No legal basis to visit the sites. A man who was once one of the most powerful politicians in new york state has begun serving his prison sentence for corruption. Former Assembly Speaker Sheldon Silver reported to a prison in new york today. He was sentenced earlier this year to 6. 5 years behind bars. In 2015onvicted later but the appeals have kept him out of prison. Global news 24 hours a day on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. I am mark crumpton, this is bloomberg. It is 1 00 in new york in 1 00 a. M. In hong kong. Welcome to Bloomberg Markets. Here are the top stories that we are following today. The u. S. Housing search, prices rise as Mortgage Rates remain near record lows. We talk with tim mayopoulos, a former ceo of fannie mae. One thing that could hurt the bounce back in the economy, became laura. It is set to slam in the gulf coast as a category four storm. We have the latest. Plus, a conversation wit
Fractional gains across the board with the russell up the strongest as investors try to assess the weekend impact. Its the first trading day of june joe, whats your inter preation of whats going on as it relates today i think the market is responding to what was a better than feared ism manufacturing report again, it goes back to the theme of the last couple of weeks that the economy is opening domestically and globally better than anticipated i think the positive reaction youre seeing in financials today up over 1 that indicative of the perception that the economy is opening up better than expected. There are a confluence of head winds that are greeting the market and you rightly define them at the top of the show. I think the market will price in that con tentious nature the right strategy as i continue to suggest the balance between the growth names that have gotten us here, the Technology Growth oriented v shape recovery stocks and what i would define as quality value shannon, you
Coronavirus induced volatility plus quarterback buoyed by a string of super tuesday victories for the former Vice President. Is the contender for the democratic valuation former investor jeff ubben, never seen anything like this and says why it makes Value Investing impossible the fed announced a 0. 5 rate cut. Stocks looking to recoup most of yesterdays losses which includes a drop in the dow of 785 points jim, once that tenyear broke 1 , wow. Could you not take your eyes off of this price action look, i think that i was struck by the rate cuts. I didnt like jay powell you cant say listen, the fundamentalless as are sound bue need a gigantic rate cut that means the fundamentals arent sound i didnt know we were that bad off. People either way we are bad off or powell knows something and to see that you get a Biden Victory and maybe things bounce back a little is encouraging and mostly because its just about the tenyear the tenyear drops to 9. 8, then everything you see on your screen t
Concerns over production of the 737 max jet. And positive news on the housing front, as home builder confidence jumps to its highest level in two decades coming up next hour, former treasury secretary jack lew will join us to discuss trade and the economy. You do not want to miss that and with us for the whole first hour of theshow, dan nathan from risk reversal advisers. Dan, good afternoon. Thanks for joining us. Great to be here. More optimism on trade or whatever you want to put it down to is a lot of this news not already out there . Are you surprised to see ongoing rallies to new highs yet again at the end of the day, you like to see followthroughs. So friday, we had a muted react. A lot of investors expected some kind of surge, similar to what we had at the end of 2017 after the big tax cut. A lot of this was priced in. I think the continuation of last weeks rally into this week is obviously pretty establibullish. Also fairly seasonal as we are looking down the barrel of a week
Protests turned violent. Also saw some stronger than expected inflation data out of china, raising questions about whether they can continue their stimulus the dow is higher, nasdaq down about 0. 14 . Of course, record closes last week, hence a little bit of treading water today joining us for the full first hour of the show, nancy the eveningl tengler so whats your take today . The earnings season wasnt as bad as feared, right we seem to be moving towards a more cyclical bias we had overweighted cyclicals earlier this year. It was kind of painful for a while. But it looks like manufacturing is hooking up. Still some concerns about capex, which well talk about, and so were modishly bullish and continue to find places to put money, which is always the test, right . Were going to get some of those picks later on in the show nancy, year with us for the hours. Well focus in on the big stories that we are watching here today josh lipton has details of a brewing controversy including apples