Week. This as investors grew concerned about the strength of the Global Economy. In a major report, the bank of england warned the risks associated with last months vote by the uk to leave startin crystallize. In response, the british central st three quarters of uk banks account i accounti greater flexibility to supply credit to uk households and firms. Uncertainty over policy both here and abroao pressured crudet the yield on a tenyear treasury to a record low. The Dow Jones Industrial lost to 17,840. Nasdaq off 39, s p 500 was down 14. Brexit not just t vote. The impact could spread to other weaker parts of europe, like italy and potentially cause more serious problems. Michelle carusocabrera explains. More than a a week after the vote in the yoon union, there is one clear victim. The italsector. Italian banks have fallen more than 30 and year to date, down 50 . The italian Banking System has long been troubled and they need more capital. The world was reminded of this yesterday whe
Seeing signs of deflation and why the fed should not be hiking rates right now despite what was said today. Well get the case in a little bit. Lets start with the selloff. Bob pisani is tracking the action here on the floor of the new york stock exchange. Bob . Finally volatility. About sometime. Six weeks, a slow market overall. Last time the dow moved 1 , july 8th. Were due for volatility. Were reminded, hey, the markets arent positioned for a possibility of a september rate hike. What will you do . Sell Interest Rate sensitive stocks. Utilities market leaders all year. What else do you do . Might play a steepening yield curve and why financials might be improving. You can bet Insurance Companies of met life and prudential have happy. They had a miserable time in this environment. You bid up the dollar. That puts pressures on commodities and why they have been weak today. Thats why you see stocks like y rio tinto down. What else do you do . You buy volatility. So everybody who wants
Hours. Tim cook will take to the stage to unveil what is expected to be a new iphone. Maybe more. Bill ackman betting on burritos Pershing Square takes a large stake in chipotle shares are up this morning. Under armors push in china. Kevin going on an asian tour with steph curry. Sara eisen is along for the ride. But it is a big day for apple, in just hours from now the Company Holds its much anticipated product event in San Francisco. Is expected to unveil the newest version of its iphone and offer a first look at an apple watch. Waiting for this for a while. You did work on the apple charts last night. Looking at levels it needs to hold. I thought the chart is a classic rollover but theres a woman who nailed carla, shes the mystery to me said that the stock would bottom at 89. If you take a look the stock bottomed at 89. Went back and said this could be the breakout typically because this stock tends to go in patterns of symmetry. Now i am not a chartist. I just look at a chart there
Not to mention the fact that sentiment appears lower than its been in years. Blame it on slowing iphone sales or the watch, which hasnt been as big a blockbuster as some people had hoped. Ceo tim cook asked about it on 60 minutes sunday night. When we launch a product, were already working on the next one. Possibly even the next next one. So josh, you got cook on tax policy, you have sentiment negative. You have apple consistently defending the pipeline. You own the stock. Whats wrong with apple . Why are we talking about it over one month, a year, since the high is being down double digits . People forget, this is a stock thats prone to the sale cycle of new products like any other in history. When they do have a cycle, the stock acts very well. In the back half of a cycle, theyre just iterating old products, doesnt act quite as well. 2012 is a great year to re re reference. Were talking about this concept. 2013, rather. The russell 3,000 was up 40 and apple was flat to down the entir
Mckay and outs and Allison Williams of Bloomberg Intelligence. We begin with breaking news with shelby holiday where a delta jet skidded off the highway. Shelby, what is the latest . Shelby we just heard a runway here at laguardia will open anytime now. They said 2 00 p. M. The plane skidded off the runway while attempting to land. 127 passengers on board and five crew members. Injuries appear to be minor. Only two people help to have been transported to the hospital. They say the number could change. Also, authorities are not commenting on what caused the crash. They will secure the pain the plane. They have reported good braking conditions. They have had no problem. It is unclear what caused the accident. The faa shut down immediately after it happened. There are a ton of passengers. 72 of the flights out of laguardia are canceled today. This is not a fun place to be. People are just waiting to get out of here. Mark shelby joining us with the latest at the airport. Thank you. Lets ge