The dow jones down nearly a full percent, the nasdaq down. 75 . The s p 500 is rebounding from session lows but we are still in the red. 3 , and lets move on to Oil Commodities getting hammered. Brent crude is slipping below 50 a barrel for the First Time Since january. There is concern that iran will increase supplies and the slowdown in chinese growth. 13. 66 for the last month. Nymex crude is lower on this monday. A quick check of gold gold trading your a fiveyear low. Goldman sachs says prices could drop a low of thousand dollars an ounce. Ride down forlong oil and gold. Checking on how the treasury i want toe trading see yields moving in the same direction. The two year yield has been slowly going up that gap. Many investors and traders believe we are going to see this Interest Rate rise in september. In the currency markets, watch the Commodity Currencies hitting the worst year, hitting the aussie dollar and new zealand dollar. Usurping the also earnings power of companies as we
America gives us a look into what is next for him after his 24 year run at the company. We are 30 minutes into the trading day. Ulie hyman is here julie we are seeing all major averages on track to close higher. A higher ratet than estimated. Picture with the new home sales. Month over month, rising at 0. 7 . That is the annual pay. Another positive Economic Data point so we are seeing in the stock market. I want to look at what is going on in the bond market. Market participants are awaiting the announcement of who will be the next head of the federal reserve. The news broke that Jerome Powell was the front runner. Taylor is the other front runner here. We have been seeing an increase in bond yields today alone. Here is the upswing when that news came out. We dont know until it is a done deal. The increase in bond yields is helping the financials as well. We had financials in the top spot with a 1 gain. Definitely supporting gains in the market. Technology also bouncing back. Consumer
Our road map this morning begins with the market moving on comments from trump on pharma, defense, automakers, what the News Conference meant for investors. Plus, trumps ally in the valley, peter thiel on the president elect with comments on apple and the stock market as well. Speaking of apple, new report the company is planning a significant move into original content. We will fill you in. First up though, futures moving lower a day after the nasdaq hit that record high. It was a rough day for biotech after shot heard around the pharma world delivered by the president elect at his News Conference yesterday. Our drug industry has been disastrous. Theyre leaving left and right. They supply our drugs, but they dont make them here. Theyre getting away with murder. Pharma, pharma has a lot of lobbyis lobbyists, a lot of lobbyists and a lot of power. Theres very little bidding on drugs. Were the largest buyer of drugs in the world and yet we dont bid properly. Were going to start bidding a
Plus more ceos head to trump tower. And another automaker, another emissions probe. We will fill you in on that. But it is all about the banks this morning. Wells misses, j. P. Morgan beats, b of a posts some mixed results. Jim, you just tweeted enough with the binary trade. What do you mean by that . Were in a difficult situation here because there are people whove been saying the banks have run up so you got to sell them. Thats trader talk. When i was at a hedge fund i would say ill put out bank of america at 23 buy back at 22. 88. These are unbelievable quarters, theyre unbelievable because theyve become growth stocks, cocacola, they do not have the ability to run this organic growth. These are remarkable quarters and we just started. Bank of america haechbt seen the gains yesterday. Numbers im looking at ive calculated 100 basis points in fed increase, you get 3 billion more. Just added on. Do you think that Proctor Gamble can put up that kind of number . 600 million baked in the n
State of, states of new york and california although were still not sure whether it resolves all litigation of all plaintiffs, but if true, it would sort of turn around a donald trump promise that he never likes to settle lawsuits. That he likes to fight them. But of course, he is going to be president of the United States and that would rather be disruptive to his immediate task at hand. Indications that donald trump is very close to settling those lawsuits, and maybe in short order and maybe to the tune of 20 million bucks. Well explore details on that in just a bit. Meantime Connell Mcshane at trump tower with the lates and comings and goings what he is spotting from his Vantage Point at front door. Sir . Reporter not quite as busy in comings and goings but in terms of big announcements three from donald trump. Made it official what he would like his attorney general to be and announcement of the next cia director and National Security advisor. Senator Jeff Sessions was a u. S. Atto