adam shapiro with fox business network joins us live from new york. adam good to see you this morning and let's start first of all with what do we expect to see the stock market do today as a result of this? >> we're going to start trading in new york in 25 minutes. and i can tell you right now futures are gaining. we should open in positive territory and i know that sounds counterintuitive to what we're watching worldwide. stocks have closed down in asia and in europe they're trading down because of this moody's downgrade. but in a perverse kind of way, investors in the united states are betting that this downgrade of the credit rating for the banks will somehow force the federal reserve come this fall to pump more money into the financial system. that's one of the reasons you're seeing stocks go up. the other reason stocks are going up when we start trading this morning is that investors actually priced in the downgrade yesterday. it helps explain the selloff we saw yesterday. don't count on the federal reserve to do anything until after the election

adam shapiro.ree people are dead tonight after explosion collapsed two apartment buildings and it tops our news around the world in 80 "around 0 seconds." italy. you can see what's left of those structures. local media reports the bodies of those of a dutch family that have been staying in one building. the explosion hurt at least 10 people nearby. rescuers say it appears a gas leak caused it taiwan, fire jets and tanks fired live ammunition today in what military commanders called training for simulated attack for mainland's china. claimed taiwan as its own since the chinese civil war back in 1949. >> greece. a member of parliament is facing arrest after he attacks a member of a rival party on a morning news show. first the guy on the lower left here got into a shouting match with a woman and threw a glass of water in her face. then the lady in white got up and appeared to throw something at him. the man claims that woman attacked him first. singapore. remember paul the octopus predicting world cu

adam shapiro is here. could this be good news for wall street? >> in a perverse way. downgrades a 15th world's largest banks getting a downgrade but also because they are expecting the federal reserve to put more money into the system. to understand what happened is really simple. when you go to get a home loan a mortgage you get a credit rating. if you have good credit you pay less for that mortgage if you have weak credit or poor credit you pay more to borrow money. that's what happened to the banks. they have to pay more to borrow money. we don't trust your ability to pay back the loan so we want more money up front. that's what happens to the banks going forward. they have to pay more money it means they have less to lend you. >> what will happen to america's 401 k. >> today it could be good dow futures saying we will be in positive trading when we open in new york city. for the long-term bad news bill gross saying now is not the time to be in stocks because this is just an example of why the global economy is in trouble and it all comes back to financial situatio

we're covering that one this morning with adam shapiro over at fox business network.e is live in new york. good morning. is simonetti in the hamptons again? >> actually no, she is actually doing public service today. the sun goddess is getting a little work done. >> a job at buckingham palace. we'll get to that. let's get the bad news out of the way if we can. markets affected by negative economic news, banks downgraded. what's the deal? >> we saw asian markets close in negative territory. futures indicate we will open in positive territory at 9:30 here in new york for the trend continues. dow futures are up despite the downgrade from moody's. we're told by moody's, your credit is not as good as it used to be saying they are weaker because mode's as betting their losses when europe goes bust because of the financial crisis, that those losses will be pretty bad for a lot of the banks. they cut their credit rating t drives up the cost of borrowing for the banks. it could mean less money for you and me to borrow from the banks because they will be spending more money and

adam shapiro joins us now from the fox business network. ience with millionaires, adam? >> reporter: i know a few. i would like to join the club but i'm not there just yet. jenna: what is going on here? >> reporter: a couple of things, obviously countries like china and indthat -- india, the asian countries rising in financial wealth than the united states. we saw 129,000 households that were classified millionaire households actually fell. this is according to a study by the boston consulting group. part of isn't only the rising economies in asia but also bad money management. the study put out said wealth managers need to do more to lift their profits for their clients. so it is kind of a two-edged sword. you have rising economies in other parts of the world and bad money managers or financial consultants here in the united states. jenna: is there any way to tell that that 129,000 millionaires just dropped the amount of money that they made and that's why they're no longer part of the club? or did they actually physically move somewhere el