1 10 of 1 . Minor gains for the australian and china markets for the shanghai composite. Situation with regards to the equity markets, what about some of the other Asset Classes and play . We can have a look at those. Take a look at the oil prices, retreating at the moment. You need currently, what, 41 essentially for a barrel of wti, 41. 09, moving to the downside. Stockpile to the upside. Gold not much of a haven, dollar index moving to the upside, the dollaryen currently stronger. It has been moving quite rapidly to the upside. . 11 currently for one greenback. The sec is pushing ahead with a plan that could see chinese come these kicked off of u. S. Exchanges. The intent to cap crackdown on companies that dont comply with rules that require an audit. That could hurt big names like alibaba and baidu. Tom, it looks like the sec is in a hurry. What is it proposing . Tom absolutely. The since we are getting as they are stepping up their preparations for this new Legal Framework that ag
Google all on tap. All that and much more is coming up this hour power lunch starts right now kelly, thanks im scott wapner welcome to power lunch our reporters are all over every ae angle that matters as you know, today the busiest day of earning season. Meg tirel is watching the race for a vaccine as coronavirus cases continue to climb. And Steve Liesman has the details of a muchexpected gdt report hey, bob before we get to earnings, were having a nicely midday rally here let me show you the s p. Some technical aspects we broke above the earlier highs in the day. People do trade on technical calls on in kind of market you see that nice, quick, steady move up here there may be seasonal aspects coming into play, art cashin noting were moving into november, a seasonably strong period of the year for earnings, the early reports have just been spectacular here, generally half of the s p reporting now, 85 beating expectations and the key story is the average beat about 19 , way above the h
Good morning. Getting right to the top story you can see right now, the dow jones is implied higher by 225 points, nasdaq still showing relative weakness given the technology selloff weve seen. This is coming after that massive selloff from the major averages yesterday the dow closing down more than 800 points slightly off the lows. In this situation, they are all coming off their worst trading day since june 11. Since monday, all are on track from weekly performances since june one sector snaps the heat. Snapping the win streak when it lost nearly 14 apple saw its worst day since the 20th losing that market cap, the largest loss of the biggest oneday record they lost more market cap just yesterday than the individual market caps of 470 of the s p 500 companies. That is how much money was lost by apple microsoft, alphabet, tesla saw market caps sink by 10s of hundreds of dollars. You can see tesla lost millions. Microsoft lost 115 billion. August unemployment report is due out. Expecti
Dow down about 30 points though fractional moves if you look at whats working in the trade, its not your Traditional Technology and consumer names its utilities, health care and materials. What is netflix big miss for the growth trade is this a warning shot of beloved technology darling getting too high expectation it might be tactically on the short term but i dont think long term. For you to see a true rotation out of growth into value, you actually need to see Economic Growth and acceleration and a little bit of inflation. While we are seeing improvement in growth, we still have a long way to go. Were definitely seeing the better growth. Look at retail sales, Industrial Production this week every week were Getting Better data whether it lasts or not because of the closure is a big question mark. We are seeing better growth. What we dont have is inflation. Thats what value needs to out perform growth for the time being, i think youll continue to see growth in value as i mentioned, ta
The session, sara. Come back after two down weeks. Coming up on the show, tech investor Roger Macnamee is with us and gold strengthens, the dollar weakens and home body stocks outperform well break down the trades and themes in a few minutes with David Rosenberg. Lets focus on the key stories mike santoli watching the bounce back rally meg tirrell as the president participates in a Coronavirus Briefing and the other big Market Driver this afternoon, the stimulus negotiations in washington new details expected this afternoon. First to you, mike yeah. Sara market really is a bounce in large tech stocks that is carrying the s p 500 to the high end of the recent range. Pretty well mixed market under the surface. Those big nasdaq themes carrying we spend most of the day, interestingly enough, almost exactly at those early june eyes we were looking at for a while not sure there is any particular reason we have to sit there. 3232 is that level basically that, is where this nasdaq rally has ta