Permeate. It has largely been driven by the concern that we dont have a handle on the virus and we dont have a handle on a solution for this difficult situation we are now seeing involving washington. It doesnt seem to be at the moment a landing zone for the democrats and the republicans. They are significantly far apart. The fact that you heard such partisan briefing suggests we are no closer. Thender at some point markets will have to shift from focusing on the dollar to shifting to other Asset Classes as well. That has been something we have been watching very carefully over the last few days. We have been watching carefully what has been happening in europe. Offpean equities are sold because of the resurgence in the virus count. That doesnt make sense if you believe that we are going to see a story developing in the United States. We will try to get an assessment of what is happening with the economy throughout the program as we continue to watch what happens in the United States.
Billion in a targeted way somehow, but none of that has been deployed yet. There seems to be a willingness to wait and see, and wait for Pharma Companies to come up with solutions to the coronavirus testing and so on. Meantime, markets are selling off in terms of equities, and all that money seems to be flowing into bonds. Then we have the opec story as well on the side. ,ight now we are off our lows but down on the s p 500. No solace in the fact that we seem to be seeing deaths and cases decrease in china, and lots of fear out there. Airlines canceling more flights, and just continued, i dont want to say panic, but it feels like a tinge of panic in the air. The 10 year yield down to 64 basis points earlier on. Right now we are at 75 basis points. It seems like it was only the other day, because it was only the other day, that we were at 1. 30 , and been completely taken by surprise that this was below the alltime previous low. We were already at an alltime low. We are now at 75 basis
Some areas than others. Caroline perhaps more idiosyncratic. Lets dive deeper. Abigail, what are you watching . The contrast between the close on the day and the close on the week. On the week, all major averages higher. Lets dig into the technicals. There is reason to believe that could continue. This goes back to 2011. When the s p 500 consolidates down and then pops, the bulls are resting. The sellers trying to push through. The average continues to climb. There are several moments even last year at the beginning of last year, we had that volatility. 500 to newd the s p alltime highs. Appears to be a similar situation with the s p bouncing off that 40 week moving average. The s p 500 might rise above that alltime high. Maybe towards 3100. Perhaps the fed meeting could be a catalyst. Upive been watching oil, around 0. 5 on the day, close to 3 over the past two days. The rally not enough to keep oil in the green on the week. We are headed to a decline of more than 2 on the week. That
It is pretty small. We are looking at small moves for the major averages. A mixed point at this point picture at this point. Really tells us investors remain uncertain about so many macro concerns out there, from geopolitical concerns, uncertainty in d. C. , watching Hurricane Irma and the impact force since four sections in the financial market. Believes that in the relatively near term, we are going to see new highs for the major averages. Despite the bearish activity that julie was talking about, over the mediumterm, new h ighs. We will see if that happens. Kroger down 6 after the Grocery Store beat sales estimates. But they abandoned the practice of providing longerterm guidance. It is thought this has to do with the competition of amazon coming on. Investors not liking that. Equifax down, plunging, a big breaching that could affect 143 million american consumers. Chipotle down 4 . Cowan is downgrading shares to an underperform. The analyst says he believes sales may trail estimate