong to beijing to london to washington our bloomberg voices are on the ground with this mornings top stories. Start right now with hong kong with the citys financial chief said the economys set to contract in fourth quarter. Jeff joins us from hong kong on the telephonement welcome. Give us an update where we are. And how the economys doing there. Jeff good morning to you. The economy is hoping to see some kind of stabilization in the coming weeks. But the damage has already been done in the third and fourth quarters this year. We have only just seen a relative easing in the protests. But we are a long way from having an all clear or any kind of resolution to the political standoff. That means that the tourists and the spending that are the core of this economy, they are not going to return soon. We may see stabilization but it will be lower levels. David thank you so much. Jeff black reporting from hong kon