Washington about the massive spending bid are the bond vigilantes back power lunch starts right now good afternoon and welcome to power lunch. I dont know about you, but i cannot remember a week quite like this one. Another day of wild swings on the dow. Worst week on track for since october 2008 during the financial crisis the dow and the s p 500 hitting correction territory. They are off 10 from the recent highs and nasdaq darn near close to it. Tesla touching bear market levels, off 20 from its recent high fedex, ups, taking hits on the reports that amazon is now going to muscle into their territory michelle. Well see on that the latest on the topsyturvy friday lets get to bob pisani on the floor of the new york Stock Exchange. We are off the lows lets look at sector were getting a flight to safety in the ten year bond and reits beaten up, Leadership Groups and banks count them in the middle but industrial and energy and materials, the growth sectors, they are the ones that are gett
Russell 2000 up by. 78 . West texas at 53. 13 up 1. 48 or nearly 3 . The 10year note theres the yield at 2. 28 . The price is lower, the yield a little bit higher. Mandy drury today on the floor of the nyse with bob pisani. Seems like this has been where all the actions been this week, ty. Seemed like the likely place to come down to. Bob, fantastic job yesterday covering the big event. But in terms of todays action, we opened up with big volume. 249 to the up side. Why are we losing steam here . I think there is some realization that greece is still very iffy and china, the gains yesterday, theres a lot of companies that respect even trading there. Some people are saying we dont know whats going on in china. The bottom line is were keying off of greece and china. We did have very smooth opening at the New York Stock Exchange. The nyse said that outage was caused by a Software Rollout that caused Communications Issues between customers. Talk about that later. But it was a strong open a
Would it be a mistake right now . And we do expect big news from tesla during power lunch. It could move the stock. Mandy is off today but were happy to have melissa lee join us from the nasdaq. Well get down to her in just a moment. We begin with the big story on the American Housing market. Some really bullish new data but how bullish are they really . Diana olick in washington with the startling numbers. Di . Reporter well, tyler, its bullish depending on your take. Home construction took a big leap in june up nearly 10 from may but it was all driven by the multifamily apartment side. Renter nation rocks on. Singlefamily Housing Starts were down just under 1 in june from may, up 10 from a year ago but thats not really saying much given where we were a year ago. Multifamily is where the party is at. Starts up nearly 29 for the month, up 55 from a year ago. Thats where the good news is because weve been talking so much about skyhigh rents. More supply should help to ease that burden f
S p down 1. 1 , and the russell down 1. 05 . Why . One main reason is china. China devaluing its currency. The dollar strengthening significantly. Oil is down big time, look at that, dollar strength, it takes fewer dollars now to buy a gallon of a barrel of oil at 43. 2, down almost 4 . Brent down almost 3 , gold up just a little bit as you see there about a half percent. Mandy is out but sarah eisen who knows a lot about currencies and china is with us today. Thank goodness youre here. I live for days like this, watching the dow and the impact of china spread across the globe. Bob pisani, anything with any china or Commodity Exposure is getting pummeled. Dow up 240 yesterday, down 240 now. Its a wasted week so far. Put them up, Materials Energy and industrials to the downside. Thats the big losers. Some of the obvious names and their impact from china. We always talk about casinos, wynn 70 of revenues in china, and yum brands 50 of its revenue in china down 5 . Those are the easy ones
We are standing by for the White House Press briefing, sean spicer returns to the podium for the First Time Since the firing of james comey. The president shocking many this morning by tweeting, considering stopping having press briefings and issuing paper statements instead. America waiting to find it out if the president was just making a bad joke. That pressure expected live right here. When it begins, we will take you to it. To your top money news. Today, once again, the continued decimation of retailers and their investors money. Today jcpenney and nordstroms. Not impacting your Broader Market investments. Three major indexes are little changed. The dow down a scant 31 points. A little more good news for your money on this friday. Shares of apple and mcdonalds hitting new records. Owner of darden doing well as we bulk up on pasta. Right now lets get back to what appears to be the sad new retail re reality for investors. Jcpenney wiping out hundreds of millions as sales disappoint.