Washington as the next stimulus bill hangs in the balance, airlines are taking a hit as that october 1 deadline to avoid massive layoffs is fast approaching. Weve got the details and the very latest on that. Shares of the chinese electric car maker nio, i thought he was a singer they are up 400 this year. Power lunch begins right now got to play some neo now thank you, tyler the market vs thes have their en washington as the stimulus plan is being worked out. Will it pass lets get check with ylan. Reporter the conversations do continue. House Speaker Nancy Pelosi is scheduled to speak tomorrow with the treasury secretary they already spent 50 minutes on the phone this morning talking about the democrats new 2. 2 trillion proposal. The bill does include some white house priorities, including 25 billion in aids to the airlines and extension of ppp for the hardest hit businesses and 182 billion for k through 12 education. There are al some democratic must haves such as 436 billion in stat
The heart ofe in the french capital and people are showing discipline. Everyone is wearing a mask. I have only seen a handful of people not to. Of course, they have to make do with the current situation. Emmanuel macron himself said he did not like wearing a mask either, that he does not have a choice, no one does given the current situation. He says he speaks of a reasonable constraint, and the situation is complicated with a surge in covid19 cases. More than 6000 infections within 24 hours. Authorities and the government want to prevent a lockdown which would be catastrophic for businesses and it will take its toll on the morale of the french people. There are some exceptions, cafes and bars, people having a meal or a drink are at the terraces and do not have to wear a mask, and there might be a good excuse shopping, who go people might have a break with quick coffee, and that might bring business, and there is the the issue of cyclists. At first, according to Police Authorities said
The who reports the most infections for a single day. Global stocks trade lower as u. S. Futures swing from gains to losses. Bloomberg learns the german lender could cut up to 7000 jobs and shutter 400 branches after its current costcutting measures were called in abject failer failure. And starbucks, pepsico, and biaggi out are the latest pump needs to curtail ad spending on facebook. Pressure on the company to crack down on hate speech shows no signs of slowing down. Just under one hour away from the start of cash equity trading in europe and the u. K. Futures red across the board. In europe we are looking at 1 plus losses. Germany. Much here in euro stock futures down about. 75 . U. S. Futures swinging from gains to losses. Now we are looking at about a. 25 drop for the s p. Nasdaq futures down about. 5 . What are you seeing on the gmm . Anna in conjunction with european futures, they. 4 a point forening they a weaker open. Chinese equities looking relatively resilient. Japanese nik
Our Investment Committee today will debate it we are in the red for the s p and the dow. Were off the session lows like carl pointed out, it may have had something to do with the headlines coming out of the new york Governors Press conference where he mentioned a phased out idea starting this friday the dow industrials only down 140 points the s p down the nasdaq is tech stocks up half a percent 9165 the level there our Investment Committee are making some moves today. Steve, youre seeing a couple of things happening in your portfolio. What have the recent moves done whan and what are you trading in and out of im not trading out of much i did sell some peleton. It worked out tremendously well. Not quite a double but fairly close. I still have some left what ive done is and i did this on friday afternoon is i added to baba in expectation of disney opening in china because i thought that would lift the market ill reduce that position back to a core position i bought some out of the money
Similar percentage moves for the s p 500 and the nasdaq composite as well. The question becomes after the best week for the dow since 1938 last week, the best week for the s p 500 and nasdaq composite, are we starting to see a market bottom play out . Lets start here with our invest Investment Committee joe, what are we seeing here is this a market bottom we can see developing out in the next couple of days and weeks no one knows the answer to whether this is an absolute market bottom. What is going on is theres a significant trading bounce in the market and a lot of it is predicated on the end of month rebalancing we know will occur into equities. Today, very surprising there seems to be a high degree of optimism relative to the expectation were going to get a significant amount of negative news coming this week in the form of ism in the form of unemployment figures and in the form of continued negativity surrounding riding cases of coronavirus here in new york city which is the epice