Magnificent seven are in correction territory but nvidias getting a boost ahead of its earnings. And were going to keep focused on those economic challenges in china. The countrys central bank cutting a key Interest Rate by less, though, than many had been anticipating. Oh, yeah, who is many anymore . Slew of press over the weekend as well. The journal writing kind of a devastating headline. Is it over after 40 years . Yes, definitely over. Who can say this stuff . We were here. We were lucky enough to witness the fundamental change in the chinese economy. It happened over the weekend. Happened over the weekend. Theyre trying to be a service economy. That was it. Done. Maybe president xi has just said, you know what . Every bankrupt artist, every ridiculous guy who built too much and every ridiculous person who tried to get extra yield, sorry. Why not . Why not clean up the excess . Well, but the question, of course, is, contagion. Oh, contagion. Yeah, some of the huge promote companie
I am Katie Greifeld and welcome to bloomberg markets. You take a look at the markets and there is some red on the screen. The s p 500 off by about point read percent, a far cry from this time 24 hours ago. You look at the nasdaq 100 and the big tech names and it gets worse. The nasdaq 100 off by. 8 , not too big of a move but to the downside. This as we count down to the fed decision. That line is what you want to watch, the 10year treasury yield lower by one basis point. We are sitting at 4. 3 or so. Of course that meeting kicked off at 9 00 a. M. Let us dive deeper into the markets with catherine, the stone next financial chief market strategist. Let us talk about the fed but let us start about the bank of japan, the big news out overnight, the negative Interest Rate and the zero Interest Rate era is over. What could that mean for Global Markets . It could mean a bit of an impetus for more growth in japan, i think the negative Interest Rate policy was controversial in its effectivene
Action. Stocks are higher across the board at this hour as the s p 500 flirts with new alltime highs. If the index is up more than 39. 42 points at the close, that will notch its 17th record close of 2024. Ooh right now the s p 500 is up more than 1 , up better than 56 points. We shall see. We are tracking that index for the next hour. Now, this index getting a boost from oracle which is hitting a record high. A. I. Demand, charles just talking about it, powering strong cloud growth for oracle. As you can see, theres the stock, it is up almost 12 right now. And big tech is also helping to propel the nasdaq higher as a you can see on your screen by 221 points. At one point we were down 26 points on the nasdaq. What a reversal we have had in this session. Right now the techheavy index can on pace to snap. A 2day losing streak. Now to the dow jones industrials. As a you can see right now on your screen, another strong performance, up 272 points. At one point the dow in this session was do
Interesting selling that well document. Im trying to figure out, guys, steph, what we learned this week, right. So the economy is humming, humming along, cooling a little bit. Jobs beat, Unemployment Rate goes up. Wage growth moderating. January jobs revised lower. The fed will cut. We learned that, too, right . Powell said as much. Yields are at a onemonth low. The ten year was falling today and the rally, as i said, up until a few minutes ago, at least alive and well. New records for the s p and the na nasdaq. Sum up this week what your big takeaway is. We are, in fact, soft landing. When you look at the jobs numbers, todays number, you have to do a threemonth moving average, scott. The revisions are crazy of what weve been seeing, but we have 265,000 jobs that were created over the last three months, 4 average Hourly Earnings, that is coming down. Even last months january report, the average Hourly Earnings on a month over month basis came down. We are making progress in terms of in
Topping the tape on a chinese tech name, and two left beats, the reason foot locker dropped 30 today. Im melissa lee live from studio b on the desk tonight. Tim seymour. Markets meantime, managing gains across the board as investors look to recoup yesterdays losses, though all three indices did close well off the days highs. Fed chair Jerome Powell reiterating that the central bank is not ready to cut rates just yet. Well get more on that in a few minutes. We start off with a last minute lifeline for new York Community bank corps. Shares were down as much as 42 today before the regional lender announced it had secured a billion dollar investment, led by the firm of stephen mnuchin. Shares managed to close a day higher, 7 1 2 . That is less than 25 cents higher. For the latest details, leslie picker who joins us on set. What a roller coaster day told. It was a fascinating turn of events for this company. New York Community bank corps, ink a deal. Those investors buying common and conver