Markets up on this tuesday a u. K. Clinical trial known as recovery found a possible treatment for cobra 19 while providing low doses of the generic state steroids drug dexamethasone to patients with the coronavirus reduced deaths by up to one 3rd in severely ill hospitalized patients for patients on oxygen it cut death by a 5th while Oxford University professor Martin Landry coleading the trial said this is a result that shows that if patients who have coma 19 are on ventilators or on oxygen are given back some of the stone it will save lives and it will do so at a remarkably low cost co lead investigator peter or be added its a major breakthrough docs some of the stone is an expensive on the shelf and can be used immediately to save lives worldwide meanwhile stocks also jumped off of the u. S. Commerce Department Released data on Consumer Spending for the month of may after 2 consecutive months of record drops retail sales posted a record. 17. 7 percent thats more than double previou
Massive rally on the heels of the stunning may jobs report 2. 5 million jobs added last month and the biggest increase ever and economists were looking for payrolls to drop by more than 8 million and major indices were 50 above their march 23rd lows and four s p 500 sectors were now positive for the year and the Consumer Discretionary hitting an alltime high guy, does this make sense . Amazing not to me, it doesnt, clearly. And ive been saying this now and it seems like the last 300 or so s p points and its been steadfast and hes been in that camp, as well. Just on the terms of a backdrop on a lot of Different Things it doesnt make sense, but if you strip out everything that weve seen, you start doing the math on this thing and you look at the s p 500 market cap over gdp, youre talking about levels that are nosebleed and nosebleed i mean 150 and a lot of that talk about it as the buffett indicator and it typically is unsustainable and if you start to do the math on the multiple and i u
No let up to the s p 500. After all that negative Economic Data, we have the 10 year yield back down to 65 basis points. Crude oil is trying to make a run for 20 a barrel, a whole . 14 lower their. The vix is trading just below 42. Halfway into the trading day. Lets get to Abigail Doolittle for some more detail. Abigail that was certainly a risk off picture. Thatinancial markets on dire Economic Data we have seen today. Subsector picture it gets worse. Look at the s p 500 energy index. Down 6. 3 . This antipathy in sympathy with the volatility for oil. We also have the bank index down sharply for a third day. More bad earnings from citigroup and bank of america. A global macro picture is not great. Auto down, airlines down even with a bailout. One area that is doing better is the faang index. It is doing quite well. A piece of this is tesla. Take a look at tesla over the last 19 sessions. Tesla has actually doubled. Goldman sachs has initiated on tesla with a buy rating, but it is extr
Provisions in a decade and a vote on the virus. South korea heads to the polls in an election seen as a referendum on president moons pandemic performance. Shery we are seeing qe stocks gaining ground again, now at the highest level in over a month. And this after the u. S. Really finished at a one month high for the s p 500 jumping. We had gains in tech giants. U. S. Futures at the moment under pressure, down 1 . Nikkei futures not doing much right now. We have the japanese yen Holding Steady but this after four sessions of gains. We had safe haven demand as we continue to see concerns of the coronavirus outbreak. Wti at the moment rebounding after plunging more than 10 in the u. S. Session to the lowest level in two weeks. This despite that historic opecplus agreement. Closedave south korea today for parliamentary elections. Happening right now, President Trump having his daily coronavirus presser. He said that he hoped u. S. Funding to the World Health Organization failed in its bas
Optimism is. We used to joke a lot about a month ago about the rally we saw in virgin galactic. Today those shares up 23 . Names that maybe did not have a lot going on around them but maybe they hope and a prayer. Carvana,at was up 80 or so in the past week and a half. There was some Industry Data overnight that seemed to suggest that, at least for carvana, that might not be the case. Are notes trends that as bad as feared. Chief equity advancement officer. Eddie, what is your general outlook here once you get beyond equities at start to connect it with some of the other asset classes. A large Floating Rate Bank loan business, so we are in close contact with our counterparts in both the bank loan and highyield areas. The interesting to look at treasury market and see if very depressed area of interest rate. The bond market telling you there could be things to concerned about. When you get into individual stockpicking, individual industry selection. I think for the rally to continue in