Fed funds rate the chairman talking about the action and admitting that the cut may not be a cure yall, so to speak we do recognize the rate cut will not reduce the rate of infection or fix a broken supply chain. We do believe our actions will boost our economy. Avoiding a tightening of the conditions that will help boost household and business confidence. Then stocks whip sawed with stocks ending down yesterday, the yield dropping below 1 for the First Time Ever take a look where we stand now at. 94 as we speak quite a bit lower quite a day. You want to get ahead of these things but can you we were up 1,300. I know. Im not listening actually i do want to know your predictions. He would shave to do it at some point i think there is no winner here exactly if they didnt cut, you are skpengting why didnt they cut and the markets go down . What do they know nobody else knows. At this point, it is pure insurance trying to loosen liquidity. You look at people looking at mortgages. I locked i
Constructive. It needs funds to help reduce a crippling total debt of 130 billion. The streets of hong kong, demonstrators clashing with police for a 16th consecutive weekend. Shery lets get you started with a check of the markets. Seeing u. S. Futures gaining ground,. 5 . This after the s p 500 lost ground on friday. We have seen stocks higher throughout the session. The we got reports that chinese delegation in the u. S. Had canceled their visit to u. S. Farms. That led markets lower. We had trade sensitive stocks, like consumer stocks and tech, leading the declines. The nasdaq fell the most in over two weeks. After the close, we saw local media reports in china that the cancellation of those trips to u. S. Farms had nothing to do with trade negotiations. Perhaps risk on sentiment being felt across the market. Treasuries rallied throughout the week. 10 year yields now at the moment at 172 level. Lets see how things are shaping up in asia. Japan markets are closed on holiday, but the
U. S. Inflation is stagnant, unemployment near a halfcentury low. Shery lets look at how the markets close friday in the u. S. The s p 500 and nasdaq closing at record highs, the s p with its biggest jump in three weeks, the nasdaq in five. We had twitter and alphabet leading the rally and positive results. That sent top tech stocks higher. This coming at a time when we had strongerthanexpected secondquarter gdp numbers. But did nothing to stop expectations at the fed. It is a busy week for earnings very and we have 160 firms on the s p 500 reporting earnings, of this season. Futures not doing much. Lets see how we are setting up in asia. Paul we have the new zealand open we have market new zealand open, trading. Futures markets also looking reasonably positive area japan looking kind of flat, futures trading out of chicago not doing a great deal. Similar for the kospi, futures pointing higher by. 2 5 . Also important week for the bank of japan, on Central Bank Watch and we will have m
Buybacks. And the paramount bidding war is in a new phase after skydance is in the rearview mirror. And now calling for change at the company as schultz speaks out. It is monday, may 6th, 2024. You are watching Worldwide Exchange here on cnbc. Good morning. Welcome to cnbcs Worldwide Exchange. We kickoff the hour with the s p having the best day since january. Futures in the green across the board. The dow would open up 77 points higher. Nasdaq and s p are firmly in the green. Investors are feeling bullish on the back of the jobs report on friday and what it could mean for the fed policy pathi moving forward. According to the fed watch tool, traders are betting on odds that powell has a move with 63 compared to a week ago. The tenyear yield is currently 4. 5 . That is pulling back 15 basis points. The twoyear note is 4. 8 . We have a look at the Energy Market and oil is looking to trade below 80 a barrel for wti. Brent crude is 83. 66. Both moving higher. Wti up 1 right now. Thats the
Lateruld join us a little talk about all of the moves. Here. Bout the Industries Long first game for rookie record. Since 1988, that was the most it started recording so we are seeing that overall, but less conviction because you are seeing red across the board. The 31,600 mark is the record high in 2007. We are waiting to see at what point we will breach that. I want to talk about some chinese automakers because that is really moving. Take a look right now worried notable here because credit these are both outperform. In fact, they have ranked automakers. Large brands will nextut or next year year. Yearll likely out of next will likely outperform next year. Right now, it is a little bit off. With a littlee bit of next sentiment. Thank you so much. Lets give it over to first word news. I always are resident blue home from south africa, promising a new democracy. He will be sworn in right a in will be the ruling candidate before president ial candidate president ial elections next year.