We see the dow below the 50 day for the first time in awhile nasdaq hit that last week were off of the lows, 32. 29 maybe just ten tonights off of that the problem is not so much technology, but the reopening sectors. They are weighing on the s p if you just take a look energy, industrials, and materials. They have separate issues with suspicious trading activity. Not as they are notably week taed and this is another sign that the reopening story is not going as well as people anticipated. Remember the bucket thats we watched the market with. It is true there have been advancements with treatment and vaccine. The delays in the stimulus program, europe locked down is a worry. Concerns about the potential for the european lock down is there. As far as the stock market goes, we have been looking at valuations for a long time many people feeling the market is over valued but earnings overall have been improving. There is a lot of balance and debate going on. That happened on friday, nasdaq
Global coronavirus cases top 2 million. Germany is set to start loosening the lockdown for next week, and President Trump will unveil guidelines to reopen today. European futures turned positive despite historic declines in retail and factory gauges, sinking stocks on wall street. Attention turns to todays jobless claims. Plus, wti crude at an 18 year low amid a record collapse in the u. S. Fuel demand. Washington is considering paying drillers to leave oil in the ground. Just under an hour away from the start of cash trading. Nymex crude still under 20 a barrel, but rising today. We see futures doing the same, regardless of where you look. European futures are up half a percent. On dax a percent futures, quarter percent on ftse futures. Dow jones, s p, and nasdaq many contracts all showing a little bit just the slightest 10th of a percent of a game today. Anna . Anna lets talk about the breaking news from european corporates. The travel and leisure sector in focus when it comes to the
Season jpmorgan crushes estimates, citi and wells are mixed ahead of the open. Plus sustainability is becoming the new standard, blackrock ceo saying the Climate Crisis is about to trigger fundamental reshaping of finance. And the tesla rally rolls on shares now up more than 100 in the past three months alone. Well start with bank earning, jpm, chase, citi, each posting better than expected results. Wells fargo shares moving lower on its miss. New ceo charlie sharp our cost structure is too high and i believe there are many areas where we will be able to increase our rate of growth. Efficiency really the story on wells, jim well, i got to tell you, im a total believer in Charlie Scharf and what he did at visa hes the most technologically inclined ceo in the bank group it has the most opportunity after this washout it is a washout. I dont think charlie will waste any more time. He has to address these things and he will. In the meantime, jamie diamond, what can i say about jpmorgan . It
Bank. Micron issues a trade warning. Shares down this morning on a disappointing outlook and ceo san yjay mehrota joins us in a e minutes. Tell the story. Im sorry to interrupt. No problem. Eagles won last night i can do whatever i want. And half of the debuts trading below their offer price. Does that spell trouble for the ipo market wells is up in the premarket after naming bank of melon Ceo Charlie Scharf he held the top job at visa. Wells plagued by scandals struggled to find a replacement. Alan parker will stay interim until scharf joins the company the Conference Call is under way and well bring you developments on that. He had quite a run at visa and left for geographic reasons really. Yes, he did able to stay in new york, his family still going to be with him. One daughter right there, another one close by, folks nearby, very much dedicated to them i got to tell you, congratulations, or as people would say, as president ford would say, their Long National nightmare is over. I t
Rules Boris Johnson misled the queen and illegally suspended parliament. I strongly disagree with this decision by the supremes called. The british Prime Minister remains defiant saying bracks it will go ahead amid calls for him to resign. Also ahead some 40 people including children are killed as an afghan website as u. S. Backed forces targeted a nearby taliban fighter its. A divisive legacy spains top court says the remains of dictator Francisco Franco she big zooms from the states mostly in. The United Nations General Assembly is under way u. S. President donald trump was one of the 1st to address the u. N. In a wide ranging speech he attacked china and its trade policies yet again heres what he had to say. The United States lost 60000. 00 factories after china and did the w. T. This is happening to other countries all over the. The World Trade Organization needs drastic change the 2nd largest economy in the world should not be permitted to declare itself a developing country in or