Busiest day of earnings season and as we await a vaccine, more positive news from one drug maker about a possible treatment. You are watching Worldwide Exchange here on cnbc good morning, im dominic chu in for Brian Sullivan. We begin with stock futures pointing to a possible turnaround with the dow kit e indicated high, 175 to the up side, s p up by 27 and nasdaq up by 125 the dow and s p are coming off their first single day performances since june 11 the blue chip index seeing its fourth done day wn kaday in a re late february. Since the selling began on friday, the dow has shed a total of 1843 points, roughly 6. 5 it is on pace for its worst monthly performance since march. And it wasnt just the dow Big Technology also taking it on the chin over the past couple of days take a look at facebook, alphab alphabet, apple, tesla, and more together losing some 270 billion in market value just since tuesday alone. All of this coming as the u. S. Reporting its highest number of coronavirus
Of that will be technical selling. The bond market is a little bit unusual not so much happening in yields here, but in europe you are seeing pretty strong support. The time now for the market moving news from our new york team. We want to begin with china and that historic economic slump. Ae first contraction in backdated. We have our correspondent with all of the details. Mike it was actually worse than you expected, 6. 8 decline, the worst since they started reporting quarterly in china back in 1992. The economy has not contracted the fullyear basis since 1970s. We will watch that. One reason the numbers were not worse, if you look at the second number, smaller than expected, Industrial Production of on. 1 , factories returning to work. The problem for them is with the rest of the world unlock and there is nobody to buy their stuff. Consumers are not buying. Lockdowns were lifted but people are still reluctant to go out and spend. Retail sales down 15. 8 this is important because th
Would cut more than this. Alix but it looks like they actually cut more than expectations because it was 19. 75 , go into 16. 50 . It appears they did actually cut, so50 basis point it seems like it was a little deeper than even the most dovish expectations. 19. 75 , and was they cut it to 16. 5 percent. So it did exceed expectations. Alix but yet, you have the lira moving higher. I think that is never a good sign, when you have the currency moving higher when you have a 325 basis point cut. Interesting. We will have to watch that currency. That feels very much like the playbook last time we saw a cut from the turkish central bank. You have the, yes, turkish central bank. Now we are pushing ahead to the ecb. S p futures unreal, up over the 3000 mark. Hold . He rotation we seen we took a pause yesterday. Odollar euro firmer eurodollar a little firmer this morning into the ecb. A little bit of wiggle room when he market. Youre seeing a little bit of buying in the bond market in the u. S.
No surprise. That risk on rally. It felt like oil helped in some ways to turn the market around, too. You had a sloppy 10 year auction and reporting from bloomberg that said saudi arabia is hey,ng its buddies, saying we need some help. David the u. S. Will report jobless claims for the past week. At 1 00, the u. S. Treasury will auction 19 billion 19 million in 30 year bonds. Cbs and yelp will report quarterly earnings. We are joined by luke kawa and Michael Mckee taylor and Michael Mckee. Lets start with that china data. As you know, exports actually went up. Theiris another line on on the imports which shows they are negative, but better off than it had been. Michael the numbers are a bit of an anomaly because we did see in june president put additional tariffs on. Economists are expecting this to turn around because of the threat of new terror of new tariffs. Bloomberg had a very interesting story yesterday that said warehouses in the u. S. Would fall. Not chart where you put anythi
Makes a push for the white house. Its wednesday, may 22, 5 00 a. M. And youre watching Worldwide Exchange. Thank you for joining us. We get you ready for the trading day ahead. The s p and the nasdaq at alltime highs and the dow within striking distancing after pulling back slightly from 45,000. The markets in the red right now. Moving a bit lower. Looks like the dow would open about 20 points lower. We also want to check the bond market ahead of the release of the fed minutes at 2 00 p. M. Later today. The benchmark, 4. 43. The long bond, the 30year, remember, this is a road on inflation expectations. The yield has declined in recent weeks. Were looking at energy, specifically oil. Biden will release 100 Million Barrels ahead of the 4th of july. Take a look at oil pulling back once again. Down more than 1 . Brent crude trading at just over 82 bucks a bail. Thats your morning setup. Were going back to stocks. The head liner, of course, its nvidia. Its the biggest of o the money movers.