Sonali welcome to bloomberg markets. Lets look at the markets quickly. We have a lot of red on the screen. We have the s p 500 now down about one half of 1 . The nasdaq 100 is seeing bigger can kleins. The russell 2000 even more than that. Its now down about 1. 5 on the day, quickening its losses and thats on the back of higher yields. The twoyear yield just flying higher. Its above 4. 67 on the day. Thats a three basis point move. You have to remember how far weve come. We will dive into the Economic Data we had this morning that is driving the yields higher. Michael mckee joins us now to bring us up mike mike to date. This is a nerd indicator. Business inventories are just out at the moment. Its not a really good number. 0. 0 after a 0. 3 increase the month before. That is down from 0. 4 . It suggests the u. S. Is not building inventories as much as people might have thought. There was a feeling that because gdp has shown inventories declining for the last months that we would see fa
Block around the home. Evacuees are being told to go to Contra Costa Community college jim and are warned it might be 24ours before they are allowed back home. Developing news, a man who once lived in oakland is under arrest in connection with a kidnapping case out of oregon, accused of blocking a woman in a prison cell. She was kidnapped, driven 450 miles. The woman fought for her life, eating the doors and walls of the cell with leading hands. Through her perseverance, she broke reand wait waved it down a passing motorist. The victims her will to survive took her to Law Enforcement that may have saved other women from a similar nightmare. The suspect is identified as t9yearold negasi zuberi. He also went by the name of justin. They suspect are potentially victims. The man charged with attacking Nancy Pelosis husband has appeared in court today. His attorneys asked the judge if they can get access to the home to inspect the crime scene. Government prosecutors opposed it. The judge say
Ferro, Lisa Abramowicz, and in reordering. Jonathan your equity market is lower. Kicking off the month with that stock is down. We are plunging 29 . These are the issues, discovery material weakness, writing down the value of companies required and replacing leadership over it and why bc. Lisa the kitchen sink was about loan mark reserves and everyone says this is because they crossed the threshold. This raises questions of if it goes deeper than that which to be is more concerning an speak something about the risks of rates remaining higher for longer. Jonathan all things you dont want to hear from, related to internal review and resulting from ineffective oversight and monitoring activities. Annmarie everyone has come out talking about this was it to this bank and not to other banks in the abc. You have to think jay powell is going to be on the hill talking to senators. He is going to get asked about what is going on under the Banking Industry and if there are larger concerns wider c
Jonathan good morning good morning, this is bloomberg surveillance. Alltime highs on the s p 500 and nasdaq 100. You have the data, here comes the fed speak. All on deck following the softer than expected inflation rate. Lisa we have heard hawkish speak even from jay powell saying it hasnt come down as quickly as we would like an the market said we dont believe you and we dont care. Even eight 1 10 of a percent miss in terms of the cpi is enough to bring back the prospect of a september rate cut. Jonathan the rate cut talk simmers into the summer. We had another read on cpi the same day as the next fed decision june 12. Another read in july and another at the end of july. Is that enough time to have the conversation about a rate cut. Annmarie neel said it is unknown in terms of how much downward pressure there is on the economy and that tells me we need to sit here for a while longer. He was Neel Kashkari said it is unknown terms of how much downturn pressure there was on the economy a
Stitch fix is having its first trading day doing, well lets see, it started out higher it did dip below the 15 ipo price. Its just above that level right now. Does the Subscription Service have ha what it takes to take on amazon a you know there are 2,000 companies in the same business essentially. Im shocked that its that high, actually. Birch box does makeup, and my favorite is the one called bark box for your dog they send treats and other fun things each month. Sounds like its right up your alley i guess President Trump said that he was focused on fair and reciprocal trade in asia during his trip overseas. Larry kudlow is going to weigh in on what that could mean for wall street. And whether investors should be concerned. Larrys not real hes not exactly seeing eye to eye with the president on trade issues ri right now. Thats for sure. We begin today with media merger talks heating up, sources saying comcast and 21st century fox, some of foxs assets and the cable giant, comcast, may