Index climbing sharply higher. In the month of august, the cyclicals are leading the way on the year. It is all about tax. It is all about tech. Interesting to see how the month of august plays out. Right now a sleepy summer day. Taylor it does not look like it will be sleepily for much longer. August goes quickly. It is a volatile month. We are in an election year. Abigail it is interesting because there are lots of reasons to think we could have a volatility spike, including the fact we are in the seasonally higher volatility time, august, september, october. The vix curve speaks to a big spike in october. The panic index is at levels close to where it was prior to the selloff in february and the selloff in 2018. The fundamental backdrop for this is despite the fact we have a better initial jobless claim today, which is excellent, but it is still extraordinarily high. It is not even put the financial crisis you cannot see the numbers around the financial crisis relative to where we a
States come and the jobs report two days away on thursday. To me, all of it is superseded by a global virus update. There is a little bit of good news, but it is overwhelmed by the bad news, and this news out of hong kong, i thought steve engle and anna edwards conversation with lord paren that lord patton was extorted very. Response that we could see from washington will do well worth watching. Lam just carrie finished a speech where she said freedom of the hong kong population it is unclear how china will interpret the new law that has been passed. Coming up in the next hour, our exclusive conversation with barclays executive jes staley. We will talk with him about loans and markets. Lets get to first word news with three. Ritika good morning, tom. The stage has been set for another confrontation between the u. S. And china, chinese lawmakers approving a National Security law for hong kong, punishing acts of terrorism and seclusion with Foreign Forces. The law will shape future of ho
Economist poll were expecting 54. 2. So it is well north of that. The jobs number well wait for the details of that tomorrow. Im really curious as to what is happening in the employment picture right now. But over the next few days, well get more employee information on that following last thursdays blowout data. But this is a very, very strong number. How did that translate into perception of what is happening with the economy now while Global Equity markets as kaley said, starting to weaken very strongly. The china data helping out. But some investors despite what were seeing, strategists saying the returns to be limited. The c. I. O. Of hedge fund capital is not particularly optimistic. The economy is in a very troubled place. Frankly, the worlds in a very troubled place. The market is across all Asset Classes, the markets are incredibly volatile. The performance within asset class is incredibly dispersed. Thats going to be with us as the Global Economy is likely to move in these fi
We shifte weeks where from recovering east coast cities with all of our bias there to the rest of america. It is not a pretty picture. What i find fascinating is axios moments ago features new mexico and oregon, where others are featuring arizona and texas. It is a state they are, a state here. I dont buy the second wave stuff. It just sums up to an expanded pandemic. Jonathan for real it is a moment for real humidity. Not a moment to project for real humility. Not a moment to project confidence. I think it was pretty clear in yesterdays News Conference the fed is not going to do any tightening anytime soon. Tom i sort of blew it yesterday. You know i am not a fan of the dot plot, and i never looked at dots on the bloomberg. It looks like an old line hockey stick from my youth. To 2022. T out and then miraculously, Interest Rates elevate somewhere out there longer term. I dont buy it for a minute. Of a heada bit scratcher for me as well. Lisa abramowicz, which got to talk about the dat
All sectors are higher, even those companies that are telling us that news, like uber, laying off 3000 people. It is really across the board. Homebuilder confidence that are than last month but still coming in at 37, so still pretty weak. Crude oil just below 32 a barrel. I want to point to the offshore indicator of how the market may be performing. Weaker for the last few days. Lets get a deeper dive into todays Market Action with kailey leinz. Kailey obviously, we have a healthy rally underway. Volume is 20 above average. That indicates there is some conviction here. Bet indicates there not much conviction, the vix. The fewest long contracts, and the fewest short contracts. How toket is not sure price future moves and volatility, even as the vix has fallen by more than half. That index is now at 829 handle. , ifor movers in the markets want to mention moderna. At a 29 handle. Analysts raising their price targets on that. One saying the company could have a potential blockbuster for v