Wednesday, forgive me, before the july 4th break. And the dow, nasdaq and s p 500 all in uncharted territory, still close to record highs despite looking down in the futures. President trumps salute to america speech from last night praising unity and american ideals, freedom and democracy. Thats what this country is all about but dont tell that to the left. They say trump got too political, shouldnt have taken the stage at all on Independence Day. Also, the largest earthquake in 20 years hitting california on july 4th. Buildings shaken, houses burning, highways cracking. But according to reports, no fatalities. We will have a live report for you later in the show. Varney company starting right now. Today we come together as one nation with this very special salute to america. We celebrate our history, our people and the heroes who proudly defend our flag, the brave men and women of the United States military. God bless all those people in the military. That was President Trump at the
The s p 500 30 below the 30 day average. It goes to what mike was saying about how a good jobs report lends to sector rotation in equities. Romaine we should point out that some of the other asset classes, we did see the dollar higher on the week, oil down on the week, and very low volumes today, but looking at etfs, volume was about average. We did see a lot of activity there. Joe small caps. Romaine thats right. Lets dive deeper into the action right now. Renita, get us started. Im watching iron ore, which sunk to its largest drop in about two years. It is ending the week actually up the most since june 21. Most Metals Commodities definitely took a dive. The bloomberg Commodity Index also lower and the dollar higher. Which makes commodities that are priced in the dollar more pressure than usual. Taylor . Taylor for me it is all about bond deals. We are taking a look at the price action we are seeing on bond yields. We are now rising nine basis points on the day. That is our biggest o
Alix steel. Guy 45176, on the stoxx 600, how much lower do we go . We talk technicals later on with abigail doolittle. This is the story of the day in europe. The Dutch Fintech company, the payments company, uber is one of its clients and spotify is one of its clients. It is getting crushed today. 18 plus billion euros with the value wiped off, the share price on your bloomberg terminal, you can see it had a meteor cries which is very much now come undone. Is this what happens when a test tech stock misses expectations. As this happens when the front comes out of it because it is bruising to say the least. At stock as i say down by nearly 40 today. The miners are up today, prices have come undone, we have been watching what is happening with the china story, we continue to watch that carefully. Are we gearing up to people talking about potential for stimulus. It might have some competition for tax assets. Keep an eye on that story. It is never really quite work, where we go with that w
The fed futures priced that out to july instead of june. If you look at treasury yields, there was a 10basis point jump in the tenyear yield. 4. 27. The twoyear yield at 4. 68. Looking at the hotterthan expected Producer Prices for two months whand hotter consumer prices, it makes you won beder t you see with inflation. The price of bitcoin as we talked about that before we came on it never closes. You never know to base the change. That change doesnt tell you what is happening. Here is the range from yesterday. I can look at coinbase where i watch it. The high was 73,418. We say that. The low was 65,500 i did some math. Thats 8,000 on a 73,000 stock. More than 10 . If you decide you want to tread into this, be ready to buy at 73 and wake up the next morning to see it at 65. The weird thing about it, gold and bitcoin is supposed to go up with inflation. When inflation is running, it means the fed will not cut. They will not print. Liquidity play. They will not print and everybody wants
As shares fall to its lowest since middecember. One of our traders says the company is ripe for an activist to take a stand in the stock what theyre looking for and what it could mean for the tech giants investors. Im melissa lee, coming to you live from studio b at the nasdaq. On the desk tonight steve grasso, karen finerman, guy adami, and dan suzuki. Bitcoin now at its best level in more than two years, just off its alltime high. The recent rally prompting a rush of retail trader activity into the space. Crypto platformcoinbase reporting trouble handling the volume with some users reporting zero dollar balances in their account. Ceo Brian Armstrong responding to the issues on x, saying, we are dealing with a large, in all caps, large surge of traffic. Apologies for any issues you e counter. The team is working to reimmreme remediate. Is the fear of missing out setting traders up for pain or can this really keep riding higher . Guy . Well, bk, who is with us in a few minutes, hell ex