Alongside tom keene and lisa abramowicz, i am Jonathan Ferro. The s p 500 positive by 0. 22 . Tomorrow morning, retail sales, thursday from walmart. How many times have we done this from august . Talking about china. China the headline once again. Tom it starts and ends in china with a set of news. What is interesting to me is it is not one story. You have to get briefed on this to get up to speed on three, 4, 5 stories. Chinese equities in the tank, iron or somewhat in the tank. A lot of moving parts going on in china and that comes back to jackson hole. Jonathan one chinese developer, Country Garden holdings seeking to extend for the first time ever. Away from that we have a wealth manager missing payments. This is starting to mount in a bigger way. Lisa which begs the question of when this becomes financial contagion in china. Why are we not seeing more trickle out affects . Is that what we are seeing in germany or parts of europe . A lot of u. S. Companies are rationing back expect
To the lowest level we have seen in several years. They hinted at more cuts in the future. The treasury selloff is the big story of the day, hitting the long end of the curve drastically. We are seeing much more stark moves in the 10 year and 30 year yields, at the highest levels since november and fluctuating throughout the day. Eight basis point move on the 10 year yield and 30 year at about 4. 28. Earlier today, we asked george come call this about the movement and this is what he had to say goncalvas. It could be swinging from japan to the u. S. , it is sensitive for all parts of the yield curve. We are experiencing a wrecking ball from supply concerns to concerns around buying could slow down and all of that is rates have been staying under fed funds for a long time, that has been the saving grace. Sonali a wrecking ball in treasury markets, we have liz mccormick. When you look at the delusion of issuance paired with the downgrade the u. S. Is seeing, what is the Ripple Effect mar
Tom, great to have you as always thanks for the time today. Great to see you, carl. I know youve been leery of the month of august in general did this mornings early tone do anything to change that . Yes and no. I think there are some constructive things that happened today that make myself and mark, head of technical strategy, think were actually in a bottoming, possibly for the month of august. The dollar reverse,ed sharply, and yields turned down, and as you know, both would be pretty big headwinds for stocks as we got into august, its been a rough four days so far, but i think the jobs number was pretty decent and then i am kind of optimistic that were going to get a good cpi report next week. So, thats kind of a road map to seeing stocks do better next week yeah. We have had a lot of chatter today about what cpi is going to bring us i think you could maybe argue the tone is relatively optimistic given what we think used cars and rent is going to do in the coming weeks yes, thats r
Welcome to the exchange, everybody. Im kelly evans. We just heard from fed chair powell speaking at the Economic Club of new york for about the past hour or so. We saw yields initially moving lower from their 16year highing and then reversing higher again. The former dallas fed president is here with me. He says the bond market has stepped into the drivers seat and powell aint in charge any more. Well get he is reaction in a moment. This afternoon, we have seen the dow hanging on to a gain of 111 points, up a third of a percent, up a quarter percent for the s p. Up a little less than that for the nasdaq. Over in the treasuries, thats where the action is. The tenyear yield during powells q and a portion hit 4. 996, thats how close we got to piercing 5 on the tenyear. You can see the 30year above that level, as well. Oil was lower earlier on, on that news of the u. S. Lifting venezuelaen sanctions. Thats a 2 3 percent gain. Gold as well, now turning higher by half a percent. Lets get mor
S p500 is 10 points away from a new closing high. We will ask your experts over the final stretch including that man right there, tom lee. He will join us in just a few. Lets look at the scorecard with 60 minutes to go in regulation, a brood day, way more up volume than down. Nasdaq, too, 16,508. That would be a new closing high. There is the s p, we are 9 points away. How about the meme stocks, they are off to the races. Gamestop, amc and blackberry. And tech it is outperforming on a day yields are lower. Now go up 1 as yields fall and stocks continue to rise. It takes us to the talk of the tape. Is it still a bull market about to take its next leg higher . Lets ask your panel. Now thank you for both of you here. Become back, everybody. All right, liz here we are, nine or 10 points away. I read here that you say if you take out alltime highs a new pull back begins. I thought it would confirm the fact that we have been able to rally back sharply and set us up for what is ahead. Let me