Sinking again. And we continue the week long special with the best ideas heading into q4. It is tuesday, september 26th, 2023 you are watching Worldwide Exchange right here on cnbc good morning welcome to Worldwide Exchange. Im frank holland. We kickoff the day with the check of the futures the first winning session in five a clear change of direction here in the futures the dow set to open 125 points lower. The s p and nasdaq both down about. 50 in the premarket we are checking the bond market with the 10year treasury at the highest level since october of 2007 look right now at 4. 52 also the 2year treasury is 5. 12 you see it is elevated we are looking at the energy markets. Oil is giving back a bit look right now at wti crude below 90 a barrel down 1 this morning brent crude at 92. 28. Similar for the Natural Gas Market down 1 this as the dollar adds to impressive gains up 2. 7 this quarter alone and on pace for the best quarter since q3 of 2022 you can see the dollar up fractionall
Not big gains are necessary to get to that record. Abigail the rally continues. Eight days are looking at gains averages. Jor a lot of optimism around tax reform. Results for the big banks, but the effect on the markets overall is a tailwind, especially with jamie dimon talking about how it will be a positive for the country Going Forward. Where there is not a lot of optimism is facebook. We have an intraday chart of facebook cover which i can pull up. It is right here. There we go. Facebook is down 4 . His worst day since the end of november after the company prioritizehanges to not brands. Family, Mark Zuckerberg says people might disband less time on the changes,ecause of the but the time will be more valuable. Investors are a little shocked by the declines. The s p 500, looking at some of the Department Storerelated rbc and jpraded morgan went overweight from neutral. Citing tax reform, brick and mortar stabilization, and other factors. This is giving a tailwind to the entire Depar
Is the context here. Stocks are a little bit lower, but its from elevated levels. Interest rate sensitive stocks are leading declines with bond yields pushing higher today. To put it in perspective, we have seen an enormous rally already and stocks thus far this year. Take a look at the bloomberg with the s p 500 up 7 . We have seen 2 trillion added to the value of u. S. Stocks alone, not even global stocks. That is the most on record. We have seen a lot of wealth added as a lot more people have been piling into the market this month. The pullback today, take it with perhaps a grain of salt. That said, there are some interesting downward movers we should point out. One of them is apple after a report that the company is going to cut in half its Production Target for the iphone x in the three months from january in this quarter from the figure of over 40 Million Units it had projected at the time the phone came out in november. The shares getting hit on that. Wynn resorts following 10 o
Lets catch up on what the market has done overnight. The big issue is oil, back in the bear market. It is currently down 20 off its highback in june, when we reached the high. Clearly, china is weighing into that once more with concerns about too much supply and where demand goes when you have the pmi coming out of china. If missed every single economists forecast. We saw doing even worse than had been expected. I will also bring you uptodate with some of the market moves we saw in terms of closing on the equity market. The commodities that is feeding into the market, the s p 500 off by nearly a half a percent. Meanwhile, the european stoxx 600 is off. They have been slumping for three days in a row. That brings us to our twitter question of the day. Let us know how much further does the commodities route have to go . Tweet me. I want to know your thoughts and what you think good oil go even further than a 20 decline . Of course it was disappointing in china when preliminary pmi fell t
Far, up 8 . Check out whats happening this morning. Things have barely changed. The dow futures are up about 12 pokt. The nasdaq just under one point. If you havent woken up there is a full moon out right now. On todays squawk planner economic data. At 8 30 eastern, the earnings. The news in earnings big oil will be in focus. Among the names posting quarterly rults, exxonmobil and chevron. The weekly bag lyly Baker Hughes Rig count is a number of the rigs actively developing oil or natural gas in the United States and canada. We went up to 70 60 for a little while. Everybody came back in. People predicted that. They didnt need to get to 100. Isnt crude down . It is. 48. 52. They think we could be looking at a threehandle on wti because the fraccers have gotten so good. These what . Fraccers. Thats werdird. Theyve cut costs. They dont need oil prices to stay high. You say it it seems like just coming out of your youre normally so proper. These fraccers. You know what else is hard to say