Good morning it is 8 00 a. M. At tesla headquarters in palo alto, california it its 11 00 a. M. On wall street squawk alley is live good Tuesday Morning im jon fortt with Carl Quintanilla back again it is a busy day on wall street with the dow hitting an all time high making another run at 30 k. That comes as president elect joe biden is reporting tapping former fed chair janet yellen to run the treasury department. Tesla is continuing the record run now topping half a trillion dollars in market cap. Making elon musk the worlds second richest person on paper and apple making another concession, carl on App Store Fees a lot going on yeah. We talked about that early moving being the small crack that starts to widen as for tesla, i mean, whether its some of the reports about a hatch back in europe or longer range vehicles or just enthusiasm over the ev space as we gheet into a Biden Administration on top of the gm news yesterday, jon. So there is a lot happening in the ev space and then m
From new york and across this nation today, any number of themes, but there are two front and center. The Vice President will speak in scranton, pennsylvania before ending the hour and jobless claims well over one million widely expected. All of that devolving into the layoffs here, the layoffs presumed to come and it sets us off for an American Labor economy that must be addressed. With that, the Market Reaction, as well. Jon ferro, the news flow has really been on recently and crescendos this morning into these announcements of job cuts at too Many Companies. Arethan by any standard we in a labor market crisis. There is a ton of work still to come. What we have seen from the Big Companies is they are starting to right size the business. We talked about this we talked about this week ago on the program. Companies are turning around after the shutdown and saying, we have to cut into this new world because we are not returning to normal anytime soon. You highlighted this yesterday, that
In the early part of the session, not just the yield curve that dom mentioned but suspensions of dividends from very large european banks this morning as well. And you have the great interview with michael as well talking about that bank and everything hes seeing through that lens, too the other thing in focus, real estate, worst performing sector in the s p today in what is a down day across the board for the major averages coming off the worst First Quarter for the dow and s p ever the other thing im looking at is crude were seeing crude prices come off again after not only the worst month but the worst quarter ever in terms of price fall for crude, lost more than 66 if in the first three months of the year prp you also had the industrial numbers, manufacturing numbers out of europe that didnt look good either john, what are you watching today . Its hard to find good news among tech stocks this morning so much is down. I think its worth having a broader conversation about where we go
These are your markets. A bit of a move sideways for the europe stoxx 600. Mix the data across the world and mixed corporate earnings. If you look at the banking sector, it is one of the biggest gainers. We have a german manufacturing orders and Euro Area Services pmi for the month of october. Better than expected. Anything above 50 means expansion and we were expecting 51. 8. So look out for any movement on eurodollar and the u. S. 10 year yield. Coming up, we speak to the president of south africa. Come alk about s escom at a possible ratings downgrade. But first, lets get to bloomberg first word news. We begin with the impeachment inquiry for President Trump. The actions of Rudy Giuliani deeply unsettled to ukraine, outlining a quid quo pro. This is in exchange for investigating joe bidens son. Julienior ambassador said Rudy Giulianis role started as perplexing but quote became more insidious. The world has gone mad with free money according to ray dalio. He decried the current poli
Vote for a cut now. Host another cluster of Companies Bring out earnings reports. They are going to write down wework that severely. We can adjust our set up to manage the situation. Everyone is getting a little more scared by the quarter. Sebastian the ceo of Goldman Sachs speaks exclusively to bloomberg. When we look back on negative rates, it is not going to look like a great experiment. Sebastian the current state of u. S. Monetary policy. I would say that policy is not that far off neutral. It is accommodative. We are slightly accommodative. I worry about the policy space we have. Sebastian that is all straight ahead on bloomberg best. Sebastian hello and welcome. This is bloomberg best, your weekly review of the most important Business News, analysis and interviews from Bloomberg Television around the world. Lets start with a look at the top headlines. Sunday, saudi aramco announced plans for an initial public offering. On monday, there was speculation about the valuation of the