Still in the red but a much better picture than it looked this morning. Abigail what a roller coaster on the day and the week. We had big gains from apple and tesla. This week, not so much. Nonetheless, the worst week since june for the s p 500 and the nasdaq 100 since march. The nasdaq down 1. 3 . Pressurehat selling really came off. The new york faang index down 1 at the end of the day. Some of this happened as value money seemed to give a tailwind to the macro sentiment. Yields really backing up on the day. Not confirming the degree of the selloff. I think what we had going on here, technical selling, the moving average, really looking for it in the morning. A very solid test there. The question is, will those nearterm buyers continue to step up . If yes, probably some Choppy Movement to the upside. If not, it could get ugly really fast. On the week, talking about really brutal losses here, the faang index down sharply. However, we do have one bright spot. I was mentioning the cycli
Stocks are up, all of that to do with powell. The dollar weakness also to do with powell. Real trends in the euro and the pound. Tom no question about that. Right now our first word news in new york city, here is riddick gupta. A Ritika Ritika the longestserving Prime Minister in japans history is resigning after eight years because of health reasons. The government has provided few details. News reports that he has been undergoing treatment for a chronic digestive condition. He plans to stay on the job until his party picks a successor. President trump made his case for a second term and last nights Republican National convention. He promised to cut taxes, and create 10 million jobs in 10 months and turn the u. S. Into a manufacturing superpower. In the new term as president , we will again build the greatest economy in history, quickly returning to full employment, soaring incomes and record prosperity. Ritika the president also warned that joe biden cant be trusted to deal with the
Of citigroup, although Tobias Levkovich will join us later. On a serious note, things deteriorate in hong kong in the last 24 hours. Francine a lot of the focus is on china. We have the National Peoples congress and the premier talking about targets being abandoned because it is too difficult to predict gdp and they want to create 9 million jobs, less than the 11 million jobs in 2019. We will have to see what happens with hong kong, the lobbying passing through. The u. S. Will weigh in and china is pushing back. I would focus on china all day today. Tom absolutely would. Jon ferro way out front on the tensions of washington and beijing. Here is ritika gupta. Ritika hong kong activists are calling for protests against a new china security role. The National Peoples congress is expected to pass the islation forcing hong kong acts of treason and subversion. President trump well react very strongly. China abandoned its practice of setting a target for Economic Growth and will shift its foc
Distinguished democratic and republican colleagues for your participation in this rather unique forum. Over 80,000 citizens have lost. Heir lives due to covid19 more than in any other country on earth. Many families have lost loved ones, including my own. Our fellow Committee Member Maxine Waters has recently experienced a loss in her family due to this pandemic. This select committee was not established to cast blame on or cast disparities on foreign or domestic or to search for the viruses origin, but to pursue future success. We have been tasked with the urgent and important work to ensure that our countrys response to the seminal crisis is effective, efficient, and equitable. I agree with ranking Members Police that one of the most important components of our response is answering the region that is being discussed at every Kitchen Table in america right now. How do we know when we are ready to safely reopen our country . To answer that question, we should be informed by history an
Dr. Mcclellan, good morning. Clubs thank you for setting this up and all the reporters who are joining us today. Thank you for being with us. We will get started. You coauthored a Coronavirus Response plan. Right now were in phase one, the containment phase and reopening states is based 2. What elements of state got to have in place to begin that safely . We are moving from phase 1 to face 2 and i think now people are saying that phase two bank is not just one big step toward reopening. In some sense that is probably the long time. Youre not back opening for the way things were before. Instead, we are saying maybe a c, d, and e as we gradually turn on the faucet. Enable some additional businesses to reopen under modified conditions, get in place some of the additional steps that are needed for successfully. Ork that includes several key dimensions. One is a Health Care System that is not under duress. So adequate capacity for potential further resurgence in the virus and also adequate