The cloud numbers disappointed, if you can believe it they disappointed with 47 yearoveryear growth. Growth is slowing so investors want it perfect. Twitter is popping sharply higher. Up 8. 5 . There ad revenue number slid but what impressed investors is daily user growth, record for the second time in a row, up 34 in the june quarter after growing 24 in the march quarter , telling you that folks in the pandemic want news and entertainment. David fascinating. You mentioned earnings in the tech sector. Lets expand it broader. We are well into the earnings season. You think the markets are encouraged, discouraged, or is it coming and where they thought . Abigail it is neutral. Netflix was a decent surprise. Itself almost a nonevent in some ways. They did put up a gap profit which allows them to be eligible for the s p 500. From a broader standpoint, you were mentioning those jobless claims. Since march, jobless claims have been coming down until this week. During that time period of the
Complicated things. They are things we keep talking about, five or six fundamental principles. Things like Wearing Masks universally indoor and outdoor. Keeping six feet distance. Avoiding crowded places. Outdoors always better than indoors. Clearcut, fundamental awareness of the need to wash hands as frequently as you possibly can and stay away from places like bars where you congregate in crowded places. If we universally do that. One of the problems we have in this country is the understanding of the seriousness , verys as a pandemic dependent on what Demographic Group you are in. Ive never seen an infection like this where it goes from 40 of the people have no symptoms at all, very heavily weighted towards young people, who do quite well. People of minor symptoms, moderate symptoms on the severe systems, hospitalization, intensive care and death. When someone looks at it it depends on what youre looking at from what perspective. If i am a 75yearold person with diabetes and obesity,
News from california yesterday and have been. ,olatility is a little elevated and we have got a really negative u. K. Two year yield. We were below japan a little bit early on. Slightly better retail numbers, but i have to say a bleak forecast coming out of the obra. Even the medium one i do not think it was positive. What are we going to be talking about . We will be talking commodities. We will chat oil and a little bit of copper and gold. Francisco blanch will be joining us a little bit on a little bit later on, and he is the head of the Global Commodities research at the bank of america. His dash cam weighing in on those commodities commodities. Fargo, citibank and jp morgan with jp morgan the outperform or. What stood out to you. It was something that one of our guests said earlier, validating the thesis that the strong get stronger, banks like jp morgan can use their skill to build up the dominance. In terms of how the shares are performing it is a mix. Jp morgan all the loan gai
Potentially coming close to price later tonight. This could be the biggest ipo of the year but we are getting word that that also could be coming in at the lower range. It will be interesting to see what Risk Appetite is like or if it can be measured through what has been going on with these ipos. Taylor we are awaiting some earnings and starting to see Western Digital and a few others start to trickle out. I wanted to pose a question to dennis. You were talking about real rates being low and what that just your equity markets. Do you believe rates should be the slow and if so, what is that doing to an inflated discount rate and how does that translate into what should be effectively higher valuations or can you not use 50 basis points as a discount rate because it is not feel appropriate . How are you thinking about that . Points i think 50 basis is a fair discount rate if you have a global savings. There seems to be a desire for Institutional Investors around hold risk. O that is bec
One interesting thing is we finally have a little bit of strength for the dollar after the fed yesterday in a while range, now slightly higher. This is tampering gold. A gold rally is on pause. Not a strong Risk Appetite on the day to say the least. David at the same time, we had the big tech hearings with the four ceos getting beaten up. We had some big earnings today. Does it look like tech might be holding up a bit better . That tech hearing yesterday, they lucked out, or investors lucked out to some degree on the fact the fed was also happening that day. That was probably more of a psychological overhang. The bigger news is earnings after the bell today for apple, amazon, facebook, and alphabet. 100,is 40 of the nasdaq about 16 of the s p 500, and a big question here is whether or not these stocks have run too far, too fast, not just off the march lows but the last earnings season. Amazon up 40 out of the last earnings season, but what makes it so interesting is earnings for the ju