Were red now across the board as we show you where the major averages are down. The s p down about 1. 5 . Josh, i turn to you. A lot of hurdles to get over were watching texas and florida. The banks are under pressure because of the regulations from the fed about dividends and buybacks you have the nike news with the big miss off its earnings. You have a Tall Mountain to climb today. Yeah, i agree with you. Theres a lot of stories swirling around right now and most arent feel good for stocks the big story is the virus and its resurgence. I think thats the only thing that matters to market right now. You see it in whats working and whats not sometimes things are complex right now things are simple. Dollar tree, costco, clorox all look outstanding now even the stocks that went vertical given those vertical moves they are hanging very high and thats really impressive. They are not even pulling back for a consolidation in any significant way. Look whats rolling over, exactly what you would
Including whats happening new york metropolitan area, for the first time in a long time the verge of Outdoor Dining, an alien concept, has been for the better part of ten weeks. Edward lawrence monitoring the development right now out of washington. Reporter Outdoor Dining, if it is not raining outside and also the heat, you have to deal with that, this was the last governors briefing in newark before the phase two opens, Governor Andrew Cuomo saying he will not do any more briefings, breaking the street of 111 in a row for the pandemic, he did indicate that all five boroughs in new york city are giving are on the way to the green light for the phase reopening on monday with Outdoor Dining, indoor shopping with office work with some restrictions. Listen. All regions of the state have lower infection rates in the state experts have gone over all the data and they will allow new york city to begin phase two on monday. But, covid is not over, we saw much more to do. We have to monitor the
Instagram. Shares of facebook plunging on friday. The stocks opening up dismally today but then leveling out and ended the day up 2 . Discuss, earlyto facebook investor and elevation orders cofounder, and also the. Thor of the book, zucked this seems different. I dont recall any time that so many major brands all at once joined a boycott against facebook on the grounds of civil rights. Would you say this is different as well . Definitely. Is part andthis parcel. Think about how different the world is today from three months ago. First, the pandemic, then the economic decline that went with it, then since the murder of george floyd, we have an awakening on issues of racism and civil rights that i believe have affected every part of the American Economy and our society. Emily so, why now . Abigail again, roger again, i think if you think about this from the perspective of an investor or advertiser, facebook gave the ability for the advertiser to reach audiences with a level of precision
Theres the dow. Its a gain of 242 points. 3208 for the s p nearly onehalf of 1 . Nasdaq there at 9840 liz young, i want to go to you first. For somebody who has been uneasy over the run of this thing, what do you say now i remember our conversations about too far, too fast and now here we are. What to you do this is one of those weeks. Last week was one of those weeks that makes you really be humble as a Market Participant. The narratives have shifted. Now its shifted to participate in the restart what were seeing here, first shs i want to mention that im an investor, not a trader. Im trying to make money over the mid to long term here. Not necessarily on a weekly basis. The technicals of this market would tell you to protect yourself because theres so many stocks trading above their 50day moving average. It feels frothy. If you look at long term fundamentals both economic fundamentals and corporate fundamentals, it still says theres room here and you should buy as a long term i vestnv
Straight to the senior economics reporter for this. Steve, what are some of the reasons why we might not trust this data . I guess im starting off with a bias, because this seems like really good news when were just off a huge pandemic. I think a reason not to trust it is were in the middle of an historic economic shutdown and apparently on the upside of that shutdown and nobody has ever seen this kind of thing before we hadnt seen 20 Million People lose their jobs in a single month, and we really have no idea how the jobs would come back all of the other indicators we were looking at suggested there would be massive job losses. And it is well to put that into perspective. Remember the forecast was for minus 8. 3, came in 2. 5, so folks, you can do the math at home on both sides of the zero line it is nearly 11 million jobs is the number that the consensus was off by and wall street was off by it a bit too, if you dont mind my saying, they had a nice rally when they realized maybe we w