Utx and Speaker Pelosi we have oil ceos at the white house later this afternoon and a pivotal day as this sba loan program tries to get off the ground, just an incredibly monumental challenge for the banks, government and Small Businesses that will apply im hopeful i know theres a lot of Community Banks up and running to do it theyve started. There are a lot of some very interesting smaller online banks that are ready to go well hear from Brian Moynihan from bank of america about whether theyre ready to go. Its been hard to understand i know i had to hire someone to understand it. I think that a banker can make sense of it. Theres a lot of money coming to people it would be a huge mistake for someone with two employees, three employees, to not immediately go to the bank the money is there you have to get it theyre ready with the money thats what i think. David . You disagree yeah, im here. Im here, guys were trying to establish this rhythm as to who talks in what order i know. I know w
This rally is coming after the Senate Approved a record two trillion dollar plus relief package but well have the latest from capitol hill, what it means for Small Businesses. What does it really mean for you . Well have all that and a lot more, coming up on making money. Cheryl we start with one of the reasons the market is powering higher. The Senate Passing the massive 2 trilliondollar coronavirus stimulus bill overnight after days of deadlock. It moves to the house and then the president s desk. Hillary vaughn with more how the bill could affect you at home. Hillary, a lot of wrangling to get here . Reporter thats right. House Speaker Nancy Pelosi said she had to do jujitsu to get where her caucus would support it. It gives cash directly to americans. If you give up 75,000dollar a year, youre a single filer. Direct payment of 1200 a couple, making combined income of up to 150,000 youre getting two times that but americans waiting for the money have to wait on the house to pass the
Facebook, amazon. A whole lot of the names moving this market higher giving back those gains. Joe pretty ugly all around. Off the lows but nowhere near the highs. Is,ess the consolation yesterday still up substantially on the week. Scarlet positive on the week. Down on the day, down on the year. In 2020. Ones down 9. 2 lets check in with our market reporters. Abigail im thinking about todays two top stories. Of course, the fed rate cut, the emergency rate cut, and the stock selloff. Investment traders thinking the fed has not done enough. There was another period of time when bond yields fell and stocks fell. That was in 2018. At that time, fed chair jay powell they were in a hiking mode and he indicated they would hike. They did. And became more dovish stocks fell off. Between that selloff and this selloff, even with the fed cutting rates, stocks going lower. Investors not liking the messaging, it seems. They should not be worried about message response although perhaps a looking for
Hour, jp morgan private banks and Asset Management ceo and cnbc contributor we begin with breaking news. Nearly 90 of the s p 500 is in correction territory what is called a move of 10 or lower from recent 52week highs. All the major averages look to push deeper. If these futures moves hold, the dow would be down by 620 points at this stage. The massive move of volatility we are currently just off our worse levels so far. Checking treasuries. The 10year note long bond currently near the 10year note yield 1. 91 . 30year treasury long bonds, 1. 69 . Twoyear note yells below 1 as well we are seeing red across the world as they enter their correction mode. Not a spec of green to be seen global Team Coverage this morning. Matt taylor in singapore and Steve Sedgwick in london matt, well begin with you in asia the route continued there as well absolutely, dom a rough day. Many markets entering correction territory. Falls across the region in the order of 2 to 4 as those virus cases outside of
Im also brian sullivan. Welcome. What a week this was and guy adami, i am not going to take anything away from a dow that rose nearly 2,000 points and its better for most peoples portfolios than it falling 2,000 points. But i believe were going to eamon are we going to eamon . You have time now to think about that question. Lets go to eamon lets go right now to eamon jafers who is at the white house with more news following the president s News Conference which certainly moved market, eamon. Boy, did it it was a thousandpoint spike while the president was hearing. Traders clearly liked what they heard and the president takinga i ceofocused approach and bringing on the ceos of target and name checking google the president i thought taking a much different tone on the coronavirus. Hes tended to sort of minimize the danger of this over the past couple of weeks and yet today he said Something Different heres what he said. In the coming weeks we will all have to make changes and sacrifices,