Over a major market. The demand in china is driven by a weak private consumption. This is not really coming up. Theres uncertainty in the people. The export is not picking up that well because the Global Economy is not that strong. And israeli Prime Minister Benjamin Netanyahu stands firm on the rafah offensive despite telling cnbc they will push on regardless. Yes, we have a disagreement on gaza, rather rafah. We have to do what we have to do. Sometimes you have to do what is required to ensure your survival and future. China and russia signing a joint statement on ties with russian president Vladimir Putin highlighting energy as a key priority. We are looking at breaking news from the ecb. The European Central Bank Financial stability review coming through this morning. Just reallyi speaking about financial vulnerabilities have eased, but the outlook is remaining fragile according to the ecb. Conditions improving ultimately there. Recession risk declining, but markets remain exposed
S p 500 up 3. 5. All of this coming after the major indices closed at record highs. Dow up 55. The nasdaq and s p gaining 1 . Treasury yields with the tenyear yield at 4. 33 . That was fast. Lets look at the meme stocks. Well see. It could come roaring back. Gamestop now down six. It was more than double that. Amc is above the recent lows. Gamestop and amc fell during yesterdays session. Amc, as it has in the past, took advantage of the rally. Announcing a debt for equity stock. It completed a stock sale on monday. Theres the weekly chart. There is contraction and time you think that is a meme stock craze lasts four days . The last one lasted and went much higher. Much higher levels. People said gamestop was much harder to short. Right. It could be a weak phenomenon . Four or five weeks . Yeah. It went into the hundreds, didnt it . People really wanted it to happen. They wanted it to happen. It would be hard to keep any of these things going. Do you think were going to see a meme from
Forward and this time at the most profitable u. S. Factory. It is thursday, october 12th, 2023. You are watching Worldwide Exchange here on cnbc. Good morning. Welcome to Worldwide Exchange. Im frank holland. Lets start off the hour with the check of u. S. Stock futures. You see here in the green across the board. The dow would open up 100 points higher. As always, we say its early. Dow and s p and nasdaq riding a fo fourday win streak and helping to drive the gains is big tech. Meta at a 22month high. Up more than 9 since the first alphabet sitting at the 18month high. That is up 8 . Nvidia and tesla and apple up this month. Apple up 5. 3 . Shaking off the pressure that we saw the stock under in recent weeks. All this could change as soon as today as investors await the cpi september report. Economists are expecting prices to rise 3. 6 year over year. A decline from last month. Excluding food and energy, core cpi, economists are expecting a 4. 3 gain year on year which is slightly dow
Movement in gaza, hamas has left the hostage talks, Benjamin Netanyahu has told the people in rafah to evacuate the destruction of hamas is about to begin. So far no negative reaction on the market, the dow coming off a big gain on friday, up again this monday morning looking for a gain of 150 modest uptick for the s p and the nasdaq. Interest rates at low levels the tenyear way below for an half percent, 447, the twoyear way below 5 you are now at 479. Bitcoin up to 6,465,000, 635 at the moment, gold is moving up not that much 23, 33 not close to the record high but up 24, no change for gas, 3. 65 in diesel down one set 3. 97. Politics another positive crowd for trump at the miami grand prix over the weekend there is a pattern trump get a break from court wows crowds from new york to florida and biden stays home. Biden is in trouble on the issues and abc poll puts trump 14point had on the economy and inflation, antiisrael protests continue Graduation Ceremony is disrupted columbia jus
On squawk box, mohammed el. S p giving back about 40 of the gain from friday. If you look at a longterm chart, its hard to identify these conflict points as being turning points. That being said, the market is in a rational, localized way, punishing those groups that seem like theyre going to be, perhaps, disadvantaged, like the travel related. You get a bit in defense and energy. Its reflex. Theres a lot else going on. We kind of had a cushion because oil prices backed off from their highs. Treasury yields, theyre proxies based on futures and etfs look like theyre easing back a bit as well. You know, i think sentiment was already pretty reserved. It wasnt like everybody was bullish and excited. Therefore, there wasnt a lot of Risk Appetite to immediately take out of the market. On oil, is there a sense it does anything more than set a higher floor . I dont think so. You can make the case in either direction, it doesnt have much impact or this geopolitical risk premium that should be i