Yields have picked up. Tenyear yield above 5 . That is a significant level. We touched briefly above that for a nanosecond last week. Since then, you have to go back to 2007 when you have seen yields at these levels. 5. 012 for the tenyear yield. By the way, check out energy prices. You will see wti which is off 33 cents. 87. 76. We have merger monday as joe mentioned. Look at what is happening here. Chevron buying hess in the deal of 53 billion. 171 a share. That is a low premium over the Closing Price for hess on friday. Hess shares are up 2. 25 . Chevron down 2. 9 . This deal comes just weeks after exxonmobil made its move to buy pioneer natural resources. Both stocks on the move. Hess ceo john hess will join chevrons board. I just got off the phone with mike wirth. Very low primemium on this. This goes back long before the rumors came out about exxonmobil and pioneer. That deal went through last week. A lot of people thought after the deal, that chevron would look for Something Els
City this morning, good morning. For our audience worldwide, this is bloomberg surveillance coming in to wednesday with the nasdaq at alltime highs. Equity futures just about positive. Your lineup looks a Little Something like this. Cpi data in america alongside u. S. Retail sales Neel Kashkari, nikki bowman with a lot to say about this inflation backdrop. If they really want to give some sort of hawkish message this market is not listening. They want to rally on the disinflationary pivot regardless of the data it gets. Fed chair powell yesterday coming out saying hes less confident in the disinflation narrative we are seeing near alltime highs in a massive rally in bonds. The consensus is overwhelming. I was going through the estimates. 68 estimates into the survey. 63 of them have put down 0. 3 percent for core cpi. Annmarie we also have retail sales which a lot of people are saying might be more important because we get three point whatever it is on cpi. The fed needs to see consist
The japanese Financial Companies because we have the likes of mitsubishi and more, all releasing their numbers. Nomura also one we are tracking, given he reported earlier this week. A big interview earlier with the head of wholesale banking speaking about the outlook for japan. He sees the japanese yen strength coming back so perhaps a question around whether boj moves with the policy settings. He also sees the 10 year yield exceeding 1 . You see continuing yields ticking higher. We are around levels we have not seen going back to november of last year. Equities wise you have optimism but that very much tracks the wall street day given we saw the s p 500 pushing higher ahead of the u. S. Inflation print. Haidi take a look at the day after the budget. The big headline is after back to back surpluses, the budget is set to swing back into the red. A lot of this has been funding for legacy programs were left unfunded by the previous government. Some of this also comes down to some of the s
And bitcoin above 30,000 as the sec may allow a spot in bitcoin etf that conveniently would expand its own authority. Is it the right move in a former cftc commissioner weighs. Charles schwab leading the s p after its earnings and well preview more results and get the trade from goldman and b of a and thats coming up with Earnings Exchange. Lets get a quick check on the markets where stocks are higher across the board although the dow is 100 points below the session highs and very similar for the s p, up 46 or so to 4373 and the nasdaq a similar move. The tenyear yield back up to 7 and its interesting to see that not exert more pressure and 471. 6 and the 30year nearing the 4. 9 level witness again. So is this good mood in stocks a positive sign into year end or is it all just a head fake. Joining me to make sense of things is Hennessy Funds chief Market Strategist and its good to have you on set. Welcome. Thank you. A nice rally day for you to be here, as well. You have to be generall
Step in and curb their rise. Hes here with his proposal to lower rates by a full point. The dow has been fluctuating. Up 327 at the highs, up 67 right now. S p is down 15. Nasdaq is down 1 . This despite lower yields across the board. Today, the tenyear down seven basis points from yesterdays close, around 4. 63. As for Bank Earnings this morning, shares all higher on stronger than expected results, but well off the highs. Jp and wells fargo a little more than 3 up. The ceo jimmy diamond noting it was overearning and he expecting that to normalize over time. Pnc, shares are lower by almost 4 after missing on the top line. They beat earnings estimates, but, again, their Loan Loss Provisions came in at half the estimates. By the way, it wasnt just them, the big banks did this, as well. And financials are where we kick it off today. My next guest says hes bullish on the big banks, especially goldman sachs. Also with us, lets bring in frances donald, w. Out with a recession call today. Tha