Component earnings joining us for the hour is stephanie link great to have you here i think thats exactly where we should start we had earnings from walmart and cisco. Cisco is the drag on the dow how would you characterize how it reflects back to the Broader Market last quarter the same thing happened where cisco disappointed and walmart posted a better than expected number. This is what this economy swhat this market is enterprise spend is weak on trade concerns and uncertainty and thats not Getting Better any time soon versus the consumer being very strong those numbers are very impressive 6. 6 stack comp for walmart. It actually kratd. Ecommerce sales 41 . Estimates are going up for walmart and going down for cisco and i dont think theres a lot of visibility at cisco even if you listen to that Conference Call they were disappointing across the board. You got to pick your spots of where you want to be well dive deeper into each of those Companies Reports ahead. Stephanie will be wit
We will dig in and follow every move the cbo out today saying the deficit will increase more than earl remember forecast as david said, retail strengths, lowes up t. Target up, more signs of spending from the consumer charlie, welcome this is your kind of rally day any great reason behind it the American Economy continuing to be 70 consumer form the consumer is in very good shape he walmart had seals up almost 3 , target, home depot showing strong results its very hard to have a recession with dropping unemployment, rising wages and strong consumer spending, and yet some of the members of the fed want to cut 50 basis appoints, double what they did. I dont think theyll succeed. I think theres just as many that dont want a cut at all we need to keep bullets in the gun, this is not the time to be cutting rates in the middle of a Strong Economy frankly i think the president s tweets actually decrease the chance of a cut. Nobody on the fed wants to look like theyre bowing to his whim. Lots
Ans clegg. Overnight if activists broke windows and occupied hamilton hall. The question now is when will the authorities move in to end this occupation and restore order . There are more questions. Will the authorities delay action if white principle cysts had run black students off campus . Where is President Biden . His press secretary stays says were not going to weigh in from here. At this moment Columbia University is largely under the control of antiem mites antisemites. To the market, all a eyes on amazon. They report after the bell this this afternoon. Where the market goes from here will have a lot to do with amazons performance today. Premarket its at 182, up 1. We have a downside move for stocks overall though. Minutes ago the employment cost index showed a rise in the cost of labor, and the market turned south on that news. The dows off about 170, nasdaq down about a 85 at this point. Bitcoin, well, it came perilously close to falling below 60,000. Its right now at 61,1. T
Stock, futures is down sharply healthcare stocks are under pressure this morning and amazon entering the health business, pa partnering with berkshire, finding ways to cut the cost of healthcare mcdonalds reporting a major spending boost for thousands of new stores and digital upgrades. Dow and the s p 500 remains on pace for a 10 consecutive months of gain i think it is true. You come in and when you see stocks, when you read the release and the mcdonalds release in the lets just say in the cave and not look at these you would say wow. These are great numbers. The markets set up to go down you have this team up that we talk about all morning with jai jaime dimon. It is generic, yeah, it is been up a lot and i want to take profits ahead of the president whos going to take credits for a good mark. Ye market you come in and let them take credit we got thursday is National Earnings day so there is a lot of reasons to take profits and not a lot of reasons to say you know what, once to the
Or 60 or 70 years ago. I mean, having running water, hot and cold running water, indoor plumbing, a television set, microwave and a computer, would have looked very, very good to my parents when they were young. Thats quite a long time ago. But relative poverty is a very deeply ingrained belief in american society, and i think in western society generally, and as long as there are people who are conspicuously more poor than most people, i think that the concern will continue to exist, even though an n absolute terms you could argue that it doesnt. The gentleman has had his hand up for a while there. Steven with basic income action, and i was pleased to hear you mention Charles Murray and the negative income income maintenance experiments from the 60s. Want to see if youre following the discourse about basic income in europe and canada and many other places where this idea of a guaranteed floor is gaining enormous support. There will be a referendum in switzerland in a couple of weeks.