Max, treasury secretary Steven Mnuchin and Federal Reserve chair Jerome Powell on the impact of the coronavirus on the economy. This is two and half hours. This hearing will come to order. Todays hearing is a hybrid format and the hearing room has been configured to maintain the recommended sixfoot social distancing between senators, witnesses witnesses and otheren individuals in the room necessary to operate the hearing which we have kept to a minimum. For those joining remotely a few videoconferencing reminders. Once you start speaking there will be a slight delay before you are displayed on the screen. To minimize background noise please click the mute button until it is your turn to speak or ask questions. If there is a Technology Issue we will move to the next senator until it is resolved. I again remind all senators and our witnesses that the fiveminute clocks still apply and you should, those remote, stall, box on your screen labeled clock that will show how much time is remaini
Wearing, sanitation, ventilation, separation, we are not going to get a handle on this to be able to fully open our economy and our schools in our society. That is what has been ignored by the administration. That is what we must insist upon in this package. It has been another bills but they have not acted upon the resources in a way science would demand. That said come on the subject of the airlines, ive made the case to my colleagues this is a special case because in order for airline employees to return to the workforce, there are National Security concerns, there are concerns about certification and all the rest of that, not somebody leaving a job and coming back to a job, but having to qualified could take a couple of years for a pilot, six months for a flight attendant, six i think we should pay special attention to that. We should not do that and lose all leverage to do Everything Else we have in the bill, which is to crush the virus, honor our heroes, put money in the pockets
Were going to get smarter on that with our guests this hour take snow dflake, that recordbreaking debut you heard about all morning, priced at 120 now indicating 19 to 195 the largest software ipo ever. Their thesis, a new way to work with data in the cloud those indications as i mentioned way above the ipo price. The ceo joins squawk alley right after the first strad. And theres adoe bee ahead of last nights earnings. They reported 15 Revenue Growth the best q3 in the companys history. Stock is taking a breather in the early trade. Well ask ceo about that in just a few minutes. And dont forget about apple its mac and ipad lines got a boost from work and learn from home imperative. Major Tech Companies like apple are leaning into the work, learn and kperds from home phenomenon. The new way of working is rich the real question here, guys, is future upside already baked into these valuations, carl boy, just look at those snowflake indications. We went into this morning, jon, looking at h
Session with the dow plunges 406 points, the s p prlummets 1. 6 i an absolute nightmare. The house of pain but its good to have some cash so tonight, were holding a coronation because right now, cash is king. Our viewers know this market has been making me nervous for a while. Ive been telling you to take profits for the last three weeks. We have sold some of every single tech stock we know, including some very, very good favorites that you are aware of. Every single one, first time in 15 years because bulls make money, bears make money. But hogs, they get slaughtered i love these tech companies, but i looked at the Charitable Trust cost basis, i looked at the pricetoearnings multiples and said you know what we are out of our minds with greed youve got to be disciplined in my book, that means taking profits while you have them. Some of you will say this violates everything you heard about investing, buy and hold, think longterm. Or most recently, or i should say, stocks or stonks only
Becky is off today all breaking fivemonth win streaks with the dow the big loser. Still a good quarter i should say a very good quarter. The dow gaining 7. 5 take a look at u. S. Equity futures this morning lets show you where things stand as we speak. The dow up triple digits s p looking to open higher nasdaq about 140 points hire overnight, Tokyo Stock Exchange suspended trading after a glitch blaming a hard wear problem followed by a failure to switch over to a backup device. The first fullday closure of the tokyo markets since trading began in 1999. Too much partying like in 1999 also in 1999, the year after was the year 2000. That was the last time the nasdaq had two quarters as good as this. It has been 20 years the nasdaq was up 45 . So it has been pretty unbelievable yesterday, we had worries about coronavirus. Even in new york and elsewhere where there is high infection rates. We had sort of just the aftermath of the debate, which people said was unsettling just watching then