Things, our country looks a lot more like the juggernaut it used to be, and so does the stock market thats the only way to interpret the incredible pin action that we got today from adps incredible their National Employment report, and it showed that private Sector Employment decreased by just 2. 76 million jobs last month, when most economists were expecting something more like 9 million. Hallelujah. That and some early positive data about the opening of restaurants and casinos are how the dow surged 527 points today. S p jumped 1. 63 were gaining back all our losses here, people. You see this kind of animal spirits of the market coalescing with the pent up demand for ravenous consumers and you get the insane gains like we saw by the way, taking us to the most overbought level, 11. 1, in the s p since july 24, 2009. Any time its been this high, its actually okay well have to do more on that later this week. Look, i know there was a time really not that long ago when 2. 76 million job
Barrier. Softbank is said to be planning deep cuts at the vision fund which could affect 10 global staff, souring bets on tech are takingke their toll. Haidi a mixed start to a politically driven status when it comes to the markets today as we get that precedent being set with that security bill as well as greater considerations over what kind of reopening and second wave issues we are seeing across the rest of the regions. We are seeing new zealand markets starting off the day with tepid gains. The session looks a little bit more muted for the rest of asia. We are seeing japanese futures as well as Australian Futures pointed a little bit higher. Those in hong kong seeing retreats. The npc is being i to be passing the Hong Kong Security eyed to be passing that Hong Kong Security bill. The u. S. Sees 100,000 deaths. We are watching the oil story, seeing whether this pause in the rally will continue given concerns about renewed production out of the likes of russia. Shery to our top stor
Restrictions, giving us clues as to how consumers may react durables down 14 june wti holding at 17 as energy is the only positive sector for the week a lot of discussion about 2,800, are we range bound where is the ceiling now markets giving all kinds of important clues. A lot of analysts, we follow them for a long time they wait and wait until theres a moment where they can go negative theres enough companies that have done well, i have every piece of research in front of me i dont have an upgrade. I have downgrade, downgrade, downgrade. Because the stocks have run, it gives these analysts a chance to say, uh, im so lucky. It went from 29,000 down to 18 it bounced back, and now i can get off and not look bad and thats the whole tone of this morning i find it curious. I think that in general the companies have done a pretty good job just they like to pull their forecast because who the heck knows. If dr. Gottlieb doesnt know what will happen, why should he expect these guys to know wh
120 reports are in, but next week is the big week for earnings reports. Yearoveryear Earnings Growth is down 17. 6 right now as we stand. The s p before today was down 13. 4 this year. He did make back some of that ground lost, but we will see what comes our way next week. The 10 year yield has been in its range as well. We have crude limits high for the week, but nevertheless, up and helping to send Oil Companies higher. Down 0. 4 , but still around 17. 25 an ounce. Lets get back to what is happening with italian bond yields and european bonds more broadly. Italian bonds catching a bid today. Are tightening up in germany as well, despite the fact that we have an s p rating review this evening and eu leaders essentially failed to reach a significant conclusion regarding funding, how they are going to fund europes economic recovery, and yesterdays video call. Are we overestimating the risk when it comes to italy and btps . Lets get a sense of where we are at the european economy. Peter
At 10. 01 per barrel. It did manage to scratch back about 126 of yesterdays 300 plus loss but energy has swamped the stock market over the past 48 hours, completely wiping out fridays 700 plus point gain for the Dow Jones Industrials. Right now we are looking at the dow swooning at the moment, down 562 points. Thats good for a 2. 33 loss. All three major indices are facing a second straight day in the red. Could a lifeboat arrive within just an hour or two . Word is congress is coming together as we speak to replenish the Small Business rescue plan with a fresh 310 billion round of loans. As some big banks, though, play favorites with the First Tranche of money, nontraditional lenders are fast gaining more respect. Weve got the chairman and ceo of one of them. He has already delivered 2 billion to Small Companies and is ready, willing and able to do it once again. Got to hear how hes doing it. And hollywood is on hold as the sopranos prequell sleeps with the fishes. Steph patt ernot is