We are about 30 minutes into the trading day. Marketsman is at the with breaking news. A unexpectedly dropping to oneyear low. That 87. 9 is lower than even the lowest forecast of the economist who we surveyed. This as we see the Current Conditions index kicking up and is looks like the expectations are going down sharply. Economists say could have something to do with the contentious president ial election campaign. The margin of consumers expecting Hillary Clinton to win to 46ection widened Percentage Points from 34 points in september. Interesting below the host free this Consumer Confidence measure. Stocks seem to behold and pretty steady in the wake of those numbers here. Averages upe major 7 10 of 1 here. If you look at a two day chart clearly more reaction. They climbed back up throughout the day. A little bit of a takedown of these michigan numbers. Of course a big story continues to be bank earnings. Both reporting big increases in fixed income revenue. 35 , that is the amount
Its obviously a report that was somewhat shocking for wall streets economists. But i would say if you look at the reaction in stocks today, its fairly muted. Dollar down about a percent and a half. Gold is up 2. 4 . But its kind of sloppy. That charts all over the place. But then you take a look at equities themselves. And pretty clearly you can see the nasdaq, after being up seven days in a row, is down 0. 7. Small caps down a little bit more than 1 . S p, large cap nams are really down barely. Yeah, because because the market believes that june is now off the table. Isnt that the because a weakening dollar is not a negative for whats been ailing the market in a positive. Q4 and q3 of this year were going to lap what went on last year with that dallas racing higher, wrecking the earnings of the commodities. A plunging dollar but a weakening dollar is being viewed as constructive. Liesman, what happened today . You know, im looking at you. You got your hair all together. Your suit is w
Today. Down by 1. 5 . Well dig into that over the next two hours. We begin with the banks. Dan warner is a banking analyst at morning star. Great to have with you us. Dan . I dont understand why one would be invested in banks right now unless you simply wanted to preserve or lose capital. Give me the bull case. The bull case is that if you with the strong economy, with the low cost and positive thats we, have were still seeing strong loan growth. I think i mean there are headwinds. But for longer term, i think you still want to be in banks. The fed will raise rates at some point. It always seems like the last few meetings when he some excuse or some reason at the last minute why they havent raise the rates whether its geopolitical or a jobs report. They will raise rates. I dont i dont think its going to be quite maybe you may see one before the lection. I think that lection may have smim pact on the timing of the rate increases. I would look for it more december or thereafter. So i thi
More willing to accept whatever leadership tells them. I also think there is a difference. The thing about repealing dont ask dont tell is those folks were already in the unit. Its like it was the person serving next to you that you did not know was gay. And so thats different from both the example of africanamerican integration and integrating women into combat arms. I do think there is not so much its generational, but not because of society. I think more generational because of experience. I think there is a difference i see a difference in the Senior Officers today you know, im going to brag a little bit about my class of 80. It has a number of three and fourstar generals right now. And even if theyve spent their career in the infantry, they spent four years training next to women. There are other services where we have senior generals who have never fired a weapon down range next to a female marine. Oh, excuse me, female service member. Or done a combat confidence course with a wo
High Interest Rates. Sometimes, believe it or not, topping a 300 annual rate. The goal, it says, is to protect consumers from risky financial products. The industry is bigger than many think. Its market size, 39 billion in revenues. According to pew research, about 12 million americans use payday loans every year. There are some 20,000 payday lending outlets nationwide. Even though the practice is banned in 14 states. Thats more than the number of mcdonalds, which is seemingly everywhere, with 14,000 restaurants in the u. S. Heres eamon javers with a look at the proposed rules. Reporter in kansas city, missouri, today the Consumer Financial Protection Bureau announced proposed new rules designed to keep people from getting trapped in a spiral of debt from unpaid payday loans. The bureaus director said the move was designed to protect oftenvulnerable borrowers from what can be painfully high Interest Rates. The very economics of the payday lending Business Model depend on a substantial