tv Worldwide Exchange CNBC September 6, 2019 5:00am-6:01am EDT
gaining speed. a live report for that region next. >> later commemorating the street that may have saved america's favorite past time it's your rbi and it's actually baseball related it's all on this friday september 6th as worldwide exchange begins right now. good morning, good afternoon, good evening and welcome from where ever in the world you may be watching. happy friday thanks for being with us we start with morning from breaking news out of europe. the latest gdp numbers in the second quarter that's right for you certainly the focus has been on politics the last couple of weeks but let's not also forget about the data
it's now been confirmed at .2% on an annualized basis a significant slow down from the first quarter which is .4% quarter on quarter and 1.3% on an annualized basis. the devil is in the detail there's two main weaknesses. one is germany and one is italy. so let me just remind the viewers that the german gdp fell in the second quarter of this year to minus 0.1% 0.4% on an annualized basis. persistent weakness in the manufacturing sector and we had industrial production orders also showing a contraction of 0.6% month on month. it's the fourth quarter in a row that italy is bouncing along the flat line. they were in a recession toward the end of 2018. now we know they have a new government and have to place a lot of pressure on this government to turn things around
and try to stimulate the economy somehow but bottom line is the trajectory is still slowing when it comes to the euro zone economy here. >> nobody thought there would be growth but 1.2% i guess in some way you have to say it's not the end of the world i mean, there's been -- i know that you talk about it every morning, i listen to you coming in, there were very dire predictions out there for europe. >> yeah. indeed that's true. let's also not forget we have the big ecb meeting coming up next week where they're expected to unleash what the market is calling a big bazooka. interest rate cuts, quantitative easing and their goal is to do something as much as they can, as much as central banks these days to try to help stimulate the economy again. >> how do we get him to speak in
lake como. how do we arrange that >> you have to tell me who i need to speak to the only thing that makes me feel better about it is apparently it's cold it's beautiful views but a little nippy >> thank you very much appreciate it. >> the global markets are setting up their friday and coming off another big market day yesterday and futures indicating we could rise again no longer where we were yesterday. we finish higher yesterday small caps, large caps, big tech, all bouncing nearly 1.5 to 2% the dow s&p and nasdaq all less than 3% away from making all new eyes how far have we come the bond market reacting a bit ten year note yield at 1.59% let's get now to the other side of the world the latest in hong kong. this is a financial headline
current issue from aa plus to just aa but with a negative o outlook as well. on going turmoil from the demonstrations it says the pliability of the one country two systems frame work underscored by mainland officials taking a more public stance on affairs. this comes ahead of the 14th straight weekend of demonstrations in the city asian markets not reacting to the negative downgrade and we're seeing them rise across the board. the hang seng up about .5% there's a lot to do. the hong kong news but oh, do not forget in about 3.5 hours you have the monthly payroll number there's your countdown clock let's talk now about all of this and where we stand right now
ceo of quill intelligence is live in dallas we really appreciate that as well what do you make of euro zone? 1.2% not the end of the world. >> the world is definitely not ending but as the correspondent just said, germany which is the world's third largest exporting nation is -- their economy is kind of in the toilet and italy is back in the same place. that is the third largest bond market in the world and the places we see weakness are unsettling when we continue to get corroborating evidence, we see a positive number on that basis. >> i don't want to insult any of the viewers out there watching in europe but really is germany and maybe the italian banks, the
only thing that we need to watch on the continent, obviously you have brexit but is it what happens to germany is what happens to everybody else? >> germany is the game changer and the outlier because in prior euro upsets going on for over a decade that is no longer the case we also started to see slowing in france and germany. it's not near as acute as it is in germany but it's not only a german economy, italian bank story anymore and that tells you that if germany's economy gets hit hard enough it could take it down with it. >> when do you make of it? what are your expectations >> it threw everybody's expectations out
it was lead by very small business and after 3 months of decline it's hard to say that we're necessarily going to get a big disappointment but that was the only stand out we saw ism manufacturing employment, ism non-manufacturing, the services employment sector, that went down as well their employment index and we had the market services index come down to the lowest level since february 2010. that index came in at 50.4 that's just on the cusp of contraction and we have started to see weakness. transportation lay off in the month of august so i think the greatest concern going into this report is it is no longer an isolated manufacturing recession story.
it's 80% of the u.s. economy. >> sit tight don't go anywhere. i want to go to contessa brewer. then i want to get your reaction so here's some good news maybe. >> scaling back his forecast of the recession over the next year let's get that news with contes contessa. >> the founder of the world's largest hedge fund he sees a 25% of a recession through 2020 and he warns that central banks are limited in the actions they can take to avert a downturn last month, there was a 40% chance of recession before the 2020 election and that was shortly after the u.s. yield curve inverted for the first time in more than a decade a historic warning sign of a looming recession. he lists four unique factors he says have not existed since the 1930s and he believes these will determine the severity
one to the wealth gap and three the u.s. election and finally the growing influence of china the fed, the ecb and the bank of japan have to face the fact that when the next downturn comes there won't be the power to reverse it in the same way that existed before the fed should cut rates slowly and by small increments rather than rushing to stimulate the economy. it's down about 6% through late last month. >> thank you very much so back to you, you used to work for the federal reserve bank of dallas the federal reserve is simply shooting blanks for lack of a better term. they're not going to have the power to reverse the recession what say you >> well, dalio sounds a little bit like hurricane dorian. the strength is disapating as well as the speed which is what people in north carolina want to hear i think the message is going to be music to jay powell's ears.
he's speaking later today. we have to stop listening to fed speak. you're going to have to find something else to do with your spare time i think it will residence mate with the federal reserve because i think that they want to be able to maintain their ammunition and not do a dramatic interest rate cut when they meet on september 18th regardless of what happens with the european central bank next week. >> danielle, always a pleasure live from dallas we appreciate it thank you very much. >> thank you. >> speaking of, hurricane dorian was downgraded again to a category 1 storm but do not rest easy on it the storm is still threatening parts of the carolinas as it points north jay gray has been on the scene all week moving up and down the coast and he joins us now.
>> to the north of where we are now, they're going to feel the effects of this storm well into saturday exactly what we saw here overnight, a pretty rough ride it's very now obviously. we still have some swirling wind gusts and a bit of a spitting rain the good news as far as wilmington is concerned, this storm did not hit at the same time as high tide. we still have standing water in some areas and things that you would expect to see as a hurricane just brushes or kind of sideswipes this area and continues to move on up to coast. look it's going to continue to be a problem it's so unpredictable and so unrelenting it's giving way a
little bit. >> is it fair to say this is thankfully the worst reports did not come to pass the storm surge is not as high as expected and all in all, maybe for at least the continental united states, not the bahamas, but a better than expected outcome >> i think you have to say that. i think you have to say that, especially from what we saw from the start. it looked like this thing was going to target florida. the carolinas weren't even in the picture at that point. then it changes and it's coming this way this was the strike point. this is where they thought it would make the second landfall it did not it did not core larelate with t high tide here i think you're right thank goodness it turned out the worst case scenario but under the best conditions. >> you and the crew have been working all through the night, all morning long it's been a long week. we appreciate it
get some rest. thank you very much. >> thank you >> when we come back here, could the ipo rush be slowing down what we work is doing that's making wall street nervous later, forget yoga pants is a new clothing line helping lululemon's bottom line this morning? we're back right after this. i can. the two words whispered at the start of every race. every new job. and attempt to parallel park. (electrical current buzzing) each new draft of every novel. (typing clicks) the finishing touch on every masterpiece. (newborn cries) it is humanity's official two-word war cry. words that move us all forward. the same two words that capital group believes have the power to improve lives. and that, for over 85 years, have inspired us to help people achieve their financial goals.
good morning let's get a check on the big stocks expected to be on the move today and a blowout quarter from lululemon has that stock higher now better than expected second quarter numbers. shares of men's apparel jumping nearly 30% lulu also raising the forecast for the year that stock up just under 4%. that looks small compared to this and completing the hat trick this morning, crowd strike a smaller than expected revenue loss they are down 9% the cyber security company did not provide as aggressive as an outlook as it did in the previous quarter hard to complain if you're an investor that stock up 130% since the ipo
in june. on deck, should we work be worried? making dramatic moves ahead of its hotly anticipated ipo? and then parents, we want you to listen up and start saving up. the price tag you have to see to believe from lego's new star wars star ship kit if you're kid asks for it -- well, don't have your kid ask for it we're back after this. your employees must love you. thank you. ah, you could say that. so how are things with you guys? great. thank you. thank you, sir. lunch next week? terrific. say hi to the team. will do. call my office, i will. -sounds good. alrighty. servicenow. works for you.
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welcome back wework taking down it's own valuation ahead of its highly anticipated ipo. investors are increasingly worried about the company's cash burn and the ability to turn a profit now all of this comes as wework ceo adam newman reportedly poked some fun at other money losing ventures like lyft and uber. he criticized them for spending aggressively to fuel growth. wework is expected to begin it's ipo road show as early as next week still to come, 41 straight months that's how long there's been a worker shortage in construction. it's expected to grow faster than any other kind of job in the next decade if they can find the, woman standingers
41 months is your number of the day. it's not just construction coming up live from arizona, kate rogers on another worker shorta shortage, this time in a field that could literally save your life brap principal i can tell you this. when one student gets left behind, we all get left behind. this is a problem that affects each and every one of us. together with ibm, we created a whole new kind of school called p-tech. within six years, students can graduate with a high school diploma, a college degree, and a pathway to a competitive job. you know what's going up today? my poster. today, there are more than a hundred thousand p-tech students around the world. it's a game changer.
bit. but two drugstore giants are asking customers not to openly carry guns in their stores they join the growing wave after walmart and kroger changed their policies on tuesday. >> an american woman is facing charges for trying to smuggle a newborn out of the country authorities say jennifer aaron talbot was caught trying to sneak the child on to a flight and back to the u.s. without any documentation. she was arrested on charges of human trafficking and kidnapping if convicted it could mean the rest of her life in prison. >> up 75 feet in warsaw. the 2016 speed climbing champion raced the eliminated elevator on the outside of the weston hotel beating it to the top in 12.12 seconds. he is one of the best speed
climbers and will make his debut in tokyo of 2020 good thing he doesn't have that speed going down happy friday. >> the only thing that i will say about it and the guy is amazingly fit is it looks like -- i know the rope isn't pulling him up but it looks like it. >> it looks like it right. >> explore it. >> the olympics are on nbc. >> they sure are >> live to italy and the majestic lake como where who else but steve is rubbing elbows with the most influential names in business and politics they're talking global economy steve, are they talking it up or talking it down? >> up, certainly, but is the world in a multiplayer game of chicken? well that's what stanford's neil
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and here's a hint, not looking so rosy for u.s. growth. he's out with new odds for a recession. the next 12 months you'll hear him and get reaction on friday september 6th as you're watching worldwide exchange right here on cnbc exactly 5:30 on the east coast. thanks for joining us. we had a good week for stocks and we could continue that today. dow futures not up nearly as much the last couple of days coming off of yesterday's big day but we are up nonetheless. about 70 points right now. yesterday's small cap, large cap, medium cap, big tech, all bouncing 1.5 to 2% and now the major index is making all new highs. as stocks rise, bonds come down a bit. the benchmark yield is up 1.59%.
higher than a week ago we saw most of the major market averages rise despite that they downgraded the credit rating the market up about 1.5% they're coming in better than expected and maybe not as worse as some have feared. the majority of the averages are higher as well the state of the economy is the big topic of conversation ahead today. business leaders were all gathering for their annual forum. steve is joining us with the highlights for the big names that he has been speaking with steven >> we just got a brand spanking new government it's a bit of an exercise combining the old and new. a big experiment going on in italy. will it work will it drive growth
that's a big topic but also the international stories as well. i have been speaking to a couple of great speakers. friends of cnbc that had a bit of a check of what's going on the last hours or so he is a professor at stanford university and he's concerned. >> there's two dominant players and the dominant players in the united states and china. the problem is having started this cold war with a trade war he's no longer in a position to simply turn it off when it suits him because it's escalated into other domains and particularly into the domain of technology. >> so this is important. the excitement of the market on the hopes to put an end to the trade war we can see it in the
markets. in the nearly 2% rise we saw in the dow yesterday and of course more optimism again today but can it end can the antagonism between the us. and china end and keep the markets going up but that was also something i spoke with him about as well. he is chief economic adviser to the huge player in the investment world guest host on squawk box very often as well. he says the market had the bff in terms of liquidity provided by central banks now they're relying on hope for an end to the trade war. is this too much actually is it going to end in tears? let's listen in. >> we as a marketplace have been conditioned to rely on policy makers to continuously be our best friends i call it the bff, best friends forever. i think that is disapating
>> so yes, things are looking better yes there could be hope for the trade war. yes there could be more stimulus from the fed and the ecb but are we in danger of thinking that's going to take these markets higher i think the answer is yes, we need to be careful, brian. any talk about the country that you're in, italy, so many concerns about the banking situation and i know the trade war is getting all the attention. how can you avoid the political and yet another government there. anybody daring to talk about that sitting in an italian lake. >> i want you to join me here because it's fascinating they're worried but quite extraordinary. look at it on the cnbc app you can do that. .83 we have one year low in the spread over bunds.
you have a government that had 26 points. on one point they're saying they need to abate it and on the next point they want to change it which limits the amount of deficits they can have and at the same time they keep going lower in terms of yield and higher in terms which is giving them a window of opportunity yes, there will be big worries about the banks. >> number one don't blow it because there's a lot of worries about the banks and number two, in all honesty, north of where you are i believe is the most beautiful place i have ever been plus the f-1 races this weekend, steve, come on invite me out, man i'll carry your bag. >> it's so beautiful. >> i'm going to get out a shot it's so beautiful. it's even more beautiful without me in it, would you believe? look at this look at this is there anything better in financial news than looking at a
lake >> no, not that liake, by the way. that's a spectacular location and spectacular reporting as well thank you very much my friend. >> sticking with the theme of global growth and uncertainty. new attention on a recent federal reserve paper studying the effects of trade war on global and u.s. growth according to the analysis uncertainty around trade policy is likely to cut u.s. and global economic output by more than 1% through the first half of next year the drag on gdp would not have been so bad. the trade tensions have not escalated this past may and once again in june. let's talk more about this and the macro economy and the jobs number that we have coming out tom is joining us now. have you ever been there >> i have. >> was i wrong in my analysis? >> it was spot on. we had lunch at a great place that was fantastic.
>> the black cat >> i think so. we had a great bottle of wine. it was awesome. >> is the u.s. economy right now as good-looking as that view >> it's better than what a lot of people think. even to bring it back to yesterday's data think about yesterdayfor a second we had edp that killed it relative to expectations we had jobless claims that barely moved and remain at near all time lows and and this one little indicator is all anyone wanted to talk about yesterday there's so much symmetry in place where a lot of attention is given to the negative and not enough to the positive that's one of the things we want to make sure that people are clear on we're not making the case for things are accelerating from
here >> that was supposed to be the flag and siren about the recession. >> there's reasons why it's not working now. not the least of which is negative yields around the world and people need yields and one of the few positive big industrial countries that are yielding something positive. not only that but we talked about this many times in our written researches, i think what people have to keep in mind is ten year yields are supposed to be a reflection of nominal growth there's a massive divergence between the two. and if ten year yields and not
right now. that's reason enough to discount the curve. >> i just wonder if our yields are a reflection of anything fundamental and there's $16 trillion worth of debt that's giving you the technical term is squat on your money. >> that's exactly it they're pretty dismissive of that. >> we look at this jobs number we're not going to minimize the jobs number. we had edp and that's not a surprise is there a chance if we get a $100,000 sprint on this jobs number, 300,000 would be good. that would be good for everybody out there. does that take a rate cutoff the table? >> there's almost no realistic/plausible positive number that you can get that removes a rate cut >> they're cutting
they're going. not only do you get cut in in september but it seems they're problem going to go one more time after that. as i said to you on this channel this is not something that we believe the fed should do but this is what they're going to do. >> very quickly, we have the headlines crossing but on wednesday the chinese cabinet said they're going to do this, but what that means in plain english is the amount of cash a bank in china needs to have on its books has been reduced they do that so they have more cash to lend you don't need to save as much chinese bank because now you can lend more money. that's what a cut in the reserve ratio, the rrr as they say some would view that as a sign that they're worried about a weakening and slowing economy. >> it's exactly what you just said they're trying to do what they
can to sort of keep things moving along but while that's actually a wonderful outcome from a stimulus perspective, what we have to recognize from a global central bank perspective is there's only so much central banks can do i said this to you last month when you and i were talking this is not a monetary policy problem. this is a trad policy problem. there's only so much monetary policy can do in the world economy right now. >> we're going to find out what that is. it's a real pleasure. >> good to see you. >> thank you so much let's get a check on other stocks today disclosing a stake in the company. they say the stock is undervalued and they may urge a provider to explore a sale the ceo addressed the issue yesterday on closing bell.
>> reaccelerating the growth rate of the company as well as driving greater profitability in the business so we're very aligned with starboard's interests and we look forward to collaborating in that process. >> they're rising their guidance for the year stock down nearly 2% and two of china's most valuable tech companies striking a deal alibaba is buying the luxury commerce business and investing 700 million. coming up, help wanted in the hospital kate rogers joining us live from the front lines. >> good morning. we're going to be facing a doctor shortage in america in the years to come. we'll tell you why and what's being done to fix that cinupomg after the break on worldwide exchange i can. the two words whispered at the start of every race. every new job.
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investor summit is back. always outspoken by the way. josh harris owns part of the 76ers. rock creek ceo and many, many more you also have sec chairman jay clayton, vice president mike pence, what else tickets for deliveringalpha ar at delivering alpha.com. that's going to be a great conference by the best ever. the association of american medical colleges projects there could be a shortage of up to 122,000 physicians by 2022 in primary and specialty care kate rogers is joining us live in arizona with more on this important story. kate. >> that's right. you just said it there could be a shortage of up to 122,000 doctors in the united
states over the next decade. part of that is due to the aging population people are living longer and seemingly more healthy lives that need more care later into life the state is currently short about 600 physicians that number could triple it's 44th in the nation for its ratio of primary care physicians the population here is growing very quickly the shortage is felt even more in rural areas where there could be one physician for thousands of residents it's adding more residency opportunities. and internal medicine in general surgery. >> we think we are fulfilling a need for further physicians to be trained and to actively serve our patients. >> the hope is that the more residents that come to arizona
to complete their training will wind up staying here once that residency is complete. there's studies that say just about half of residents that complete their training in one location will wind up staying there to do that work afterwards. >> kate from what i understand, you have to have a license obviously but arizona has changed some of its licensing requirements to make it easier for people from out of state and maybe even out of the country to come in and help out. >> that's right, brian so we started with the governor here yesterday in arizona. they have a universal licensing recognition law that just kicked in recently. arizona was the first state in the nation to do this. so if you come here from another state and you have a license in pretty much any occupation you can gain similar licensing here in a much easier fashion hopefully that's attractive to physicians considering moving to arizona and not wanting to repeat all the training so
hopefully that's the story out here. >> thank you for bringing that to us. let's find out what else you'll be talking about today it's time for the morning's top trending stories contessa is here for the trending stories i'm not going to tell people what you just did. >> an american airlines mechanic arrested, charged with sabotaging a flight's navigation system it was a piece of foam inserted in the navigation system the mechanic said he was upset over stalled contract negotiations that he didn't intend to arm passeng - harm passengers but he wanted to delay departure for overtime pay. as you know, these union talks have been very contentious the union came out and said they would never approve of action that was taken in this manner. >> that is stunning. >> stunning story. we didn't have enough to worry about flying. >> all right star wars fans may need to use
the force to assemble lego's latest release lego is launching a kit to build the imperial star destroyer from star wars. i wanted an echo machine there it includes nearly 5,000 pieces when assembled the model is 43 inches long. it's the third largest lego star wars set ever and it will cost you $700 who cares? all i'll think about is how many of those pieces will end up in vacuum cleaners and how many will moms and dads step on. >> there's nothing more painful. you can step on a nail and it's less painful than stepping on a lego in the middle of the night crossing the floor. >> but 5,000 pieces. >> do this next story and i'm going to tell people what you did to me. >> thank goodness for video cameras that record every moment possible. >> needed one on that. >> theme park roller coasters we wouldn't have any information about this daring do of one
rider. watch this the guy catches a dropped cell phone midair going 80 miles per hour well actually it was in spain so 134 kilometers per hour. but at any rate a passenger in the front dropped the cell phone. the guy sees it. catches it and what did he do to obtain such super hero reflexes? fist ball. that's right he was in pain after representing new zealand in the world fist balling championships in switzerland. >> what's that >> it's like volleyball but you use your fists and i'm just thinking the detroit lie yoons kansas chiefs have been testing out wide receivers maybe they should look at this guy because his own reward for catching it was the owner brought him the video. >> he probably just saved his head because it was coming down. >> tell them what i had to do.
>> she reached over and plucks a hair from here. >> that's friendship. >> that is friendship. and i appreciate it. >> that's too much information. >> thank you very much now that i am groomed. once an alternative to smoking, vaping related illnessesare on the rise the surprising ingredient investors think might be the story. find out when worldwide exchange returns. servicenow put our workflows in the cloud. this changes everything. you're right sir... everything. no not everything, i mean you're still blatantly sucking up to me gary. brilliantly observed, sir. always three steps ahead. six steps ahead. sixteen. so many steps. you done? a million steps ahead.
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the trump administration taking the first step the newly released plan is more of their earnings increasing their capital buffers. vitamin e is discussing vaping related illnesses. there's extremely high levels of vitamin e in nearly all the samples analyzed that contained cannabis states plan to launch separate anti-trust investigation over facebook and google beginning next week. the attorney general will lead the effort in digital advertising markets. new york's ag will run point on the reviews. control over personal data stock down about 1% right now. can we make it 3 in a row. they're up about 50 points
chief equity market strategist i know you're not welcome by the way, good morning. >> i'm not welcome >> no, you are welcome you're a short-term market guy day-to-day stuff and we had a nice mini run and a lot of concern in august and you notice it because something feels like it's changed. >> it's better and if you look at what's going to happen next week there's a position in two of the key data points the ism manufacturing number hit a three year low. >> everyone freaked out and we got the ism services number. there's a very sharp dicotomy because of how weak the manufacturing sector is because of china concerns and how fundamentally strong the consumer portion of the economy is labor market is good confidence is good, consumer spending is good
so the market is trying to grapple with those issues. >> i want to screw the numbers up all apologies to my colleague that says manufacturing is important but services is more than 80% so the services number is the one that you want to watch >> it's 11% of the economy there's a school of thought, phil that because the expansion has been going on for ten years and coming off the crisis and a lot of stimulus, i get that. but it's the longest expansion in american history and by nature it now must end it's gone on too long like a bad movie but you don't think that's the case. >> that's not the case we have a model that said the recession didn't start last year and it's not coming this year and it's not coming next year. the earliest we would see sit the first part of 2021 so we think the market is off base k look for a recession. >> i like to call them finding opportunities friday
on friday i ask every guest where is the opportunity right now. so where do you see it >> take a look at the jobs report this morning. the street is at 160,000 we're 186,000 so we think the number will be stronger than expected but here's an rbi possibility. >> i love it. >> the august jobs report is the wonkiest of the year for a number of reason summer vacation ends and working inventories down retooling the august number over the last ten years or so has missed by about 40,000 jobs. and 65,000 of the 40,000 that they missed. >> are you saying the number today? pay attention to have watched it more closely. >> exactly >> from a programming
perspective because we tend to ignore it. >> it's great stuff as a pleasure thank you very much. >> time now for the actual morning rbi and this one has to do with baseball adam our producer is a baltimore orioles fan. the most random and interesting thing you'll hear today is that it was unbelievably 24 years ago today that the streak, the streak went down on september 6th, 1995, the great cal ripken junior played his 2,000 131st game breaking the unbreakable record he didn't just break the streak. he may have saved baseball which was getting crushed after the 94 strike which ticked everybody off.
you haven't had much to cheer about pretty much since then but you will always have the iron man and anybody out there please send me the best video that you can do in your baltimore accent we're going to see at noon today on the halftime report dow futures there are up squawk box begins right now. >> good morning. what a difference it makes 40% to 25% that call is straight ahead. more problem for hong kong, the city facing more protests over the weekend and now, a downgrade from fitch and it's jobs friday. and looking for signs of weakness or strength in the economy and we're going to figure out what the fed's next move is. the journals lead story is it
will be a cut. it is september 6th, 2019 and squawk box begins right now. ♪ >> live from new york where business never sleeps, this is squawk box >> good morning, everybody welcome to squawk box here on cnbc we are live at the market site in times square. let's take a look at u.s. equity futures at this hour there's green arrows for the dow and the s&p futures. this is after two big day of gains in the markets the dow is up 372 points after gaining 334 points the day before so far we're in the green for this week. the nasdaq is down 2.5 points but you did see big gains for the s&p is and the nasdaq as well the s&p was up by 38.