On wall street and driven by two very familiar factors, oil and apple. The combination lifted the Dow Jones Industrial average 175 points and closed at 17,710. Nasdaq added 57 and the s p 500 gained 20. Lets focus first, though, on oil prices which rose to 2016 highs because of some production outages globally and because of an upbeat forecast from Goldman Sachs. One of the most active banks in commodities. Jackie deangelis his more. A new order called for by Goldman Sachs. Are the bears on wall street starting to get bullish . Goldman changing the price target to 50 a barrel. Goldman was one of the biggest bears on the streets at one point calling for 20 oil. We didnt see 20 exactly but earlier this year in february, we did get closer to 26 on oversupply concerns. Goldman cautions that prices could grow lower in early 2017 bringing global inventory back up and seasonal trends show the demand dropped in the First Quarter. Estimates are a little less than 4 Million Barrels per day. High
What lessons global economies can learn from japan. Lets kick it off with our market minutes today. I want to highlight something i was super excited to realize with my imac, and that is that we are now looking at 11 different Industry Groups today for the first time, this will go official for standard on september 16. It is already official. They have broken out real estate from a financial. Financials have done very well this year, but mostly because of the reads. They have done much better on a oneday basis. Financials are down half a percent. Telecoms are leading the way. Joe on the Government Bond fund, very quiet on equities. All eyes on the jobs report tomorrow. Here is a look at yields, the mining a little bit on that twoyear and 10 year. Not that dramatic. I want to look at the u. K. , reticular leotard of 10 year yields. You can see it taking up, way lower than it was prior to the brexit vote. We have more good data out of the u. K. , solid manufacturing data. And you do see
Shake shack report earnings after the close. Shares of the burger chain are down 5 in the past year as there are growth concerns worrying investors. We are one hour from the close of trading today and the forday winning streak is in serious jeopardy here. Julie hyman has been watching the action. The s p 500 and nasdaq falling today. Some headlines on the economy right now, consumer borrowing was down last month. Credit card debt down 1. 1 million. Total credit of 10. 5 billion. A lot of the increase accounted , includinging College Tuition and auto lending. Not a market moving number but one worth mentioning. The dow jones is faring the best. The nasdaq is down. 3 . Largecap tech shares continued to struggle here. Microsoft, apple, facebook, amazon all falling today. Not any big catalyst. We had a note on apple that was somewhat negative, cutting the price target. Time, we had a Goldman Sachs call that was positive on apple. Declining, it looks like, because of some commentary from an
It is more that it is a resumption of the rally that we had seen originally when janet yellen gave her dovish message. Dissuaded from that view by the fed speakers in the interim who were more hawkish. The double stone is back again and even as alex points out we are not that much up across the board we should point out we are off the highs of the session for the three major averages as well. The two day rally for the major averages is relatively substantial. It began yesterday after we heard janet yellen speaking it in front of the Economic Club of new york. What we have seen is a gain of 1. 4 . On that basis, not anything to sort of ignore. It also means the s p is once again higher on the year. It also means we have seen the market cap recovery of the u. S. 1 trillion since february 11. If you add on todays gain another 200 billion or so. That is the size of the rebound we have seen. The old leader coming back in favor. The sang stocks, whatever you want to call it now. Alking about
End, for clues about the feds move. Yie oil is relatively flat. Apple shares higher in the premarket after the company says new i phone preorders are on pace to beat last years record. The final countdown to the fed and mixed data out of china investors bracing for another week of opportunity. And alibaba firing back after barrons says the stock could fall another 50 from here. Apple is one of the stories of the morning. They come out with not hard numbers, but a characterization of how Opening Weekend went. Very strong, in their words, globally and on pace to outdo last years preOpening Weekend. These are preorders, not in stores yet. Not yet. A lot of Industry Data we have is based on inventory. I cant remember what happened last time when you had the 6 and the 6s launched if those were i ventory challenged or not. Apple said, listen, we know some customers have noticed how long the preorder window is its three to four weeks at this point in some countries. Were trying hard to match