Points at the s p. The dow up 72 points the nasdaq looking to be higher by 32 points in asia we saw a pull back from yesterdays gains off the china u. S. Trade truce hang seng is off just a fraction over in europe, european equities are mostly higher the dax is up by 0. 8 . Perhaps europe is still digesting the news that Christine Lagarde will head the ecb. The first woman to do so treasury yields fell back below 2 yesterday and remains there right now. 1. 895 the global story here, the benchmark german bund yield has fallen to a new record low, negative 0. 385 right now. It was negative 0. 4 earlier. The italian tenyear has gone from 2. 8 to 1. 7 in the space of about three weeks. Lagardes appointment seen not just in the german bund yield as not potential hawk, she will be more dovish, but someone who can operate politically and avoid a clash on the italian budget. Both appointments being European Commission president and ecb president being german and french shows the power brokers,
26,828, also would set a record. Its the first time it would be the First Time Since october of 2018. The tenyear treasury yield falling to its lowest level since 2016 as we see yields globally fall as well. Were awaiting the key june jobs report as well due out on friday morning. Nasdaq only just off its own closing. Dow and s p comfortably in that territory. Josh brown is with us from ritzhold Wealth Management great to be here. Youre always here on these record high days you keep the market going higher they book me far in advance, though, so i cant take any credit what are you watching in terms of the slightly disappointing data does that concern you or not im concerned all the time. We have a saying that only price pays so you can look at everything that you want and knock yourself out, but at the end of the day, if youre looking at price, its impossible to be bearish you cant like what more do you want out of a market s p 500, new highs more importantly, xly, consumer discretiona
The president criticizes the fed and europe as powell testifies this week. Deutsche bank announcing massive job cuts, exitinging Global Equities business, a highlyanticipated 8. 3 billion Restructuring Plan, but will it be the last. Another controversy brewing at starbucks well tell you what has the company apologizing this morning. Late last week, the s p was at within striking distance of 3k. Since the release of the stronger than expected june jobs number on friday, stocks have fallen on dampened hopes of a fed rate cut as the chairman prepares to testify on the hill later this week the president ramps up his criticism of the fed over the weekend. Take a listen. Despite everything, theyre not doing well and were doing great. Theyre not doing well at all, were doing great. Were taking money out and Interest Rates have gone up. If the fed didnt do what it did or even half, we would have the dow that would be as good as it is, it is doing good, but we would have a dow that would be any
In europe, also eagerly anticipating the jobs report fractional losses across the board with the dax down 0. 2 a check on treasury yields, we have yields, the tenyear specifically, the lowest level since november of 2016 1. 96 on the tenyear. The 30year at 2. 47. The countdown to the employment report is on. Forecasters polled say the u. S. Likely added 165,000 nonfarm jobs in june the Unemployment Rate is expected to hold steady at 3. 6 . If those predictions are right, it wont likely be enough to discourage the fed from cutting Interest Rates later this month. Well have a lot of predictions about all of this. A developing story off the coast of gibraltar British Royal marines interce interceptintercep intercepted a super tanker they believed the super tachktar was heading to a syrian oil rig. Iran has demanded the tankers release. U. S. National security adviser john bolton praised the move calling it excellent news. Wti is down a percent. And samsung saying its Second Quarter profit
200 points after the jobs report ended the day down just 40 points. Meantime the yield on the tenyear yield jump back above 2 President Trump blasting the fed when speaking to reporters earlier today. Were paying a lot of interest and it is unnecessary, but we dont have a fed that knows what theyre doing so it is one of those little things. But if we had a fed that would lower rates, you would have a rocket ship. So what is the market saying now about what it expects for a potential rate cut this month . Didnt bullard and powell dress down the window for a rate cut last week, or at least going from 50 to 25 basis points i think powell should dress down the window i dont think he should cut. At all . The market thinks he should cut but you have a limited amount of ammo so why not string it out longer wasnt the argument that the fed moved too far . One cut too far. And it was more of an ee quill quill equilibrium cut the question is was good news today bad news for that. If you look at f