Set for another lower open with a rough start to q4. Wework has been jumped. Downgraded by 2 gnashes. And shares of stitch fix tumbles. Company forecasts a soft quarter ahead. Stocks continue their downward momentum today, a day after the ism Manufacturing Index fell to its lowest level in a decade yesterdays selloff erased the gains for 3q we did get Economic Data in the past hour. Adp says private sector added 135,000 in september that beats forecasts by about 5,000. There was downward revision to august, though, and refinitiv, jim says, adp estimated bls in eight of the last ten septembers well watch for friday right i do think that there is a pall cast over this market since the impeachment announcement every piece of data that comes out, instead of good things, bad things well talk about stitch fix. The quarter was Good Business is good they decided to invest uses the word invest over and over again in a Conference Call. Invest to make the business great. Everything that she said
Hes leaving the company after nearly 30 years. Takes its truck business public use the money for electric Car Development is this the way forward for other comics. This is your business im in berlin welcome as the 20 leaders are gathering in. Japan one topic dominates above all of us trade and most importantly the dispute between china and the u. S. There is optimism dubbed u. S. Trade representative robert lighthouses said this week that and not that 90 percent of the deal was done and donald trump has so far refrained from provoking the chinese on twitter on saturday he needs to chinese president xi jinping to see if any kind of breakthrough can be found. Getting the hellos out of the way but soon theyll be getting down to the real business of the weekend. Technology is a critical front in the ongoing us china trade conflict both nations see digital and technological supremacy essential to their economic futures the role of chinese firm weiwei and building 5 g. Networks and a u. S. L
That is a message to Boris Johnson if he ends up prime minister. We are seeing a bond rally across europe as well, with yields lower. All over europe, but particularly the more troublesome countries like italy and spain. This on news that the ecb might start qe again and is looking at inflation targets, having a talk about whether that can be changed. We will talk about that in a few moments. Lets have a look at the u. S. Now. The s p 500 is relatively unchanged come about whats going on. Morgan stanley up 3 10 of 1 , the final of the major banks to report. We did see some buying this morning. That has leveled off a little now. All told, Morgan Stanley meeting expectations in some areas. Wealth management the outperform or. The rails index up. We will speak with lance fritz. Union pacific coming in with a great quarter, and this defined what happened yesterday with the transports really selling off on the back of csxs news. The 10 year yield in the u. S. , 2. 06 , dragged lower by euro
Joining us for the hour to break down the market action, keith bliss. Good afternoon to you. Thank you very much, wilf really good to be with you snapshot of today, why are we selling off . Number one, you have low volumes coming into july you usually have the spike in june on the weekly volumes were seeing that today. Listen, you got to say the news is really washing over the markets as it relates to boeing. The downgrade we had at apple, people are getting nervous about what fed chairman powell may say and may not do at the end of the month. I think thats why youre seeing a little selloff in combination with that is we did get overbought in the dow a couple weeks ago are traders talking about the fed and whether they may not cut at the end of the month . Youre certainly seeing that in the discussions that you have with traders and investors alike. Youre not seeing it reflected in the fed funds futures yet still an overwhelming majority of people think were going to get a 25basis poin
10 00. Yes, our 10 00 get, Peter Navarro, looking forward to that as well. First hour, lets get to our road map renewed trade uncertainties, of course, thats what were talking about just now, weighing on stocks. The s p is poised to pull back from that record as the Trump Administration now threatens new tariffs on the eu. And as jim just said, white house trade adviser Peter Navarro will join us, first on cnbc interview. News, news, news, news. It should be. Always enjoy having mr. Navarro. Plus, cook, absurd and dont match with reality apple ceo tim cook blasting reports of tensions with jony ive. We have in nike backlash, the Company Cancels plans for some sneakers a big issue, but some sneakers they were going to put out with an early version of the American Flag you know their Customer Base my father, his workshop, we went there 50 times, across the street, and i just i know the countrys a changed country, but that is kind of a proud art of the philadelphia tradition but hey, you