After delaying its ipo and new details on facebooks newest project to develop augmented reality smart glasses. Worldwide exchange starts right now. Good morning, im Courtney Reagan in for Brian Sullivan this morning shares of fedex crumbling. The company missing on earnings and lowering guidance. Much more on that stock coming up you can see shares down more than 11 in the early going. Here is how your money and Global Markets are setting up their day. Stock futures are indicating a slightly lower average dow jones lower by 34 points s p by 4 and nasdaq by 10. 5. It is fed day. That is really the focus not just in the u. S. But around the world. Looking at the bond market we continue to watch closely the different between the 10year yield and the twoyear yield the two year is 1. 711 and the 10year at 1. 77. In japan, stocks closing slightly lower so nikkei down the hang seng as well. The composite is up by about a quarter. Everyone waiting to see what will happen when we hear from the
Lets take a look across assets. We can look at the bond market as well as currencies. The bank of japan decides not to change anything with their stimulus. The euro is also strengthening against the pound. The 10 year yield is falling by one basis point. The sell off is continuing in the german bund market. David lets see if there is newse outside the Business World. Mma the white house is taking a victory lap after Congress Passed a landmark tax reform bill. Sident trump thomas promise that u. S. Companys would stop relocating overseas in the bill that the Corporate Tax rate from 35 to 21 . Taxof americans believe the bill was written to help the wealthy. When ale were injured van was driven into people. They described the driver as an all trout an Australian Citizen of afghan descent. British Prime Minister theresa may is moving into a Charm Offensive in poland where she will try to win more friends before talks on brexit trade in march. Shes making the trip after toling her deputy h
Again. So youre not looking at a bounce back. At least not in the early trade. After you have such rough seas like that its not unusual to see it the next morning. But right now at least it looks like the dow is indicated to open down another 77 points. Yesterday closing below 17,000 for the First Time Since october. The s p 500 is down another 8 points after closing down by 2 yesterday. Check this out, though, the dow negative on the year. S p is negative on the year as well. This is decline of 2 yesterday for the dow. 16990 is where it closed at the end. Its at risk of the annual winning streak for six years in a row. We should point out the five dow components hitting 52 week lows yesterday includes utx, conoco, exxon and Procter Gamble an intel. Japan was down by 3 as well. Shanghai composite down and hang seng composite down by 1. 5. Chinas august flash factor pmi. Thats a key Manufacturing Index. It dropped to a 77 month low. Do the math on that, thats more than six years. Domest
Moments ago. Our parent, nbcuniversal, investing 500 million in snap during the ipo, as the markets look to cap off a sixth straight week of gains. We have not had backtoback days of losses since the end of january. Ggv capitals managing partner glen solomon, wells fargo chief portfolio strategist Brian Jacobson join us to talk about the markets. Brian, and snap specifically, as this starts to clearly roll into some retail hands, what does that mean for tech and for overall sentiment . Well, i certainly hope that a successful ipo is a harbinger of further successful ipos. You know, you saw a decline in ipo activity last year because of market volatility, so maybe well see a little bit more activity for 2017. For the tech sector as a whole, i think that it shows that people are still optimistic about the outlook. Obviously, you cant extrapolate whats going on with one stock for the rest of the sector, especially such a diverse sector. We still tend to favor those parts of the tech secto
Portfolio funds, and our own rick santelli. As mentioned, were seven points out from an alltime closing high on the Dow Jones Industrial average. Karen, whats it mean to you here . It means that we could definitely go higher. Its just a number, and everything is coming in better than expected, Economic Data, corporate earnings. So, i see us going higher for the rest of the year. Looks good. Everythings coming up roses. Michael pagino, do you agree . I would say those are all true, but for every one of those positives, theres a negative. You know, housing has slowed down, equity prices are not cheap, theyre fairly valued. So, values are harder to come by in the market. Youve got geopolitical risk that i think investors are largely ignoring at this point, its impact on economics, because everybodys been focused on the u. S. And the fed lately. And so, i think there are some negatives, but i would agree, as long as the moneys easy and corporate earnings and top line growth continue, then