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The governor of california recommends the elderly should take shelter in their homes. New york city closes its schools. Many states close bars and restaurants. Hourly workers, in dire straits. The economy is grinding to a halt and we dont know how long this massive disruption will last. All right. Heres the financial reaction. This monday morning, stock futures are limit down and when we open an even bigger drop is expected. That may mean a trading halt. Travel and leisure stocks again beaten down. Airline stocks, decimated. Last night, the fed took emergency action, cutting rates to the lowest level since 2008 and pumping 700 billion into the Financial System. Were waiting for a rescue package from congress. Were waiting to see if the administration will put money directly into the hands of affected workers, helicopter money, for example, and into desperate industries. A kind of modern bailout. So whats next . We will find out ....
Testing limit down down by 5 as far as they are allowed to trade down before the open the number to watch this morning is down 136 for the s p. We have touched those lows and bounced off. We are not far off dow futures are down by 4. 74 . Nasdaq down 4. 6 after the opening bell, there are other Circuit Breakers you with watching. They would be kicking in with trading halting over a period of time down 7 this morning if that were to happen, youd see a 15minute halt after trading started. Next is if markets dropped by 13 . Then the third level is after 20 . That would be a halt of trading for the day. We have not seen these tested since 1997 until the last week of trading thats what we are watching so closely. If you take a look at the treasury market, you see the 10year note is 0. 71 . We got back to. 8 or so yesterday. With the yield, i was hoping they would have sold off talking to folks yesterday worried about what looked like ....
Next, financial analysts review the impact of Artificial Intelligence on Capital Markets. House Financial Services subcommittee examined ais impact on minorities. Cyber security measures, encouraging more young people to Study Technology and how the us can remainglobally competitive. The task force will come to order. Without objection the chair is authorized todeclare a recess at any time without objection. Members of the full committee not on this task force are authorized to participate in todays hearing. This hearing is entitled robust onwall street, the impact of ai on Capital Markets and jobs and the Financial Services industry. ....
Of december and november was a very strong month for stocks, even though you did see some declines on black friday youre looking at the best returns we saw since june for all of the major averages. Last week again, you did see some big gains too right now the dow, s p and nasdaq are still less than 1 to 2 of the intraday highs with these gains, youll see them challenging that as tom mentioned. Although, i also remember last the first trading day of december last year. Not quite as much fun. I still have some night mares about that. Would not be the only one with scars leftover from that. I think the dow was down 15 at one point in december last year we were having a great year. Markets were up, not up like they are this year. Bottomed on christmas eve, december 24th and saw things take off from there. Its been a very strong year. Will a santa claus rally power the s p 500 and dow to their best year in a generation . Could happen. Were up a lot. What will that take to get there, 5 . Pro ....
Are trickling out. For cvs, it was a beat and a raise. For barrett gold, they came in with a beat of . 15 and are increasing their dividend, we inl be speaking to the ceo about 10 minutes time on that. Time now for Global Exchange where will bring you the market moving news from all around the world. From johannesburg to paris and berlin and washington. Our bloomberg voices are on the ground with the top stories. We start of an johannesburg where bloomberg sat down with the South African president on the sidelines of the south African Investment conference. They discussed the state of their economy and the impact of u. S. China trade tensions. The trade wars that are taking place are not good for growth, they are not good for our economy, so we want the trade wars to come to an end. Cranny. Ng us is manus great inter ....