Are trading with julie hyman. Julie i thought you were going to say david gura, a big unc booster. Direction here. Returning to the platelet we have been seeing with the sideways movement, there are some lagging groups, financials are down, Technology Shares as a group are down. I want to dive into tech a little bit more. Seen that group outperformed recently, with the nasdaq, the only one of the three major averages three at 10 record highs in the past week or so, although its little changed today. One of the factors in the group thats not doing well is nvidia. The stock was downgraded to underweight, analysts saying there are signs of saturation in the market for desktop graphics chips. Those shares one of the worst performers in the s p 500. Lets take a look at amazon and google today. A very different tale for these two. At aboutares trading 900 a share. Alphabet is going lower, bmo saying also that ad revenue is facing Competitive Pressure from amazon. Amazon named a top pick, and
Desperate luminary aprils preliminary university of michigan sentiment. David welcome back to the program. Is it as good as he makes it out to be . So far. I havent been through the full release. The Biggest Surprise coming from trading, whenever they have a big beat like that, that is the first place i look. Fixed income coming in betterthanexpected. Growth came up 17 yearoveryear. Analysts expected trading to be down and was actually a bit higher. Long growth came in around 9 . Trading, weok at focus on the Net Interest Margins. The industry statistics have shown a big slowdown. Question andk the there wasnt a solid answer as to why the industry was showing slowdown. Some of the regional banks have been sing that theyve been saying Slower Growth saying that theyve been seeing Slower Growth as well. David it is tapering off somewhat. Yes. Last year, a lot of the growth came from mortgages. Holding more mortgages on your book. Where investors are focusing this quarter is the slowdown i
I am certainly hoping these receiveelated budgets some of that attention. Francine that was bill gates, talking to manus cranny. This is bloomberg surveillance. We have some great guests who will talk about the markets, Foreign Policy, and the snap elections. First, to your markets. This is where we stand. European shares rising attach. A touch as commodity producers rebound. Metal prices, chinese equities leading asian stocks higher. That index gaming 1. 1 . I want to show you the pound. The vote in parliament a little bit later about snap elections on june 8. The vix index down quite significantly today, at 15. 85. Those are your markets. First, lets get straight to the bloomberg first word news. U. S. Vice president mike pence has called north korea the most dangerous and urgent threat to the peace and security of the asiapacific region. Addressing military personnel on the uss ronald reagan, hence also spoke of the overwhelming response available to protect japan against north kore
Up like alphabet nee google stock did. We also know when a Company Comes out with worse than expected numbers followed by the dreaded words cuts forecast as was the case after hours with amazon, the stock gets clobbered. But how about another category . A whole new one. Its causing stocks to jump today. The category that i want to call not as bad as we thought. The not as bad as we thought thesis helped get the averages from getting too hard today, s p declining 0. 3 percent. Let me give you some prime examples. Number one not as bad as we thoughter. Why, its bristol myers. Not that long ago it was the gold standard, the go to name in the pharmaceutical business because it had the biest growth of all the old line pharma companies. Some called it a biotech stock in disguise because of its massive rerating. The winningest anticancer franchise out there thanked to the break through drug opp tivo. You may have seen the ads for this one, the ones that encourage you to ask your doctor to try
But how about another category . A whole new one. Its causing stocks to jump today. The category that i want to call not as bad as we thought. The not as bad as we thought thesis helped get the averages from getting hit too hard today. The dow dipping just 30 points. S p declining 0. 3 . Nasdaq losing 0. 65 let me give you some prime examples. Number one notasbadaswe thoughter. Why, its bristolmyers. Not that long ago, bristolmyers was at the top of the heap, the gold standard, the goto name in the pharmaceutical business because it had the best growth of all the oldline pharma companies. Some called it a biotech stock in disguise because of its massive rerating from a boring Old Drug Company to a company with the winningest anticancer franchise out there thanks to the breakthrough drug opdivo. You may have seen the ads for this drug, the ones that encourage you to ask your doctor thats right, direct to us. But a few months ago, we learned opdivo wasnt all that wondrous. In fact, it fa