Alreadyional level and there is a partisan battle over replacing Supreme Court Justice Ruth Bader ginsburg. It is not just traverse is bided. It is the senate, 10 seats now held by the gop that are considered competitive. The markets are volatile today but they could be for the rest of 2020. Like with theeem news about Ruth Bader Ginsburgs passing, election risks, front and center. Today, kind of an interesting day on the market. The cyclical areas. Banks having a weekday. Bank index down nearly 4 . One contributive factor could be the release of documents related to Money Laundering and so forth. Theirook on pace for worst year since 2008. A combination of the crash, the weak recovery, other issues. You can see, rough year continuing for the bank. Romaine a lot ofolks a focused on the possibility that u. S. Policy could change, specifically with regards to taxation. Spikes see the kind of we see are typically in election years. He saw a spike in 2008 during the first obama election. A
Bytedance will retain overall control. President trump says he may change his mind about approval. We are joined exclusively by st. Louis fed president James Bullard ahead of jay powells trip to capitol hill. The fed chair will say the u. S. Faces a long and uncertain virus recovery. Shery heres how u. S. Futures are coming online. A little bit of pressure at the open, this after we saw the s p 500 lose ground for a fourth consecutive session in the regular trading our. It was the longest losing streak since february. We had banks sinking at least 3 on that report detailing suspicious transactions at global banks. ,e had also surging virus cases not to mention doubts over another round of stimulus measures. That really sent stocks down. We have the nasdaq at one point falling as much as 2. 5 , but it did pair back some of the losses with a bullish reversal in the afternoon. Down only 1 10 of 1 . We are this week watching closely what chair powell and secretary mnuchin will say in congr
Change his mind about approval. Latery powell will say that the u. S. Economy is improving, but has a long way to go before fully recovering from the virus. The st. Louisrom fed president this hour. Haidi investors are waiting to hear from fed chair powell. But we know the gist of what he is likely to say given that the commentary has been around how recovery will be, managing expectations. The recent fairly positive data points we have gotten. S p active futures after the session overnight really erasing some of those earlier losses as well. Some of the gains we have seen trading flat at the moment. U. S. Stocks fell. Could have been worse if not for that rebound in tech shares stemming the losses. It did get close to that threshold to be considered a market correction. 0. 1 ires down by should say by 1 at the moment. Japanese markets are closed for a second day this week for the autumn equinox holiday. ,ydney futures down by 1 trading in new zealand down by 0. 1 . Victoria has come o
Yes, that is a correction. The dow down only 5 or 6 . That is not a correction. Jonathan correction emits massive rally correction amidst a massive rally. Tom i will get you something from tiffany. Jonathan i look forward to that. Data coming later. Lisa i am very curious to see with the jobs picture will be. To toms point, this is not a fullblown recovery where people are looking at a risk on feel in the markets. We will get the july job openings data, which is the leading indicator for jobs growth. Selling 35, billion of 10year notes. Also today, congress is taking a look at the u. S. China economic and security review commission. Very interesting to hear what the bipartisan proposals could be about legislation to potentially penalize china for transgressions. I really want to emphasize the bipartisan aspect of this. Youve got President Trump coming out against tiktok and wechat, and former Vice President joe biden coming out today with a proposal to levy taxes on u. S. Companies tha
This hearing will come to order. Todays hearing is a hybrid format. And the hearing room has been configured to maintain the recommendedf foot social distancing between senators and other individuals in the room necessary to operate the hearing which we have kept to a minimum. For those joining remotely a few videoconferencing reminders. Once you start speaking there will be a slight delay before you are displayed on the screen. To minimize background noise please click the mute button until it is your speak or ask questions. If there is a Technology Issue we will move to the next senator until its resolved. I, again, remind all senators and witnesses that the 5minute clock still applies, and those of you remote should all have a box on your screen labeled clock that will show how much time is remaining. Well try to give you a gavel reminder when your time is almost expired. To simplify the speaking order process senator brown and i again have agreed to go by sen you arty for this hear