Bottom line at novo nordisk and shares moving in an interesting direction overseas. And looking at the u. S. And what jay powell said could give emerging markets a boost today it is thursday, may 2nd, 2024. You are watching Worldwide Exchange here on cnbc good morning and welcome to Worldwide Exchange. Were coming to you live from cnbc london. Lets get you ready for the trading day ahead. Wall street is waking up with whiplash after the rally that saw the dow surge 500 points higher and ending the day with marginal gains u. S. Stock futures are trying to build on the gains you see they are gleareen acros board. Dow opening at 120 points higher nasdaq off the highs from earlier, but up. 50 all this after jay powell ruled out the next move by the central bank which could be a hike my expectation is that we will, over the course of the year, see inflation move back down thats my forecast i think my confidence is that is lower than it was because of the data we have seen. It is unlikely th
Pull off a coup are on defense trying to explain why they needed to fire former speaker Kevin Mccarthy, and why throwing the house, into chaos is a good thing, congressman by many burchett saying came to mccarthy taking too many days off leading up to government funding deadline. Take off august but decided to take over two more weeks, i feel that is a failure of leadership they are the ones set scheduled speaker, not where buck stops somewhere diverting attention somewhere else i think wrong. Where why are you smarter than jim jordan, 210 plus republicans why are you smarter . I represent my district, brother, why are you splatter than me you are condemning me because i stand up on my own that is what i do. I am telling you out for blood after gates pulled off motion to vacating from former speaker Newt Gingrich saying gates should be be expelled. Why think better to beat two solid conservative continuing resolutions you know why matt gaetz hates Kevin Mccarthy. Was determined to find
Pushed the dow into negative territory for the year. Joining the russell 2000 at this point. You got the dow industrials under pretty severe pressure. The s p and nasdaq up by 10 and 25 for the year, respectively. But they have seen their gains whittled away over the last several sessions too. The vix hitting its highest level since the turmoil in the regional banks earlier this year touched at about 20. Havent seen that in a while. Gr granted this is not the serious fear factor you get into, but we had an incredibly low vix for quite a while. Youre going to see that elevation, concerns about what happens next and people asking what are the odds of a Government Shutdown come november 17th. Thats the new deadline that is there and without a speaker of the house at this point, those odds jumped significantly. You also see that playing out in the treasury market where the yields pretty much across the board hitting the highest level since 2007 once again. You got the tenyear now at 4. 815
What higher for longer means with Interest Rates. We had conversations yesterday that to me were troubling and i started to think about things. It was transitory. The supply chain part. Transitory. There is maybe an underlining rate of inflation that is higher and it is harder to deal with and it has to deal with crude. It reminds me now it is supposedly not like the volcker era. Wages and unions and workers demanding more. The wage price spiral that picks up and higher wages. Thats what the fed is watching. We paused and only to restart. It was not putting a stake in the heart of it in the first place. A little bit stays and it comes back and you do higher. Stop again. It was the stop and start of the 70s which is what happened. Is that happening again . If you look at inflation in other parts of the globe, it is higher. The uk is operating at 6 . They dobnt have the dollar. That bugs me. 3 . South america averaging 30 . It used to be higher inflation. How many is a candy bar in zimba
The chart of the day, check out the yield curve. 210 spread. Points, we have seen the biggest decline in that 1980 ore like 2007. David what happens when we get to 50 . Do we have confetti . Alix that is bad. Get u. S. Adp5, we employment change data for the month of november. In london, Philip Hammond will be speaking at the Treasury Select Committee at 9 00. In washington, President Trump is set to make a statement on moving the u. S. Embassy in israel from tel aviv to jerusalem at 1 00 this afternoon. That is coming up today. Our top story this morning with the daybreak first take. Risk off markets overnight. Bitcoin hitting new heights. Of course, brexit because we always have to talk about brexit. Joining us are Lisa Abramowicz and joe weisenthal. Lets start with the risk off. What is going on . Joe good morning, i have no idea. It feels to me like the themes are international enough such that it is hard to point to one thing, except that a lot of things that have been working ver