In europe, the dax up 1. 5 the cac up 1. 4 . Ibex up by more than 1 . Looking at the treasury yields the tenyear yield cracking 1. 7. Went out on the day at about 1. 71 the tenyear yield now at 1. 675 tom and i were chatting about a blog post from pimco saying u. S. Nominal yields could go negative dont blame the Central Banks, there are also Secular Forces at play that could bring down u. S. Rates. I think thats what happened overnight. It caught a bid because of that blog post. Thats a big story with pimco, the Largest Bond Fund manager in the world saying rates could go negative, rates could go negative. 1. 67 on the tenyear yield. Disney shares are under pressure this morning. The company reporting earnings of 1. 35 a share, missing analyst estimates by 40 cents. Revenue coming in short of forecast disney blaming costs related to the creation of its new streaming service, which we knew would cost something and the integration of foxs entertainment assets which it bought for 71 bill
Falling back below 2 . As i said, the s p 500s essentially flat at this moment. The dows just lower the nasdaq down 0. 1 the russell looks down a full percent as regional banks down almost 2 . Joining us for the hour today to break down the Market Action is steve grasso from stuart frankel. Great to have you with us. Good to be here whats your take on this sort of softish session only a day or so after great positive trade news . You have a holiday week, so you have a shortened, abbreviated week you have people looking for either you had a rebalance on friday, you had end of quarter, end of month, end of week. People are starting to take a big, deep breath in. Seeing where they want to reassess, and and redistribute their Equity Holdings its all about the fed people are on fed watch right now. Thats really the only thing that is taking up the brain of a lot of the Market Participants right now. Even though trade is all over the headlines, its still fed. Fed still cut, but the trade tru
Were peppy boys. Three down weeks in a row for stocks. It looks like weget out of the gate in a positive way. Dow would open higher by 133. The s p is good for 21. Still early with the nasdaq which has been beaten up is up 89. Bond yields here come after declines of 2 last week for each of the major averages. Treasury yields spis part of th story. 10year treasury eased off last week, but still at 4. 29. Steve. The upper end of the range recently. 4. 30. Some people telling me 4. 50 is not out of the question. A lighter touch from the China Central bank. Lowered the oneyear prime rate by ten points. Economists expected 15point cut. The economists expected a 15basis point rate cut to the fiveyear prime rate. Major indices in china were down across the board. Palo alto here for liesmaniacs want to talk about the fed. Palo alto. You must have been talking about this. It is odd they did the release on the summer friday in the afternoon. It wasnt a bad one. It was a good one. Everybody thoug
Theres a clash between four major trials early next year and trumps ability to conduct his campaign for the presidency. Is that fair . Trump calls it a politically inspired indictment tailored for placement in the middle of my Political Campaign. President biden is still catching heat for his no comment on the maui tragedy. He goes to lake tahoe this friday. To the bigmoney story, big trouble in china. They stopped issuing data after the jobless rate rises to 20 and more importantly cut Interest Rates. A sure sign of economic distress. Separately, fitch says it may be forced to downgrade dozens of banks including Jpmorgan Chase. Investors dont like trouble at the banks or big trouble in china. The dow is down 200 points in the opening bell, maybe 285. The s p down 30, nasdaq down 80. Interest rates rising again, thats not what investors want to see. The 10 year is close to 4 but look at the 2 year. Moments ago it hit 5 . It backed off a little, 498. Most investors dont like that. Gas u
Because the producers told me, and she does have a wonderful voice that. Is an ugly picture of the Empire State Building surrounded by ultimatelily buildings on either side. Lets get on it. 10 00 eastern and lets get to the money. Im showing you all 30 of the dow stocks and lets give you a sense of the market. Theres buying today and about twothirds, almost three quarters of the dow 30 are up and the dow is up about 80 points, 34,800. The 10year treasury yield moving up again. Watch out, sports fans. 429 on the 10year and price of oil was going down and now its back up to 80 a barrel and bitcoin, last time we checked it was below 29 grand. It really is back to 28,356. Thats the markets, now this. 16 young people in montana went to Court Alleging theyd been harmed by Climate Change and the States Energy policies. They won. The judge said and im quoting now, plaintiffs injuries will grow increasingly severe and irreversible without sciencebased actions to address Climate Change. So, the