Higher in early drtrading after yesterdays 700 plus point loss on the dow but then the dow started pulling back at one of the nations largest states officially hit the pause button on its reopening. It is texas. Texas now stuck at phase three statewide. They are banning elective surgeries in four counties including dallas, as austin area hospitals warn they could reach capacity by the middle of july. The rapidly spreading virus is not stopped in its tracks. Coming up, ceo of classic stayathome stock identity and password management star okta. The ceo is here with a covid19 shocker. What many people are still not willing to do even in the face of new outbreaks. But the pandemic is actually providing a boost to polaris. They are facing a supply crunch as demand for the Great Outdoors kicks into high gear. The ceo of the atv giant is here on what hes doing to keep his recreational vehicle giant from going offroad. From too much demand. Kind of a good problem to have. And brady versus port
It is not over. It is just beginning the days are long right now. We are going to take that. Im becky quick along with joe kernen and Andrew Ross Sorkin. We are sitting at the flat line. Dow down about 7 or 8 and nasdaq up by about 13 yesterday, the dow was down 710 points a decline of 2. 7 s p off 2. 6. Came with huge steep declines going as smoothly as people had hoped. All of those concerns added up to steep losses. Looking at the treasury yield at 0. 669 now you see additional pressure as we continue to watch that case count talking about that, the United States seeing a Record Number of new coronavirus cases in a single day. Tallyi tallying 45,000300 that tops the numbers from april reporting that visitors that travel from hot spots to new york, new jersey to connecticut will be asked to quarantine two weeks. Those who defy that order. Hot spots include arizona, utah, texas, arkansas, alabama, north and South Carolina President Trump says he will not follow the quarantine order wh
Albertsons ipo. All of the stories that we cover so closely i know. And banks already rallying today off that deregulation news earlier on the day theyre up 1. 6 at the moment. The top of the s p 500 sector. We have a huge show coming up on closing bell. On the day, we get the stress test results that sara mentioned. Well be talking to the ceo of barclays in a rare exclusive interview. Thats just about five to ten minutes away after the close, the they will join us this is the sign for the first time in months so lets get the pictures here mike santoli is here for the markets. The moves and valuations he is tracking the surging covid19 cases across the u. S. Mike, first to you. We have a pause today in the markets within a pouz. That is similar to a couple weeks ago. We this that big down day number real sustainable followthrough to the down side why is that . It doesnt seem like theyre overleveraged in a way that kree auts a liquidation cycle on the down side. There you see that flat
Worldwide trade has been slashed. Postnba future, we will hear from lebron james. Feeling more risk as we head into the last trading session of the week for asia. Lasttrading flat after the halfhour of frenzied gains, s p 500 up 20 loss in the previous session. Nikkei futures at the moment looking flat. Dollaryen holding at 107. Gainingg dollar index with the exception of the kiwi and aussie dollar. It feels like we will see modest over in spite of concerns increased virus numbers, particularly in the u. S. And globally we are averaging 150,000 new cases per day. The underscores uncertainty. The senate in the u. S. Approving a bipartisan bill that would limit banks doing business with chinese officials involved in hong kong. Tom mackenzie is in beijing. It still has to be signed into law. Given unanimous consent, how likely is it this will be enacted . Tom very likely at this stage. It has bipartisan support in the house and it has been signed off in the senate. It will end up on trump
Role, on the Long Distance round table, ben levisohn, carlton english and jack howe. The fed has been sometimes blamed for propping up the market, but it looks like fridays selloff may have been in part due to what the fed was saying and doing. Thats right. I think the fed made a mistake. They released the results of their a bank stress tests, and at first they looked just fine. The dividends were capped for the third quarter, but that wasnt much of a surprise. Normally the suspension of buybacks because no ones really buying back banks anymore, but they left a lot of uncertainty about future quarters. As investors looked at those numbers, they a really started to get a bit afraid of what it meant for bank stocks, and then they started to fall on friday. And it really isnt good for the market at this point or investors. Tech is about 27 of the s p 500 right now. If thats near dot. Com levels. Investors really need other choices besides tech, and they were starting to feel comfortable w