Celebrities like lynn arctic caprio and Kim Kardashian. Newly Public Companies newly Public Tech Companies roaring out of the gate. Frog closing j with huge gains and ceos join us. President trump is expected to give a press conference any moment at the white house and we will bring you headlines from that event. News tumbling out by the minute with oracles bid for tiktok. Moments ago bloomberg learned the following about the terms of the deal. That oracle would happen all of tiktoks u. S. User data in this scenario and oversee all of tiktoks u. S. Technical operations. Oracle would be able to check source code to prevent backdoors. Tiktoks u. S. Board would be approved by the u. S. Government and oracle would create, they say, 20,000 new jobs through tiktok operations. Joining us to talk about how it has impacted markets, we have bloombergs sarah ponczek. Lets start with the fed decision and how it rippled across the markets today . Sarah we have a lot of moving parts but when it come
Still in the red but a much better picture than it looked this morning. Abigail what a roller coaster on the day and the week. We had big gains from apple and tesla. This week, not so much. Nonetheless, the worst week since june for the s p 500 and the nasdaq 100 since march. The nasdaq down 1. 3 . Pressurehat selling really came off. The new york faang index down 1 at the end of the day. Some of this happened as value money seemed to give a tailwind to the macro sentiment. Yields really backing up on the day. Not confirming the degree of the selloff. I think what we had going on here, technical selling, the moving average, really looking for it in the morning. A very solid test there. The question is, will those nearterm buyers continue to step up . If yes, probably some Choppy Movement to the upside. If not, it could get ugly really fast. On the week, talking about really brutal losses here, the faang index down sharply. However, we do have one bright spot. I was mentioning the cycli
Its important californians have health coverage. If youve lost health insurance, covered california can help. 220,000 customers lost power during the rolling outages, including tens of thousands here you may even get financial help to pay in the bay area. It was the first time rolling for your health insurance. Outages had been called for in just visit coveredca. Com today. Two decades. Now we spoke with cal ico earlier, explaining this is because of the hot weather and where you can find games, news and highlights. Increased electricity usage across the west. Right now at 8 30, another all in one place, right on your tv. Day of scorching temperatures across the bay area. The xfinity sports zone. We rely on imports from other the effect the heat is having on use your voice to search every stat, standing and score. Our states power grid. States with our brand, especially in the later evening hours. Its day three of the dangerous heat wave and earlier tonight, follow the teams you love.
Moment or someone will be caught offguard. There will be several rounds of questioning after the Opening Statements. We have seen the testimony of all four of the ceos. There is a similar theme. These ceos are emphasizing that they are facing competition all all on all fronts. Tech is the most Competitive Industry in the world. In every facet of every business they run, they talk about how they face competition. Mark zuckerberg focuses on china saying that if there is too much regulation, that will give Chinese Companies an advantage. The ceo of alphabet talking nott how google does necessitate competition. Tim cook talking about the app store, the opportunity that it has given companies around the world and the fact that the vast majority of apps in the app store are free. Jeff bezos his testimony is different. He talks about a personal story. How his parents invested in amazon in the day. A truerican has american story. This is a first time we will see him testify before congress. He
Lot going on as stuart did tell you that whole hearing where the tech giants will gather virtually at least. It is parked back maybe half an hour. I was doing back of the napkin guesstimating on their wealth. That is on, i think is worth about 180 billion. Our Charlie Brady follows this thing would know to the penny. I think it is roughly about that. Mark zuckerberg facebook, close to 90 billion, close to 2 billion, tim cook of apple, thanks to appreciation of that stock, he is at around 2 billion. So lets say you were to add all of this. These are numbers. I added it all up. That is 272 billion collectively. These are among the richest men on the planet, particularly when it comes to bezos and zuckerberg. But putting companies combined market cap at north of 5 trillion. If you were to add microsoft to that bunch, microsoft will not be part of this hearing. They represent the five most valuable companies in the world. Isnt that amazing . Youre welcome america. We have this delay. We ha