The Committee Meets today to receive testimony from the department of defense fiscal year 2021 budget request. Welcome our witnesses and thank them for their service in both dr. Mark esper and general mark we have a pair of marks in this morning. This committees top priority is ensuring the effectiveness of the National Defense strategy. Thats our vote that we had heard, adhere for a long period of time now. About three years. Unfortunately, the last administration we ask our military to do more with less and that got us into trouble between 2012 and 2017 we lost 150 billion to sequestration. Our Defense Budget in the readiness of our forces were devastated. I think we all understand that. As a result, when President Trump came to office, he inherited American Military and crisis, thankfully he delivered on his promise to begin rebuilding the u. S. Armed forces. He negotiated the highest level of defense spending ever, a down payment toward getting our military back to where it needs t
And joint chiefs of staff chair general mark milley were on capitol hill to testify on the president s 2021 budget request for the pentagon. They were also asked about military modernization efforts and defense funds being diverted from border wall construction being diverted for border wall construction. [indiscernible conversations] [indiscernible conversations] the Committee Meets today to receive testimony for the 2021 budget request. We welcome our witnesses and thank them for their service. After mark esper and general mark milley. Top priority is ensuring the effectiveness and implementation of the National Defense strategy. Unfortunately under the last administration, we asked our military to do more with less, and that got us into trouble and 2017. 12 we lost 150 billion to sequestration. Our forces were devastated. I think we all understand that. As a result, when President Trump came to office, he a country in crisis. Rican military and crisis, thankfully he delivered on his
Been seeing a lot of industrials, energy companies, airlines, travel Companies Taking the brunt of the selling. Now it has spread to the leaders. 4 , then a little under worst day since october 28. I think that is one powell said neutral. All down more than 4 , basically the big laggards today. That is what you get. Scarlet the dow and s p negative on the year. Nasdaq Still Holding onto a gain of 2. 8 . Lets check in with our market reporters to say what they were monitoring. Abigail, get us started. Abigail i am thinking about the selloff we had on this day and putting it into the context of a chart we have looked at frequently, because it feels like it is from out of nowhere, but many the surface there have been indications we could see this action. This chart goes back to the beginning of the coronavirus outbreak as we were reporting on it. A little more than a month ago. In yellow is crude oil and copper is in pink. Both of those commodities down about 10 . At the lowest crude oil
Higher, the nasdaq also turning positive for the year. And all 11 sectors finley in the green on the s p 500 but, hey, dont look now because over there, in the bond market, yields are still trading near alltime lows, the 10year grows a bit but at 1. 06 yesterday, of course, below 1 so were doing something a little bit different at the top tonight. Everybody ready . Go. Do it, brian. Were going around the table. And i want each of you to give our viewers a simple answer to a sifrp question starting with guy adami. Yes, sir why were we up 1,100 point. The short answer is i have no idea, brian. Thank you. If you ask me to ask, i think joe biden had a lot to do with it you brought up that. Maybe in rert expect, the Global Central Bank nonsense or lunacy kicked in. Maybe we were in an oversold condition. But i got to tell you last night sitting here the same time given the close with the fed news we absolutely retest the 2,900 level. Clearly that didnt happen today. With that said, you know
Season trade came of an awful lot 18 times for those of you counting with participants noting that uncertainty continue to pose some risk to their outlook. They express concern about actibasi activity in manufacturing. Some participants commented on challenges to the energy and Agriculture Sector a couple noted that farm offsetting on farmers. As for risk, many saw it tilted to the downside. Some eased trade tensions with china and the probability of a no deal brexitlessen brexit lessened further. Some concerns were raised that keeping Interest Rates might encourage excessive risk taking in the financial sector. Some said it could be useful to cushioning the global economy. They struggled with how to phrase the 2 language some thought saying quote near 2 could be misinterpreted as suggesting that policy makers were comfortable with inflation running below that in the end they used both of those terms. Just couldnt decide. Thank you very much. Were going to turn to the other big stories