The various heroic people working at mount sinai hospital, i am tom keene, Francine Lacqua in london. Cavendish,d to baron it is an interesting mix in the United Kingdom of the politics of the government and the fairly grim pandemic statistics. Seenine we also havent from Boris Johnson and a while, so the daily briefings are led by various cabinet ministers, and yesterday we had the further three weeks of lockdown expansion extended. As baroness cavendish was saying, maybe we need more testing. What the markets are looking at, they are looking through the number of cases that are slowly increasing in europe and still increasing in the u. S. , they are looking through the deaths and infected cases, and chinese gdp was horrific, the first contraction in a decade, and they are focusing on the positive. We could have a drug that is working, from gilead, and President Trump has given a timeline and thought on how the economy could reopen. Tom i really want to emphasize, every politician in
Are watching cnbc. Good morning and welcome. We are keeping a close eye on the rally in airline stocks. You can see hear the industry reaching the Biggest Airlines in america up 5 to 7 to 8 this morning in trade. The dow would open down by about 358, s p losing about 45, implied. The nasdaq down by 104, 105 if these future losses hold into regular trading after the opening bell 9 30 eastern time today. This is after a broad rally where the dow dropped to 560 points and the nasdaq capping the first fourday winning streak since early february. In the bond market, we are seeing a bit of movement there more mark theedly to the day dropping down 21 basis points. Noticeable move lower in the 10year benchmark note yield the 30year at 1. 31 there oil prices after closing down yesterday, the lowest since late last month, the iea is out with a new forecast this morning saying Global Oil Demand will fall this year by a record 9. 3 Million Barrels a day. Wti trading at 19. 70 they say this erases
As previous days when it comes to losses. Romaine it is all relative. Scarlet lets check in with our reporters for more on the market action. Of the day,the end some of these mega cap tech names. The New York Stock Exchange faang index getting a big boost. Apple, the best day since 2011. Overall, the new york faang index getting its best day since the beginning of january. We had this huge move down yesterday, the big bounceback today. This index may suggest or downside is ahead. The new york faang index still above the 200 day moving average. At the highs, more than 40 above the 200 day moving average. Bearish divergence, falling rsi. Now we are still above that 200 day moving average. These you see some of mega cap names come down to earth, it is hard to believe a true bottom is in place. As the prices get set to hammer the oil companies, one corner of the industry is set to see some gains. Those Tanker Companies up about 15 . The Lower Oil Price makes it more profitable to actually
He will be traveling to washington hell be here a couple of days saying negotiating teams from both sides remain in close communication. President trump saying hes going to later travel to beijing to begin talks on the next phase. I think well talk to eunice we never know until we know. The last thing we heard from eunice was, you know, the president says there is a signing next week but havent heard anything from the chinese side she did point out that it was good for the chinese to have this happening now ahead of the Lunar New Year too my point is that they would never say anything and deliberately stay and let us conjecture it is always bad they never signed off on this the day before the market pulled back a little after someone said something that the chinese are uncomfortable with something until we hear right from the Commerce Ministry. Just a lot of times sitting there, what they looked like. They are more reserved and are tweeting about this stuff. Anyway, looking good. Hope
Expected to move to trial, the phase one china trade deal expected to be signed at the white house this morning top trump economic adviser larry kudlow joins us first cnbc this hour. And financials are in focus, bank of america beats for the quarter, goldman hampered by litigation charges target shares are plunging. Holiday sales miss on estimates on weakness and toys and electronics. The u. S. china phase one trade deal said to be signed this morning this is what secretary mnuchin said about the agreement earlier this morning on squawk. We need to put together very significant laws to change rules and regulations and made strong commitments to our companies there will not be forced Technology Going forward thats a big win for our technology companies, businesses and American Workers we look forward to learning more in the wake of this signing. Jim, mnuchins appearance this morning brought us something new, the notion of phase 2a, phase 2b, phase 2c, so stories evolving rapidly i think