Gerri willis on the floor of the new york stock exchange. Hillary vaughn is in d. C. With the latest on trade. Blake burman is live at the white house. Hillary, first to you. Reporter melissa, the u. S. And china still have not set a date for what is supposed to be a refresh on trade negotiations that are scheduled for sometime this month. Even the president insists that the negotiations are going well, there have been a few hiccups in their communication between the two countries. First the president went forward with a new round of tariffs against chinese i imports on sunday, denying chinas plea to delay them. China now in response says they will file a lawsuit against the u. S. Through the world trade organization. A spokesperson for the Chinese Commerce Ministry Says the trade fight violates chinas quote, legitimate rights and interests, saying in a statement we urge the u. S. To stop abusing the concept of national security. It is deliberate smearing accusations against china and
Thank you for watching bloomberg surveillance. The stocks europe 600 down a touch. A lot of the focus is on the jay powell. You can see the u. S. 10 year yield at 2. 10. And we are looking at the pound. Boris johnson is the person who will probably become the Prime Minister and keep saying no deal brexit should still be on the table. We seeing Market Movement with the pound extending. You can see cable at 1. 2458. Coming up, we talk commodities with blackrock at 10 30 a. M. London time. But first, lets get straight to bloomberg first word news. China are. And holding the first highlevel talks since a truce was called in the trade war. Top trade officials are speaking on the phone. Larry kudlow says the initial talks were positive. There was headway last winter and spring, then it stopped. Hopefully, we can pick up where we left off. Ambassador lighthizer and secretary mnuchin are exploring all that. Discussions today went constructively. But its too soon for details. Factories and bare
News from one of our own. Brian belski raised his s p target to the highest on the street. Its good to see you. I should note you did this before the cpi report came out today. Tell me why youve taken your target to 5600 . The biggest of the bulls, thats what were calling you now. Well, thank you so much. Were humbled with that moniker. Ill just remind everyone that when we published our piece in november of last year, our base case was 5100 and our bull case was 5500. We became admittedly a little more cautious when the market was sideways in march and april, and we thought the correction would be deeper than 5 especially against historical norms. Now i think its too late. I think the market is going to correct from a higher level. Theres no point in trying to time this. I think stocks go higher, and we will correct from a higher level. It doesnt mean were not going to get the weisman pullback or the belski pullback. I think we can add to positions at cheaper levels, scott. For now we
Soaring for a second day, with gme, amc up big following the return to social media, but theyre not the only stocks caught up in this trade. Well hit all of the angles from the charts to the chatter, and the trades and what it says about this market. In fact, thats where we start today. Lets get over to dom chu monitoring the latest moves. Its been crazy now for just in context, to kind of look at the board as were seeing it. We are well off the session highs so far today. Gamestop, 42 to the upside, up 13. 48. Amc entertainment, the other stock out there, up 23 to 6. 42. Blackberry even get caught up in that. Remember, it was part of the derivative ancillary Ripple Effect mean trade back in 2020 and 2021. Its up 9 . And koss up 29 , as well. To put it in context for you, lets look at these charts really quickly. Gamestop over the course to have last year, yes, its a down trend and here has been the big pop. Earlier in the premarket trade, this got up close to 80 per share in the prema
Just had the latest reading on the economy there for the first three months of the year. Official figures revealed the economy expanded at an annualised rate of 1. 6 , far below expectations and also less than the growth seen in the final months of 2023. Meanwhile, inflation, which measures the pace of price rises, has increased. At the start of the year, experts had been forecasting a series of Interest Rate cuts in the us so how do these figures play into that crucial decision . Lets talk to our north America Business correspondent now, erin delmore. Erin, the economy is growing but those figures arent as good as expected. It is inflation that is still a big issue . W , it is inflation that is still a big issue . , , ~ , issue . Exactly. Numbers like this like gdp give issue . Exactly. Numbers like this like gdp give us issue . Exactly. Numbers like this like gdp give us a issue . Exactly. Numbers like this like gdp give us a good issue . Exactly. Numbers like this like gdp give us a