I rarely read news articles on me. Even alter isaacsons book, i asked walter should i read the book and he said no so i did not read the book on myself. I actually dont quite know what the Public Perception is. Except that the nature of news is that it is going to be salacious. It is going to be somewhat of a caricature because the more crazy something sounds, the more clicks it will get. When you think about a news story about something you know well and say, how accurate is that new story about something you know well, i think you will find it is not very accurate to that is true for everything. There is sort of a desperate quest for clicks. The more crazy the headline is, the more clicks it will get. This is not to suggest there are not true things by the media. It is best thought of the medias best thought of as a click maximizing machine and not as a truth maximizing machine. I think it is best to look at the words someone says themselves as opposed to what is written about them.
Antitrust case tossed out. We will bring you the details. Scale ai skews as its valuation nearly doubles to a most 14 billion. The ceo joining us later in the hour. There is a macro bit of data we are waiting for the fed minutes coming later in the afternoon and we are basically flat ahead of that. We are still digesting some strong earnings from the tech ecosystem we are up just five points on the nasdaq. Record highs looking at 20 year yield just flat ahead of the auction we have seen bond selling often yields rising. We go back into the green just a moment. Inflation is cooling but its not cooling as much, of pound is higher and the u. S. Dollar as we see the bank of england not being able to cut at the anticipated rate that the market had wanted to see. Lets see whats happening in the world crypto because suddenly we regalvanize ourselves with the latest spot etf this one being an in him related one. For the compliance folks having to get the data and documents ready. We are curren
Good morning, i am tom mckenzie. Stocks take a breather, events set to test the ai driven rally. Raphael bostic reaffirmed the higher for longer mantra. J. P. Morgan boss jamie dinan lights a fire on succession talk. Closer than ever. Nvidia will discuss a new partnership. Our exclusive conversation with the ceo. European stocks and u. S. Stocks are near record highs. Modest gains yesterday. Nvidia will be a catalyst with earnings on wednesday. In the u. K. , inflation data crossing early. Futures pointing lower, european stocks pointing to losses around 3 . The spot index reaching the highest level since january of 2023. S p futures are flat. Lets flip the board and look cross asset. Weve been hearing from the central bank reiterating higher for longer. Messner saying it is no longer profitable, it is appropriate to go for around two. 433 on the benchmark 10 year and that is the bloomberg index. Modest gains and vision affects. Modest gainsetf speculation clod highs. Will bitcoin brea
Johnson and alix steel. Guy its day if your long a tough day if you are long. 600 below 440. Where down by 1. 25. It is heavyweight names taking the hits today. Nestle out with disappointing numbers, preparing for an ozempic world with today certainly the pricing story was not there for nestle and the market has reacted. The stock down 3. 42 per yearroche tracking lower. It is coming out of the pandemic boom it saw in key sales. The new drugs not feeling the pipeline in a way you would hope for. It is a revenue line that seems to be we are at session lows. The market is selling in decent volume. It is worth paying attention to. Alix the s p is a bit heavy but we have real outperformers. The best performing sector is communication and that is due to netflix but also at t delivered solid cash flow. The numbers coming in are not terrible for some of the names. Netflix up 15 . The edit subscribers despite raising prices add subscribers despite raising prices. Something we have been talking
Move higher in treasury yields in response to that jolts number. So, adding to the other concerns about supplier treasuries and all the rest, we did have some hot economic data. The question is, mike, where do you go when you are seeing yields move this fast and this far up . Because the safe havens that you go to during a weaker economy like Consumer Staples and utilities are getting whacked on the back of these higher rates because they pay high dividend. Theyre rate alternative. The cyclicals get hurt. Tech is getting hurt because you worry about valuations on the back of higher rates. Whats left . Whats interesting is that tech in particular has acted, at least the very largest companies, have acted a little more as defense than as pure Interest Rate proxies in the last little while. Yesterday nasdaq 100 was up. When you had yields making new highs. Part is the Balance Sheet strength. I guess the other question, though, is do you decide that the market is essentially getting too ne