The last few moments on this headline from larry kudlow, the president s top economic adviser saying that the president now wants to do a deal on stimulus lets go to washington and get filled in a little more. Scott, the president tweeted on the state of the discussions over another Coronavirus Relief package. He said that the negotiations are moving along he encourages the negotiators to go big this as you mentioned white house economic adviser larry kudlow saying that there has been a plan that president signed off on. It is relatively broad based now what we know is that House Speaker nancy pelosi and the treasury secretary are supposed to talk again sometime this afternoon. They had been in almost Constant Contact almost daily contact and we know that president said he is willing to go beyond ppp, direct checks and aid to the air Monica Lewinsky and do something bigger exactly how big . Thats what the negotiators will be talking about, im sure, during the phone call later on today.
Also taking a look here at the curve as well as bonds like i mentioned, 194 is where we sit on the 10year. Time for Global Exchange where we bring you market moving news from beijing to new delhi to washington and los angeles. Our bloomberg voices on the ground with this mornings top stories. We begin in asia where the chinese president is in macau to celebrate the return to chinese rule against the backdrop of unrest in china and calling for macau to diversify its economy. With the return of hong kong and macau to the moreland, it is completely up to china to handle the affairs of the two special administrative regions. There is no need for any external force to interfere. Alxy joining me is tom mckenzie the china open coanchor. What did you learn by the speech from mr. Xi . Tom he was there to mark the 20th anniversary of the handover and swearing in of the chief executive. Macau as a reminder is the worlds biggest gambling hub, bigger than vegas with a monopoly on the industry in ch
Joining us is josh brown. I think this is so important, we have this continued strength in the big indices and faang is not leading. This is the thing that everyone has always said. Its a very narrow market, only a handful of stocks. That is not whats get on this year yes, theres been huge performance in some of the faang names. A lot of that was recovery, but you have a broadened rally, something weve been looking for for a long time, and you have great rotation you still can get new highs out of the indices one thing i think is indicative of that, boeing down 2. 7 , give or take, thats the biggest weighting in the xli, almost 9 . Caterpillar, also a bad day. Thats either the third or the fourth biggest weight in the xli. Despite the xli, its doing great. You have other names picking up the slack. And that tells that theres strength everywhere. Thats really what a lot of people like myself have wanted to see. Of course in a price weighted index like the dow, they are dragging. Boeing
Streak in many years. The u. S. 10 year yield is rising but it had been the higher, 43566. It went that hyatt some point in that the highest level since 2007. It has come back a little but its still rising. The bloomberg u. S. Dollar index has beens however has been hovering around that range for weeks. Nymex crude was around 93 per barrel and still positive but 9184 right now. Jon investors have to assess what higher oil means amid energy stocks. Im watching stories tied to outlooks because within the Dow Jones Industrial average, disney has been the worst performer down 3 after the test they disclose big Spending Plans for the theme parks over the next deep debt decade upwards of 60 billion in some saw the spending where there is a lot of costcutting. Citibank suggested its a bit over blown. The outlook for starbucks in chinas getting attention because there was a note suggesting the outlook for that market might be more challenged than some analysts and investors think and they are
Prognosticators who said the trump win would send stocks down hard have been off the mark. Today, the Dow Jones Industrial average rocketed to a record close. But not everyone participated. Well have more on that in just a moment. The dow rose 218 points to 18,807, a record. The nasdaq lost 42. And the s p 500 rose four. Bob pisani has more on the rally. Reporter what a week of trading. We went from rallying on monday, going into the election, to down 800 points the night of the election, to soaring to record heights just today. Whats going on . Theres a new trading mentality on wall street right now. Lets call it the reflation trade. Buy into sectors that will benefit from less regulation and more fiscal stimulus, that means spending. Bank stocks like jpmorgan and Goldman Stacks all hit new highs today. On the other side, the downside, Interest Rate sensitive groups like telecom, real estate, and utilities are being hit on concerns of higher Interest Rates. Big Tech Companies like app