Election story, and whether the market is saying we want to seek some safety and the dollar is the place to do that. The yen was trading lower against the dollar a little bit earlier on, but eurodollar now trading with a 1. 17 handle. What youre seeing in germany, u. K. , canada, and the United States is quite a sharp curve flattening, pivoting around the tens. The 30s are down quite hard in terms of the yield, so a big bid at the back end of the bond market. Alix all part of that is the virus story you were discussing, so lets get to that. U. K. Chief scientific advisor warning of 50,000 new cases a day by midoctober if urgent measures are not taken. Cases are increasing. Hospitalizations are falling. Deaths unfortunately will follow that, and there is the potential for this to move very fast. At the moment, we think that the roughly is doubling every seven days. If we dont do enough, the virus will take off. If we do not change course, we are going to find ourselves in a very difficu
We see the dow below the 50 day for the first time in awhile nasdaq hit that last week were off of the lows, 32. 29 maybe just ten tonights off of that the problem is not so much technology, but the reopening sectors. They are weighing on the s p if you just take a look energy, industrials, and materials. They have separate issues with suspicious trading activity. Not as they are notably week taed and this is another sign that the reopening story is not going as well as people anticipated. Remember the bucket thats we watched the market with. It is true there have been advancements with treatment and vaccine. The delays in the stimulus program, europe locked down is a worry. Concerns about the potential for the european lock down is there. As far as the stock market goes, we have been looking at valuations for a long time many people feeling the market is over valued but earnings overall have been improving. There is a lot of balance and debate going on. That happened on friday, nasdaq
Today, Senate Majority leader Mitch Mcconnell said he will take any nominee to the senate floor for a vote. First, i will talk about the markets moves of the day. Abigail doolittle is with us from new york. Abigail a volatile one. You cant go a day without massive swings in the u. S. Sharply lower. The nasdaq at the lows, down 2. 4 . The s p 500, down 3 . At the end of the day, the nasdaq 100, what a turnaround. Led by the mecca cap faang index. The tech index for the s p 500 up about the same amount. In the morning, it did seem like there were some buyers looking. Apple, up 3 . You saw that stock leading another mega cap higher. Confidence as the day went on. Bonds did not rally all that much. The yen was flat. It was not really risk off this morning as a result. Very interesting, one reason to think that they be the buying think that maybe the buying will continue. Ign, all thesecus stocks started out the day lower. Big gains for those stocks. On thers wanting in stocks up huge amoun
Bytedance will retain overall control. President trump says he may change his mind about approval. We are joined exclusively by st. Louis fed president James Bullard ahead of jay powells trip to capitol hill. The fed chair will say the u. S. Faces a long and uncertain virus recovery. Shery heres how u. S. Futures are coming online. A little bit of pressure at the open, this after we saw the s p 500 lose ground for a fourth consecutive session in the regular trading our. It was the longest losing streak since february. We had banks sinking at least 3 on that report detailing suspicious transactions at global banks. ,e had also surging virus cases not to mention doubts over another round of stimulus measures. That really sent stocks down. We have the nasdaq at one point falling as much as 2. 5 , but it did pair back some of the losses with a bullish reversal in the afternoon. Down only 1 10 of 1 . We are this week watching closely what chair powell and secretary mnuchin will say in congr
Change his mind about approval. Latery powell will say that the u. S. Economy is improving, but has a long way to go before fully recovering from the virus. The st. Louisrom fed president this hour. Haidi investors are waiting to hear from fed chair powell. But we know the gist of what he is likely to say given that the commentary has been around how recovery will be, managing expectations. The recent fairly positive data points we have gotten. S p active futures after the session overnight really erasing some of those earlier losses as well. Some of the gains we have seen trading flat at the moment. U. S. Stocks fell. Could have been worse if not for that rebound in tech shares stemming the losses. It did get close to that threshold to be considered a market correction. 0. 1 ires down by should say by 1 at the moment. Japanese markets are closed for a second day this week for the autumn equinox holiday. ,ydney futures down by 1 trading in new zealand down by 0. 1 . Victoria has come o