Cramer, david faber coming to you live from separate locations this morning its risk off following those onemonth highs from yesterday empire and retail sales for march were abysmal the worst on record. Below Expectations Oil below 20 earnings from citi, goldman, bank of america showed the major banks are, as expected, bracing for a wave of defaults some more than others when you look at the percentage of the total loan book at jpm and city. Jpm is the one that people decided wasnt that great. When i look at it, i think it had to do with tone. Jpmorgan, the crucial lines were something that were uttered by jamie, which were, look, may is not realistic. It will be june, july. The problem with basing everything on that is that you dont realize these banks are much more much better prepared than we thought you have a citi thats down from its tangible book value, its actual youll have multiples that are incredibly low because people feel the dividends are in question yet you have a tremend
Will be back he ignited a bit of a controversy and a heck of a lot of curiosity yesterday on this show when he said he is not using the 5 million he will ultimately get, he expects, from the government, to pay workers he will be back here to explain why hes doing that and why and how that is helping him, kelly, keep his business afloat yeah, looking forward to that, tyler, thanks. And were about to get a closer look at the economy. The Federal Reserve releasing its beige book report just this minute Steve Liesman digging through it for us bob pisani and Rick Santelli are standing by for instant action before we dig into that, lets dig into this selloff what are you seeing . Were down, kelly were well off of the lows and you can think andrew cuomo, once again, market mover we rose about 20 points off the lows as cuomo was talking about hospitalizations down, intubations down but if you look at the sectors that are down, these are the sectors that are down on general worries about the ec
We create second down d 260,000 month. And there is the idea of a recession looming around the corner most of the big picture data points tend to be small. The Labor Department and payroll report this one tends to linger, painting the whole market in whatever light that report is and in this case, of course, its a positive light. These matter why . Because we head into next week its going to affect all of our game plan. On wednesday the Federal Reserve will reveal the next move when chairman Jerome Powell holds his press conference and after the fabulous numbers we got today, i dont know im worried. Im worried he can turn hawkish like did he late last year he took a wrecking ball to the economy. Colin powell, a wild card. Even though we have great job growth, there is not much inflation. That will be a Huge Positive if you take more hawkish tone, well, you no he what look out below and hes capable of that sometimes i think he just cant lose the old model the other big nine earnings eve
Going to go to districts with a city carved up into seven districts. Despite Public Opinion being overwhelmingly against this, or to fight the lawsuit and take on legal uncertainty and financial risk. Burbank is fighting its slavery lawsuit and has set aside 1 million for it, but that may not be enough. Santa monica has spent 9 million, and after years of litigation, the case is still in the courts or three. Find a compromise that both the school board and mr. Rafferty can live with. With mr. Rafferty being open to a compromise and given the other two bad options, it seems like it might be worth having a discussion with him about it. Thank you very much. Thank you. John hi. My name is john palmer. I am a 30 year San Francisco resident and voter, and i understand that you guys. Have sort of had a gun put to your head in terms of making big changes to how you elect people to the board. And i just think this is a real opportunity to make lemonade from lemons, because the proportional rank
Well tell you the most important change to look for on your paycheck to see the trump tax changes and take home pay. And the eagles have landed. Philadelphia gearing up for the biggest celebration that city has seen since maybe colonial times. Early today starts right now. Good tuesday morning. Im frances rivera. And im phillip mena. The markets are in for a rough start this morning after a record breaking plunge on monday. The dow jones closing below the 25,000 mark after losing nearly 1200 points, the largest single day drop in history. The massive decline continues the slump that began last week amid worries of higher interest rates. Despite the massive loss the president says the president s focus on the countrys long Term Economic health. Tracie potts joins us now with more. Good morning. Reporter good morning. The president says this is a blip on the radar of a strong economy. Speaking in ohio last night, he talked about jobs and manufacturing. Weve already created nearly 2. 6 mi