Low. And what influential senator calls for radical change at the white house. First up though, wall street hoping for a rebound after the second worst day of the year were risk about set backs for the white house. Now year to date figures where gold is above the dow and the s p for the year to date. Not so for the nasdaq. They were a global cross asset phenomenon from wall street yesterday the japanese yen strengthened. The nikkei closed lower trickling over into the european action as well these factors and then add to it that its all which is tra ti traditionally a weak month for stocks it had this incredible run in the market all the way up to record highs and if you look at the flows already theres a risk off sentiment developing 1. 3 billion of outflows from equities last week 3. 5 billion into bond funds. So you already had this percolating. Really felt that this chief executive exodus was the tipping point. As i read one strategist this morning the market had been giving the pr
Good morning a warm welcome to Worldwide Exchange. Im wilfred frost. Im seema mody in for sara eisen. Ahead of her first single release in more than three years, were throwing it back to the best of taylor swift you feel 22 . I dont i feel 32. But i took one for the team for this throwback im a fan of hers excited to check on the new album. So am i before we look at global markets, lets go to the story that everyone is talking about we have a winner, one lucky t n person in massachusetts is roughly 7 59 million richer today after hitting the powerball. Thats a pretax number the lotto spokesperson saying the Winning Ticket was sold in watertown outside of boston. Its not clear who bought that lucky ticket, but they are the single biggest Lottery Winner in u. S. History i have not checked my numbers yet. Its important to do that just because theres a winner doesnt mean you dont have some money out there. On the way in, i was hopeful i could have won the whole thing until i learned it was
Anna a very warm welcome everybody. This wednesday morning. I am anna and words. Edwards. Moving the markets, two of them, San Francisco John Williams and the conclusion being that at least two Interest Rate hikes may be warranted in 2016 because of the expansion in the economy. And inflation increasing. Over a goldman sachs, there is a chart over the twoyear spread in the u. S. On the bloomberg. Theyre warning Bond Investors that they need be more prepared for the fed to increase Interest Rates. Bill gross of course did something similar earlier on shouldnth, markets not count the fed out. What were seeing here is the increased demand for longterm debt, at least seeing a decrease over the two year yield. That spread is the smallest since 2007. It seems that in some senses, markets are not repairing a big difference between what we are seeing in the rhetoric from the fed. Not all of the assets have been reacting a great deal to what we heard from the fed, i should say. The dollar index
The last two sessions. The major averages have maintained the gains. We havent seen any major hiccups. Relatively broadbased rally once again. Energy stocks are leading the way higher. Whether its a good idea to buy Energy Stocks, people are certainly doing so. The group is up 1. 4 . Banks have also been leading the gains we have been seeing over the past couple days. We did get that Oil Inventories report indeed, and that has been helping these Energy Stocks. Take a look at the percentage leaders. Weve got transocean, chesapeake. Many of these are those that are the most sensitive to changes in did in the underlying oil prices, and in terms of index points, weve got chevron and exxon mobil, which happens to be holding its annual meeting. Oil prices themselves were volatile in the wake of that aventory data, which showed larger than estimated drawdown in the weekly inventory numbers for crude oil. Gasoline is another matter. Its the 11th straight week that production has fallen, to the
Have been performing quite well this year. We saw bond yields rise in materials on the rise. Weakness in the more Interest Rate sensitive groups today like utilities and telecoms. Lets look at some of the other asset classes. I want to look at oil prices because the American Petroleum institute reported last night a drawdown of more than 500 5 billion barrels, 5 Million Barrels. We get that data about half an hour from now. This survey is we will only see a drawdown of 1. 7 Million Barrels. We will see what effect it has an oil prices. Oil pushing closer to 50 a barrel. Gold trading at a sevenweek low. Also, the u. S. Dollar. We are not seeing Much Movement on that front today, at least if you look at the index. We have not been seeing a very much going on today. If you look at what is going on with bond yields, we continue to see them higher. Selling in the treasury market pushing yields up. That is not surprising given this renewed view that the fed is going to be potentially more ag