It was a great day. So i would come back on the ferry. I would do it. Its very comfortable and scenic and gets you there about as fast as driving. Transit authorities have added Ferry Service on both the larkspur and sausalito routes all weekend. You can download the abc7 news app to deal with the detours. Its available for your smartphone or tablet. You can unable push alerts to get an update as soon as doyle drive reopens. The app is free from your app store. If you would like more details you can get them from abc7 news. Com apps. Protesters in the east bay are fighting back against crude Oil Shipments coming in on trains. Yesterday people marched through the streets. They say Kendall Morgan is putting their lives in danger by sending trains filled with crude oil to the bay area. Two years ago a crude oil train derailed in canada and killed people. We allowed them to drive our trains and endanger our communities and also to have power over other decision that is are seriously affect
Inland bay and coastal areas. They will ramp up a bit toward noon and once we get closer to 4 00 the temperatures are going to be in the mid80s inland to mid70s in the bay area and mid60s along the coast. But it will get warmer toward the end of next week. Month are on that in a few minutes. Carolyn. Thank you, leyla. Breaking news this morning in arinda, a violent highway collision has killed at least one person. The crash happened just before 3 00 this morning on highway 24 near the eastbound Stevens Drive offramp. It appears the car may have hit a tree, which practically tore it apart. All lanes of the eastbound 24 are now open. Investigators are still on the scene trying to determine the cause of that horrific crash. Happening now, crews in San Francisco have exactly 23 hours to complete work on doyle drive. The access route to the Golden Gate Bridge is schedule today reopen tomorrow morning at 5 00. Bring officials will give us an update later on this morning. Heres a live look at
Nasdaq declining. 26 . While the averages didnt do much, there was one recently red hot Smoking Group that really got knocked off its stride. The drug stocks going in today, the pharma complex was on fire levitating day after day, one of the strongest sectors in the market and then we get one darn tweet from the president that wrecks everything. Or does it . First, lets deal with the president ial tweet, and i quote, i am working on a new system where there will be competition in the drug industry. Pricing for the American People will come way down end quote. Not a lot of detail. Not a lot of specificity. You only have 140 characters with which to opine, but boy, oh boy, thats about the last thing you want to read if you own any drug stocks. So what do you do . Lets go mobile choice here. Do you a, panic and sell everything . B, wait to see what happens . Or c, buy the drug stocks you like because youre finally getting a bargain . The correct answer, drum roll, please. C. You buy. You
Microphone and say these the against inflation. Im sorry. What inflation . I see deflation almost everywhere, except in wages. But clearly thatats all that matters to the fed, because by any other calculus, Everything Else is going down, except for make bonein chicken and allnatural beef. Two pretty niche commodities, unless you own a restaurant like i do. If you didnt know any better, you would think these fed policy makers will talk about the need its a recipe for declining stock prices, and thats what youre getting. No matter, like ive told you repeatedly, as soon as the fed got the ammunition to raise rates in the form of last fridays very strong employment number, this market would go from being intermittently bearish, with a somewhat popotive backdrop to oututght beararh. Some some pockets of strength hand some pockets of excessive negativity. Thats exactly where we are right now. Remember, the fed has no mandate to preserve your stock portfolio. I have they critics who sayivity
Because we have this bizarre confluence of so Many Companies prospects fading at exactly the same time that a parade of Federal Reserve officials came up with a need to raise rates. When you see stocks of hivequality Companies Like cummings or macys, and nordstrom tonight joining in with a really hideous rert, the last thing you would expect is for a grownup federal governor or president to squawk about the need to when copper is trading at levels not seen in years, when aluminum and iron are plummeting, kind of crazy for people in positions of power to keep talking about how we desperately need to raise Interest Rates, raise them. Its positively counter intuitive. With oil once again about to challenge the 3 level, who would think a lot of Federal Reserve officials would grab a against inflation. Im sorry. What inflation . I see deflation almost erywhere, except in wages. But clearly that is all that matters to the fed, because by any other calculus, Everything Else is going down, exc