Highest level since 2006. So were going back an additional year than what we have been looking at recently. 2year is down 5. 18. The 10year note is yielding 4. 8 and the 30year has ticked a little higher at 4. 95. Meantime President Biden landing in israel early this morning and met with israeli Prime Minister Benjamin Netanyahu. Nbcs jay gray joins us this morning from tel aviv. Jay. Reporter hey, there, good morning, guys. Yeah, the president meeting with Benjamin Netanyahu as you talked about and later today with the war council. Who hell not be meeting with is his arab allies. There will be no trip to jordan. That was something that was planned there. That was considered a pretty important part of the visit in that the president had hoped to talk about tamping down concerns that are growing right now over this becoming a much wider military conflict. You know theyre already growing escalation alord the border of lebanon. There have been casualties of soldiers on both sides. Israel
Rebounding from the downward dog days, and bitcoins big bounce, whats driving the crypto climb, and a serious snap back for snap. I havent gotten to you guys yet. Is it a surge or just just poof, just disappeared like that. Im Tyler Mathisen in for melissa lee. On the desk, dan nathan, and guy adami, we start with the market jump. The dow up 314 points, blue chip index now up six of the last seven days. Nasdaq and s p 500 bouncing more than 1 , wall street embracing earnings season optimism and shrugging off those rising treasury yields which were higher today. Among the biggest winners, retail, the s p retail etf rallying almost 3 , solid rebounds, since its been down nearly 8 over the past three months. A lot of those names really limping. Another encouraging move higher in transports, rising 2 today, transports struggling since hitting 52week highs over the summer. And these gains today came even as yields ticked higher, so could this be the start of a seasonending melt up for the m
It boils down to a simple question, are we set up for a yearend rally or not . I think thats what our viewers want to know more than anything else. I think its possibly. A tug of war between high Interest Rates, geopolitical tensions, valuations that are high, and an economy thats strong, earnings are delivering and a consumer thats remaining resilient. I certainly think thats a possible outcome. Lets remember, if we rallied back to those july highs valuation becomes an issue again especially if its driven by the stocks that the magnificent 7 and rates have stayed higher, you have those same tensions at that point. When we look over the last two years, scott, markets havent gone anywhere, since june, markets havent gone anywhere, but were seeing a loft opportunity you underneath the surface because of the narrowest of these stocks, so i think the answer is yes, you have to be a lot more selective. 11 of the s p 500 reporting this year, netflix and tesla, those are critical. Yields are
It slashed its Sales Forecast for its Covid Vaccine and therapies late on friday. Shares not going to be down ahead of the open. Watching apple. Reports of disappointing iphone sales in china. Lets begin with the new week for the market. Its going to have something for everybody. Were going to be on the lookout for geopolitical headlines. Earnings season will heat up. The fed speak calendar, sara, is insane. Its heavy. Theres a lot of them. Whats interesting is that fed speak has moved from hawkish to dovish now for the markets because increasingly, youve got a number of these fed speakers saying, were okay waiting and seeing the impact of our higher rates. Theyre not expressing any kind of alarm or panic over the fact that Inflation Numbers have come a little bit firmer. Cpi last week was firmer. Expectations in the university of Michigan Sentiment number on friday were a little bit firmer, and the data overall has continued to not point to recession, but it does feel like the groupth
Expectations rose to the highest level since may. Larry fink of black rock on the network an hour or so ago. Inflation higher for longer, long rates will be above 5 . That does not sound like goldilocks to me. What a difference a week makes, dont you think . I dont know, maybe a day. I was calling you jimmy goldilocks yesterday. Maybe not today. There were cracks with that cpi report. Needed it to come in softer than expected. It didnt. Here is what were looking at. Inflation is indeed stickier than expected. I dont think thats fatal for the markets. I think were talking about inflation with a three handle now. I will Say Something that may not be popular, it may even get my committee mad at me never. As we go into 2024, this is an Election Year coming up in 2024, if you have headline cpi at 3 , yes, jay powell and everybody else says 2 , i think theyre going to be hard pressed, folks, to put this economy into a recession which, frankly, is whats necessary to get down to 32 . I think t