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here on the halftime report. we do want to begin technology where we re watching an up raffling of the chips. smh seeing its worst day in a month. you ve been talking about it for so many months. is this going to be the down fall of tech? well, i think that there is no doubt in my mind we talked about the idea of this thing moving very fast. we talked about going all the way back to brexit and suddenly this entire sector took off with technology and a lot of that is because the fundamental story was there to to back up the fact that you had dividends. and pes are starting to stretch a little bit. we ve talked about this on the show. time to maybe take it out of the stock and do a stock replacement, old options for more up side. if it falls apart like they re starting to roll down now, you at least were able to get yourself into a risk/reward position. and that s what we re seeing right now is down side. and we asked if we were going to have some kind of melt up. and ....
welcome to power lunch. i m melissa lee. let s take a check on the markets. out of the gate pulling stocks lower, we hit three-month lows on the dow, as well as the s&p 500. we are off session lows now. the s&p higher by about 16 points from lows today. banks gets hit hard again. third day of lossesment this of course ased of a slew of bank easternings that start tomorrow. one bright spot in narcotics. utilities are holding up nicely. up by 1.8% at this hour. thank you very much. welcome, everybody. here s what else is happening right now. world s longest reigning king has died passing away today at the age of 88. he took power back in 1946. amazon hiring 120,000 holiday workers this year. that s up 20,000 from just last year. and u.s. jobless claims now at a 43-year low. the 84th straight week that claims have come in below 300,000. got a big two hours ahead and we kick it off with this big move down in the market. though not as far down, bob pisani, as earlier t ....
and spain and france. strong gains across europe. and look at crude, which is set for weekly gains, up by 1.25% on the week. showing just about that gain today. we got surprising inventory builds yesterday. traders seem to be taking in stride. the u.s. treasury department issuing final rules to crack down on those tax inversions. that s when a company is acquired by a smaller foreign business in a low tax country to avoid paying the higher u.s. corporate tax rate. the new rules crack down on earnings stripping when the u.s. subsidiary avoids taxes on domestic operations by sending them overseas as tax deductible payments. got that? sara eisen does. this is clearly becoming a signature issue for the treasury secretary, for this administration. and what he issued yesterday were new rules to crack down on tax avoiding companies. this earnings stripping strategy, it s a common practice by inverted companies, they use the u.s. subsidiary to issue loans from the foreign c ....
of bank earnings. wells fargo, j.p. morgan, citi all beating estimates, but it s not all good news from those financials. we ll dig through the reports and hear what the ceos are saying. the samsung saga continues. the company saying billions more in losses are expected. and now some airlines are using fire containment bags for overheating phones. like an airsick bag? are you kidding me? where s the tsa? and honeywell ceo telling jim on mad money last night he was astounded by the market reaction to the company s presentation earlier this month. we ll get the latest. first up, wells fargo out of the first earnings report since the bank s unauthorized account scandal. quarterly results beating the street despite drop in net income. in the company s earnings release new ceo tim sloan says, quote, i m deeply committed to restoring the trust of all our stakeholder including trust and shareholders community partners, we know that it will take time and a lot of hard w ....
expanding attacks on the media, and mexican owner carlos slim part owner of the new york times is part of a global conspiracy that works with the clinton campaign, got that right. and late polls show that an impact than revelations about hillary clinton and dropped six points among women in the fox poll no longer leads among independents, down 45-38 overall. without question, there is a media pile-on against trump and it s hurting him. almost unmentioned this morning, hillary under oath saying she did not know about and did not order the destruction of e-mails. no demands by the media for hillary to apologize for her campaign s demeaning comments about latinos, needy, conservatives catholics, a bastardized faith, or blacks, they don t do well. you thought this would be up front and center in this presidential election, should be, but it s not. sex, lies and videotape. varney & company is about to begin. all right. we will, i promise you we ll get to the politics i ....