For a supercharged economy next year if we get a stimulus package. Traders are already betting on vaccine hopes. Joe, the u. S. Stock market had one of its best months in november. The s p 500 surging 11 . It feels like we are on this track to keep on hitting these lofty highs. Joe it is really extraordinary because yesterday we talked about november was an incredible month. Lots of followthrough. You e th indices in the green today. Once again, we see this speculative exuberance starting to build up. Look at this coal volume. Absolutely surging. If you look at anything today that was back to normalish, it was all highs. Chart of pull up a nordstrom are macys, romaine blackberry shares. [laughter] it is like a blast from the past. Joe anything that was old or forgotten about, it was hot today. Feels like that exuberance is starting to build. Romaine you are seeing investors come off the sidelines. Take a look at the vix because i do not know if it i do not know if the signal is. Some p
Have been on fire and what exactly are the pricing in . Hopes of a vaccine, hopes of stimulus . How can that fed wire without some sort of his fiscal lifeline . The day was so bad it looked good because as many events started to set in that we see Congress Actually pushed through some sort of deal, so many angles to digest today, but what is clear is this rotation trade is on the front and center. Joe absolutely, everything is flying but was what has really been flying are these deep cyclical commodity linked equities that have been dormant for most of the year and they continue to have really strong weeks. Stocks, youenergy look at the end of november basically right ever since we got the vaccine news they have been shooting straight up and have had another strong week. If you look over all still down 31 on the year. Thatne a lot of those have been left for dead a few months ago are rallying hard on this day. Diamondback finished a day up about 13 , apache, you get the picture. There
Level. Toestors downright giddy get clarity on a biden transition and a wave of news on the covid vaccine. There is ambiguity about the unequal economy. Rise, Consumer Sentiment falls. Sentiment points pretty positively, though. Joe yeah, i mean, ok, we didnt hit record highs on the s p 500, so the fed has to cut rates. But the big picture is, yes, clearly this is a market with a lot of exuberance. Small caps, this is a part of the market that really lagged for several months even after the recovery began in the spring. They have been on a tear lately. Searching past the old record. So many names even on a day like today. Pause for the speculative euphoria. Caroline you look at the industries that have been so beaten up. Energy suddenly in the last five days absolutely killing it, no other way to describe it. It has fallen hard and fast. When it moves higher like this, it is not the almighty pull like big check, but energy financially catching some sort of break. Isgoes to show this ro
Expected treasury secretary nominee janet yellen. Americans expectations for the future even grimmer. With no fresh round of stimulus and covid cases surging, many people are not feeling so optimistic as we head into the holidays. One Positive Side of the economy is housing. Joe it was one of the early strong parts of the economy this summer and continues to show incredible momentum. The speed of Housing Price growth through multiple measures. Month over month, i think that is the fastest pace of home price growth ever. Sincet sequential growth 2013. I dont even know if that is a good thing. If you own a home, i guess that is good. If you are looking to buy a home, not great. Caroline there is always the haves and havenots in any story. Consumer confidence, we know that the u. S. Economy is determined by the strength of our desire to spend here. Consumer confidence was not looking so pretty. We had dana talking about the worry that there is in peoples minds, that they do not see the ma
What was earlier in the day in the labor market data. 5. 5 million is well above where we were pretty covid. Continuing claims still elevated above where they were a year ago , putting a dampener on the recent equity rallies we have been seeing in the dollar, part of a broader move across anancial markets to price in brighter economic prospect for 2021. Fromased interest republicans, raising a chance for a deal by the end of the year. Underneath it all, is the job weket losing steam and can wait for stimulus once again . Joe we will learn more about the job market tomorrow and talk about it more later in the show, but in the meantime maybe, maybe. The stimulus is going to happen. There seems to be some convergence among a handful of players around the deal, somewhere in the range of 900 billion, gop senators picking it up. Whats unclear is whether mcconnell was into it, the white house was into it. The Lindsey Graham thing today, he thought the white house would get there but that is a