Sanctions and claims to the South China Sea take center stage today. Stocks are shrugging it off. The dow up more than 400 points but the big tech is struggling faang, internet names that have been on fire are seeing weakness today. Were following it all 59 minutes left of trade. Certainly weve been all over the place in markets but were up as we stand with the major indexes we have a big line up of guests. In a few moments well speak with shrewsberry, cfo of wells fargo. And Robert Kaplan will join us and well speak with Michigan Governor Gretchen Whitmer an earlier biden endorser as biden lays out more details of his economic plan. Lets focus in on the big stories were watching at this hour wilfred has the highlights ph wilfred, start off with the banks here. The key focus, sara, as we expected it to be on provisions for potential bad loans. They rose from all the banks from q 1 to q 2 and rose more than expected. Wells fargos more than doubling quarter over quarter the big question
The nasdaq is the leading indices and oil hitting a threemonth highly after military strikes in the middle east energy is the bestperforming sector today joining us for the hour is josh brown, ceo of Ritholtz Wealth Management josh, obviously seeing a little profit taking here is this a tax situation scenario or is there more to read into about losing steam and sentiment . If you see profit taking on the what penultimate the penultimate is that not an american word as well . It is, we just dont use it as much. And it doesnt sound as good when i say it. It doesnt, sorry when youre seeing profit taking on the second to last day of the year, thats not tax related, but it could be front running what others suspect might be fax related, meaning look at a typical investment portfolio this year, if they own sector etfs, for example, they have a ton of Technology Large cap tech has done unbelievably well this year. Or if they own individual names. If you own apple, youre up almost double. Now
Berkeley was 55 yesterday at this time. They are 41. They are losing the easterly breeze. And oakland had a lot of 50s yesterday. Except for a few high clouds, thats about all well see on a mostly sunny and dry forecast and temperatures running above average. 5 01. And alex tells us things are still good . Or did something happen . We may have an issue on the peninsula. Lets check this out and see if its impacting the commute. Its just popped up on the screen. It appears this is an accident southbound 101 in redwood city. And this is just north of 92 so just north of 92 which takes you across the san mateo bridge obviously. And a couple of cars may be blocking some lanes after this crash. So probably an area you may want to kind of skirt around if you have the chance to. You want to maybe avoid that area. And now to highway 24 in the east bay. And well give you a live look. And there you go. Traffic is moving nicely headed westbound on 24 out of walnut creek. No issues getting over to
Says and the three, count them, stocks he likes. Okay. Well stocks well off their heigs this hour. The dow was up 173 points earlier on in trade. Todays big ipo stumbling out of the gate. Dom chu is on the floor with the juicy details. Mandy, tyler, the big deal here is this ipo here for pure storage at post eight right behind me. It was supposed to be this barometer, if you will, of tech ipos and the appetite for that kind of investment or risk in this marketplace. It priced at 17 bucks a share, right in the midpoint of the range. They sold 25 million shares. So again this company wanted to see their stock go up out of the gate. However, what youre seeing up there on the chart is down 5. 5 , near the lows so far today. Its traded in a range. It went as low as 16, as high as 17 at one point. As you can see on the bottom of the screen, this company is important for a lot of us viewers out there because it was one of the cnbc disrupter 50 companies from 2015. Those companies that were we
Confide essant. First we have some breaking news from Steve Liesman down in steamy washington. Steve . Thanks very much, jeff lacquer, the richmond fed president making some of the since that strong jobs report. He cease saying the jobs report is more representative of the economy than that negative gdp number, talking about an issue that weve been discussing, between strong job growth and weak Economic Growth overall. Lacquer, however, saying he does not see growth over 3 likely in the near future. Thats not his call. He sees an economy that continues at this 2, 2. 5 gdp rate weve had over the past several years. Both have slowed since the great recession, and its thats a suggestion that he doesnt see the need for huge still lug from the federal reserve. He does say its going to be hard to see a speed upin Consumer Spending on the hidesen, and households remain cautious on spending, on real estate, and it could be a while before Housing Construction returns to normal. The latest data