Against the dollar late yesterday. The u. S. Treasury in the day labeling china a currency manipulator. Since then Chinas Central Bank has stepped in we well speak with white house chief Economic Advisor larry kudlow in a few minutes. You and i were talking yesterday, jim, about what we might expect in the market during the course of the day the move down in yields and the 10year in particular also caught a lot of peoples attention. Here we are a day later. We looked like wed be down sharply after other markets opened down. We have now rebounded at least in the futures market. What are your expectations i think that you cant buy enough opening there was a lot of money committed on the sell side i dont know how much short, between when we announced there was going to be designation and probably right to the special last night apple 185, microsoft down 5, facebook down 20 these were very big prints over and over they just kept hitting the bids, hitting the bids, hitting the bids they wer
Carnival no shes actually flying long distance, choosing delta, united oh, hold it, shes spending like crazy on luxury goods overseas at least according to the mastercard data. Shes going out to dinner after work from home says american express. Oh, wait a second the consumers shopping at lowes for black and decker because she cant sell her home because rates are too high so she might as well refurbish the darn thing with a new deck, maybe throw some Sherwin Williams paint on it but shes not working out as much as before drinking less. According to Planet Fitness and diageo at which point i say wait a second, hold it. These data points, which is what i live with every single day, every minute of my life, these data points, theyre driving me crazy. And thats actually somewhat easy to do but they are the markets reacting to every twist and turn of the consumer right now and it seems to have the memory of a mayfly the market started weak, turned positive, sold off again, dow dipping 67 po
Said dont worry about it. Its all going to work out talk about a punt. That young man deserves better you know what . You deserve better so let me give you some answers about what can turn this darn thing around for real after a hideous day. Dow only 105, only but the nasdaq plummeted a bone crushing 2. 43 the house of pain thats awful. Look, as i tried to say last night, this is not a good market i know you dont need a weatherman to tell you which way the wind blows think about yesterday. I tried to say everything good right now is merely a trade because stocks have become divorced momentarily from the fundamentals of individual companies. A bunch of bigname stocks who rallied on good earnings yesterday, not because of the results, but because they reported on a day when Interest Rates, they sure werent today, they shot up like a darn musket. Rates should not be tame Interest Rates should and are going higher we have too much bond supply too, many sellers, and too much hot Economic Da
Great to have you here, seema. Lets get straight to the Global Market picture this morning. Coming off a week of gains we saw over a percent of gains for the nasdaq last week, just under a percent for the s p and dow. Very thin volumes on the friday morning of trade and no trade on thanksgiving thursday. This morning we are expected to open a little bit higher but just fractionally. The nasdaq up 7 points the dow 6. S p up about 1. 5 . We didnt see that Much Movement last week compared to prior weeks, but in general its been a similar theme over the last two or three weeks, and that is a very flattening yield curve. Its going up and longer coming down on be the ten year at 2. 35 this morning. If we pivot to asia where stocks ended lower specifically in china down nearly 1 , this after notching its biggest one day fall in 17 months on thursday, a lot of traders are attributing this to fears in the bond market, the fact bond yields climbing above 4 in china last week, so clearly a situat
Percent. Shanghai stocks down by close to 1 a decline of more than nine tenths in europe there have been some green arrows the dax is up by. 2 the cac is up by a quarter percentage points. Stocks up in italy, spain and london crude oil prices which ended last week just shy of 59 a barrel, check this out right now, down by about 44 cents. Still, wti trading above 58 at 58. 51 a barrel. Now this morning the big news of the day. Publisher meredith buying time, inc. , for2. 8 billion thats the price meredith will pay 18. 50 for time, inc. It publishes wellknown magazines such as time, peopl people. Meredith received 650 million a lot of people raising questions about what this means. Raising 650 million in backing from the billionaire Koch Brothers, charles and david koch are widely known for supporting conservative causes. They say the magazine business is a good investment in the press release koch industry says it will not have any seat on merediths board and will have no influence or e