Strong session. That sector going for its seventh straight day of gains. The only other areas with some green on the board kind of feels a little suspect as this last hour begins, well keep our eyes focused there as well. It takes us to our talk of the tape. Is the markets uncanny resiliency throughout much of 2023 a sign of whats to come in the months ahead or just too much to maintain. Lets ask eric johnston, hes made his case on this show that stocks are due for a big drop, and on the other side, nfjs john mowry who argued investors have been too negative. Both joining me live. Its good to have you both. Eric, youre here next to me. Ill come to you first. Why do you remain negative on this market as we make the turn into the fall . Yeah, so there remain significant headwinds that are in front of us, and i think looking forward. So i think if we look at a few different things, number one, this is a late cycle economy. Weve looked back and i would define the cycle by Unemployment Rate
Liz is out today but we have breaking news to begin with, fox news is reporting that hamas has released to elderly israeli women both being a poor health, of course we are following all of this and more on the latest developments coming up in the show out of the middle east. Markets right now are pretty mixed with the choppy trading session. S p and nasdaq up slightly, then affect doing better the dow down slightly, all of this as republicans reconvene to discuss potential speaker candidates later today. Again, jointed us with the very latest in the soap opera is chad pergram, good afternoon. Good afternoon, republicans meet tonight again for another Candidate Forum for speaker, nine republicans vying for the job, they are names youve heard of like House Majority whip tom emmer and Byron Donalds but also backbenchers to jack bergman in dan meuser. Everyone on that list would make a good speaker but i bring a lot of experience to this and a lot of time the private sector and the revenue
This hour. These are modest declines. Dow down 71 points. S p futures off 11. Nasdaq down by 44. At this point, the dow is on track for its fourth negative week in the last five and that is because of the treasury yields. They have been pushing higher and higher. The tenyear yield is 4. 95 . In fact, it did cross that 5 line that we were watching. Hovering at 5 . Yesterday, just after 5 00 p. M. , the tenyear yield hit the 5 level briefly. The last time we hit that level was july of 2007. Yesterdays move cameafter fed chairman pojay powell spoke and kept the door open to more rate hikes. We have models for everything and formulas for everything. We have to be focused on what the economy is telling us. Even taking lags into account. What is it telling us . Does it feel like policy is too tight right now . I would have to say no sdp. We will talk about rates and more with Raphael Bostic. Until recently, bostic has said were done. Jay powell said yesterday at the Economic Club of new york