To come next from the fed. No signs of relief with the 10year still at 469. The 2year at 5 . We saw that yesterday morning on the hot data that was hotzer than had been anticipated. Price of bitcoin down substantially, just holding at 57,000. And then gold prices were down by 2. 3 yesterday. Theyd been hitting new highs, this morning sitting above 2,300 an ounce. Then you have crude oil prices with continued concerns in the middle east. At this point, down by almost 2 as well. Maybe that leads to questions about what the Global Demand is. 80 . 39 a barrel. Police cleared an occupied building. Columbias president has asked the nypd to maintain a presence until may 17th to prevent further encampments or okay pages. It was extraordinary just to watch the police going in there, taking these kids out, protesters on all ends of it. Its unbelievable. I know, obviously this is spreading across the country. It happened a little earlier in florida. It didnt seem quite as jarring for some reason.
S p 500. It is in the ring with all three major averages having been flirting with unchanged to slightly lower and now unchanged to slightly higher in todays session. Awaiting the fed minutes this afternoon which could create more movement in the market. We are seeing movement and sports related, we were just talking about this, what happened with the world cup qualifier last night . I do not know if the cameramen will shake as the camera man is unhappy with the result of the u. S. Mens soccer team being eliminated from the world cup qualifying match. This is having a Ripple Effect among broadcasters with fox sports paying more than 400 million for the domestic englishlanguage rights to the next two world cups and telemundo spending 600 million for the englishlanguage rights. Fox said it world cup coverage next year will be the largest production in its history. It is down and contest is down and disney and cbs also taking a hit. A lot of Corporate Partners as well, cocacola, at t, anh
We will go to San Francisco shortly for the latest on changes in ubers leadership. On thewe have our eye middle east with the crisis in vauxhall, later in the program. This is daybreak asia, coming to you from 7 00e it is just after a. M. In hong kong. I am yvonne man. We escaped the typhoon in hong kong. A whirlwind of a storm. The selloff going global. It is hard to tell if this is a pause or meaningful rotation out of some of these growth stocks. Betty it seems to make perfect sense, right . Yvonne, these big tech shares are the ones that have led the rally, so you can see at some point, investors would say let us take some profit on these gains. The question is, what is the timing . What gives here . That is what investors are tied to parse through in the next few hours. Heavy some of the tech investors. That looks set to continue. Let us look at how the state of play is into new zealand. Plenty flat. The kiwi at 72. 02. Australia returning back from its holiday, could play catchup
More concerned tom joining us now on the phone. Tom, you there yeah, im here. How are you guys what prompted you to take down your earnings estimates, which theoretically leads to a lower market in your mind . Well, i think part of it has to do with a lot of folks recently talking about how low inflation is good for stocks, because its helping the multiple but what were starting to point out and what we want to point out to investors is lower inflation means Revenue Growth pressures, but with labor costs rising, we know this is going to result in a profit squeeze so were really adjusting our estimates to reflect, especially into 2028, this potential squeeze on profit margins. Youve thrown in your towel on the trump agenda altogether i think theres elements that are going to survive and be very important for markets, especially deregulation. And i think because it doesnt require acts of congress, but i think its tougher to bet on tax reform and stimulus and infrastructure and even a pro
And instead decide to scrutinize and snap up the stocks that have been left behind that defined the action today, a session where the dow inched up to an alltime high. S p 1. 9 the nasdaq climbed also. Lets start with retail. Down and out bricks and mortar merchants were able to score some buyers at last. Why . Because target turned out to be too negative early in the year when it forecasted negative samestore sales today when target announced it had positive samestore sales after all, gave you something to cheer about. Buyers actually circled back to the entire group im going to have more on targets turn later tonight and whether its real or not what really matters is this group has fallen so far behind the market, that people are finally at last willing to consider some buys newthat amazon prime day, the day that will live in brick and mortar infamy, is finally in the Rearview Mirror in a bad market these stocks would never have any takers. Markets led only by a handful of hot guys,