High level committee is on the verge of breaking up
More fallout from the tragic weekend events in Charlottesville VA, and comments from Trump in its aftermath.
UPDATE: It is now confirmed.
The committee was headed by well respected members of the business world include Stephen Schwarzman and Jamie Dimon. Earlier Elon Musk had resigned from the committee over the Paris Accord.
The breakup seems to have occurred during a conference call. There are no further details.
If the entire group disbands as a direct result of the comments from the President on the racist events, the pressure will mount for the member on the manufacturing council to also resign.
JUST IN. Denise Morrison CEO of Campbell Soup is exiting the sinking manufacturing council ship.
- The S&P is still up 7 points at 2472. The high reached 2474.93
- The Nasdaq is up 26.659 points at 6357.85. The high reached 6374.56.
- There is little reaction in currencies. The EURJPY is trading at the 200 hour MA at 129.57. A move below could see more selling. The GBPJPY is trading down toward the 200 day MA and the 100 hour MA at 142.18. The price is at 142.23.
- Spot gold is up $2.71
UPDATE: CNBC reports from a source
- All members spoke during the conference call
- All members agreed the press conference was the tripping point
- All cited fallout from customers
- They all resigned together.
This is a vote of no confidence.
On the board include:
- Jamie Dimon, JP Morgan
- Jack Welsh, Former CEO GE
- Mary Barra, GE
- Stephen Schwarzman, Blackstone
- Larry Fink, BlackRock
- Ginni Rometty, IBM
The question for the markets now are:
- Does the markets care?
- How will Washington now react including his own party members?
- Is this the beginning of the end for Trump?
