In 1964 you were already a member of the nyse and i wonder either in 64 or 68, did that disconnect feel as profound as it feels right now it did. Thank you for remembering. Yes, i was there in swadling clothes, but certainly in 64 to some degree and 68 was a terrible era in which the demonstrations, again, turned partially economic with looting and other things and that resulted in major city riots, some of what were hearing about today, the National Guard coming in, and that then did morph into a bit of an economic setback as the economy struggled. It didnt plunge the stock market, but it set the economy back and major cities like detroit and newark and others actually have not come back from the response they had to the social unrest in 68 and so on let us hope that it is nowhere near that, yes, ive been around long enough to have that memory, and thats why i can tell you for now, it looks a little bit less spontaneous and more structural in that certain Interest Groups seem to be in
Announced, but the big story is surrounding big tech earnings like microsoft, facebook, and even comcast and qualcomm. It look like some of these companies were basically created for this moment if you didnt know, the microsoft quarter was just a thing of beauty a lot of that is because theyll have a product like teams or like azure that are incredibly strong linkedin doing very well facebook quarter was good, and boom, they say april is stabilization. One of the themes were seeing in tech, or you have service now, well have Bill Mcdermott later today. They have an unbelievable quarter. Maybe the best in the history of the company. So youre seeing companies that frankly not only do not have to make any excuses but are saying good things. You know, qualcomm, ill say, secular trend, 5g, and then highspeed internet is one of the most lucrative parts of comcast. Yes, of course, theme parks not going to happen, but theyll open up again. But high speed, it will never go back you dont switch
Here it is, word for word, quote, trump says china may or may not keep the trade deal, end quote. That sent stocks into the close. Check out the move on the nasdaq, for instance it was up big for most of the day and the sharp slide in the final moments of trade ditto for the s p 500. So guy adami, is china back in play here . Is this the next big risk factor for the markets . Yes, and before i get into great detail, i have to wish tim seymour, as he power pitches today, a very happy birthday just wanted to get that out. Happy birthday, tim seymour what was that very kind thank you. Yeah. I absolutely think this is a big deal and we started talking about it last week, and not in terms of their trade deal or where theyre going to keep their end of the bargain and in terms of some of the rhetoric coming out of the Trump Administration what im commenting is the rhetoric seems to be getting louder and in no way, shape or form is that market bullish especially given the fact that the markets
Limited number of cases but more important were tracking all the people who are in periods of cooling off and we track that very carefully, make sure that they come through without getting sick and if they need to be tested and stuff we work with them. Boris johnson comes down with it i talk with my wife. Are we going to get it, our kids, who is going to get it do you have to think like that at bank do you have people working closely with each other . Social distancing, im sure youre trying to practice it, but its on everybodys minds am i going to get it . Sure. For our teammates immediately, the first thing we did a couple weeks ago plus now is went out and solicited all the people high risk and you heard the medical experts, dr. Fauci, dr. Birx and others talk about that, you know, the high risk is a much different case. We went out and said, please identify and got them off the line and put got them home and away from the situation. I think that probably goes back two weeks ago now.
Something we havent seen for the dow and s p in more than a ho month and a half to wilfred frost who has breaking news. Hi, morgan. Yes, james gorman the chairman and ceo of Morgan Stanley sent a note out to colleagues that were seen by myself and the content confirmed by a spokesperson at Morgan Stanley, in it he said, quote, 90 of our employees are working from home. As a result the normal bonds created by every day interactions with colleagues have been impacted and im hoping my perspective on the firm and crisis will be helpful and you have all seen the Federal Reserve actions are extraordinary but given the circumstances necessary markets cannot function without liquidity and they have taken real steps to address this critical issue he went on to say, slowly, governments across the world are putting aside their politics to arrive at blockbuster support and stimulus packages. Way too many people have lost their jobs overnight and it is central for government to act as aggressive as