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Others physically present in the room for guidance from the office of attending physician, masks must be worn at all times during todays proceedings except for the member or witnesses speaking, please also sanitize yourss seating area we use these chairs as a safety issue in an important matter of order and quorum for this proceeding. For members participating remotely, keep your video function on all times, when you are not recognized by the chai. Members are responsible for mutating and on muting themselves and please remember to meet yourself after you finish speaking. Consistent with House Resolution 965 in the accompaniedr regulation, staff only mute members and witnesses as appropriate when they are not under recognition to eliminate background noise. I see that we have a quorum and i now recognize myself for opening remarks, let me welcome or witnesses as i let the Ranki ....
The concern about the stronger currency, not to worry just yet. We saw that euro jump. Ist weakness on brexit sparking a rebound in the dollar. Your offshore renminbi, we are set to break six weeks of gains. 683 right now. That is below 40 right now. We have copper also and gold on the back foot. Oil prices on track for the biggest twoweek drop since what we saw back in april. Lets get to the first word news, we have Karina Mitchell. Senate democrats have shut down a relief plan proposed by republicans. They failed to get the 60 votes they needed. Estimatedican plan is at anywhere between 500 and 700 billion dollars. The democrats are proposing to. 2 trillion. 2. 2 trillion. Boris johnsons government refused to scrap plans to reignite the divorce accord. The eu is threatening legal action if the u. K. Does not drop the legislation within three weeks. Thes president has painted an optimistic picture. Economic data suggests a stron ....
Profit increase as iron ore holds up amid the pandemic. Relations go even further. China says attacks on tiktok were bullying and rejection of fair competition. Shery lets get you started with a quick check of how the markets are trading. U. S. Futures opening flat after the s p 500 and other major indices ended the session mixed. We had a rally in Technology Companies with the nasdaq gaining 1 . Selling off sos the s p 500 was dragged a little lower. Still closing at the highest level since february. The third time in the past week that the index topped above its february closing record during the session, but ended below it. Still up more than 50 from its march low. We did get more positive ecodata. A gauge of Builder Sentiment jumping to the highest since 1998. Take a look at oil because that positive sentiment over the economy taking oil for a five month high, al ....
Street has continued to underestimate the strength of the u. S. Consumer. In the northeastern sun belt that theigns coronavirus outbreak is continuing to ease. However, the fed remains cautious for the second half of the year. I want your take away. What was the main reason for you with the target report . Joe basically all these gigantic retailers, they are all killing it. You had a little bit of differences between them, whether it is target or walmart or cosco or amazon. All these companies are doing phenomenally well. What was striking about target i think is that unlike walmart, its not seeing any signs of meaningful deceleration in growth with the expiration of the employment insurance expansion. That is one of the biggest macro questions right now for the economy, for everything. Which is ok, we have had this rebound in the economy largely thanks to the stimulus. What happens a longer we dont have a deal . Romaine there is a question to how much the stimulus paid a factor in tar ....
Nasdaq up more than three quarters . The industrials also back on track today. Is there any reason for worry apart from the fact. I worry when i dont worry. I think because you change months doesnt really change the na narrative. There are pockets of the economy that are doing well and recovering housing, auto, parts, consumers, manufacturing. Did you see the numbers . The new orders jumped 5 the ism was the best number since november 2018. Manufacturing is recoverying i would argue is in a v recovery you have pocket of the economy that are not doing well. That are struggling. We have a million job in initial claims thats why i think youre going to see a fiscal package. You still have a lot of trouble in things happening with regards to travel and leisure and restaurants and that sort of thing. I do think that you get the fiscal package i dont think the change is in terms of my investments because as you recover, the economy recovers you get through the elections. I think profits recov ....