Tom good morning, everyone. An exceptionally busy day here at bloomberg surveillance. Lots to talk about on the news front. Stimulus in washington or nonstimulus, the breaking news on china, and markets as well. The dollar moments ago breaks down to new week this of dxy new weakness of dxy. An ever weaker dollar index. That will be one of our themes across the hour. Our Kevin Cirilli reports a deeply divided reports on deeply divided republicans, and there are fire trucks in houston. Jonathan they are united on one thing in washington, and it is china. The consulate in houston shutting down after the u. S. Demand. We have looking up 70 times to that headline woken up so many times to that headline, so we have woken up so many times to that headline, u. S. China tensions. Gold, 1863 note an ounce. On a weekly basis, gold has had a record high. Go to the dynamics you have seen in highyield and ig. Lisa if you take a look at highyield bond spreads today, you can see to have shrunk dramati
Road, maybe that is actually not the case. Rolling overs as well. Maybe that is oil. It could just be a sentiment feeling, as well as any sort of Political Risk because of kim jonguns health uncertainty. Lets get to todays market moving news from our team in new york, as well as washington. We want to begin with this meltdown in the oil market. Wti futures plunging below zero for the first time in history yesterday as many storage tanks reached capacity. Brent for delivery in june pushing to the lowest levels since 2002. Annmarie hordern has more. Annmarie what we are really watching today is the number of contracts for wti and brent. Yesterday, the big question was is this just a big technical anomaly. I think what you are seeing today is that this is more widespread. What is showing is what traders have been saying for quite some time. Thething i want to bring up point is the june contract, trading at 16. 69. That is a contract that is not expiring. In 18dropping the most years. You
Tenth Straight Record close driven by all the names that worked all winter long plus a strong read on Retail Holiday shopping numbers do not disappoint. And jobless claims fall pointing to continued strength in the labor market joining us for the hour, anastasia om row sew it is great to have you with us. Great to see you. What do we make of this its typical. We melt up into year end i mean, think about all the things that got resolved in december weve got the phase one basically a done deal between u. S. And china maybe a little bit overlooked by the usmca getting passed by the house. Weve got a lot of good enthuse. We started to see the inflection point. Whats interesting in the internals of the market is what people are buying. What do you do when the s p is up almost 30 for the year you start to look for the laggards its emerging markets, health care, energy those are the ones rallying the most to break down those areas you see opportunity over the course of the hour. For now lets
I mentioned yields the tenyear hitting its highest level since last october earlier today. Retail sales coming in better than expected. How about the atlanta fed taking gdp and its forecast up to a stunning 5 believe it or not. It brings us to our talk of the tape how vulnerable are stocks right now . Adam parker is ta cnbc contributor. Do you feel like stocks are vulnerable its been a rocky couple of weeks, especially for tech what do you think . The earnings season was, i thought, pretty good. Better than feared. The big cap tech stocks, 2024 earns are higher than they were on july 1. I think the fundamentals from the Companies Look okay. I think whats happening is a fear of a perception about Interest Rates and how that means people will probably not want to pay as high of a multiple as they did a month or two ago. You talked about rates backing up for a long time the relationship between the perception about rates and the pricetoearnings ratio was very strong. It kind of broke in m
The s p hitting another record high yesterday. The 16th of this year. The s p futures indicated up 12. Dow futures indicated up 27. Nasdaq futures are indicated up, too. This comes after gains for the s p and nasdaq of more than 1 . Pushing both indexes to record highs. Dow closing higher. It was up 130 points yesterday. A lot of this came after what we heard from jay powell. He was speaking again before congress and yesterday he said this is key. Yardeni pointed this out. Powell said we are waiting to become more confident that inflation is moving sustainably at 2 . It will be appropriate to dial back the level of restrictions. That is what the market heard. Not far from it. As a result, you saw treasury yields pull back. The tenyear yield at 4. 07 . The twoyear yield at 4. 49 . It is interesting because it is all based on inflation. We havent even any definitive proof that the economy is going to fall off a cliff. Maybe we can get that today. Maybe he knows something. When he said we