Calling for the fact that these stockmarkets had gone too far, too fast. The darlings of 2020 finally took the hit. Apple, amazon. Tesla. Gain ondia, the biggest the s p this year. Companies, along with energy, lead us into that fall. Were you the naysayer . Joe ive been predicting this since april 1. My predictions finally vindicated. But it was just so intense. We talked about this yesterday. You had Huge Companies jumping every day. This is like the reversal that we got. Energy had a bad week. Infotech down on the week. The only gainers, materials and utilities. Financials also outperforming. That really is the story. Really hot sectors finally got sold. You have such incredible moves. It is not surprising even if that is a disappointing cliche. Romaine it looks like some of this could have been related to how short a lot of institutional managers and hedge funds and investors were. You are talking about 23 straight weeks where hedge funds had been short s p futures. The latest data
A weaker u. S. Dollar as well. 105. 38 to the japanese yen. Gold back about 2000. 003. 35 an ounce right now. Walmart benefiting from online orders but store traffic was hampered by the coronavirus. The companies cfo said comp sales growth slowed last month as the government relief waned. Lets bring in Morgan Stanleys Simeon Gutman. How did the Company Managed to get margins around 42 . Comp. they had a 9 rising tides lifts all boats, but they had gross margin in the u. S. Swing from down to 200 basis points to up this quarter. The primary driver is the mix of food and consumables, which tends to be lower margin, was mother in percentage, and a big shift toward general merchandise. A nice swing in gross profit to hire to cover those higher costs of operating, but the results were better sales and gross margins, allowed them to generate that growth. Vonnie walmart was only really getting going in the last couple of quarters. Did the digital improvements help out this quarter . What does
Morning. Dow, nasdaq and s p scoring fourth straight month of gains. One of americas old retailers filing for bankruptcy. Lord taylor hit hard by the coronavirus pandemic. Surprising results of new study ahead. Mornings with maria is live right now. Dagen global action, european markets up across the board. The euro zone economy showing signs of some growth, purchase Managers Index there for july coming in at 51. 8. Anything over 50 shows growth. In asia overnight mostly higher, private survey of chinas Manufacturing Activity showing growth for july. Purchase manager index hitting 9year high. Gold shines, on a roll closing in on 2,000 an ounce. White house officials and democrats set to meet again today to discuss covid19 stimulus bill. Cheryl white house chief of staff mark meadows says we still have a long way to go and hes not optimistic about reaching a solution soon. Democrats want the extra 600 of Unemployment Benefits which ran out last week extended an republicans want to reduc
The networks exploiting the racial discussion. You can watch them democracy is there is an agenda. For tension and the a. B. C. Tried to jump. Live from moscow to the World International my names you know youre very welcome to the program. All votes are counted following a week of polling across russia to decide on a raft of wide ranging amendments to the constitution the Electoral Commission the final results a few hours ago with some 78 percent voting in favor of iran 70 percent taylor was following developments for us. Now this really was a vote of the fos time people were in mosques and gloves the fos time they were using disposable pens wilson threw temperatures sconce fencing online for some so with pot about how thing now approved the amendments on the people having given barack proof will they will come into force as soon as flag to make signs a to create as for the voting process itself while that was a situation where security footage allegedly caught a woman stuffing the bal
Peter navarro. It has been a huge swing s p futures up, nasdaq up by 62. The nasdaq up seven sessions in a row. S p is up. Watching for the month of june, all three of these is up on track to be the third month in a row taking a look at treasury yields youll see the 10year is yielding 0. 715 . Crude oil up above 40 for the First Time Since the lockdown in early march. Getting to the story it has been a wild ride overnight. Last night on fox news, white house trade advisor Peter Navarro responded to a question about the china trade deal saying it is, quote, over. At that point, futures plunged about 400 points but then recovered after he later clarified his comments saying it had nothing to do with the phase 1 trade deal which continues to be in place. He was speaking to the quote lack of trust of the Chinese Party after they lied about the origins of the chinese virus. President trump posting a tweet saying the china trade deal is fully in tact. The lesson is that the move is a good re