Most like to buy hell join us with that in just a moment power lunch starts right now welcome to power lunch. Im dominic zchu. The Energy Sector is leading the market higher and up around 16 for that sector, its best week ever, ever historic levels. First, its a long, long 2020 for the group here, still down 45 for the year overall take a look at two of the big earnings winners youve got cisco up more than 6 and disney off the highs but still up 2 as its streaming service passes 73 million subscribers. In just the past two weeks, the dow is up nearly 11 for more on the markets now, lets go over to bob pisani with the latest bob. Hello, dom. This week has been about the rotation from growth and momentum into value and cyclical stocks, and thats playing out again today, very similar to what happened in the other four days just take a look here. Good day for energy stocks, good day for bank stocks, good day for industrials. These had great runs this week ener energys up 16 , banks up 12 ,
We he as we talk about companies that should be on your radar. Next week is monster reporting hi, carter, who is charting the action it was a big week for rates and areas of the market benefit from that. Most notably banks and other financials, but lets look at a handful of charts. The first i have is the tenyear yield chart. What you see is that for the first time in almost two years the moving average is flat and on the cusp of turning up. The point of a moving average, when you break above a trend or you can measure it and the automated average is a trend line, the trend is measured by the Inflection Point we have that by all accounts in tenyear yields. And the second chart is the same circumstance the moving average has been declining for sometime and is now declining and deflecting upward next, same circumstance. Do all turns persist could these faith and turn back . Sure. Most had earnings last week and didnt do that well, but the rate move has helped this area we think rates go
Growing inequality. Welcome to d. W. Business i want to get jones in berlin good to have you with us. And the british pound rose 1. 7 percent against the u. S. Dollar its biggest jump since march that of course as britain and the European Union move back to the negotiating table now that move comes after the chief negotiator offered asked london put it all if branch its a last ditch attempt to strike a deal to avoid a messy breakup at the end of the year only a few days ago british Prime Minister Boris Johnson threatened to quit talks on unless the bloc offered a quote fundamental change in policy. And all of this comes as u. K. Government borrowing is source amid the coronavirus pandemic taking public debt to its highest level since 1960 and the increase borrowing to total public debt above the 2 trillion pound. Or 103. 5 percent of g. D. P. Though in comparison germanys finance minister expected to make up just 75 percent of by the end of the year the European Union as a whole is sti
Growth rate and job creation, now if you put the fed statement and higher jobless claims together, thats whats pushing stock prices down this morning. Look at it. The dow is off about 100, s p 60, nasdaq about 31, more on that in a second. All right, did you watch night 3 of the Democrats Convention . It was hate trump night. Speaker after speaker layed into the president in personal terms. He gets the blame for everything. Seems to me like the democrats have not gotten over their loss 4 years ago. The president was live tweeting all the way through. We will show you both sides of this, of course, but seems to me like all of the democrats have is hate trump. Varney company is about to begin. Stuart look at the red ink on the markets, first of all, down across the board but not that much. Lets get right at it. Larry kudlow, director of Economic Council at the white house. Larry, negatives this morning. More than 1. 1 million jobless claims, the fed says the virus is hurting growth, back
Live this hour. Plus records watch, the plus ive got it, carl the dow aiming to erase 2020 losses and the s p heading for the best august since 1986, kelly. Wow and cocacolas restructuring strategies amid plans to streamline the drink portfolio they are setting voluntary job cuts for thousands of its workers. David, it is friday, and kelly, friday and you just sort of think back to what this week has brought us, guys alltime highs, obviously news in sports in the nba, hurricane laura, the rnc and we will hear from what the president said last night tiktok, microsoft, walmart, oracle, you name it, david, but large discussion this morning about how the thing thats going to probably stick with us for the weeks and quarters to come is going to be that historic powell speech and we will have to decide whether this long end is bringing us noise or something more yeah, i mean, im glad kelly is here because im sure she was home studying every word after it took place, as you know, not my area