Lets get straight to steve liesman. Jay powell testimony before the House Services committee will note improvement in the economy saying Household Spending has recovered three quarters of the decline and say this is in part response to federal spending and higher Unemployment Benefits which is running down he said housing has rebounded and Business Investment showing signs of improvement but overall employment and Business Activity with well below the prepandemic levels an the out light is uncertain. He makes special mention of the feds main Street Lending program, a 600 billion program with a backstop from the troo z treasury hell be speaking tomorrow before the house financial Services Committee with treasury secretary Steve Mnuchin and this is required testimony about the cares act where they have to quarterly appear before congress and discuss progress with the lending programs. The terminology, highly uncertain, is that different from what the clair has used in the past. This is t
Is two parts to that last night i focused on the major averages are not representative of the broader economy. Something held true today with the dow and s p losing 4. 4 and nasdaq sinking 5. 7 after the dollar skyrocketed something we warned about because the fed made it confusing how much they will keep helping the economy. The stronger dollar isnt great but the incredible v shape rally in the stock market doesnt jive with reality in a world where we still have double digit unemployment tonight, though, we need to talk about the other part of the sentence the stock market doesnt reflect Current Conditions emphasis on the word current why . The market is a forecast machine across the ball and supposed to be appearing six to nine months in the future. Maybe the economy is in rough shape. Let say they reflect next february so what are the odds the economy will be in much better condition by then because some people would say stocks are saying. Thats the key question. Tonight, i want to
Record high today, up more than 17 this year. Check out the big tech names hitting fresh alltime highs in todays session, apple, microsoft, facebook, amazon, netflix all marking new highs. Is this headed straight for a giant iceberg, guy [ laughter ] when you read that, you hesitated reading that this is the bubble in my head literally said should i read this or should i skip over it, titanic tech run headed straight for a giant iceberg. I went with it lets go with the metaphor. I am a fan of leo i know you might find this propostrous but leo is a huge fast money fan we should collectively give a shoutout so i was talking to the great dan nathan earlier today and we were just talking about the move in amazon. Amazon is up 3 today. Amazon has added this month which i think today is the 9th of july. Just this month its added almost a quarter of a trillion dollars to its market cap. I think there are only 22 companies in the s p 500 that have a market cap of a quarter of a trillion dollar
oil prices have risen before today s meeting of the cartel of oil producing nations, as ministers prepare to set targets for the summer, a time of what will be rising demand across europe and the us. this is their first meeting since the eu imposed sanctions on russian crude. the group is under pressure to exclude russia, the world s third largest oil producer, from future producton quotas. it would be a move that could pave the way for saudi arabia and the uae to pump more oil. here s our middle east business correspondent, sameer hashmi. opec plus is opec plus is expected opec plus is expected to opec plus is expected to stick opec plus is expected to stick to its current policy of making a modest increase in production which translates to a little over 400,000 barrels of oil per day. this is in line with the opec plus agreement that was signed between the members in 2021. but the question that will be on the table and under the spotlight is what will opec plus do after sep
Football but i take it way too seriously to go by that fictional rubric tonight after another decent day for the averages, s p fansi fansing. 57 a new alltime high for the nasdaq its time for me to show my reality, not fantasy, but reality stock team in my head last night, while i was busily putting together what could be a championship ski daddy ski team which competes in the mad money slump, i am hoping after being bounced in the semis last year, to go back to my dynamic form i know i have the makings of a strong squad all there on twitter to see. But this is cramerica. Not slump a decka. Even though we all know better to draft in the first round, unless theyre tom brady, we all know that apple is the tom brady of stocks. An ageless, unstoppable force. The rap against apple is its just mobile. Apple is the greatest Consumer Product of alltime, as i look at brady as the greatest quarterback of alltime. Even though tim cook went to auburn while brady was a walk on at michigan, cook is