Convention has officially begun at clevelands quicken loans arena. The city has morphed into a heaving mass of delegates, protesters, and members of the media but this weeklong pageant was about one person, donald j trump. The convention started off with a bang and then came the chaos. Antitrumped elegance made a lastditch effort to delay proceedings and forced a vote on the convention rules. They thought they had votes to pull it off but rnc delegates shut down the debate saying some delegations with true their support at the 11th hour which sparked outrage for delegates from colorado and elsewhere who stormed out of the Convention Hall in protest. Tell us what is going on in their. They have recessed right now until the evening show until the headliners come up but this was an interesting moment of chaos. It would not give a trumped show if there were not chaos. Hethis is the worst of it will probably emerge unscathed but we should watch very closely to see if the antitrumped forces
Before the brexit and freaked out, as long as he did not sell you are good. We had a couple of down days. And we made fairly close to the highs of the days. It has shrunk in a little bit, but we are still going toward and posting new alltime highs. One has not passed the alltime high, the nasdaq. The tech stocks, looking at basically the high of the past months since they started the year. Going back to july to see when the composite hit the alltime high. We are looking at a transition in the market as stocks do better. We will flip this over and look at the market, looking at sectors and we have had a reversal as the Information Technology stocks do pretty well and there is a little bit of weakness in the utility group, which today was a good day. If you look at the one week, it is about 1. 5 , was is good. That which is good. And staples dropping off a little bit. Joe on the government bonds front, the yield were up modestly across the curve. Looking at the two year yield, 0. 7. And
We will have exquisite interview with the chairman and founder of Colony Capital, tom barrick. We want to check in on the markets. Jon is taking a look at the turkish indices and the turkish lira. Jon equity markets are down 5 . Not reflected elsewhere, you can see markets in europe fairly stable, the ftse outperforming, a third of 1 . There is a big move there. There is a 40 premium offered by softbank or that deal look looks like the ftse gets a nice little lift. Market, the turkish lira, a big move. Slightly stronger in todays session. But that riskoff tone not really reflected in the fx market, it is a weaker japanese yen story. We trade at 105. 62 on the session. In the bond market, this is where things get interesting. Last week, an ugly session for treasuries. Ields up 20 basis points again today, you see bond yields inching higher on treasuries. In the commodity market, slightly softer. 47. 36 is how we trade on brent. Alix there is news concerning lending club. Chiefk dunn wil
Equities, not much doing on the upside or downside. Oliver a little bit of a breather. It has been a fast run up the past couple of weeks. You mentioned the dow, so i will take industrials. , theare in the s p 500 industrial sub index is doing well. A few stocks really jumped out. Kansas city southern, general dynamics, delta airlines, lockheed martin, as well as going. They all closed above a percent. Good winners on a day where there was not much as joe pointed out, tons going on. We also want to look at the trends that has not gone away. That is a low day, even when you are flat. The vix keeps on plunging new lows, volatility absent from the market right now despite the geopolitical events happening all over the place. Joe also a very quiet day on the Government Bond run. Here is a five day chart of 10 year yields. You see them taking higher for several days. We are still incredibly low. A little bit of a decline, but even that is pretty quiet. U. S. Et in currencies, the dollar at
Holding near record highs. The ecb did exactly what everyone expected. Wait and see. Julie still watching various earnings reports. Stocks have taken a bit of a turn for the worse after rising to records again yesterday. The dow having an extraordinary winning streak now. We are seeing a pullback for the three major averages. Earlier in the session, we saw stocks unchanged. It took a pretty sharp leg downward, not that long ago about 20 minutes ago. Now, near the lows of the session. On the earnings front, on the one hand, we have pretty significant earnings wins. Qualcomm beating estimates here seeing increasing demand from china. If i billion dollar buyback and ebay raising its forecast for the full year. Thats a 5 billion buyback. Intel pulling back after that companies that company plus earnings had been falling. Intel pulling back after that companys earnings have been falling. Union pacific suffering as the company talks about a weakening outlook for demand for shipping things ar