Now since last october theres the tenyear 4. 26 . As a result, the dow not able to get much going today and safe for the s p tech and discretionary names, obviously thats hurting the nasdaq too as names like apple and microsoft remain, well call it, a bit edgy it takes us to our talk of the tape, the state of this market and where it might be heading from here. Lets ask liz ann shononders good to see you. You too we felt unsettled, its fair to say, over the last couple weeks. Where do you think were going from here . You had a distribution day yesterday, some weakening in breadth, but youre not yet seeing the kind of defensive leadership that you might see when youre getting toward the end of a consolidation period. It doesnt feel like, absent a catalyst, that this is going to unwind in spectacular fashion, but it is it feels like theres probably a bit more consolidation to go. What i wouldnt mind seeing is a continued profit taking, maybe up the cap spectrum into those prior high flye
Moynihan will join us for an exclusive interview live from aspen for his take on the economy, regulation, and more. Driven by data, the boe hikes 25 basis points as bailey points to a resilient u. K. Economy. We will have an interview with him in the next hour. Meanwhile, more u. S. Data is dropping now. Im kailey leinz with guy johnson in london. Alec steel is on assignment. As promised, more Economic Data breaking here in the u. S. Guy alix steel will return later in the show wearing a cowboy hat. Looking forward to that. We need to deal with the data here and now. The ism really stands out to me here. I think it is bittersweet. 52. 7. Some softening in services. However, prices paid rises to 56. 8. Employment softened from 53. 1 to 53. 7. New orders softened a little bit but not by much. The prices paid to number will be interesting to see how the market digests that one. I will dig in and see with a twoyear is doing on the back of that, not much yet. The action really in the 30year
david is with us. the highlight of the president s announcement, three objects shot down since friday not tied to any enemy nations but private companies, bringing up the possibility that the administration may have over reacted after the chinese spy balloon in february. i gave the order to take down these three objects due to commercial air traffic and because we could not rule out the surveillance risk of sensitive facilities. white house officials and all the way to the president insist there will be changes in the works. whatever you want to call them, he said he ll share with congress the policy parameters when they re done but that ll remain classified so we don t give a quote, road map to our enemies to evade our defenses going forward. i expect to be speaking with president xi and i hope we ll get to the bottom of them. i make no apologies for taking down that balloon. you can see right here this exchange when a reporter asked him about chinese business
And thats a key area to keep your eye on. Stephanie link, murky was the best word to come up with. You feel like you have a view and it gets all muddy. Whats up . Weve had a good couple of days since fridays jobs report, waiting for earnings, for cpi. Rates are stabilizing. Oil has pulled back. Some fed members are more dovish. Rates will stay higher for longer. I dont know if theyre dovish but maybe less hawkish. Better than all hawkish. Inflation, todays number was hot, that was entirely energy. Food prices fell over 1 and goods also almost glad. Youre at 2. 2 in the ppi headline and you were at 11 in march of 2022. Were making big progress there. The tracker rose for the Third Quarter of gdp. Its still really strong. And the economy is still doing good. We wait for earnings. We have to wait, right . I was encouraged with pepsi, though. Everyone talks about Gross Margins being under pressure. For a stock thats gotten creamed, right . Everyone says margins will get crushed. Its a nice
He took a hike off the table, right . Here is what he did. He took a hike off the table he said inflation will continue to come down as the year progresses he said demand is still strong but cooling. And he shut down the stagflation narrative. I dont see the stagg or the flation. Take that thats all the stuff you start the year with this expectation that the debate is between six or seven rate cuts, that, over the course of the next few months, changes to, okay, maybe its five. Maybe its four, three, two. Is that going to go to zero . Is that expectation going to go to zero . Its one or zero at this point or one or two. Those are the two last lingering debates. The fed doubled down on that i think its really that simple. Were not talking about hikes. Were not getting spooked by the last few inflation reads were still focused on the fact that shelter had been the most problematic, and, by the way, i know its bad news for the individual stocks in question, but when starbucks blows up bec