Selloff in oil prices. All the major averages are the work of the dow is only off by. 2 . The nasdaq and s p are almost and i get this point. You have seen the bounce weve seen off the bottom. Oil prices indeed are lower today. They made an attempt at going higher fight. 5 . Since then they have turned over by 3 . Analysts are forecasting another build in inventories. Gold futures are higher very, very slightly. There is bit more of a risk off sentiment in todays session. We are seeing buying in treasuries today. That is sending the yields lower. David julie, we are going to talk about this in a moment with Oliver Renick waiting in the wings. Julie it is a little bit unusual, because on days that ive been down days recently, big cap tech has been leading the way down but that is not happening today. The socalled fang stocks are strengthening in todays session. Not a lot of catalysts here. Just seems to be a bit of a 100, within the nasdaq percentagewise the best performers dont seem to
The market desk where julie hyman has the latest on a declining market. Julie a declining market, we are not seeing moves in todays session. But we are saying the downside. The nasdaq is losing steam at the moment. If you look at the overnight session, using the futures, you can see we came up from the lows where we were overnight. See things couldve been even worse. We hit the highs midmorning and started coming down again once the regular session was happening. The focus is on Bank Earnings once again today. We have wells fargo, bank of america, and my crock blackrock. Blackrock and wells fargo seeing a decline. There was all this optimism yesterday surrounding to morgan after those numbers came out beating estimates after many analysts had cut estimates going into these reports. I want to point out, the movement we have seen recently in the s p financials. The have risen for five straight sessions, even though we are seeing a little bit of it line. They rose for four straight sessio
Manufacturing according to the institute for supply management rising , contracting by the most since july 2000 nine because we did see an unexpected contraction in that manufacturing number. Despite that we are seeing a rally. Hits in the session took a but Still Holding up relatively well. Everything that we here between now and the next fed meeting effects what it will do beyond that meeting. I know this is one of alixs miprs. This looks at the forward rate curve and Interest Rate swaps in that market. We are seeing a gentle curve although it is a slightly more aggressive than it was historically. With every piece of Economic Data that is a little more negative, we are going to likely see the expectations for the pace of Interest Rate increases to get a little more benign and indeed that is what the fed has told investors as well. Alix also what is interesting in terms of what is leading stocks is the momentum, not those related to the fed but the stocks elected poor a lot of money
Shrugging off the down of the day, the interpretation is that it will be gradual as Interest Rate increases, but not enough to derail the u. S. Economy. The really key economic support in a busy week for data will be fridays jobs report. Also, just hanging on to their gains, but close. A broadbased rally if you look at my bloomberg terminal. Mostly green, some subsectors starting to show some weakness, but overall all 10 Industry Groups are higher, health care financials and Consumer Discretionary stocks leading the gains. I wanted to focus on discretionary in particular. Retiring even after the monthly macau gaming revenue numbers showed a weaker result and had been estimated by analysts. Betty spoke with an analyst earlier who said that they were focusing more on 2016 and potential improvement. Yum brands is gaining after an prospectsgraded the of yum splitting into two companies. Amazon. Com rising as we get more numbers on the holiday weekend, amazon shares are once again trading a
England keeping rates at a record low. 5 , where they had been since march 2009. The division was interesting. The sold a center, he has been the sole dissenter. He has voted for an Interest Rate hike will stop what is interesting, some of the comments in the minutes that accompanied the Interest Rate decision. The bank has domestic spending subdued, overseas demand. The officials within the bank of england say they have a range of views on inflation risks. This is a big one, the Oil Price Drop suggests continued subdued inflation. Interestingly, since the last meeting of the bank of england at the beginning of november, brent crude has sunk i16 percent. That puts downward pressure on inflation which, as you know in the u. K. , is negligible, down to. 1 . The bank has cited in the past and emergingact markets impact as well. Those are the two impacts weighing on the u. K. Economy. The domestic economy is resilient, as shown by the latest gdp data which grew by. 5 . But i think the big