Faster Consumer Recovery and it is monday, june 1st youre watching Worldwide Exchange right here on cnbc good morning, good afternoon, good evening, welcome from wherever in the world you may be watching us i am Brian Sullivan. Thank you for joining us on an important day on cnbc. We begin our coverage this monday, as we always do, focusing on markets, economies and global business. That is our business here on cnbc and this morning, in a new month, we find those things are at the crossroads of four very important events number one, the planned reopening of the American Economy and whether that is now at risk. Two, both peaceful protests and riots in nearly every major city in the country three, rising tension between the United States and china. And, four, 40 million americans currently out of a job and hoping for a recovery that puts them back to work. Throughout this hour and the entire business day, you will hear commentary and analysis from investors, money managers, executives an
Chart for the markets. Obviously we would start there, thats what dan nathan is calling this stock so dan, why dont you walk us through what this is and why its so important to investors lets talk about jm porgen. This is a best of breed bankheading into the crisis. The stock was trading at an all time high. There were a lot of investors out there in january signaling this is a chart representative of the economy that were in, prepandemic, i just have to tell you, this thing has acted pretty horrible on the way down, its down 35 on the year, and that is relative to the s p 500, down less than 10 on the year. The balance off the lows in march was fairly anemic relative to the s p 500 whats important is that investors seem to be focused on the stocks that got us here prepandemic. We know that it was the maga, the microsoft, apple, google and amazon its the bank stocks that are important to look at here. They touch parts of the economy that are going to struggle over the next few quarters
Perdue joining us along with Arkansas Attorney general leslie on the bigtech antitrust lawsuit plus newly chief Financial Officer whitney on new data connecting restaurants with suppliers. We are looking at declines, dow industrials off of the lows, 40 points on the dow this morning, s p down 4 and a quarter and nasdaq lower by 17. President trump hit campaign trail in North Carolina rallying for republican candidate dan bishop for congress in state special election today, the president sounded off on u. S. China trade and the economy. Watch. More americans are working today than ever before in the history of our country, almost 160 million americans, weve now had 13 straight months of wage gains of at least 3 , wages are going up, the economy is doing great and jobs have never been better. More than 7 million americans will be lifted off of food stamps. Nearly 600,000 americans entered the labor force last month alone. China wants to talk, they want to talk. China lost 3 million jobs,
Street hands in its worst day of the year the selling was widespread all 11 sectors finishing the day deep in the red led lower by technology the cause china. That nation effective i. Weaponizing its currency sending the yuan lower, turning the the trade war into what many are considering right now a fullblown currency war. Weve got full Team Coverage of this dramatic turn of events lets things off with bob pisani live on the floor of the new york stock exchange. Hey, bob and melissa, we had a tough day here i want to give a sense of what happened last time china devalued its currency. This was about five years ago in august 2015. The last time china devalued its currency was in august 2015. That happened on three consecutive days of devaluations that was beginning on august 11th the market was very different back then. It was a different picture for the overall markets. Chinas currency was appreciating back then thats a big difference to now the stock market in china was just roaring
Accusing facebook of misleading investors as the doj launches this antitrust review. Corporate earnings going to be weighing on some stocks at least this morning boeing and caterpillar disappoint trade worries remain u. P. S. Shares sinking ahead of the open. Profits soaring more than 13 for the quarter. David abney joins us first on cnbc this hour facebook up first. Three different Government Agencies today, the ftc formally announcing that record 5 billion settlement with the company over privacy violations, imposing new requirement oz on Mark Zuckerberg and making structural changes to the board the s. E. C. Simultaneously announcing 100 million settlement accusing the company of misleading investors about the misuse of user data. And lastly, last night, the doj is opening a broad review of Tech Companies, that will scrutinize leading Online Market platforms. Didnt name any specific companies, but obviously facebook, amazon, alphabet are all in play. Of the alphabet soup, what is mo