We welcome you on the simulcast. Bloomberg radio and Bloomberg Television across this nation and worldwide. This due of news is just extraordinary. An important moment will be Lawrence Kudlow after the jobs report. But jon, i want to talk for a moment about the markets. Affected. Oeing come up 5 . Igit 13 on the s p 500 yeartodate, and the nasdaq 100, lisa has loaded the boat on the nasdaq, up 38 . This is a boom and great bull market. Jonathan record on the nasdaq, just off that on the s p 500. The market has ignored all of the bad stuff over the last month and held onto all of the good stuff. Does that change in 29 minutes . The payrolls report, the estimate for hunted 60,000 the estimate 460,000. Tom Kevin Cirilli talking about the enthusiasm to get something done. We will talk about that in the moment. I love what greg peters of pgim said in the opening credits, the idea that everybody is looking for every bit of yield. To me that has been undersold story this week about how other
We welcome all of you to an onraordinary friday morning Bloomberg Radio and Bloomberg Television. It is jobs day. We will look at the state of this pandemic economy at 8 30. But we will also begin to see substantial count and returns from these key states of georgia and pennsylvania. Jonathan really tight races in places like georgia and nevada, tightening in arizona and pennsylvania. That is the focus for market participants. I would go one step further. Also a focus on the senate. A reporter a little while ago said it wouldnt be a blue wave, it would be a blue mist if we got a 5050 in the senate with a Biden White House. That would really change the story. Then youve got to reshape the narrative of the past couple of days that have been driving this market. Tom we will get to the data here as we move along. Futures, 38. The dollar a little bit weaker. Gold up 50 over the last number of days. Michael holland scheduled to be with us on the market. I am still trying to find an entry poi
Unemployment rate over 10 , and that is nothing like what we see this morning. The mystery of what we see with this is absolutely extraordinary. Weve got the voices lined up to talk about it. The market standpoint, economic standpoint. What is missing, maybe we will get that from mr. Kudlow later, what is the view of washington on the American Labor economy . Jonathan and will the view change with jobs numbers falling apart . I never thought i would sit here and say it could be positive one million, could be one million. Quite simply, no one knows million. Negative one quite simply, nobody knows. Tom Bernie Sanders of vermont talking about the inequalities out there. This jobs report will show the start discerns between the stark difference between the haves and havenots. Lisa that has really been the hallmark of the crisis that has ensued. Theres a question of looking at the granular month we data, and the belief that looking at some of the corporate reports and the earnings that thin
Report, and the jobs data tomorrow. Without a doubt, to of the greatest mysteries we have seen since february. We cant emphasize enough the imports of this claims data. Jonathan we really hope we see an improvement after things went the other way last week. Later tomorrow, we get the payrolls report. Unpredictable. That is the word you would here again and again. Tom lisa, i am going to go back to your bond work for years. Theres a point always where you switch from yield dynamics and analysis to a price study, and it really is beginning to feel to me right now that all the media and the experts in the pundits are beginning to look at price, not yield of bonds. Lisa i think you underscored one of the most important questions in the bond market this week when you asked, is it the real economy driving yields solo or is it the Federal Reserve . I think that is a key question Going Forward as we see the recovery stall out. Can yields go lower not because of the fed promising to buy bonds,
You just heard steven major of hsbc talk about the recovery that is out there, and it is a mystery. Already come our conversations this morning have really showed the massive ambiguity we have going into 8 30 this morning, and then jons conversation with Lawrence Kudlow near the 10 00 hour as well. It is an extraordinary day. An up market, and some stasis in the bond market as well. But we have said this all morning. It is not just about the payrolls report for the Establishment Survey. It is about the slew of Economic Data we get out today. Jonathan it is also not just about the data. It is also about the reaction to it. How will the administration respond to the bounce in the Economic Data, and how will it shape the fiscal effort in the month of july, when clearly, more help is needed . My personal worry is not that they dont something. I think for many people, including the likes of pimco, it is a matter of when, and not if. But do they move away from offsetting the income shock tow