Clean debt limit increase. Under no circumstances . I told the president theres no way were going to pass one. The votes are not in the house and the president is risking default by not having a conversation with us. By moodys ceo says the chance of a u. S. Default is extremely unlikely. That reflects our thinking that it is extremely unlikely that the government treasury is not going to continue to pay on the treasury securities. Hopefully it is unlikely that we dont go past october 17th and fail to raise the debt ceiling, but even if that does happen, then we think the u. S. Treasury is still going to pay on its treasury securities, prioritize those payments. Still, the dollar is trading near an eight month low today amid debt default fears. Take a look at whats been happening. You can see that the dollar is down against the euro at 1. 3572. The dollar is at 96. 96. Well talk more about that with john harwood. First, andrew has a roundup of the mornings top stories. Andrew, welcome b
Again, those dow futures down by 137 points below fair value. The month is wrapping up today and so far, the stock market is down about 3 this week. We know that old adage, as january goes, so goes the year. That statistic has been right 62 of the year. Well see if that holds true for this time or if this happens to be youre looking at a correction at the beginning of the year. We saw so many gains as we ended last year. Take a look at the treasuries. The tenyear note is at this point yielding 2. 674 . So below 2. 7 . So well have to watch this closely. In europe today, stocks are lower in the early trading. Among some of the reasons listed, eurozone inflation data missed expectations. You can see the biggest decliner there is the dax in germany, down by about 1. 3 . As for asia overnight, it was a quiet session. Trading volumes were very thin because of the Chinese New Year holiday. That had shanghai, hong kong, south korean markets closed. The nikkei finished down for january, more t
Recession. And whether you hit the stores yesterday or not, plenty of people are out this morning. If you are planning on waking up early for your black friday sales, youre late. Step et up. Shoppers are expected to spend an average of 650 this weekend. Thats 11 1 more than last year. We have the chief merchandising officer at toys r us. Then well be joined from Tysons Corner, a huge mall in virginia. Bobby kotick will be join onning us on air. Electronic items are expected to be a big seller this year especially with the launch of the xbox and the new play station consoles. Coming up in the next hour, we have Terry Lundgren. And at 8 40 this morning, the ceo of Brooks Brothers. We have a packed line upof guests ready to giving us a look at the American Consumer. We start with dana telsey this morning. We have heard a lot of stories about some expecting disappointment, some maybe not great retail numbers. But what do you really think is going to happen this Holiday Season . I think its
Securities, the gauge rode to a sixweek high. This morning, u. S. Equity futures are indicated up slightly, up by about seven points. S p futures down by over a point. Nasdaq up about a point. And the tenyear note, this is what weve been watching so closely. The tenyear note at some point is yielding 2. 8 . Exactly. Thats been driving the direction for a lot of these things. Moving up yesterday was around 2. 78. But 2. 8 is where people start to sit up and take note. Just under 16,000. Vix at 14. Tenyear, 2. 8 . Im not ready to say anything yet. Are you . No. But you wonder, if you looked at november every time there was a dip, people jumped in and bought. Thats not happening. No, no, bring that last one back up. We cant say anything. Look at that. Does that look any different than anything else . You know whats weird, is the dow had its biggest look at those others. I know. But weve gotten so used to gains. Look at september, look at all, look at june. Down, slightly back up. The dow
Train continues philip morris, kkr are among the names to watch before the bell today. News corp. , activision. The ecb will announce its policy decision later today. The market is hanging on those two reports. Kayla, thank you very much. Weve got some big Corporate News for you this morning. Twitter, that was your top corporate stories. Shares getting slams slammmed. The stock is down big time, about 17 . Wiping out basically a sixth of the companys value. Earnings and revenue did beat the street. That was not the problem. This was. Slowing new user growth and a severe decline in timeline use. Thats when a user refreshes their twitter spaj, being used as one of the key measures of how active users are. Ubs out this morning cutting price targets from 55 to 35. What does this say about twitter . These crazy valuations. I dont want to say they havent revolutionized the world. They have. But is it possible that this is the beginning of the bubble getting ricked . I was thinking about this