Stocks (^DJI, ^GSPC, ^IXIC) are down at midday, with financials (XLF) and materials (XLB) leading the way down and utilities (XLU) still in the green. Keith Bliss of Cuttone & Co. joins us live from the New York Stock Exchange.
To discuss the other big stories of the day, Alexis Christoforous is joined by Yahoo Finance's Rick Newman and Kevin Mahn, CIO, Hennion & Walsh Asset Management.
George Soros says it's "risk off"
Billionaire investor George Soros returns to trading after predicting a grim future for China. Last quarter, Soros sold stocks and bought gold, as well as shares of gold miners. He says China’s debt-fueled economy resembles the U.S. in 2007-2008 before credit markets seized up and spurred a global recession.
Uber CEO Travis Kalanik discusses an IPO
If you’re waiting to buy stock in Uber, don’t hold your breath. Uber CEO Travis Kalanick says he plans on waiting up to 10 years before going public. Kalanick says the company isn’t profitable right now and it has an obligation to find liquidity for investors.
Google parent to beam the internet into your home
Google’s parent company wants to wirelessly connect homes to the Internet. Alphabet’s Eric Schmidt says it’s not only cheaper to connect homes wirelessly, but with new technology the service would be just as fast as cable connections. Schmidt thinks the wireless connections can be made at one gigabit per second. That’s equivalent to the speed Google Fiber offers.
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