Big implications for stocks and first the markets. Stocks snapping a fiveday winning streak ending at lows of the session. The s p 500 closing below 2,000. Oil was weak sending Energy Stocks lower by 4 and financials pulled back also to the teen of 11. 5 . So with cracks starting to show in the month long rally that weve seen, which half stocks or sectors could be the first now to burn out . Pete, what do you say . You know, im looking at the Energy Sector and specifically when i look in that sector im looking at will drillers and the problem with the drillers is they were so shorted and so hammered that they have added an absolutely incredible runup. Oil has made this move 26 to call it 37 and now all of a sudden you get a bit of a pull back and look at some of those names. They pulled back right along with it. Im not so sure that those names really have flipped around in terms of has the Company Really has much changed about everything with the drillers over the last week or two . I
10 of wells fargo, that is major money were talking about right there. And the fbi hacking into the iphone of one of the San Bernardino phones without apples help. Its the outcome and is it a bigger black eye for apple or the government . Well have both sides of the debate. Who loses the most in the outcome of this whole situation, apple versus the fbi . The Broader Market is getting a nice boost after janet yellen said caution is warranted. Gold rallying under comments dollar went low are and yields went lower. Financials, which of course would typically benefit, they are under pressure today. The worst performing sector in the s p. Lets get to Steve Liesman with details. Youve got to be asking yourself after this speech by janet yellen has the fed quietly retreated from raising rates, what it dubbed rate normalization, will it ever hike again . From gold to fixed income to stocks, laid out a dovish outlook for rates at this much anticipated speech at the Economic Club in new york and
And fed chair janet yellen said caution and rising rates is warranted raising rates, i should say and take a look at the riskon moves. Biotech and small caps seeing huge gains on the day so with free money seemingly now forever, what do you do with your portfolio now. Tim, why dont you kick it off. Mere mortals dont mess with Central Banks, thats the message and what janet yellen said not only are we worried about whats going on around the world we might be worried about u. S. Corporate profits, good idea and were worried about that as well and when you get down to it the pressure that comes off the dollar, brian has an interesting chart later hon in the show and things that were sold off on the back of a strong dollar, and i would argue that started back in july of 2014. They are things that can continue to rally, but, im not someone thats saying you should chase into this rally right here. In fact, i think weve had a 14 run off the floor on the s p. Not advocating jumping in and buyi
Going on and Cherry Blossoms are blooming. Its one of the most visited times of the year for the capitol hill area. Im sure that thats being taken into consideration as well. In the control room if you can bring up the 10year yield and 2year yield that would be interesting as well to see if weve seen a little bit of safety there, that would be a natural reaction to whats been happening. The 2year had been going up after the sale. Auction came out at 1 00, highest yield of the year and i have not seen what its done since that time. Good point there. Were monitoring the report that gunshots have been heard in the Capitol Visitors Center which is as we mentioned a moment ago underground complex that allows entry into the capitol. All right, out of associate press, also from reuters, Associated Press quoting capitol officials, one Capitol Police officer, shot, not fatally, the shooter in custody. The Police Officers wound is not serious and that is obtained from the sergeant at arms office
October 7, 2023 While the debate over artificial intelligence rages on for various reasons, some creative and artistic AI aspects are impressive. Recently,