Good thursday morning. Welcome to squawk alley. Im jon fortt with carl quintanilla. It is cloud week on squawk alley. If you were betting against snowflake, wur oyoure out in t cold this morning. That stock up is 12 same for Cloud Security and authentication specialist okta were going to talk to the ceo to see if this thing may stabilize from here or go higher splunk, that is the sound of a cloud stock dropping 22 after missing Sales Guidance for the third quarterer in quarter in a row. All this happening as amazons cloud conference is in full swing. Salesforce announced the second Biggest Software acquisition ever and we started the week on squawk alley talking to ibm president Jim Whitehurst who came to big blue in what and is still thelargest Software Acquisition ever redhat driven by a hybrid cloud. Julia, investors are betting on further growth from already heady levels we can certainly see that in what is happening with snowflake this morning it is reapproaching the highs that so
President , he has announced hes free of the virus in immune and up dressed in airport crowd in florida today. This is important, the virus and how to deal with are central issues of the election. The president is taking the lead in opening the economy and returning to work in promoting the successful treatment, that is important stuff. Meanwhile joe biden always wearing a mask except for when hes coughing is bogged down with questions about packing the court in fracking, he will hold to events in ohio, lets see if he answers as important questions. Lefthand side of the screen, Supreme Court hearing for Amy Coney Barrett started an Opening Statement the judge said she learned from her mentor, Justice Antonio scully out. A judge must apply the law as written, not as a judge wishes it were. Vice president ial candidate Kamala Harris will participate virtually for safety reasons. Lets get to the market, the dow industrial is up for 50 on point, the s p up 20 thereabout look at the nasdaq,
Budget set to be outlined in parliament today. Tesla takes the trade war in its own hands. Suing the u. S. Government and Robert Lighthizer over the tariffs over imports from china. A warm welcome lets kick off the show with fresh numbers out of germany the Business Climate for the eve owe since september has come in a touch light. Current conditions 89. 2 for spent versus 89. 5. So just a touch light of expectations in terms of the expectations component, came in at 97. 7 versus forecast of 98. Slightly weaker but generally similar to what was expected the august numbers have also been revised we have the Expectations Index at 97. 2. These september figures and the forward looking part of this index has come in at 97. 7 for the month of september as business morale rises. This comes after data yesterday. The pmi flash for september showing that manufacturing in germany continuing to improve. Services contracted. Dropping below the 50 Mark Services trends in the economy we are going to
Facebook, netflix all turning positive we are up 3 4 sorry, 2 3 on s p. Another higher day, certainly off session highs. Coming up on todays show. Great lineup uper facing fresh lawsuit from massachusetts over how it which was its drivers. Early investor bradley tusk has an idea that can help them avoid headaches and take on rival lyft hes going to join us to explain. Speaking of the pandemic, new Jersey Governor Phil Murphy will join us to discuss his states path forward, whether hes prepared for what the fall will bring in the northeast. Lets focus on two key stories meg tirrell with modernas vaccine news and Big Bank Earnings certainly better with Goldman Sachs. Meg, start us off with moderna. Hey, sara the full phase one trial results from the Covid Vaccine published last night in the new england journal of medicine. This was 45 in the trial we got a glimpse of 8 out of 45 on important key data. These were healthy adults who received two vaccines a month apart. Everyone generated a
Bank lets check the numbers and see where we stand the dow is off 1. 5 . 24,260 s p at 2900. Russell, all the way on your right. Its been a big out we are forming giving back about 3 today. Were going to look ahead to those earnings tonight but we have to look back to last night. You own facebook, microsoft. No wonder these stocks have been doing so well. They justified the it last night, didnt they they did. When facebook comes out and says ad revenues have stabilized, thats a very powerful statement. Weve had this debate is old tech tired or is big tech tired. Can it keep giving we saw their operating morals are fantastic. Apple may be the squishiest of all because they are directly tied to the consumer phones. I phone it im not doing anything with it so what . This is where you want to be you want to be in whats working because the companies are bilts to work. Its where technology is and where its going 5g as we talked about so many times. Funny you say that. Kramer said so Many Com