Points you were talking about down about 1. 8 for the dow and s p, down 2 for the nasdaq s p indicated up by 7 points this morning nasdaq indicated up by 30 points overnight in asia, some weakness in stocks there, too probably started by what happened here. The nikkei actually ended flat the hang seng was off by three quarters of a percent. The shanghai was down 0. 8 in europe, where there is active trading taking place at this hour, you will see there are green arrows across the board. The biggest gainer of the three major averages is the cac up three quarters of a spent. More modest advances for the ftse and the dax treasury yields will be watched closely. Treasury yields went into a free fall on the feds report yesterday or the idea that it would be one and done. You can see the tenyear barely held on to a yield of 2 that was the weakest level in three weeks. This morning trading back to 2. 04 . There were two key words that sparked a strong reaction from the markets and President T
Good morning from me as well. Lets get you up to speed on the wall street action. A nice day for wall street. 1 gains in all three indices. Apple another one of the factors, its carrying through asian trade and helping futures. 16 points on the dow and 1. 5 points on the nasdaq. The s p up by eight points. Lets have a look at the chart of the day. Oil on supply discussions. Eia saying share output is expected to drop in june for an eighth consecutive month. And also fires burning around the canadian oil supplies of Fort Mcmurray up again. Up ten basis points but the big move came yesterday with up 3. 3 . Settling at its highest since the 3rd of november. And today a high of 47. 85. Oil prices remarkably strong. Inching towards that 50 a barrel. Its helping markets everywhere. Take a look at asia over night. We did see a gain after the nikkei went to a oneweek low. Also saw gains in hong kong with shanghai comp did close lower by 0. 25 . Gary fink of black hawk make something warnings.
After some huge losses on friday, relatively speaking to what we have seen over the last couple of months, you can see that the futures are once again indicated for a tripledigit down day. Dow futures right now down by close to 150 points below fair value. It looks like the s p 500 would open up down 18 points if we were to open here. And the nasdaq down by 48. The dow was down by 394 points on friday, a decline of 2. 1 . That was the worst daily performance since brexit. The s p broke the 43session streak without a move of 1 in one direction or the other. Finally getting decisiveness down by 2. 4 . Obviously, a lot of things have changed. People are coming back from vacations. Some are coming back with the big issue fed speak. There were concerning comments for the bulls if you listened to boston fed president Eric Rosengren to sound like he was in favor of a hike. He was in favor of a hike last time, too, but the fed is meeting next week. We do have more fed speak today including Nee
It werent for apple. What happened . Where did the boring days go to . I think they went the way september always seems to play out. Ninth month in the year statistically worst month of the 12. Always seems to play the role of the wakeup call. People come back from summer, particularly in an election year, survey the land skate and recognize there is more risk than they thought. Sure, averages are up more year to date. Nasdaq with a new high just last sense of gloom out there. One that was echoed today at cnbcs delivery alpha conference. A major investor where big money speaks his mind and that mind was definitively, and i can say this without question, negative. In some ways i cant disagree. Though i do not, on the record, do not share the depth of despair of so much of the speakers i heard today. Causes gyrations that are magnified by a month that so often ends the complacency of a summer rally. If only because the pain is back, the most people feel like the pain is just not worth th
The meeting is coming to order and were going to declare the recess at any time and its called sem annual system on the sup super vision and i recognize myself for three minutes to give an opening statement. As we know the act decreased way beyond the monetary responsibilities. The act is made the fed omnipotent. Through the exercise of the heightened standards the fed can control the largest Financial Institutions in our economy. Former fed governor kevin warsh wrote that Central Bank Power is premisable when the scope is limited and the track record strong and the aaccount blt assured. None of that do we observe today where as the feds has taken us and the big banks are now bigger and the small banks are fewer and the Economic Growth lags and theres evidence that the economy is more stable. Two mu fed authorities granted under dod dx frank have been problematic. The see kra si make it impossible to measure the over sight or the integrity of the test findings. As columbia has testifie