Second half of 2020, there is an overlay of other stories. The pandemic story, at least in the United States, is truly front and center. I would also note the stunning close to equity markets yesterday. Call it window dressing on june 30, 2020, but we begin this july strong in the markets. Francine we certainly do. If you look at what the markets are looking at, and a lot of the focus is on the number of infections, treasuries slipping, and i am looking at a couple of Technical Glitches in europe affecting trading. We will have a full market roundup, but lets get to first word news in new york city with ritika gupta. Ritika good morning. Infectious diseases chief Anthony Fauci warns the u. S. Is going in the wrong direction. He said the country could see 100,000 new coronavirus cases a day, up from the current level of 40,000. Several southern and western states are seeing increases in infections, prompting some to put reopening plans on hold. A new poll shows 10 lead, joe biden over p
Lets go to kailey leinz. What ist to talk about leading todays session. It is big tech names like apple. Of course, they are heavy, seen insulated from any kind of virus resurgence. What is second to tech come underneath the surface of the s p, is utilities. Usually we see utilities getting a boost from lower yields that are kind of high dividend stocks. More the story is that it is summertime and things are starting to get hot. We are expecting temperatures over 100 and some parts of the american west. That is good for electricity companies, the likes of dominion higher between 2 and 5 . Stayathome Companies Like wayfair, a big beneficiary over the course of the pandemic. Other big beneficiaries have been range resources and of course oil companies. Wey are up around 200 as have seen oil recover from the negative pricings we saw a few months ago. Moderna as well. Really big news we have seen. We have also seen dramatic moves in the bond market. We have the fed coming in with unprecede
Treasury yields rise as u. S. Jobless claims drop. Is creaking aine milelong allegations of cheating. Saudi arabia moves forward with a volatile deal. David david and amidst those headlines, we are just getting a kind reminder was, i dont know if it is early, 50 right now, but it has been a relatively good week, even considering the pullback we had. Gold, 1721. Lets put it this way. A moderately soft start to the session, a third of 1 . , give ores trading take, a 10th of 1 . Jobless claims were below 2 million. We are looking ahead to the jobs report later today, 19 Unemployment Rate is what we are expecting. Have a look at the currency markets with the dollar, the weakness in the dollar up about 12, 18 hours back has really been your top theme as well. Strengthe seeing some coming through a lot of these asian assets. Have a look at where we are on euro. 90. Ling back up about we are up eight days on the euro until right now. The ecb outlook increasing the that roughlyending until abo
Expected to make 4 billion in this current quarter, they will plow most if not all of their money right back into the business on what are being called covid expenses. Typically this company gets a case they ares not, probably because this case far the stock went too too fast, so giving a lot of that back. Far, too fast, tesla had been a double, but down about 11 . Down aboutlook 11 but it ceo gave it a push. Abigail i would agree on that, it is hard to interpret these tweets. Elon musk tweeted saying that the stock is too high in his opinion. He also put out a couple other tweets saying that he is selling many of his physical possessions including not owning a house, get people back the freedom. It is he is known for shooting off the cup in terms of treating, so it is hard to know how serious he is. M a valuation stand for standpoint, the stock is too expensive, 31 times enterprise value, and the chart, this chart is caught in what could be a double pop. If this were to confirm, and t
Part to some financials like capital one, comerica, synchrony, discover, and wells its self up 7. 5 all session. Up sevenfargo itself point 5 all session. After the initial jobless claims data, a little move in treasuries, now at 61 basis points. Stimulus stems the effect of the covid19 crime is might be infamous, according to mike mayo. He writes in the shortterm, that the potential for wave after wave of support for the economy and unemployed workers. That plus an outlook on banks, which he says show a [inaudible] right now. Lets welcome mike mayo, wells fargo senior analyst. You talk about contradictions in banking right now, one of them being the present versus the past. What do you mean by that . , banks are treated as if it is 2008 in the middle of the Global Financial crisis. Night and day difference for the banks. We do see a contradiction. Today, banks have double the. Mount of equity over 50 more liquidity. They have gotten out of the most risky activities. It has oversight b