Rank and file. And retail rebound lun lunacy you are watching Worldwide Exchange on june 10 here on cnbc good morning, good afternoon, good evening from wherever in the world you may be watching us here is how your money and Global Markets may be setting up the money and the rally could be setting up thedown coming off the first down day in six. The longest win streak since september. Not about the dow. It is about technology the nasdaq crossing 10,000 for the first time ever. That index on track for the 19th record close of the year most of those occurred before the pandemic or the lockdowns could be a 20th record high. You could call it a stayathome trade or a tina trade. There is no alternative to technology amazon, facebook, apple, microsoft. Doing the same strategy they did prelockdown. Awaiting fed chairs next move out with the latest policy decision at 2 00 p. M. Eastern time today sara bloom raskin told us there is still a lot for powell to consider the economy is not an on off
Company. The financial world, this is a bombshell. America downgraded, fitch drops from aaa to aa plus. We are borrowing too much, spending too much, the debt is writing sing and we cant agree on a fix. Love to biden, he thought he got an okay deal in the budget. Its not going down well with investors. America is out of the goldplated club and the dow down when somebody. The nasdaq down 140. Plenty of red ink. The downgrade however, is not affected Interest Rates yet. Ten year treasury yields just over 4 , thats beginning to move up and the twoyear was at 4. 86 and 4. 89. Down a little bit, not much change. Cold is firming, a safe haven only up to dollars, not much of a reaction. Bitcoin is firming, just a little. 28000 yesterday, 29. 4 as of this morning. Heres the other bombshell story. Donald trump hit with a third criminal indictment accused of defrauding the United States, obstructing government officials, depriving people of civil right to vote. This means as things stand now, it
Good earnings and then the ugly being the obvious. Whats going on with mega caps alphabet down, meta down, microsoft now down, apple as sara was talking about, now below 170. How do you size it up here yeah its weird its a day you have a bizarre strength in small caps doesnt really appear to be appro po of many in particular youre probably going to get favorable pce data on the inflation front, but i think the big takeaway we talked about this on tuesday, judge the first thing is that its probably better if youre a trader to take advantage of an earnings move post than to try to anticipate going in because what a lot of these situations have in common is, the earnings are great and then you get this p punishing reion. Even if you knew the earnings would be great you didnt know how the crowd would take it. Now we know. The skds thing, i think the big takeaway is the rallies on cost cutting and the, quote, unquote, year of efficiency some of these companies have declared, are over now sh
Bond yields dropping five consecutive days. This line from bank of america, no news is good news. There has hardly been any news. Today light on data, light on earnings, heavy on fed speak. Vice chair jefferson, governor cook, boston fed president collins. Tons more fed speak. Lisa this is giving you a sense of where we are in the cycle of data that we are focusing on fed speak as the leading issue because that is the only thing. Neel kashkari was so loud when he said his base case was staying on hold for a longer time. He raised the possibility of a potential rate hike but he talked about the euphoria of markets. There is an embrace of every disinflationary print we get and he thinks that is premature. Jonathan are we calling it euphoric . Lisa it is a bias to see things in the most disinflationary way possible. Jonathan disinflation the theme of the last week. Pushing back rate cut calls. September feels like the new june. This from morgan stanley. We remain bullish on our call for b
Buying a ticket on american and hopping on united. The dow has come a little bit off the lows. Down 239 points right now, the nasdaq is down 1. 7 . So no problems at the nasdaq. And yet, the nasdaq is actually down about. 4 more than the dow. Now, of course the dow does trade nasdaq stocks as well. But the point is, it would seem that the data were seeing that the declines are not based on this trading issue, outage, whatever you want to call it, right . May be more global macro. The benchmark tenyear treasury note yielding 2. 2 . And thats actually a 2. 5 move, guys which is not quite double that of the dow. So bonds are moving more obviously overnight in china. This is turning out to be a seminal day for the stock market. We had 1,400 Major Chinese companies suspended in trading. Not for these reasons. Many of them suspending their own shares because the decline. And something i pointed out early this morning, guys, which is this chinas stock market value declined in 30 days has been