Katie welcome to bloomberg markets. Take a look at markets now and you have the big benchmarks fighting to stay green even as we worry about regional banks. The s p 500 is higher by 0. 2 and big tech is slightly better. The nasdaq 100 is up about 0. 4 . Kre is an etf that tracks regional banks and its off by about 2. 2 or so. The new York Community bank shares are at the lowest since 1996. They are plunging once again for the commercial real estate lender said it found Material Weaknesses and how it tracks loan risks. Hermann chan joins me now. Could this test put this into context. We were waiting for another shoe to drop so how bad is this one . The disclosure yesterday evening about the Material Weakness raises questions on how the bank is monitoring their Loan Portfolio especially with heightened exposure to areas of concern like Office Commercial real estate and rent regulated apartment lending. It adds to the uncertainty and raises questions on future potential provisions for loa
First of all, that a. I. Fueled boom, dell shares surging. Nasdaq coming off its First Closing high in more than two years. And ray dalio down plays talk of a tech bubble. Plus new York Community bank corp. Is warning of Material Weakness in its accounting, and its dragging down a number of other Regional Banks. That bank stock is also down sharply. Suboptimal situation. And in the land of lawsuits, elon musk, suing openai, accusing it of putting profit before humanity. Didnt you ask him about this . I did. I did. And well cover that. But first, lets get to the markets. Obviously, a new month. Happy march. Yes. February, obviously, we had a nice run of things. Jeff marks, my partner for the investing club, happy birthday. Happy birthday. Not mine this time. What do you want to talk about as we look ahead to the month of march . Whats in your mind . I want to obviously get to the dell earnings in a minute, but just give me your overall take on where we are and where were headed. Sure. I
The defendant. We have to pay the price. I agree on the concept, of course. U. S. Consumer prices increase at the slowest rate in nearly three years keeping expectations for a june rate cut on the table. We will hear from two policymakers later on today. Staying in the u. S. And bad to worse. Shares of Community Bancorp plunge in extended trade after removing the ceo after weakness in internal controls. Good morning. Lets get to some fresh data pointseurozone. The final pmi of 47 over 466. 1. Eurozone factory activity contracting for the 20th month in a row. Coming in higher than the flash. Euro dollar at 108. 09. Lets get back to the top stories and earnings news out this morning. Daimler truck with a beat on the full year. The company said it sees revenue being close to flat in 2024 amid tough economic conditions. We will be hearing from the ceo martin daum at 11 45 cet. Thats a first on cnbc interview. Swiss Logistics Group posting a 49 fall in annual operating profit which was wors
Notched the first record close since november of 2021. It was up. 90 . It wasnt the only index to set a record. S p was up, too. The 14th record of the year. The dow broke a threeday losing streak and trading off. 75 . Nasdaq 100 set a record yesterday. If you look at treasury yields on this first trading day of march, you see the tenyear yielding 4. 227. Twoyear yield at 4. 58. And Congress Passed the shortterm funding bill sending it to President Bidens desk last night. It averts a partial Government Shutdown that would have happened this weekend. It is part of the broader bipartisan deal to push back the deadline for 6 of the 12 spending bills tofund the agencies until next friday and the remaining six until march 22nd. New York Community bancorp shares plunge after replacing the leadership. Leslie picker has the latest. Reporter andrew, good morning. The latest news is just salt in the wounds of investors who held on to new York Community bancorp shares through the year. The stock
Earnings expectations are for mega cap tech coming in. This is unbelievable you want to know how important these are . Mag seven earnings on aggregate are expected to rise 40 in q1 revenue is expected up 13 versus 2. 3 for the rest of the s p. The rest of the s p is expected to see a 3. 1 decline in earnings sounds like last quarter. Thats exactly what happened last quarter and let me tell you why its so critical that these Mega Cap Companies deliver, and this relates to the market itself on monday i said, i felt as though the market was bought bombing, and one of the reasons i felt it was bottoming, i didnt think there would be followthrough selling because you had strength in financials you had strength in health care. You had strength in industrials. The market holds its 100Day Moving Average we now rally up to the 50Day Moving Average heres the handoff its got to come from mega cap earnings to get through that 50Day Moving Average to restore price above the 50Day Moving Average. Fi