Were peppy boys. Three down weeks in a row for stocks. It looks like weget out of the gate in a positive way. Dow would open higher by 133. The s p is good for 21. Still early with the nasdaq which has been beaten up is up 89. Bond yields here come after declines of 2 last week for each of the major averages. Treasury yields spis part of th story. 10year treasury eased off last week, but still at 4. 29. Steve. The upper end of the range recently. 4. 30. Some people telling me 4. 50 is not out of the question. A lighter touch from the China Central bank. Lowered the oneyear prime rate by ten points. Economists expected 15point cut. The economists expected a 15basis point rate cut to the fiveyear prime rate. Major indices in china were down across the board. Palo alto here for liesmaniacs want to talk about the fed. Palo alto. You must have been talking about this. It is odd they did the release on the summer friday in the afternoon. It wasnt a bad one. It was a good one. Everybody thoug
Yesterday. 4. 23 . If you check out the price of copper, copper ended at the highest settlement since october of last year. This morning, it is off 1 . Watching that copper closely because it is a signal of expectations for global manufacturing. Japan central bank raising rates for the First Time Since 2007 and ending the other easing measures. This is the longest easing from any central bank. They were the lfirst to go in ad the last to come out of the easing. It raised the rate to 0. 1 . That was up from negative to 0. 1 . The yen trading at the lowest level of the year compared to the dollar. The central bank abolishing the yield curve control policy for japanese sovereign bonds. The central bank said it planned to purchase government bonds worth broadly the same amount as before. It will scale back asset purchases and qt. It is not really aggressive if you are talking about zero to 0. 1 . Backing away from the eightyear experiment. Experiments are not eight years. The new normal. I
If you look at the market at 30,000 feet, looks like it. While the nasdaq, which had been middle around in the red for the first half of the session, is up about a third of a percent. Right now the Dow Jones Industrials are doubling that percentage gain, up 234 points powered by, you know what . Lets zoom in to about 10,000 feet with the heat map, two nontech names, mcdonalds and home depot. Then, of course, in the third position here we have apple. So youve got two names having nothing to do with technology. And then lets switch it over to the s p leaders. Synopsis. Now, that is a tech name. It makes hardware and Software Products for validating chip design. Synopsis is gaining about 4 . Then aes gaining 5. 25 , thats a utility and Power Generation company. But International Paper far and away the winner here. Look at this pop of 10. 8 . When was the last time we saw International Paper leading the s p . I mean, not only leading, but hitting a 1year high. It did have a nice pop in dec
Thank you. Thank you for the most spectacular security government i have been to. One name after another, just like hammer blows. Ending with you, jake. Thank you for being here. Let me get straight to it. Bill burns, one of the nicknames big names we had here yesterday. He discussed the failed coup attempt. Putins response to this, not acting on that implied word, trader. He said the emperor has no clothes or if the emperor does have clothes, he is taking a long time to get dressed. I think that is a very memorable way of putting it. Of course, it was about the exposed fragility of putin. My question to you is how can we exist assist this fragility along . Is that a goal . What happened inside russia is for the elements of Russian Society and russian politics to work out. It is not for us to sit around and plot how to change the regime in moscow. We made clear that is not where our efforts lie. Our efforts lie in supporting ukraine so they can be as successful on the battlefield as po
And later, former saks ceo steve sadove markets trying to get back some of what was lost on tuesday. As you know by now, the dows worst day since july, up about 130 here s p continues to circulate now around 44. 50 you have a little bit more tame vix picture below 16 and that tenyear coming off of 4. 22 this morning. Tech is lagging after yesterdays selloff and now the more recent underperformance of tech after the outperformance of tech so far yeartodate can tech continue to rally as these yields, even if theyre pulling back, settle in at higher levels. And the debate continues about whether the economy is too hot to get rid of inflation for the fed. Just this morning, we got some housing numbers that were better than expected. Industrial production, a litter better than expected after yesterdays retail sales a lot of jokes about the magnificent one or two, as opposed to magnificent seven, although cisco tonight could give us a view at least of enterprise spend and whether that gets a