Julie hyman has been tracking. The game we saw last week in changing perceptions about the fed and its Interest Rate increases, people bringing up the expectations for the fed to raise rates in june, but losing a little bit of steam in todays session as investors await a lot of Economic Data from durable goods to new home sales. Groups on the the move, materials l strongly but besides that, some materials at 1. 2 and energy as the biggest drag, even though if you look at the individual groups, the point or the percentage moves are not that significant, not many groups moving 1 except for that material group. Individually in terms of the biggest gains on the s p 500 index point wise, we have apple rising after report from a taiwanese newspaper that iphone seven orders to suppliers are higher than people were anticipating. Theo getting that details of its bid from bayer for 122 a share. Thisll also extending the gains that we saw for that stock last week. On the downside, weve got exxon
Hours. Stocks are rallying today. At the markets desk we have the latest, right, ramy . Ramy right now we are off of that. 17 981 is where we stand, up one third of 1 . Up about 4 10 of 1 . Marginally up there. Let me take you on a bit of a tour over the course of the day. You can see generally speaking that we are headed in an upward strip upward stretch. Hitting in the 1 00 p. M. , 1 30 p. M. Timeframe, you can see it is down right now. Pointing out this number right here, where we are right now, inching closer and closer every day for the past two days to the 2130 marc, the record closing high. We will be watching to see we can get that. Maybe not today or tomorrow, but potentially soon if things continue to go on. In the meantime, what is actually pushing equities higher . Biggestequity, the gaining sector right now. Oil crossing pass the 50 per barrel threshold, impacting some of the biggest percentage gainers. Up with ug and marathon oil on the order of about four point 5 . Also
Wti in a bear market. 40. 77. We will assess all these things, Monetary Policy, Global Banking buiter. Lem his call, a gdp growth of 2. 4 . But first, lets check in on the market. We have a selloff. Jonathan we will break it down. By. 5 . E up of dollaryen with a move up. The bank of japan disappointing the yen. This is bear flattening. The long and stays anchored. In japan, up 10 basis points there. We will be talking about the market a little bit later. But to wrap it up, it is brent and wti. A bear market at the close. A seven day losing streak. Down by 1 . We are trading at 40. 77. Back to the big news that the bank of japan is keeping monetary tools unchanged. Lay out we heard today . Well, you are right. Largely unchanged, that is the headline. Toolsin Monetary Policy were unchanged. There was some easing and more purchasing of funds and there was a doubling of the dollar lending program. Bush really interesting was the fact that there will be a review the policies that have been
Take a look at the splash, there is positioning that is starting to take place in anticipation of what could be, maybe a fed Interest Rate increase. Hedging their bets tachlt a look at this one. The two year note yield for u. S. Treasuries, already over the korts of the past week, moving higher. It was near 80 basis points about a week ago. Now its up towards 90. Again, look in the grand scheme of the year to date period, eliminatively on a low basis here. One place where that battle, that hedging is starting to take place. That positioning. Also look at this. The dollar a big part of that story as well. Gold also playing into that. Again, 1275 a week ago her ounce. Now were around 1250. A 2 loss over the course of the past year. Gold has been a hot trade. Its still up. Up marketedly. So but some of the bets being paired back in anticipation of what could be a fed Interest Rate increase. Then one more place well look, one manufacture places well look, again, regional banks. Weve seen t
Consolidation mode and we cant rally unless oil stops going down, which it might not, hence todays decline. Dow tumbling 120 points, s p plungi plunging 1. 2 . All right. So with that in mind whats on tap for next week . The market moving action ahead frankly is not going to be out of earnings as you can tell from most of these in front of me its in global events and it starts sunday with chinas may industrial and retail production figures. As has been the case for ages the estimates and i was looking at all oh, my god theyre so high, way too high, 6 for industrial, more than 10 for retail. I think the prc is going to disappoint again. These numbers matter tremendously because if Industrial Production is not up nicely we will get another freak out about a worldwide slow down. Plus the chinese retail numbers are important for nike, that stock has not been acting well, starbucks, yum just okay, apple. All which have huge sales in the peoples republic. Expect some pressure in these stocks