Is, we have more investors weighing in on whether it is justified. Larry fink of blackrock says he thinks the rally is getting head of itself. On the flipside, Laszlo Birinyi saying he is not yet seeing sentiment indicators that would show that the rally has extended itself. Dow and the s p have mitigated their rally today, come down a little bit. Still trading at record levels. We are now on a fivebased record the s p 500. Fivedate streak for the s p 500. It was enough of a move that we saw again by the end of the day. Even though if you look at the trajectory, we coming off of our highs considerably. I have been watching volume, which is lower today than it has been recently. This looks and volume by sector. Overall for the s p 500, down 7. 5 from the 20day average good in particular, drop environment telecom stocks, consumer staples, tech, as well as materials. Also, when youre speaking of groups, it is the financials that are doing the best today. Heavily weighted within the s p 50
Lag last years reports. What that means for the markets. Softbank buying arm holdings for 32 billion in cash. Well give you the details, some insight and context on this massive deal. Republican National Convention kicks off in cleveland. Whats on the agenda and what surprises could be in store . But first up futures on the rise to kick off the week. The dow and s p near alltime highs. Markets largely shrugging off the attempted coup in turkey and on a busy week of earnings, b of a beating on the bottom line, 36 cents versus estimates of 33. Deposits up 5. 8. Some of the metrics not matching those of its peers, jim. But still, this is a grind out quarter. Return on equity, getting double digit. What i liked best about it, really, this is kind of interesting, this is a company thats well ahead in mobile and you have an amazing decline in branches from 6,000 to 4600. Yeah. And that is because people are rapidly adopting mobile. Interesting brick and mortar story where you have still one
People thought. The worst market overall was there, unfrozen that you can get a sense of things. Theres a look at europe. Again, the losses not particularly substantial given that move down in crude. In asia is where things were a bit tougher overnight, japan in particular with that stronger yen suffered a more than 3 decline. Lets get back here and start with our road map. And where does it start . Well, where youd expect, oil prices are down after the failed doha deal. Were going to take you there live and bring you the latest. Morgan stanley shares getting a boost from what was a better than expected quarter this morning, although not great. Well give you everything you need to know about that report. And we are also live with pepsis cfo, hugh johnston. Were going to talk about this companys earnings plus his new seat on twitters board of directors. All right. Lets start with oil. You were talking of course the squawk gang about it is its the key to this market im going to say this
Tenyear continues to inch higher, now above 2. 11. The markets, two losing sessions in a row, but stocks edging higheren its a big day for the ecb, detailing stimulus plan. Draghi is speaking now. Costco beat the street and samestore sales stronger than expect. Shares are up in premarket. 21 billion zeal in biotech. Abbvie wins the war but the stock takes a dive. Jobless claims coming in higher than expected as more americans filed claims for unemployment benefits. Mario draghi speaking now in cypress, detailing the ecbs plan for stimulus. Euro strengthening after hitting 11year lows to 1. 10 but raising gdp for this year, i think, to 1. 5, right . 1. 9 and 1. 5 for next year . Its funny to see this is something that theyve been talking about, and now, as ive been saying, plants growing in europe. No longer green chutes but deflation versus inflation. Need so get some inflation, thats their plan. Theyll do. I also think this is going to bring the euro down to a dollar. You know theres
Jobs report. Look that the, 2. 20 have not seen that yield at least in a little while. Thats what im going with. A little while. Lets start with the jobs report. Nonfarm payrolls above estimates economy adding 295,000 jobs in month of february. Unemployment rate ticking down to 5. 5 softness though wage growth and labor participation. Both weak average Hourly Earnings were up. 1 from the prior month. The stock futures were looking down now. They had initially jumped on the release, so well see where we end up in terms of early trading here and the response to this jobs number. We have breaking news. Its reported that apple is to join the Dow Jones Industrial average. Long last, perhaps as a result of the stock split, that is huge news clearly, for a lot of people. The dow would have done better than it has done had apple been included. Clearly its a sole performer. Could not have done that before it split 7 for 1, because its a price weighted index and throw it off so much. At 126 that