Thank you for being with us on this simulcast, Bloomberg Radio, Bloomberg Television worldwide. Tremendous news flow wrapped around the details of a worsening pandemic worldwide, and indeed across this nation. Also looking at markets off the faxing news, futures up 10, dow futures up the vaccine news, futures up 10, dow futures up. New low on the vix as well. Looking at the calendar, everybody is recalibrating. Weve got a major house recalibration of the equity markets out moment ago. Jonathan at Credit Suisse, Jonathan Golub, they have a forecast yearend on the s p for the end of 2021 with a 12 upside. The 2021 forecast is designed to answer what the future will look like in the future. He makes the point at the end of this paragraph that the rotation into the cyclicals will largely be behind us, and they stay overweight on tech, also overweight on the financials. That is just a flavor of where Credit Suisse are at this morning. Tom the conversation forward, and i cant say enough on r
Radio. Alongside lisa abramowicz, im jonathan ferro. Tom keene will be back with us on wednesday. Erasing the mornings losses. Monday morning, we are faced with vaccine news. Some other news as well. We are pushing things forward every monday, it seems. Lisa although it seems like the market didnt respond so much to that news. There seems to be a lot of positivity baked in. So my people who came on this show were saying if there is any pullback, which there were likely be which there will. Ikely be, buy that dip that seems to be the feeling as we bleed higher towards the end of the year. Jonathan this morning, but theyre not out this morning, requestplanning to approval for this vaccine. What we have to think about is what would the anchor expectations on the policy side and on the data side. Later this week, the chiasm claims, payrolls the ism claims, payrolls. Do people start to get worried about the nearterm future . We hear from secretary mnuchin and chair powell this week. A bit o
The us says its hoping to begin a program of vaccinations against cover 19 could begin as early as december, the 11th head of the White House Vaccine Task force. So the plans to vaccinate 20000000 people before the end of the year 2 vaccines are up for approval in december. Both said to be 95 percent effective. Our plan is to be able to ship vaccines to the immunization sites within 24 hours from the approval. So i would expect maybe on day 2, after approval on the 11th or on the 12th of december, hopefully the 1st people who will be immunized across the United States across all states. In all the areas where this, the state department of health will have to told us where to deliver the vaccine. , theres been a surge in new infections across the u. S. , which has now recorded more than 12000000 cases. Hospital admissions have doubled in recent weeks and daily deaths and they are in highs not seen since may. And g. 20 leaders have promised to spend no effort in making sure that vaccines
This is widely expected. This is the vaccine that was found to be 94. 5 effective in the primary analysis. There is discussion about possibly having some sort of meeting later in the month with the fda to make the approval. We heard from officials over the weekend that they are going to try to approve it in fast order. If you take a look at markets, not the response you would think, at least not much. Jonathan it has been the diminishing marginal rate of the additional vaccine news in this market that has diminished over the last several weeks. Equity futures down 0. 4 percent. Expectations are already so well anchored by the vaccine news weve had over the last several weeks. We are down 0. 4 on the s p 500. In the bond market, yields up by a basis point or two to 0. 85 on the 10 year. The news isnt this morning. It is the cumulative impact of the last several weeks and now it is shaped the forward outlook under a much better way compared to what we face right now in the here and now i
With a new show on cnbc, highlighting Small Businesses and the people behind them across the country power lunch starts right now welcome to power lunch. Im john fortt take a look at whats driving the Market Health care stocks the biggest laggards while industrials and financials lead the way. Check out the bank names all higher tesla, the big winner. At the highs of the session, helping to turn the nasdaq almost positive, close to break even midday. Morgan stanley final upgrading the stock to a buy after a 500 gain this year lets get to bob pisani for more on these markets bob, you got me . Maybe not. Kelly, do you see what is happening with these markets i mean, were showing the sector snapshot here. Weve got s p retail is higher ahead of a Holiday Season we expect to be really strong for ecommerce and weve seen strong results this week from walmart and target yes, we do. By the way, i want to point out well, i want to point out that the dow turned negative only in the past hour or s