Meeting. Policy announcement coming up at 2 00. In global news chinese stocks rallying overnight. This morning snapping the threeday losing streak. The shanghai composite closing up 3. 5 . Big growth. In europe greeces stock market will not be reopened today as some had expected. The exchange is waiting for an okay from the ecb and government decree. Thats 6 or 700 points. Huge. Stocks to watch this morning, twitter earnings and revenue are both above estimates but it was the Monthly Average user number and it grew at its slowest pace since it was public and that is accounting for a pretty substantial selloff today. 32. I dont know the last time it was there. Jack dorsey this weird beard, calls this unacceptable. Have you seen the beard hes sporting . I have. Its like does the not pass by mirrors . People dont talk. He has a lot of yes people. Yeah it looks good. Yeah, it looks good. I like that egg yolk. Right here. More of his comments and reaction from analysts in just a few minutes
Economists were expecting 2. 5 . Recent gdp was also lowered. You can see red across the board with the s p followin falling. The nasdaq down. 8 . Not only the gdp reports weighing on stocks, but you have social media dragging the market with twitter yesterday and facebook today. Olivia nobody likes how much money Mark Zuckerberg is spending. Matt his employees like it. Olivia probably. Heres whats happening on the treasury market. The short end off the yield on the 2year note up i two basis points. Note, little bit of money flowing into that, so yields coming down. Stronger off the back of 2. 3 growth in the Second Quarter. The dollar Index Trading around a fourmonth high. Top stories crossing the bloomberg terminal at this hour the u. S. Economy picking up pace in the Second Quarter, gdp , slightly less than what economists were looking for. The Commerce Department revised the firstquarter figure upward. Grew by out the economy. 6 in the first three months of the year, but it cannot
Make it easier for exporters to sell overseas or last off, if they fell last month over 8 . Earlier on bloomberg surveillance, we heard from blackrocks chief strategist. At the Market Reaction in the bond market and it is a risk off move. The of Interest Rates leading the rally. It is a testament to concern that chinapicture coming after the export data is making a move on the currency. A lot of ramifications. The initial concern is, what is the saying about global growth. Stephen says he thinks chinas currency will currency wars will get worse. The agreement will give the greeks as much 4 billion in loans. 86 billion and euros. Greece has a payment due to the European Central bank on august 20. Stephanie google wants to become the Berkshire Hathaway of the tech world. Google is reorganizing into a Holding Company. The search and advertising units will be separated from new businesses such as self driving cars and help technologies. Each subsidiary will have its own ceo that has a stru
Down to 67 basis points today. Road map begins with the year of trump. One year since donald trump historic run, is there still room to run for the stock market rally that followed . A snap lifeline tencent posts a 10 stake. A snapchat redesign. A president ial warning to north korea, do not try us we will go live to beijing, the latest stop in the president s tour of asia it was the year ago today that donald trump was elected president , market history has been made with stocks constantly hitting record highs since the trump election, the nasdaq is up 30 and s p a 21 gain guys, if you look at first years of incoming president s, its third behind kennedy who had 26 his first year and bush 41 had 23 were going to look all morning long at the impact on m and a and how the tweet moved individual names. Its worth talking about. Lets get one thing straight, the rest of the world has been good too i dont want people to say if they hadnt been in america i do think theres an atmosphere that c
Coming up for you in this edition of closing bell, amazon, alphabet, microsoft, intel, and starbucks reporting earnings today. Breaking down intels big quarter exclusively to the cfo, bob swan. Theres a bunch of others out there. Just went with the headlines. I hear ya. All the first five minutes of next hour. Alphabet may dominate the digital age, but Martin Sorrell said amazon is the biggest threat to his industry, and hes joining us in a moment to explain why. First, lets begin with the reaction to the president s tax proposal. Steve leisman at cnbc headquarters to look at the Economic Impact has. Eamon, you first. Bill, one of the questions here has been over the past 24 hours or so coming to the president s tax plan has been whether or not theyll make changes to 401ks and tax treatments. I asked sean spicer in the briefing, over after the briefing, i spoke to an official here who clarified they are not planning on making changes at all to 401ks in terms of the tax treatment. That