Claims came in better than expected, 709,000 signaling more improvement in the labor market. And treasury yields dropping sharply following yesterdays bond market closure. Thats putting pressure on banks, which are among todays worst performers though still strong performers for the week 59 minutes left in the session, sara every sector firmly in the red. Ahead on todays show, chipotle unveiling its first ever digital only restaurant this week without a dining room or a line for ordering we will speak with the ceo brian noccol about the strategy there. And Jeremy Grantham said he thought the market was a mccoy bubble we will get an update on his that it is since those comments. Disney, pal an tear and cisco reporting after the bell we will bring you the numbers as they happen. Mike, whats the market dealing with. Contending with worries pileup of news on the shutdown, on the virus, maybe getting worried about what growth is going to look like in the First Quarter or two the s p 500 was
Talking about what is happening with the coronavirus and appointing Vice President pence. As he was speaking, one of the cases of unknown origin that happened in europe as predicted if you look at the treasury now, you see the 10year is yielding 1. 297 . Not negative yet. President trump speaking about preparations last night. We are very, very ready for this whether it is going to be a break out of larger proportions or whether or not we are at that very low level and we want to keep it that way he has tasked Vice President mike pence he also addressed the market response i think the stock market will recover. The economy is strong, consumers are incredible thats why we are doing well and other countries are not even before the virus our consume rp is very, very strong very powerful economically. And the president put some of the response of the dow to the democratic convection. Are you suggesting Financial Markets are overreacting here . I think Financial Markets are very upset when
Weve ever been. We are doing great other countries have not our consumer is very, very strong very powerful economically hope comes in many forms. This morning, shares of one biotech are surging as treatment for the outbreak continuing. Stocks are set to continue their wild ride this morning as dow futures indicate an open that could be about 150 points to the down side you can see 150 points is where we would open. S p down by about 21 and nasdaq down by about 67 it may seem bad but it is earlier than it was. We were down significantly more so far this session. Since the selling zban, the dow has been down for five sessions in a row checking now the bond market as the 10year trades at its lowest level weve dropped 1. 3 twoyear note yields 1. 1. Record lows this week. Selling continues overnight with asian markets. Early trading in europe as well. We have Team Coverage this morning. Matt taylor in singapore Julianna Tatelbaum in london matt, well go to you first. Asian markets in the r
One obviously will be iphone revenue, it is 26 billion, basically in line with what the street was looking for it is down 12 , but it is an improvement from q2. Remember, it was down 17 . I had a chance to catch up with ceo tim cook i asked what kind of impact the Trading Program was having there. Remember, one big roll here for the iphone franchise, why it is facing challenges, the replacement cycle is getting longer i asked cook is the tradein program impacting that at all. He said it was, it was a key reason for the sequential improvement. Services will be in focus, 11. 5 billion. Though apple has the onetime litigation settlement. It is up 15 from the comparable figure a year ago. I did ask cook about some of the new services on the way like the new Video Streaming Service and i asked him, melissa, how he will judge the service cook telling me the most important thing is, one, the product, and, two, the number of subscribers, whether we are going to announce it i dont know we only
Hitting issues that matter to the markets and your money and were always trying to make you money here on cnbc. That goes for the next generation of investors as well. Thats why we will reveal the highest paying College Majors on this wednesday july 31st as Worldwide Exchange begins right now. Good morning, good afternoon, good evening and welcome from wherever in the world you may be watching. Welcome to Worldwide Exchange. Im Brian Sullivan we are calling this the stock of the day. It is apple. Results quieting the critics apple stock right now up nearly 4. 5 the headline is this, yes. Iphone sales are slowing but one other part of the business is beginning to shine. What that is and more on apple and the big move in a moment happy fed day. In nine hours the Federal Reserve is expected by pretty much everybody to cut rates for the first time in 11 years that cut will likely be by a quarter percentage point, which would take the official base borrowing rate down to just over 2 ahead o