Orders the numbers are not pretty the dow on track for its worst First Quarter ever falling more than 20 Retail Stocks are front and center as the coronavirus handcuffs the once strong u. S. Consumer how long will the pain last . Well dig in on that this hour bob, we begin with you and the markets today. Good riddance to this First Quarter of second worst quarter s p history. This is why everybody is hopeful about rebalancing a little bit here corporate bonds, flat and high yield down 12 be. Reminding us in a recession these kinds of bonds, high yield tend to act like stocks. A little bit reminder about that we have good news and bad news the good news is the president is out today pushing an infrastructure stimulus. That would be a number of programs out there we have progress on the vaccines and testing. The fed and congress have gotten very aggressive in the last few weeks. All good news. Theres still bad news we havent begun to see the really bad Economic News the market is very do
Speak, investors listen for clues and, hopefully, some clarity. But once in a while their remarks can create more questions than answers, and that was evident in the market today. Confusion reigned as Central Bank Officials appeared to walk back the chance of a more sizable Interest Rate cut at the next policy meeting later this month. Hopes for a half a percent cut were fuelled by comments made yesterday by president of the new york fed and they were top of mind again today when the head of the st. Louis fed spoke. All of the confusion though resulted in a down market with the industrial average down 68 points at 27,154. The nasdaq was down 60, the s p slipped by 18 and all of the major averages were lower for the week as well with the nasdaq and the s p turning in their worst performances since may. Steve liesman takes a look at the fed backandforth and whether investors are preparing for a quarter or a half point cut. Reporter kate lewis fed president james bull lard speaking in new
Morning. It is the kind of flashback wall street does not want to see. A lower finish by the s p today would mark its first ninesession losing streak since december of 1980. Were coming off eight straight negative days for the First Time Since 2008. And then that jobs number of course showing lower than expected payrolls. But, jim, the wages suggest that unless more people come back into this labor force, its getting tight. Less slack. Thats certainly a way to look at it. I think that the fed has plenty of ammo here. They can say, listen, weve got job growth. Weve got people make a little extra money. I know theres another whole scheme of thought which is hold on let it run. But in an environment where they think these are emergency rates, these are not emergency job numbers. These are job numbers that you get when things are fine. Now, i know that theres an undercurrent in the election which says that one party is saying, listen, not only things not fine but millions of people are los
Im wilfred frost. My Favorite Song playing in the background. This is the song i walked down the aisle. I knew it was a lovely song. I didnt pickup. Lets get a check on global market. Looks like softness overseas. Potential lweighing on futures. Little change. Not even up one point. S p up half a point. Nasdaq up one full point. So the nasdaq is in the lead this morning. This after we did see declines. All three major embassies pulled off record close es yesterday. By a good half percent. This market has declined for a meaningful amount. Markets once again realized that its not always new highs each day, each week. Which we basically had for the last couple of weeks. Decedent declines. Absolutely and small moves. It was all about fed speak and check out the tenyear treasury note yield. Bonds sold off as well. That pushed yields higher. We see them move up a little bit. Unching higher towards 1. 58. We were in the low 1. 50s to start the week. The fed chatter that dominated yesterday is
Deadly earthquake fallout in central italy. Oil inventory on the way pfr our road map with elon musks need for speed. Tesla announcing new models with a longer range. The epi pen controversy at myland. Details about executive pay there. Today is the oneyear anniversary of the 1,000 point drop in the dow. A look back at what was a dramatic session. Speaking of which, jim, on that day, the vix posted its biggest oneday spike ever even as now a year later its 40 below the 10year average. We remember that day well. There was a lot of disorganization and a lot of fear. There were stocks trading, i remember celgene down 20 bucks. There was no news on celgene. That friday we had gotten james bull yard, an interview on sirius satellite, making a case for a rate hike while making a case for china. I think what an opportunity the market down 1,000 and rallied to be down 100 and finished down 588. Turned out to be the max numb fear moment. China did grow at 6 , not 7. The fed didnt raise. Oil at