Tiktok. Thatow we are hearing thiller. And of 49 fortnite, apple says it is terminated ebix developer account. Developer account. A lot going on. The fed, the prime and a strut japan stepping down. Earnings. The ending of the Republican National convention. Walk us through what has impacted the day. So much and all of it ended in record high for the nasdaq and s p 500, investors encouraged by the fed latest policy shift, the idea that perhaps it is reinflationary in nature, stocks respond in kind. Apple, this is interesting, over the last two days apple is underperforming, down the last two days 1 , closing a little as were mentioning now, terminating the epic caliber account in the midst of the developer account went epic refuses to pay the 30 fee. That apple is standing up for that along with alphabet shows they are forcing developers to comply with roles. It will be interest rules. Im not sure how this would impact the bottom line for apple but it must not be all that much. You ment
Bloomberg television, starting at 9 00 p. M. Eastern. Along the gulf of mexico, the texaslouisiana border is reeling after hurricane laura unleashed a wide swath of destruction, with winds reaching 150 miles an hour after coming ashore. It is now churning over louisiana. It could lead to more than 15 billion in insured losses. One of the top talkers on wall street, meantime, news of wall street joining microsoft to make a joint bid for the social media sensation tiktok. Now aligned with oracle. For more, i want to get to scarlet fu in new york. A lot tied to these remarks from the fed. There was a lot of gyration in jay powells remarks. In the case of equities, the fed moved it higher. The dollar moving higher. Bonds falling. In no rush bank is to raise interest rates. It will let the job market run hotter and inflation run higher, potentially overshooting the 2 target, before taking any kind of action. In the end, we saw financials get a boost. They benefit from a higher yield and a s
Tiktok is said to be making contingency plans for a u. S. Shutdown, joining microsoft to challenge a bid from oracle. Australia winds up turning season like never before with a recession and record government stimulus. Lets get you started with a quick check of the markets. We are seeing u. S. Futures opening slightly higher. This as we had another record high in the u. S. With the s p 500 soaring for a fifth consecutive session. We have financial and real estate sectors being the biggest gains. We have banks benefiting. Treasury yields were higher. We had the yield curve widening. Powell chair jerome speaking at jackson hole, conveying a dovish and more relaxed approach. Higher yields leading to the dollar rebounding. U. S. Weekly jobless claims remaining above one million. Not to mention the economic gdp numbers contracting slightly less than forecasted due to oil prices looking like this. About 43 ag barrel. We had oil declining through the new york session as laura barreled into lo
Michele. This is one of the most difficult things to accept, that this market does not have to reflect what is going on in this economy. Can you speak to that . Bob i can speak to that because im in the bond market and it is reflecting perfectly what is going on. We just printed 33 gdp. There is a giant hole that we think will take 10 years to fill the output gap that has been created. The fed is telling us for a long period of time they will keep rates at zero because they have to bring the cost of funding down across the system so that any kind of recovery takes hold. Slowly, Bond Investors are recognizing that, and that has emboldened them to move further up the curve both in terms of duration and lower in credit quality. Jonathan we have had conversations about market distortions. The equity market, Big Tech Companies dominating the benchmarks in the u. S. What is the cleanest trade in fixed income to play an economy that would take 10 years to fully recover . Bob there are two cle
Happen late. These briefings of course have been quite controversial with the president sometimes contradicting the scientists standing right next to him and also pushing treatments that have not yet been proven. The president as of yesterday has started urging americans to wear masks, saying to do so is patriotic. All that said, stocks, mixed picture today. Tech leading the losses. Abigail doolittle has been breaking it down and watching the action. Abigail another jittery day and another day where this is not a satisfactory answer, it does not feel like a satisfactory answer to some. It is very hard to say that yesterday was risk off and therefore you had technology and stayathome leading, and today is risk on. If it was a strong cyclical rally and the sectors that were higher were those cyclical sectors such as energy, financials, industrials. A stronger gain has to do with that tech laws. Nasdaq down 1 . More jittery action, that tells you lots of uncertainty as we head into the st