Nasdaq higher, 20 points s p 500 up a little over 1 point. This comes after declines for the major indices in yesterdays session. Dow, s p and nasdaq each closed lower by 1 . The s p 500 closing below its 50day moving average for the First Time Since march 28th. Look at treasury yields. See where theyre standing right now. The tenyear note at 4. 182 and the twoyear at 4. 908 , just below 5 . The tenyear yesterday hit 4. 2684 core inflation remained at 6. 9 , unchanged from the prior month, slightly above forecast. Pay growth continued to pose headaches for policymakers as wages grew 7. 8 in the quarter that ended in june were watching shares of cava this morning sharply higher the mediterranean restaurant chain reporting earnings per share of 21 cents since going public swinging to profitability from a net loss in a year ago quarter. Revenue of 173 million Beat Estimates of 163 million. Same store sales rose 18. 2 . The cfo attributing some of the strong traffic to increased Brand Awar
Vix at 16. Jpmorgans point this morning was typically, you have the s p down two plus maybe a dozen times since covid. Couple of those were in the depths of covid but generally, its when the vix was about 20 unless we get a shock, maybe the selling is going to end soon if youre looking for why today, theres a slew of reasons. Started overnight in china with weaker Economic Data across the board even though we got a rate cut there, which should be supportive top data in the u. K. And in the u. S. , the data was mixed retail sales, a lot stronger but markets quit trying to figure out whether good news is good or bad news is bad because it keeps the feds hiking rates higher for longer that 1 control group number that feeds into gdp, thats something people were talking about for a monthly gain that was double the expectation and signals the consumer is still in good shape even though we got new York Manufacturing going back into negative territory and showing a lot of pain there you see go
Moving averages. This months worst performer on the dow. Plus activism in the restaurant sector. Outback steakhouses Parent Company down sharply. Lets begin with the markets extending this weeks losses, not a lot going right, and today, mike, a lot of it surrounds china and worries about not just growth but the debt burden as well. You wouldnt say its a new factor bits been on the list o worries. You have one of these situations where once you have this pretty sharp break in momentum to the upside, several weeks ago, some breakdowns in the longer term trend, some concerns about, you know, valuation that were always there that are being exacerbated and why has the yield become unanchored, treasury yields, and even global yields . All that stuff in the mix and then you have the related concern of, oh, what might what stress points might we see emerge out of that . All thats in the mix. I do think, also, yesterday, with the yields making those new kind of 15year highs, you started to see
Seasonality or much ado about nothing. Here is a good thing we get a chance to ask some of the best in the business this hour. All hail the new king, nvidia. Wait until you hear what one wall street legend sold to load up on the new king of all stocks. Plus well look at the true state of the economy and the consumer. How much longer can we keep pulling this off . You do not want to miss my takeaway on the homeless crisis should have america hanging its head in shame. All that and so much more on making money. Charles we should have had those trumpets they play, right . Because all hell, is official coronation, the new king of the stock market, nvidia. 36 buy recommendations on it. There were 31. Folks are loading up on this stock. Its really, really crazy. Here is the thing, seven overweights. Used to be three. One firm holding out right now, just one firm with an underweight rating on it. Obviously no firms have a sell signal on it. Here is the thing, wall street was waiting for a cha
Joseph. Were happy to have you here. Always. People have things. Its summer. If they asked me next week, i would say no, im on vacation. Even to spend time with you, i would turn that down. You know what, i take everything you say seriously, because it just makes me, right, i believe you. Yeah. Theres no reason to not believe me. Its not necessarily sarcasm. Not necessarily. Lets take a check on u. S. Equity futures. Joe mentioned towards the end of the session, we came off in the middle with the higher beyond yields, take a look at how were set to open. Look looking to lose 8 at the open, the dow looking to lose 49. After a day of declines. The dow fell 291 points on track for the worst week since march. The dow, s p and nasdaq are down more than 2 of the week. For the dow, its the first time it closed below its 50day moving average since june. Check out the pullback in technology. We have been talking about this for some time. The declines are stark. Apple, meta, microsoft, each more