Sanctions and claims to the South China Sea take center stage today. Stocks are shrugging it off. The dow up more than 400 points but the big tech is struggling faang, internet names that have been on fire are seeing weakness today. Were following it all 59 minutes left of trade. Certainly weve been all over the place in markets but were up as we stand with the major indexes we have a big line up of guests. In a few moments well speak with shrewsberry, cfo of wells fargo. And Robert Kaplan will join us and well speak with Michigan Governor Gretchen Whitmer an earlier biden endorser as biden lays out more details of his economic plan. Lets focus in on the big stories were watching at this hour wilfred has the highlights ph wilfred, start off with the banks here. The key focus, sara, as we expected it to be on provisions for potential bad loans. They rose from all the banks from q 1 to q 2 and rose more than expected. Wells fargos more than doubling quarter over quarter the big question
Albertsons ipo. All of the stories that we cover so closely i know. And banks already rallying today off that deregulation news earlier on the day theyre up 1. 6 at the moment. The top of the s p 500 sector. We have a huge show coming up on closing bell. On the day, we get the stress test results that sara mentioned. Well be talking to the ceo of barclays in a rare exclusive interview. Thats just about five to ten minutes away after the close, the they will join us this is the sign for the first time in months so lets get the pictures here mike santoli is here for the markets. The moves and valuations he is tracking the surging covid19 cases across the u. S. Mike, first to you. We have a pause today in the markets within a pouz. That is similar to a couple weeks ago. We this that big down day number real sustainable followthrough to the down side why is that . It doesnt seem like theyre overleveraged in a way that kree auts a liquidation cycle on the down side. There you see that flat
And bitcoin above 30,000 as the sec may allow a spot in bitcoin etf that conveniently would expand its own authority. Is it the right move in a former cftc commissioner weighs. Charles schwab leading the s p after its earnings and well preview more results and get the trade from goldman and b of a and thats coming up with Earnings Exchange. Lets get a quick check on the markets where stocks are higher across the board although the dow is 100 points below the session highs and very similar for the s p, up 46 or so to 4373 and the nasdaq a similar move. The tenyear yield back up to 7 and its interesting to see that not exert more pressure and 471. 6 and the 30year nearing the 4. 9 level witness again. So is this good mood in stocks a positive sign into year end or is it all just a head fake. Joining me to make sense of things is Hennessy Funds chief Market Strategist and its good to have you on set. Welcome. Thank you. A nice rally day for you to be here, as well. You have to be generall
Youll understand why were playing that music in just a minute welcome to power lunch. Im michelle carusocabrera. Stocks carving out small gains the dow hitting yet another record high. Lets take a look at the benchmark tenyear note. The yields there hitting their highest levels since mid august. Right now the 10year yield at 2. 24 . Some of the stock movers, sprint and tmobile, both soaring our david faber reporting the two were in active talks about a merger again going the other way, however, best buy shares are tanking about 9 . The retailers outlook falling short of expectations. Were going to head live to the investor meeting in just minutes from now heres some other news happening at this hour cnbc confirming reports that the senate gop is looking at a tax cut that would total between 1 and 2 trillion. And are cereal and sausage the investing breakfast of champions . The company post hopes so because its buying food maker bob evans for 1. 5 billion and its prime time for kohls in
Look it up i know there are people out there that remember that one i think its kind of hilarious that you and i havent heard this song at all its billions and billions of it zblifl better that you dont know this song either. Okay. Well, there may be see what im going to do here. There may be a slow seduction brewing in the media space, discovery, and scripps reportedly are in merger talks again. Could this ignite a wave of deals in that sector meanwhile, in the competition between morken, stanley, and Goldman Sachs. Gets a point today, Strong Revenue numbers out this morning. Something he struggled with yesterday. Well have the details bill akman using twitter for the first time, giving a vote of confidence for chipotle. Plus what he ordered and what he was listening to. And what he was listening to. Youll see stick around for that at least lets start with breaking news for this hour as President Trump is about to host a made in america round table at the white house after hes had lun