United states, and it is simple. He wants to get this thing done now. Jonathan he was asked specifically about some of the details in a News Conference yesterday evening. He took a sidestep. He is leaving the swing to secretary mnuchin. Weve got a real fiscal test, and yet this equity market is still doing ok. Futures this morning up 11. Tom it is an absolutely fascinating tape. Point, lisa is going to talk italy, spain, something. Look at where the vix is. Crisis over. Jonathan dr. Talk about the data 90 minutes away, initial jobless claims. To seehis will be key the deceleration, potentially even decline in job growth. At 11 00 a. M. , the other backdrop is the widening deficit in the United States. The u. S. Treasury set to announce their plan to set sales of debt. Later today, Major League Baseball is kicking off with a shortened season, the shortest since 1878. The think is against the Washington Nationals cardboard cutout fans. Jonathan it is the shortest season since 1878. Thats
Last 400 days is we are finally on dollar support. We will talk about this through the show. On dxy, the blended dollar index , with strong euro contribution, we are really on the support of a signal to a weaker dollar. Jonathan it is the trait everyone would hope would develop it is the trade everyone was hoping would develop. We see that on the screen this morning. It is a tugofwar between pretty negative corporate guidance and the vaccine hopes that started yesterday evening. Lisa i would argue that the vaccine hopes are very much in the front of peoples mind this morning. The question of whether moderna can jack up production, as well as the Regulatory Approval they need to get this out and distributed. Meanwhile, more guidance from the big banks. Goldman reporting in about a half hours time. At 2 00 p. M. , the fed releases their july beige book. Some indication of how businesses are changing their expectations based on the resurgence in virus cases. Also today, opecplus meeting t
Cable up by. 3 . Hit sofutures, tech got hard yesterday, we are getting a bit of that back. David oil traders around the world are heartbroken. You have thrown them over for going. It is all jonathans fault. Ok, parliament is debating President Trumps controversial tweet. The president was wrong to retweet antimuslim videos from a far right group, britain first. Earlier, the president tweeted that Prime Minister theresa mays focus should not be on him but on the threat posed by islamic terrorism. The synod is moving toward a final vote on the massive tax overhaul bill as early as today. Lawmakers voted along party lines to begin the debate. That doesnt necessarily signal that Republican Leaders have the authority votes they need. Theenate republicans passed tax bill, they still have to hammer out differences with the house version. Oil prices are edging higher hours after opec meets. The cartel and russia are ready to extend production curbs until the end of next year. The goal is to f
You. Thank you. So, when you were with us on august 7th, you said the market is fully valued. From then until then the Dow Jones Industrial average is up 6 , the s p up 4 we overvalued now . Not yet, no i would say that, you know, basically bull markets ended over valuation and i dont think were overvalued use whatever adjective you want to describe it the market is not cheap and its not expensive. So as i think ive been saying, i think were kind of approaching normalization, and to me normalization is a 17 multiple on earnings and the trick is what is the earnings youre looking at . You know President Trump and the republicans get their way, and we have a tax package, you can see earnings next year in the s p about 150 and the 17 multiple and 150, i think its 2550 that would be fair value, full value but fair values, and, you know, most bull markets end over valuations so took another 10 to 15 to that number. The trend is favorable and the conditions that normally lead to a big market
Showdown in the white house over who has the president s ear. Will have the president , sean spicer, and anthony skerritt lucci on fox newsppearing with sean hannity. Julie together . To sendhey are trying some message that there is no beef between them. But i have spoken to several sources that are suggesting this is a political win for the two who were on with donald trump before sean spicer was on board. Business, the communities have worked for sean spicer for quite some time. He is not going anywhere after. Ugust julia i was watching him in and he talks about the symmetries and realigning them. Thate are more confident he gets the trade, the market. But does he understand washington and will you have the same kind of impact on relationships there that he needs to . A top he is in environment, especially from someone outside of this city. Is white house right now full of people other than spicer, who is now leaving, who are from new york. And they have had problems actually governi