The shift we saw in washington yesterday about 4 00 p. M. We dont need to be on this all day. Every other network is going to cover it up and sideways come but this this is original actions by a president of the United States, really reminiscent of what we saw in 1876. It is a story our Washington Team will cover. This election of 2020 continues. Jonathan that tuesday night still continues in some ways. The news of the last 15 minutes is on the vexing front. Pfizer on the vaccine front. Pfizer set to file today for emergency other ration emergency authorization use. Think that has been the sequence, and each time there is a lesser market reaction. Jonathan i tugofwar continues. If we think about the tugofwar right now, the tension is phenomenal. On the one side, the darkening near term outlook because of the restrictions in the of the economy, and then the brightening forward outlook it can get vaccinations started in month. In the last 24 hours, the Federal Reserve and the treasury se
It is almost jarring. Back monday. Alongside lisa abramowicz, im jonathan ferro. Tom actually dropped me a message this morning at about 4 00 a. M. , looking at the price action and this rotation we have seen. I think its got everyones attention. Weve had a fake after head fake. Is it real this time around . Lisa every investor we speak to says buy any dip. Buy the big tex stocks on any dip whatsoever the big tech stocks on any dip whatsoever. Now people are going back into them. You have to wonder what it would take to make people truly believe in the cyclical story. It has to come from the data. Data just isnt there. Jonathan i think you have to get a lift in treasury yields. That takes Economic Data and real improvement. That is where thanks stalled in early june. Lisa i will also say the reason why tom keene was messaging you at 4 00 a. M. Is because he doesnt want to actually move up on floor. If i had to move, i would also be procrastinating. Jonathan are you joking about this .
You have radical left democrats running cities like chicago and so many others that we just had a news conference. Unfortunately, that is the way it is. Thats the facts. When you look at chicago and you look at the job mayor lightfoot sent me a letter yesterday. I think in their own way, they want us to go in. There will be a time when they want us to go in. Right now, we are sending extra people to help. We are arresting a lot of people who have been very bad as far as the coronavirus, as you say, i think we have done some amazing things. I think you will probably see that if you compare our statistics to other countries. And if you look at death rates, etc. , you will see, and especially into the future with whats happening, you will see some very, very impressive numbers for the United States. President , do you plan to do a National Strategy to help schools reopen and reopen safely . Regarding the children in your family, your son and grandchildren, are you comfortable do you plan
The virus infections now pushed 8 million globally. Haveoutbreaks in the u. S. Some states weighing whether to pause reopening. Shery lets get you started with a quick check of the markets. We are seeing u. S. Futures up 2 10 of 1 . It was a very volatile trading session. We had a boost after the fed pledged to follow through with the Corporate Bond purchase, but then again, we had concerns over a second wave of the pandemic. Not to mention the white house now ending an Unemployment Bonus Program on july 31. We have the s p 500 gained 8 10 of 1 . At one point, they lost as much as 2. 5 . It was a really volatile session. Financials and staples led to gains, after dropping last week by the most since march. Take a look at how the dollar is doing now. We have seen the dollar underperforming against all g10 peers and weakening to session lows after the Federal Reserve made the announcement. Right now, we are seeing more pressure on the bloomberg dollar index. The 10 year yield at 72 basis
Friday here. We had the range bound markets all week, maybe with the exception of gold. All of that pushed aside by the ramifications of the pandemic. We dont need to go into it now, but i really wonder over the andend, as the economists equity strategists write how they adapt and adjust their q3 view out of the news we are seeing from the sunbelt. Jonathan it is going to be a tugofwar for the next few weeks and months. Beneath the surface, the fragility is really going to start to show in places like texas and florida. Lisa this is the tension. The traditional data we rely upon, getting some of it today at 8 30 a. M. With u. S. Personal income and spending, this data is outdated well before we even get it. There is a question of what do you look at. Do you look at restaurant rivers rations restaurant reservations . Do you look at mobility trends . These are things i am watching in the day ahead. The universityt of Michigan Consumer sentiment survey. At 2 00 p. M. , u. S. Airline execu