Session, not necessarily getting worse. We want to go to global exchange. We are going to bring you todays market moving news from all around the world, from hong kong to riyadh and london, to new delhi, washington and new york. We want to begin with the markets, the overarching story of that russian to safety. Lowestfalling to the since 2016. Joining me is bloombergs dani burger. Walk us through some of the big ones. Dani today is really a day of superlatives. 2016,the lowest since gold jumping to a 2013 hi. 2013 high. As evercore strategists put this, we are in a new phase of the coronavirus outbreak. That is going to give us this kneejerk, gut punch reaction in market. Credit default swaps in europe jumping the most in two years. When you look at both of those see thestoxx 600, you ftse made down, and europe has become the epicenter of the outbreak. That means markets are already very sensitive. These are high beta markets as they stand because of the economic weakness. A lot of wha
98 of the stocks to the downside s p 3,000, 10year yield at 1. 25 if you were right on this move, thats a really logical place to say, fine, let me cash in a little bit i think thats what we saw this morning. Not to guild d lily, but we were almost 1,000 points caterpillar has had a spurt in the last few minutes 3m has been positive merck and pfizer im not saying anything is turning around but some people are buying here. The problem is the information vacuum here. The old saying, you cant trade on fundamentals, trade on the technicals the problem is we cant trade on the fundamentals because we dont know what the earnings in the p e ratio should be right now. We saw that with the dispute with goldman going to zero percent Earnings Growth for 2020 then technical, everyone was saying were watching the 200day moving average, we went through that just after the open its hard to trade on fundamentals right now, hard to trade on the technical, and we need a lot more information on whats goin
For traders and investors alike to say the least. Session lows today 1,085 on the dow to claw back finishing lower by only 357, so folks down here were able to take a deep breath having seen that, but this was all on the coronavirus. It just rattled the market seven Straight Days of selling the worst week on wall street since the financial crisis, all three indices ending in correction. For the week the dow gave up 3,580 points and as investors rushed out of equities and oil, the rig assets moved into the safe haven of the u. S. Treasury, the yield on the 10 year setting a new alltime low, under 1. 2 . Now the Federal Reserve weighed in today, no rate cuts were on the horizon, but Jerome Powell told the markets that the fundamentals of the u. S. Economy remain strong but the coronavirus of course poses an evolving risk to Economic Activity adding the fed will use its tools and act as appropriate to support the economy, david. So, traders basically telling me theyre taking a sigh of rel
Point drop for the dow, biggest point draw for s p 500, they are in correct territoryy, off 10 from the most recent high. Traders tell me, there is no good news to have made this market pivot, there is nothing about vaccines that is conclusive, if you look at the dow, biggest, microsoft, and intel and you had apple. Apple and microsoft, saying they will be affected, their sales this quarter by the coronavirus. Microsoft gets 10 of its revenue from china and apple 17 , one bright spot on the dow, only stock higher today, 3m, they make face masks, they are telling we hear selling we hear on a dre market, boxes going for dollars 500, a company saying it reported 14 Million Dollars in sales, normally a box of masks should cost between 3 to 5 dollars. And if you look at groups on s p 500, all 11 closed lower, not one bright spot there. And a backdrop. 3 companies, canceledb biggest events ofs year, microsoft, facebook, epic games. They were supposed to have huge events in spring either in S
Days well see what the last second to last trading day of the year has in store for us road map today starts with the recordbreaking year for stocks. The s p within striking distance of its best yearly gain since 97. Plus, teslas china play, the automaker ruling out first sedan from the shanghai factory with ramping up next month. We begin with the year end rally and the record run for stocks mike, it has been quite a year and we go into 2020 seemingly with a lot of momentum. Been a very, you know, kind of orderly low drama rally in december a lot of folks say we may be set up for a pullback. I think we keep having to remind people, it has been a great year, successive record highs for much of the year we started in a deep hole. I think thats important not to sort of downplay what a Strong Performance stocks have had had this year, but to point out theyre not necessarily all that far out on a limb because theyre up 30 of the 12month basis because theyre up about 11 from 15 months ago,