Receivedlated budgets some of that attention. Mr. Gates is confident that the proposed cuts wont make it all the way through congress. Former president george h. W. Bush has been hospitalized with pneumonia. Mr. Bushs 92. According to a family spokesman, he remains under observation and will not be discharged today. But looks forward to going home soon. Global news 24 hours a day powered by more than 2600 analysts inand over 100 20 countries. Im mark crumpton. This is bloomberg. Live from bloomberg World Headquarters in new york. Joe we are 30 minutes from the close of trading here in the u. S. Scarlet u. S. Stocks falling to session lows. All major indexes, i should say the down the s p negative. The nasdaq still hanging on to gains. Joe the question is, whatd you miss . Has beenbill oreilly forced out of his position at fox news. The warning signs are getting darker. The biggest money manager told bloomberg today about what he thinks poses a risk to markets. Earnings so far have been
Becomes the first world leader to meet u. S. President elect donald trump since his election win. Back in japan the boj fires a warning shot at the bond market, announcing its first offer to buy an unlimited amount of securities to maintain its yield curve target. We also look to a Rate Decision from a country whose currency has been battered by trumps election. Will mexico hike rates . Anddoes president obama Germanys Angela Merkel meet for farewell talks, what will trumps policy mean for europe . Plus, trump versus trump. How Donald Trumps business interest could see the president elect face more conflicts of interest than any other administration in u. S. History. First lets get the bloomberg first word news. Heres nejra cehic. Nejra a key member of donald says the Incoming Administration is exploring ways to fund fixing roads and bridges , including an option proposed by hillary clinton. Steve talked to the socalled infrastructure bank, something trumps team had slated as being con
Welcome to squawk alley. Im jon fortt. With me, sara eisen and melissa lee. Karla and kayla have the morning off. Welcome. To our top story this black friday, the trump rally rolling on this morning, the dow, s p 500, and small cap russell 2000 hitting highs, the averages set for their Third Straight week of gains. Just up fractionally, but were in record territory so they continue to push higher. Not all sectors have joined equally in the rally, but still impressive. And perhaps a good sign that as the shopping season kicks off theyre continuing to at least make new highs. Within todays market action, its interesting that the utilities are doing very well in todays session, and its really the standout in terms of leadership. You have to wonder, well, why is that, why are people feeling the need to go for safety the day before this weekend. Granted its light volume. Were also seeing interestingly in germany, the twoyear yield on the bund is at its record low. Minus 0. 76 . So also a bi
Financials and industrials are the losers on the day. I think theres Something Else weighing on stocks. Weve talked about that. Steves talked about amazon. The transports are the things that concern me now for the last week or so. We talked about it last night. Tim brought it up. The iyt has been rolling over since the high at 145. That seems to be headed towards levels potentially we saw in january. Thats number one. Russells in a very longterm downtrend. That seems to be rolling over as well. You couple that with bond strength which is undeniable at this point. The fact that gold still seems to have a bent to it. It leads me to believe the s p is the last thing to fall. Gold was higher even with the Dollar Strength today. Yeah. I thought the price action today was horrible. If i was a bull, i would be very frightened. You had retail sales which were actually good. It beat expectations. Broad economy very well. Countered what happened to macys and nordstroms this week. So this should
For all of the dows implied decline, macys is no good either. Well get to all of that. Europe in the red this morning. Asia quiet overnight. And watch oil up four of five sessions following the best day in about two weeks. Our roadmap begins with four names down big this morning. Shares of macys falling hard after the companys Earnings Report this morning slashing guidance. Terry lundgren saying on the call we are not counting on the consumer to spend more ncht office depot and staples calling off merger after a judge blocked the deal. Both stocks taking a hit this morning. And disney shares falling after missing estimates for the first time in five years. A drop in espn ad sales and subscribers taking a toll on that quarter. Ncht first up, macys down in the premarket after the company missed on quarterly revenue and slashes their full year guidance. Retailers says Top Line Sales expected to remain below initial expectations. Macys Early Release Terry Lundgren saying we are seeing cont