Year on Worldwide Exchange on cnbc welcome to Worldwide Exchange, i am Brian Sullivan. Thank you for joining us on this busy friday. Shocking news breaking hours ago as President Trump and First Lady Melania Trump have both tested positive for the coronavirus. Tweeting just before 1 00 a. M. Eastern that he and the first lady will begin their quarantine and Recovery Process immediately. The news coming hours after hope hicks, one of the president s top aids also tested positive for the virus. Monther details in a moment and throughout the morning stocks are reacting negatively dow down 328 points. Lets take a closer look and you can see at the point where news broke as the president broke it himself. They are still down more than 300 points the bond yield down as well. Down. 67 . All Financial Markets are moving oil is selling off in a fairly big way. Not just on the president s news but on the increased number of cases around the world and the likelihood of lockdowns and slow downs in
Plus the health of the u. S. Economy, jobs rise. To fun of limit rate falls 7. 9 , participation also dropping. We begin with breaking news, we are continuing to get updates from President Trumps condition, a lot of information coming from washington as we mentioned, doctors say the president is feeling fatigued, but in good spirits. We also learned he was treated with the regeneron antibody cocktail that is not available to the public yet. Our david westin is with us now to give us the very latest, we have not seen a tweet from the president sets since he announced his diagnosis yet last night, we have not seen him in public. He was supposed to be on a call that was replaced with Vice President mike pence, what is the latest we know . David mark meadows said he talked to the president and was in good spirits, but then we got from therandum physician for the president who as you said this regeneron payment was action under compassionate use, it is not been approved for general use at a
Plus tiktok continues to tick in the u. S President Trump gives his blessing to oracle and walmart buying a 20 stake and shares of electric truck maker nikola tumbling after a firm accused the company of making, quote, an ocean of lies. Jim, theres going to be a lot to process, not just today but all week long. We have 14 fed speakers during the course of the week and powell three times well, look, powell is on the side of those who believe you should be a buyer. Its pretty clear that powell does not want things to collapse a stimulus dealdeal that seems like a thing of the past were down off of something no one understands. Maybe uk lockdown. Thats not us. Maybe madrid lockdown not us this banking story so emamorfs in other words, what im saying is weve been down for three straight weeks, carl the big faang stocks are down double digit this is when you start thinking maybe there is something to buy. Its been so bad for so long and everyone is watching and these things are really going
One progress review should happen soon. More signs offers china strengthening rebound. Sales jumped by one third last quarter to 22 billion. The company insists it is no threat to u. S. National security. Lets take a look at how we are shaping up on this final friday session of the day. Lets get over to sophie he was taking a closer look. What are we watching . Vibes coming through with futures largely higher. We could see some weakness in korea following the drop that we saw for the kospi. On the docket today were looking at cpi from japan. Nikkei futures move slightly higher this morning, while the yen is trading below the 106 handle. Pulling up the chart on the terminal, we are watching to see if tech will bounce back in the region after thursdays selloff which saw the kospi with a big loss and the worst day for the regional tech index since march. Samsung took a hit on the south outlook for to prices. Prices. Outlook on chip potential hits on huawei and delayed 5g. That could hurt
Private sector economists, and members of the news media for this annual gathering. As you well know, it has been our custom for nearly four decades to welcome you to beautiful jackson hole, wyoming, part of the regions served by the kansas city fed. And i look forward to returning to that setting next year. With this years online format, instead of expressing my gratitude to those who travel from around the globe to attend this symposium while managing jet lag, i will offer my appreciation to those attempting to manage local time zones with the current time no ranges from 6 00 a. M. Thursday to 1 00 a. M. Friday. This year has been an extraordinary one for Monetary Policy and central banking. Many of the issues that we talked about for some time, including the low level of Interest Rates, slower case of growth, effects of heightened uncertainty, and how to effectively communicate Monetary Policy, have been amplified by the economic fallout of the pandemic. For more than a decade, it h