Navigate it all. With the clock ticking, get reaction from republican Congressman Ken Buck from colorado. It takes a lot of guts and a lot of innovation to start a business during a pandemic. One man is doing just that, very inspirational story coming up. All that and so much more on making money. Charles so for the most part the market has been elevated all session long but obviously on pins and needles which plains the rapid air pocket we saw earlier in the session where there was a tweet that nancy pelosi sounded very skeptical about a deal with steve mnuchin. I suspect it was strategic tweet as both sides are using proxies to move the market and gain leverage but beyond the drama in washington, d. C. , there is lot of mostly positive news on the economy and stock market today. Initial jobless claims came in better than expected. As they continuing claims was dropped by almost one million in just one week. Consumer spending came in much better than expected even as incomes declined.
Ran out of ammo, no more stock left to sell the buyers ran right back in dow surging 440 points, s p pulled 2. 01 nasdaq soaring 2. 71 so how do we explain this incredible rebound as the averages gave up gains after trading . Its easy enough to argue things are better than we think and thats definitely a part of it not the whole thing. It doesnt explain the broad base of the rally. We had a dramatic decline in tech late last week and yesterday and the same stocks roared higher today. No surprise. Last night i told you the sell offs tend to last three days and tech bounces back. Thats exactly what happened what shocked me, though, the incredible buying in the industrial industrials, retailers and railroads. The last being really surprising in other words, we had a rally in both the covid stocks and recovery stocks when nearly everything goes up, youll hear people its the fed or people betting ochon a stimulus package those explanations miss the mark how do we figure out the driver . Fir
Is driving the market. The credit fundamentals are deteriorating. The central bank has effectively crowded in. You can get spreads. Jonathan always great to catch up with you. We have a ton of supply from the treasury. The 30year happened. What was your interpretation. There was supply fatigue. What was your take . In the end, supply does not drive markets. It can have shortterm impact as supply has to get digested by the marketplace. Over the long run, the fundamentals are what will drive evaluation. At the long end the long end of the curve was a little overbought. There had to be concession to be supply into the marketplace. Over time, it will be fundamentals and we will be in a low inflationary environment. The fed is on hold for years. As a result, there will be demand for long treasuries. Back in late 2017, when the administration cut taxes, the yield on a tenure was 250. On a 10 year was 250 what will matter for the long and is inflation dynamics. Inflation picked up in the last
Twitter as manipulated media. The outrage at this hour. Behind bars. The former Atlanta Police officer who killed Rayshard Brooks set to face a judge. The other officer on the scene speaking out and we hear from one of the witnesses who was in that wendys parking lot. His car was hit by one of the bullets. Wildfires raging in the west. That monster bushfire in arizona spreading over 115,000 acres. More evacuations under way. Ginger is tracking the latest. Firework boom . Reports of illegal fireworks soaring around the nation. Thousands of complaints pouring into police departments. What is setting off the spike . Celebrating juneteenth this friday. The holiday marking the celebration of freedom for so many, the momentum of the black lives Matter Movement now leading Big Companies and over 20 nfl teams to honor juneteenth today and the superstar stepping up calling for it to be made a National Holiday. And all the feels for fathers day. Superstar will Smith Opening up about becoming a d
The markets are telling. Abigail, are you there . Abigail we are looking at the s p 500 down 3. 5 after the worst quarter of the s p 500 going back to 2008. The russell 2000 down 5 . Last quarter the worst quarter ever. The stop selling we have seen this year on the coronavirus crisis, human tragedy is continuing right into the Second Quarter. It seems today to be a combination of technical factors and key support levels broken late yesterday so the sellers remain in control. Plus the fears around the virus as it is hitting the u. S. , the peak ahead in terms of what the fallout could be through the human tragedy weighing on wall street today. David exactly. It is not lost to me that President Trump came out yesterday after the markets had closed and said this would be tough for the next two or three weeks. He said it would be one of the most difficult things the United States has ever faced. How much of the Market Reaction does not have anything to do with the economy, it is the virus