Lets have a look at those markets that seem absolutely impervious to what is going on in the real economy. The dow is up 1. 5 . The s p is up 1. 5 . The nasdaq is up 1. 6 . Gains on companies that had a good quarter, including news corp. , although advertising was down. Bit off ofg a little its stock price. In its comforts own, 66 basis points. Just off of our high on crude oil, just short of 24 a barrel. Lets get into the Market Action with taylor riggs. Theor you mentioned 10year yield. I also wanted to mention the twoyear yield. Overnight, dipping below 12. 5 basis points. Getting a record low. The futures market is also pricing in negative rates, that at some point over the next 12 months. Jay powell said that is not the direction that he wants to go, but the markets seem to think negative rates could be in the future. The twoyear yield at 12 basis points certainly catching our attention. Over the last five days, down seven basis points or so. , what look across asset it means for
Least for today. Nasdaq pacing for its fifth day in the green markets moving higher. Lets get to bob fast break more on this rally. Hi, bob. It is tech powering the market is choosing to believe the reopening stories will go well the airlines are all up. It goes either way on that well see if we can break out. If we can do that, were back to the levels we havent seen since march here when you have the five largest stocks, the market will be up. Thats a big meg cap rally most of the semiconductors have done well. Nvidia is up 10 microns had a pretty good week they are contributing as well. Not only is it positive, were up almost 5 better than the overall nasdaq but something very important has happened to the etf. Thats the triple q. Its amassed 100 billion in assets thats a very rare number. The etf business about 3 trillion theres only four other etfs that have 100 billion in assets and they are mostly s p 500 related. The spider s p the ishares. Vanguard has one total stock market, a
15,000. Take a look at the kospi. We are focused on samsung earnings. Samsung warning of a profit slide as this virus squeezes the tech industry. Samsung shares largely after the results came out unchanged. We are watching out for the singapore jobless numbers coming out this hour. 2. 6 , an 11 year high. We see this recovery momentum coming back in offshore chinese stocks. The moving average yesterday when things close, and we are higher here today. Bank of china among them. Dollaryen, a little strength. And some strength for the korean won. Oil remains the story, but take a look at volatility. When it comes to oil contracts, we are leapfrogging of june to july and seeing wild gyrations. We have bounced back after wti auched 10, but we lost quarter of the value when it comes to crude. It looks like volatility will continue. Into julywill roll with the spread of the june and july contracts especially for wti getting rocked by volatility. Tom we will get more on that story in a few minu
Highs, off 1. 6 . You can thank the autos and oil companies. Several companies in the permian cutting back on production even then there was no vote on quotas today. Index ofhe energy 2. 3 . Some companies are not faring so well. Norwegian cruise line among them, down 21 . Norwegian cruise lines looking for money desperately to keep going. It raised 400 million and is looking to go to market as well. Yuan offshore is trading off of its weakness. It looks like the Trump Administration for the moment, is going easier on china. Kailey leinz has a deeper dive into the market action. Kailey it has been steady buying today, and really for the past four days, when it comes to the equity markets. Futures,ok at s p 500 we saw a steady decline, and then a steady upward trajectory. Things are pretty orderly, and volatility is relatively subdued. The vix at 831 handle. On pace for its best nineng streak in months, back to 23 a barrel, as that supply and demand picture looks better. Higher by. 6 to
Recovery of the whole of europe. President trump invokes a wartime law to get more swabs produced as he rebukes accusations from impov ngovernoy dont have enough testing equipment to reopen their states elsewhere the uk government is reportedly split on easing of lockdown restrictions, as it appears the Health Secretary matt hancock wants to defeat the virus before easing measures phillips First Quarter numbers drop 33 as they suffer the effects of coronavirus in all of their markets the ceo telling this station, though, they do see growth coming back in the second half of the year. Our order is strong and we expect a gradual resumption of Consumer Sentiment, as we could already start to see in china. Light crude prices get crushed amid concerns the u. S. Is about to hit storage capacity, sending the may wti contract to its lowest level since 1999 well, a very warm welcome this morning lets get into our top stories of the day a number of u. S. Governors have clashed with President Trum