Investors are shrugging that off as stocks look to rally at the open. One name that may not rally is zoom. Shares of zoom are sinking yeah, in the premarket, work from home stock taking a hit from a rising free user base and increasing cloud costs and we have vaccine optimism, moderna and pfizer filing for emergency use and Vice President pence says vaccine rollout expected to begin in two weeks carl all right jim, i guess the question of the morning is whether that rotation, that worked historically well in the month of november, still applies. I think were running out of gas in terms of the oil and gas and focusing on exxon. Stock may not go down, giving the dividend, it says, look, were at wits end and the big Exploration Development period for exxon, market leader, u. S. Leader, is i think now over. We are following were following europe and japan and i think that we forget that you come in today, and you look for all sorts of reasons why were up and up strongly except we dont look
Nasdaq with. 46 i can do best sometimes but sometimes it isnt enough. This morning i saw action that was so destructive that i wanted to scream but i guess its only natural. This is earnings season and people cant resist making snap judgments. Snap judgments that lead to stupid decisions and losses. Let me share the obvious ones to show you how truly block headed earnings season can be. They might as well call it mistake season for all the ridiculous moves people are making. Im stopping it tonight. Jp morgan and wells fargo along with Johnson Johnson all reported today and the action in their stocks exhibited a level of lunacy. That suggests that people trading them were just totally clueless. Lets start with jp morgan. This was a truly magnificent quarter with 6 billion worth of profits. Yes, thats b. 6 billion including those no longer eaten up by legal bills, a sizable cut in branch expenses, a beautiful capital bill and an astounding 27 increase year over year. This was a staggerin
Good morning. This is bloomberg surveillance. We have a lot to get through today. Coming up in our weekly brexit show we speak with the u. K. s shadow trade secretary. First things first. There is so much talk from hawkishness from the central bank feedings through to the markets. Equity markets. Now theyre back up. We did see a selloff in u. S. Stocks being reawakened. The quarter is drawn to a close. Bonds extending some of the losses. Central banks seem to shift towards a more hawkish tone. The picture for crude oil, above 45. You can see the vix, 2 higher. We will have plenty more for the market shortly but first lets get to the bloomberg first word news. Andastian donald trump Vladimir Putin will meet for the first time next week among heightened tensions between the u. S. And russia over the future of the war in syria and moscows intervention in the u. K. And investigations into russian medley in the u. S. Election. The revised travel ban is facing a new court challenge. A new se
Trenches Tax Initiative wall street up 1. 5 . One red arrow on the board at the shanghai composite benefits of 1 . Nicole opec Production Cut sending oil prices down. 4 over the last two days. Today getting 31 cents at 50. 8 a barrel. Lauren yields on the tenyear treasury at the european the European Central bank meeting today. Let us at 2. 37 on the 10 year period train to at t and time warner feel the heat as they try to defend their 85 billion media deal appeared lauren the Senate Clears the deal promising drug renewal and now heads to the president. Trade to the Brian Jameson Cleveland Cavaliers destroyed the New York Knicks and the yankees reunite with ace pitcher chapman. All the highlights there. Lauren 5 01 in new york. Welcome to fbn am, your first look at morning markets and breaking news. Nicole busy day ahead for donald trent radio travel to meet with First Responders of the recent attack at Ohio State University before continuing his thank you tour in io tonight. Meanwhile
Manus im manus cranny. We have got the pmi. We have the composite that comes in better. Germany slow down 54. Francine both manufacturing and services. We are better than expected. Manufacturing unchanged, but the services rising from a year earlier. That is the pmi data. The top story this week being the ecb. Lets take a look at the big market moves following draghis press conference. Ryan interestingly have not seen the euro strengthen very much at all on the back of the pmi reading which beat expectations. This is the euro over the last two days. It was tanking. It tanked for 11. 5 hours after mario draghi started speaking. Everyone anticipating more helicopter money on the way. Its settles a bit now. You look at the options market. Increasingly sense draghi started speaking yesterday, traders are getting more and more bearish on the euro. Lets go and look at the stoxx 600. A second day on fire. It rose 2 yesterday on the comments from mr. Draghi. And it is up again today about 1 .