Selloff. Yesterday the nasdaq fell almost 5 . Apple in terms of market cap loss biggest market cap lose ever in one day. The race for the white house turning to swing states. President trump talking tough on crime during a stop in pennsylvania while joe biden visited wisconsin for the first time in nearly 2 years. Later this hour i will be speaking with scott car presenter whose business burned down during kenosha violence. Coronavirus taking down the dark knight. Mornings with maria begins right now. Checking Global Market action, european losses, almost 1 gain in england, in france, more than 1 . In asia overnight it was red across the board really following wall streets losses on thursday, south korea, shanghai, japan all to downside man wanting in Fatal Shooting of President Trump supporter in portland is now dead, Cheryl Casone has more, cheryl. Cheryl thats right, antifa member was shot killed an overnight by officers. The 48 pulled out gun right before she was shot. He was wante
Correction from the march lows. Joining us is a chief market technician. Nasdaq, what is the level that we stabilize at . That is a great question. I think rather than looking at the levels, i think it is more about duration. We need more than one or two days of selling to alleviate the excess that we have built up over the last few months. Anybody who has been following the markets, equities seemingly have grind it higher every single day, so there is a lot of excess, a lot of exuberance built into the market. A a day or so of the selling pressure is not going to alleviate that. Where we kindbove of should be, are we . I guess it is the question people are trying to understand. We did push up aggressively, steadily though, but it has taken us above the 50, 100 and 200 Day Moving Averages. We are starting out to get back down to levels closer to the 50 Day Moving Average. How important is that going to be as a level we need to Pay Attention to . The 100 and 200 are still a ways away. T
, warning a significant backer for years to come. Secretaryse cabinet pledging to maintain policy if he wins, but says more can be done. Lets get a quick reminder how u. S. Stocks ended. The s p closing at a fresh record. This in the face of warnings of a k. G. Recovery and pessimism relief bill. Tesla dropped as much as 15 after Bailey Gifford cut its stake. We are seeing s p under pressure. Lets check in on oil. Below 42 after slipping to a three week low with upcoming refinery maintenance weighing along with a stronger dollar. The greenback rose the most as the euro slips positioning. Technicals are favoring abounds in the dollar, according to scotia bank. We are shaping up in asia, futures pointing higher, holding above 106. Yoshi keeping big stimulus going in japan. We will be watching chinese tech giants after india banned appser sets set of including baidu. Drivers fueling performance of chinas big tech stocks from march lows. The rally has been broader on the mainland than in t
Cash trade. Here are your top headlines from the bloomberg terminal. Trumpa on the defensive. The president stands by his handling of the coronavirus on day one of the Republican National convention. Says democrats are still blaming America First Nikki Haley Says democrats are still blaming America First. The chinese arrives in europe today. Demandsla merkel answers from russia after it was putin critict the was likely poisoned. We have figures crossing the wire right now. The German Economy shrank 9. 7 in the second quarter. The initial estimate was for a drop of 10 point 1 . This is a second look here, and so it looks like it is a little better than expected. Still, of course, a massive drop , the quarter over quarter figure. The yearoveryear figure is a drop of 11. 3 , so a big drop in the german gdp. That the bloomberg economists expect a rebound in the second half, and of fullyear drop of about 6 for 2020. Lets take a look at what futures are telling us after the new record highs
Progress on u. S. china trade talk as the worlds biggest economies discuss technologies consumption, investments and exports fall sharply during the height of the pandemic President Trump accepts the Republican Party nomination taking aim at the democrats accusing them of, quote, trying to steal the election. We have to be very, very careful. This time they are going to try to do it in the whole post office scam. You can see them setting it up watch them carefully we have to win this is the most important election in the history of our country. Some breaking news coming out of germany this morning. From the eve o from t from the ifo data. 92 92. 6 versus the forecast of 92. 2 you may recall back in april when we saw many lockdowns the data started to cross then and we are seeing recovery in those numbers. The ifo Current Conditions is 87. 9 in august forecast was lower and what we are also seeing in the ifo Expectations Index is up to 97. 5 in august versus a forecast of 98 so slightly