Im Andrew Ross Sorkin. You cant wear white pants. Im Andrew Ross Sorkin with joe kernen and mike santoli is here hanging out for becky who is still off today. Lets show you u. S. Equities at this hour. We have a little bit going on. Not too much just yet. The dow off 27 points. Nasdaq opening down 58 points. S p is off 9 points. Treasury yields with the 10year treasury is sitting at 4. 224. The 2year treasury at 4. 910. Have you noticed we flipped that board around, joe . The oil prices . No. The treasury board. That board, we used to run the 30year treasury. The 30year at the top and 2year at the bottom because the way the world used to work. Now the world is flipped upside down and here we are. That is a good metaphor. Mirror what is happening. You remember, andrew, years ago where were you on the show or before when greenspan said it. Its back. Combine the 2year. The 30year used to be the one to watch. Exactly. We should have done 100 about a year and a half ago. Would that have wor
The s p down. 20 . The nasdaq up slightly up. 1 . The treasury market was having. Ism manufacturing numbers came out that were showing growth for the first time in a year and a half. You would think that is good news. It pushed back expectations for rate cuts. You can see the tenyear note at 4. 33. The two hyear note at 4. 71. Yields moved up to the highest level in a couple of weeks. That manufacturing data was a surprise. That was 4. 34. Yeah. 1. 9. It was 4. 20 yesterday. 14 basis points. It was on the stronger than expected ism. You add that together with the higher inflation data with the pce numbers on friday and the comments from jay powell and Christopher Waller last week and all of it has people thinking that june rate cut may not happen. The fed futures fell below Roger Ferguson said it over and over again. He has been our accurate barometer overall of it. We were at six and settle for five. Okay. Four would be good. We decided were going to do three. It could be one or two.
It ended up 34 points. Look at what is happening with the treasury market. This is the big story from yesterday. Huge swings where you saw the yields up significantly in the morning and drop Something Like 18 or 19 basis points. You see the tenyear yield below where we were this time yesterday. 4. 488. The twoyear yield at 5. 07 . Lets look at crude oil. Wti is up to 85. 93. Then we look at the crypto board. You b bitcoin is up this morning with the speculation it will be approved by the s. E. C. 17,000 is low. I remember it. I dont get the speculation. We talked to hester yesterday. I cant believe it hasnt happened. She also has been in favor. She seemed to suggest and i read her comments to mean these folks were not any more inclined to do it a week ago. I got her. If we did get that from her, it was like go figure. For some reason, they will not do it. It implied the logic. Sure. She has been in favor. If you have people who dont agree with logic, it doesnt matter. Ge is out. Phil l
A lot of excitement building for the 2024 olympics which is 55 days from now. We will all be here together. We have more on the big events in a couple of minutes. I should tell you a lot of news coming out of france this morning. President macron going to new c caldonia where there have been riots going on. It is the Third Largest producer of nickel. A lot of folks paying attention to what is happening in the french territory today. Also news out of france where the country says it will be supporting the International Criminal court which says it would like to issue arrest warrants for Prime Minister netanyahu of israel and hamas. We will discuss all this and more throughout the broadcast today. Wow. Andrew, we have a ton to talk about. Joe just mentioned the Scarlett Johansson news with a. I. And the big issues coming from that. We will talk about all these things coming up. Are you scouting locations for us . We appreciate that. This is the first. Is this a good one, you think . Is t
Gold with the worst day yesterday down 1. 3 . Copper up 2 . It hit its highest level since april of 2022. We have been waiting for home depot. It hit. 3. 37. Closed at 3. 40. The same store. 3. 2. Overall, same store is down 2. 8. It was 3. 68 a share. Oh, its all on the teleprompter. Ill read it now. You heard this already. Home depot just reporting. 3. 63. Revenue missing. 36. 42 billion. 36. 66. I dont think those are people are expecting down 3 to 5. The same store sales fell 2. 8 . People were expecting 2. 2 . Ted decker saying the company is still seeing, in his words, continued softness and certain larger disregucdiscretionary pr. It is expecting sales growth of 1 . Lets bring in brian nagel for more. Still seeing same store sales. Brian nagel with oppenheimer. Brian, you figure the stock recently has been a little weak after a pretty good rebound after prior weakness. You dont think it is cheap . Good morning, joe. I dont think it is cheap. That is the key reason why i remain o