What was earlier in the day in the labor market data. 5. 5 million is well above where we were pretty covid. Continuing claims still elevated above where they were a year ago , putting a dampener on the recent equity rallies we have been seeing in the dollar, part of a broader move across anancial markets to price in brighter economic prospect for 2021. Fromased interest republicans, raising a chance for a deal by the end of the year. Underneath it all, is the job weket losing steam and can wait for stimulus once again . Joe we will learn more about the job market tomorrow and talk about it more later in the show, but in the meantime maybe, maybe. The stimulus is going to happen. There seems to be some convergence among a handful of players around the deal, somewhere in the range of 900 billion, gop senators picking it up. Whats unclear is whether mcconnell was into it, the white house was into it. The Lindsey Graham thing today, he thought the white house would get there but that is a
Well be on and bridge you all of the bring you all of the big headlines. First the november to remember dow surging towards best month since january 1987 s p and nasdaq handing in best work since april energy up more than 25 percent financials up more than 17 percent. Small caps, best month ever. Bulls werent hiding, check this out, each of the past four monday he got big vaccine news before the market open and look at diminishing returns, the market fell despite moderna requesting emergency use of its vaccine. So weve been talking talking black or white or red and green in terms of diminishing returns. I took that economic class my freshman year and learned all about diminishing returns which is why i often invoke it here, i think so, absolutely tell you something, the vix is telling another story. I thought a day like today, monthend i thought the vix would close closer to 25 but here it is closing lower on the day, maybe its a function of that specific security, but ill tell you giv
The u. K. Government sets up discussions with industry as brexit disruption closes in. Negotiations with the eu are set to crash through an informal deadline this weekend. Good morning. Just over an hour to go until the start of cash equity trading. Let have a look at where we are on the futures picture. Futures in europe looked to be a little bit to the downside. Lets break into the futures to talk about whats going on with the u. K. Economy growing in the Third Quarter from the previous quarter. Growing by 1. 1 in the month of september. The estimate was 1. 5. We were hearing that from our colleagues moments ago. They were talking about the estimates for september and the First Quarter. The number i have penciled in from them was 1. 5 gain in gdp for september. It is a little bit below that. The broad theme is the same. That 1. 1 in september adding to strong rebound numbers earlier on in the Third Quarter. The Third Quarter comes up by 15. 5 . That could be a smashing of a record in
Pizza. One stock serving up serious game thanks to leftovers the dow was up over 500 points the rally, driven in part by President Trump who made an about face on stimulus, putting aid back in play before the november election. So, can we expect this rally to continue you know what struck me about todays rally is that we what is that, mel that we closed nine points higher than when we closed yesterday. We are better off today hoping for piecemeal parts to the stimulus plan than yesterday i made it a point, albeit clumsy, that President Trump, in my opinion, is extraordinarily focused on the stock market. The administration has said it for years, the stock market is a report how well hes doing so for him to tweet something and then watch the dow jones g straight line, it had to be upsetting. I thoughi didnt think it wouldn six hours later, but we are here i think they have learned how to speak the language of the stock market to your point, nothing has changed, but here we are increment
Nervous and seeking that safety. Now you have the 10 year yield higher. Over the long run, if that continues, that will actually be a headwind. Today you have to take it as a signal investors not wanting havens. , the new yorkand faang complex, the mega cap tech stocks, that is down 1 . That part of the market is still weighing on the s p 500 while you have the financials and the energy and some of the other cyclical sectors doing well. David talk about that faang index. Earlier you said the real story is not the index, it is what is going on with amazon. What is going on with them . Abigail there two day prime event was last week. If you look at the stocks from that event to today, almost in a correction, down nearly 10 from peak to trough. That is not a great sign. The stock is underperforming its peers by about 5 during that same time. If you have a stock coming out of a bullish event into an Earnings Report suggests that hiphop ahead. Hiccup ahead. A the company could be under pres