After the adp report, employment is still a bad number. From 43. 1, so42. 1 that feeds into the narrative that even if the economy opened up a little bit in july, we are going to see fewer people working, and we will probably see adjustments to peoples payroll forecasts for friday. Alix is that the one take away from today, the slower rate of job hiring . Michael that is the important thing. You can open up the economy and get a yield sitting in the middle of the street or a restaurant, but the people who serve you are not coming back as quickly as they would hope. That will slow the economy overall. Alix you mean in new york you literally have tables in the street. I appreciate that take them. One other sign of hope in the race for a vaccine you have shares surging to their highest in five years. I two shot experimental covid19 vaccine generated antibody responses in healthy adults that were four times higher than in people who have already recovered from the virus. I am joined by the
U. K. s chief negotiator rejects a proposal to avoid a no deal. Him ask exclusively with he plans to shore up recovery. A lot of things for markets to grapple with. We have concerns about the record cases in the u. S. A number of states, not just texas, pausing on reopening. The initial jobless claims causing some concerns. Could we see layoffs coming through, even with the reopening . We look ahead to Consumer Spending data in the u. S. , and the news flow yesterday and overnight. On the one hand, given one hand to the banks volcker rule, and dividends. We did see the s p 500 yesterday. Chinese markets are closed. We do see a risk on trade in equities. In terms of her features are positioned, muted, up to 10th of 1 . 1 2 10 of 1 . The bloomberg other index is pretty much unchanged. The 10 year yield is study. For oil is study. For is steady. , its beenor oil tempered with a sharp drop in export plants. It is headed for its highest weekly decline since april. Wall street lenders will s
Not that great no the coast. But in temps will be about 10 to 15 degrees above, you guys. Lets head over to sal now and see if theres anything new going on. Good morning custody. Right now, we have traffic that is mostly good and not a lot new as you mentioned. We have the commute, not much of one. Will, you know, people are going to work. But a lot of people are working from home. You just saw the bay bridge, were going to look at it again. And you can see that there is not much going on. Now, there have been a couple minor things and just as you have but mentioned, everyone has been mentioned, how fast people seem to be going. Chp still issuing citations, so dont speed because theres a good chance with a few cars on the road, chp will be able to spot you very quickly. It is 7 01. Lets go back to dave. All right, sal thank you 4 million more people filed for unemployment last week into wallet from covid19. The new Labor Department report just came out this morning. Ktvus Elissa Harrin
It is up 25 , but still well below 15 a barrel on a supply glut in the u. S. And around the world. And as Congress Passes that 480 billion relief package to keep the Paycheck Protection Program running, td bank has promised some 26,000 Small Business loans. The ceo is going to join us in a few moments and tell us how he did it kelly, over to you all right, tyler, thanks. Todays rebound is led by tech stocks again they were under pressure yesterday. Lets get to bob pisani for more on the rally bob . And like i said, the last hour, threetoone advancingtodeclining stocks, thats a nice move up. But this is really in a sense tech and even mega cap rally the five biggest stocks on the s p 500, huge gains here facebook is up 7 . Google is up 4 . Microsoft, apple, amazon look at these moves up the other bigger five, berkshire, walmart, only one, Procter Gamble were down when you get nine of the top ten moving up, the s p is going to move, even if the other ones dont do much at all this is a me
The stimulus package, but senators still working through some sticking points. It has not passed yet. What is your read . Romaine the market clearly waited on that. Around mid today midday today there was an outline from Bernie Sanders saying he had objections to the bill surrounding unemployment insurance, and he was willing to hold up the bill if these issues were not addressed. That seemed to take some wind out of the rally. We were doing very well up until about then. Day,a little later in the there was some news crossing the wire on apple. Was reported that apple might push back the potential release of the 5g iphone that some any people were anticipating this year. Based on that, we actually saw the nasdaq composite and the nasdaq 100 give up their gains on the day and move into the red, even though the broader market, the s p 500 in particular, remained in the green. But there was concern. Apple was actually up about 5 on the day prior to that, and closed down. 5 . Apple supplie