Network Dagen Mcdowell as always, pwc partner and cfr Mitch Roschelle and lindsey bell maria markets this morning, quiet situation going do what could be fireworks in next 2 days, dow industrials down 71 points, nasdaq down 27, Federal Reserve jay powell testifying before the House Financial Services Committee Later this morning, markets are watching specifically to see if powells comments indicate signs of a future rate cut, a lot of people yesterday, Jon Hilsenrath said, well, if its not july, itll be september, lindsey, you have a lot of thoughts on this. Yeah from the testimony today and tomorrow, im not speaking anything new out of fed chairman, he will stick to the language that we heard in june that hes here to support the Economic Growth that weve seen so far, i dont think we will hear anything about the change of Monetary Policy or any type of rate cut, how much it will be if there is one to come, and the thing i think that the investors in the market are really going to look
To watch facebook, and tesla coming out on wednesday google parent alphabet amazon on thursday. Mike block what are are you expecting . We have some big names reporting this week and for much of this year ive been saying that it is all about growth. Well this is some of the big company chances to sew that can facebook and amazon and alphabet really answer some of the concerns . Last week we saw netflix blow up because their nonu. S. Ads werent good but we saw microsoft excel on cloud and whats it going to be for amazon the growth in retail sales . Is this going to be about cloud and alfa bet respond from last cant and continue to be the leadership here . And would that be novels for the overall market a good thing when four stocks are are amount for all of the gains in the s p 500 . Right so to your point this is the front page story in the wall street journal above the full story ill hold it up right there. Im a nerd i have newspapers. So it is microsoft apple amazon and facebook acco
And so well talk. No. Thank goodness, and lets talk about markets earnings. I want to know what hes fixing. Fixing facet. Lets talk about markets and the recordbreaking last week. Futures are pointing to higher ownership a 28 point gain on across the board after all three major market games finished in record territory on friday. Second quarter earning season kicks off in about two hours. City reports President Trump tweeting on the economy last night, were doing great economically as a country. Number one, despite the feds aint waited policy on raids and tightening room to grow. Mitch lets start with again the feds getting ready to cut Interest Rates based on all indications. So thats thats not tightening. But lets talk about earning season what do you expect because again, rip to, quote, ya a rip roaring market but you have earnings are expected to come in negative for this quarter. Last quarter same i mean for the Second Quarter, and negative even in the Third Quarter based on expec
The g20 with washington agreeing to not impose any new tariffs and will let American Companies sell hightech equipment to Chinese Telecom giant huawei, beijing would buy more American Farm products, President Trump commenting on his meeting with chinese president xi jinping yesterday. President xi and i had a fantastic meeting, great meeting, we get along and we also have a really, really Good Relationship and he wants to see something happen and so would i and i think theres a really good chance of that happening, we had a great meeting. Dagen joining me now Senior Research fellow dean chang, good to see you, dean, what the u. S. Is giving and the china is giving is to get trade negotiations going back on track, where do you see whats going from here . Frankly i dont think we will see much progress the markets are hoping for, the reality is that the core problem, that of chinese lack of respect in stealing of intellectual property hasnt changed, hasnt really been addressed yet and its
And with Second Quarter earnings season slowing down a little, were going to discuss why some analysts think this was one of the worst quarters for companies in years. Take a look at the european markets, they are trading lower across the board this morning, see the decline on the dax, down 57 points. In asia overnight, a little bit of a similar picture, markets were mostly lower with the exception of the nikkei, faxal moves there. President trump calling for the recusal of the judge in his election case as he asks for the trial to be moved to west virginia. Hear what state attorney general Patrick Morrisey told maria. And as President Biden returns from vacation to tout bidenomics, a new poll is showing that those exact policies might lose him support in 2024. Were going to get into it. Joining the conversation all morning long, managing director Mitch Roschelle and Pinion Enterprises founder and ceo, joe pinion. Mornings with maria is live right now. Aint no Mountain High enough. Ain