Big internet companies, that was the worst sector yesterday. Investors bidding those higher into earnings. One note, something that is not different, supporting the idea fundamentally nothing has changed, investors looking past it, we have a lower low on the s p 500. Sharply,ave oil down heading to the worst week since april. Commodities, and wrist asset down in a bait way. David to add one further complicate in fact are, look at the 10 year. We are above 80 basis points again. That is a risk on reaction. How does that fit with commodities . Abigail great question. You have bond selling off. The 10 year yield back in the top part of this years range, suggesting it will make a move for 1 . That will be wrist on because it would mean investors going out of bonds and could also pressure stocks. On the week, bonds are rallying. On the week we have a big haven bid, big haven bid for the dollar. The dow and s p 500 heading for the worst week since march. We also have crude oil down in a big
Biontech, seeing a bounce. We know that pfizer is not a hype company its a big conservative company. When it sees things that are not working it is quick to say it. When it sees things that are working it is long to say it in other words, this is not a company that is a brag Guard Company so i am very surprised to see them come out this early. They must feel a level of confidence that is extraordinary versus what they typically do. David, youve known pfizer for very long, you know that pfizer is one of those companies that i guess you would regard as stodgy and certainly not a company that likes to get ahead of itself no. You would have to put it in that category, i think, so it is interesting that this has been shared as meg said and as we know 24 patients, jim, is not a lot. Very positive it would appear at this point i think always important to mention, though, that when we talk about a vaccine we are talking about the need for largescale trials as soon as possible because, of cours
20. 5 in a data set thats never been more than 2 million in a single month, numbers we never expected to talk about no. The numbers are just completely and totally shocking not unexpected however given the carnage thats taken place in the economy over the last month as we locked everything down those lockdowns ending around the country. Things starting to at least normalize in some states the question will be of the 18 million workers who describe themselves as a temporary layoff of that 20 million, how many really will get their jobs back is a key given the markets reaction today, there seems to be an expectation that most of them will that will remain a question over the next many months as we hope that the economy does start to return to some semblance of normalcy mike, lots of internals to dig through here average Hourly Earnings show a chasm between lowerpaid employees in the country and those with higher wages who, judging from the data, lost their jobs at a slower pace. Yeah, no
Last roughly 12 years or so. Relative to today, stocks are sharply higher. We have crude oil, another risk asset recovering at 21 a barrel. There are some folks thinking that the demand picture is improving, sending the Energy Sector to the top of the list, and that is also helping small cap up 3 from outperformance. A lot of the Energy Companies are on the smaller topside. Itfor the bonds and the fed, has been about the news of more issuance from the treasury. We have the yield curve again steepening, i think four out of the last five days, rising by about 11 bits this week. The is healthy, that is yield curve normalizing, something that the fed wants to see. If it continues to steepen, it will put volatility to the markets to the downside or the notways chop way, that is happening today. Keep an eye on the yield curve. We have the long end selling off in the two year call carving out a record low. David extraordinary, thank you. 20. 5 million jobs were eliminated in the United States
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