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Edward lawrence in washington. Ashley webster waits on the disney numbers we talked about. While we wait for that, edward, well start with you on the economy and the new comment today from the fed chairman. Reporter connell, Federal Reserve chairman Jerome Powell says the economic path forward will be a challenging one and includes more help from congress. Powell on a panel with European Central bankers says that Monetary Policy needs to work with fiscal policy because the size of the economic shock with the coronavirus. Ultimately it was a job to replace lost income. I would say that our congress stepped in and there hasnt been a faster or stronger response from congress to an economic emergency since really the great depression. Reporter he is talking about the ....
Is worried about covid hot spot the cold weather thats coming pickup. He spoke today on a panel for the Silicon Valley leadership group. So im concerned unless we do something to turn this around, were going to have a very difficult, very painful winter. Reporter he said universal wears of masks and continued social distancing will help, and so will choosing Outdoor Activities over indoor when possible. No one has an appetite to shut the country down again. Reporter he said he is cautiously optimistic about a vaccine. There are six possibility, five of which are in advanced trials. We should be able to get an inkling of whether or not we have a safe and effective vaccine sometime in mid to end of november, beginning of december. Reporter bestcase scenario, he said, vaccine doses would be ready for public by the end of this year or early next, so it will take months to dis ....
Not quite as thrilling after day as we had yesterday. Ashley connell it, would be hard to repeat. S p and nasdaq dropping because of a covid 19 vaccine fading a little bit. Investors pull out money from the tech companies, that benefited most from the pandemic. Look at the dow and s p and nasdaq down. I want to get tech stocks red across the screen. Microsoft, facebook, nvidia, Big Semiconductor conductor down 6 . Adobe systems down 4 . A lot of the stocks higher on the year but a victim of the rotation of money out of tech. If it is coming out of big tech where is it going . Lets take a look. Consumer defensive names. Companies likes walmart, costco, target, proctor gamble. There they all are. Weve gone from a red skeen to a green screen. Target, all the others also higher. Industrial stocks giving boost from a csx railroad gaining more than 3 as did ge, right around 3 . Raytheon up 4 1 2 . We should mention boeing, gaining mo ....
Gyms theaters, for about a month. Were following all of that. We have fox twist Business Team coverage. Grady trimble, in chicago. New restriction being imposed. Edward lawrence on the tech hearing in washington. We have to first hear from Ashley Webster with the market selloff. What a day. Ashley all proving to be a toxic formula for the markets as Investors Cash in and the vix fear gauge hitting the highest level since midjuly. As you just said, connell, the dow, the s p, the nasdaq all down 3 1 2 on the day. We saw a little extra selling heading into the bell. Maybe that news out of france, adding to germany on a national lockdown. May be a lockdown light. Never the less, businesses will be closed, that having impact. Shares of hotels, airlines and cruise lines all hit hard as covid fears grow for the economy. Check ou ....