Today. We start out of with the fed staying put. Jerome powell signaling the rates will stay near zero through 2023 stocks getting an initial pop, but reverse course as the fed share took questions from the press. Steve, what was it, do you think, that spooked the markets . You know, its always hard to know maybe one of those sell the news things there was a bit of history in the statement where the fed for the first time put in the statement that its new goal is to seek inflation above 2 that was in the longterm policy strategy but it had not yet been in the statement. This is the first statement following that change. It was a bit like there was nothing behind it in the sense that, the question that i asked, i said, well, how come your forecasts dont show you hitting the goal, not even in the fouryear horizon here the fed chair didnt really have a good answer for that you would think if you said, you know, im going to move this tanker faster, you know, youd be pushing the throttle do
Future series, coming to you from cnbc one market in San Francisco. Weve gotten interviews about some of the most exciting tech stories in Silicon Valley coming up just in a few seconds. The dark real world, though, in the interim got in the way of the story. It got ugly fast today. Im talking about how two Great American industrials that we follow here on mad money, pbg and honeywell cut estimates ahead of their quarterly reports. In an across the board selloff, the averages spent most of the day in recovery mode. A wicked session turned relatively benign. With the dow dipping 28 points, s p declining. 3 . The warnings couldnt have come at a worse time, worse time for the industrials at least which have been rallying ahead of the soon to be released quarterly reports. Money flowed into other sectors as soon as the disappointments happened. Notably the bank and retailers once the cyclical smoke cleared. Despite a tepid payroll report, these two groups helped the market make a rebournd.
We have david spark looking at conditions right now. Lets get into it. How you doing . How about this break in front of the heat. That brought our numbers down a little bit. Its not going to go too far away. Dont get too comfortable. It will get hot again. As we finish off the weekend we will be warming up. Joy this little reprieve. Here is a live look at the beit bridge and some patchy fog developing and some areas. Enjoying the nice weather. Here we have that onshore flow that is starting to develop and looks fairly aggressive from yesterday. Complements of another system. A little weakening High Pressure we call it flattening in the southwest. It will be a return player and that will be by the end of the weekend and into next week. Lets check out right now 53 for San Francisco, santa rosa 49, hayward 57, over the hills mid50s. Not a major drop off. For oakland, warm but not as hot. Temperatures will get to 69. Hears this afternoon, the warm up is still happening but those inland loc
And so thats a primary concern. But in this case, where we have an eruption thats been going on for over 30 years, the bigruar question is, when is it going to stop . Sreenivasan all that and more on tonights pbs newshour. Major funding for the pbs newshour has been provided by love me tender we can like many, but we can love only a precious few, because it is for those precious few that you have to be willing to do so very much. You dont have to do it alone. Lincoln financial helps you provide for and protect your financial future because this is what you do for people you love. Lincoln financial youre in charge. Supported by the john d. And catherine t. Macarthur foundation. Committed to building a more just, verdant and peaceful world. More information at macfound. Org g and with the ongoing support of these institutions this program was made possible by the corporation for public broadcasting. S and by contributions to your pbs station from viewers like you. Thank you. Woodruff the
And so thats a primary concern. But in this case, where we have an eruption thats been going on for over 30 years, the bigruar question is, when is it going to stop . Sreenivasan all that and more on tonights pbs newshour. Major funding for the pbs newshour has been provided by love me tender we can like many, but we can love only a precious few, because it is for those precious few that you have to be willing to do so very much. You dont have to do it alone. Lincoln financial helps you provide for and protect your financial future because this is what you do for people you love. Lincoln financial youre in charge. Supported by the john d. And catherine t. Macarthur foundation. Committed to building a more just, verdant and peaceful world. More information at macfound. Org g and with the ongoing support of these institutions this program was made possible by the corporation for public broadcasting. S and by contributions to your pbs station from viewers like you. Thank you. Woodruff the