Thatwould be julie would be one of the many superlatives we have had. The s p 500 earlier touched 2600 and it is nearly at that level. What is curious and interesting is that once again, these gains are coming on no particular catalyst. We have a holiday shortened trading week. We have got this big surge in stocks, technology in particular doing well. This is evidenced by the upsurge in the nasdaq. We also have some earnings reports to chew on. We have got two food related earnings, going in decidedly opposite directions. Hormel foods out with sales that beat analyst estimates, but on the flipside is campbell soup, a decline of more than 7 , the most in a single day in nine years. A cut their annual profit forecast. It is hurt by an ongoing dispute with walmart. Basically, walmart is saying it has been cutting its inventory of campbells. That is taking a toll on the company. I mentioned Technology Shares doing well today. We have some analysts and other types of commentary. Marvell Tec
, the nationsa central bank under fire with some politicians demanding it be put under government control. The countrys Credit Rating is still at risk in an interview with the Central Bank Governor coming up on bloomberg. European equities are trading now, 30 minutes until the end of the thursday session, up for a six consecutive day, best run since april with greece leading the way with a gain of 2. 5 . Currencies are gaining against the dollar across europe, led by the british pound. Sovereign bond yields, commodities, the final columns. Novartis considering a deal for Radiopharmaceutical Company advanced accelerator applications, the swiss giant drugmaker seeking acquisitions to boost growth according to people from the are with the matter. Radiopharmaceuticals, also known as radioactive drugs used to diagnose and treat diseases like cancer. Novartis is hunting assets to bolster it is mrs. And areas from cancer businesses and answers and cancer to cardiovascular disease. Confidencec
Meantime, we are halfway into the trading day. Stocks mostly unchanged in. He s p we were talking yesterday about tax reform. Close to record highs for the major averages. A lot of euphoria. How do we get this tax plan enacted . What kind of lobbying are we going to see . Morgan stanley says this is a 2018 story when it comes to tax reform. Coming to my terminal on this side on the s p, we can see where the games gains and losses are coming from. We had a decent turnarnd this. Orning health care was one of the major leaders. Are two individual stocks i focus on this morning. When it comes to abbott labs, up [no audio] higher on gdp. Also, some centralbank action. We heard from janet yellen earlier. Rates, expecting a rate increase in december. All of this leading to a stronger dollar. Check that out. Iabsolutely will. Taylor, thank you. In our top story, wall street seems to be the big winner from trumps tax plan. The tax will cut individual as well as corporate rates. [no audio] peggy
Are trading. It is a mixed day, slightly up. Iceland, greece, and finland all gaining. Sterling is on the way up after falling last week. Sovereign bond yields are falling. These are your final two columns. Lets focus what is happening between the spanish and german tenyear number coming down to 1. 22. The difference in yield widened by 11 basis points the most since february. Ofior administrator catalonia saying all of europe faces economic damage unless the resolution is found. The yield spread is narrowing. German industry rebounding from a low with its best month in seven years, keeping europes because the economy on a solid footing. Output increasing from july when a seller output increasing from july 2011 from what is called a typically volatile gauge compared to a gain of 4. 9 . That comes after factory orders rebounded in august, rising the most since december. Exporters benefiting from global demand. Lets get to sterling. Options traders becoming more bearish on the pound once
We are 30 minutes into the u. S. Trading days. Julie hyman is to it breaking economic data. Is on consumer confidence, coming in ahead of estimates. The Confidence Index rising to about. 9 versus 125. 9, quattro points better than estimated by economists. In addition, we have the Chicago Purchasing Managers index higher than estimated at 66. 6. Very little change at this point in time, the nasdaq gaining a not muchre but movement. Lets go to a there is movement deal talk and earnings. We have a lot to talk about. Rockwell automation gassing up big as shares of Emerson Electric fall. Emerson has offered to acquire Rockwell Automation, trying to become one of the largest providers of equipment and software to make factories more efficient. They rejected an offer in cash and stocks. Emerson has now confirmed it has made an offer to buy the company. Elsewhere, we are watching earnings. A couple of companies in the Food Industry are than estimated. Kelloggs helped in part by the weaker doll