Yields are still high relatively. The bloomberg dollar index continues to come down from the high for the year days ago. 12. 71 the level. Nymex crude has entered correction territory. Down maybe 10 this week alone. Nymex crude trading at 82. 72. Jon we are watching the oil story in canada and the currency story as well. We have seen the Canadian Dollar stronger. A lot of people were thinking the bank of canada has got to continue to navigate the inflation challenge given resiliency in the canadian job market. Smaller economy, but still, the nearly 64,000 jobs created in september was triple what the economists who track these data points were expecting. The Unemployment Rate held steady, 5. 5 . But the wage growth story and we talk about these labor challenges across north america yearoveryear, you saw an increase of over 5 . The inflationary effects are things central bankers are watching closely. Matt yes. Really fascinating beats in canada and the u. S. I mentioned the september jo
Walmart saying its seeing a slight pullback for certain Food Products because of those weight loss drugs. And disneys dismal run. The stock is back below 80 bucks a share, its lowest level since october 2014. Lets begin with a drop in oil prices. Wti on pace for the worst week since march, jim. We got down to 82. 35 this morning. Yesterday, biggest drop since may. The department of energy numbers were weak. Gasoline numbers were weak, the lowest, what, since 1996. When you speak to the chieftains of the Oil Companies, they just want to stand there and buy the shares because they dont think this is the right market. They think the higher price is the right market. I look at whats happened with oil, and i say, if you have retail weakness, if you have fewer people from student loans, fewer people going places, obviously, theres going to be a backup in gasoline, but i think this price is actually real. I understand that the Oil Companies want to buy back stock, but the oil stocks never wen
The 30year at 4. 89 reezing back and getting cloerz to 5 . It was moving closer to high tore 5 yesterday, bond yields easing across the board here. And should this selloff in bonds show some staying power, thats something jim cramer says can set us up for a bigger move higher for stocks. We certainly have plenty for a rally. Theres some a duraflame or two. We can get a repeat of what we saw in march. Maybe all that needs to happen is for the frantic bond sellers to slow the pace of the sales. They dont even have to stop. They have to be less desperate. Once that happens, we can focus on the stocks that have been crushed for weeks. Much more on his comments and maybe another barbecue rmpbs coming up later in the hour. Were going to look at energy. Its worst day sips september of 2022 with a 5 slide. Were seeing more downside action for oil. Crude at 83. 33. Thats the u. S. Setup. Lets see how europe is shaping up as its trading day gets underpay. We have much more on the early action. 1
Im Katie Greifeld in new york. Welcome to Bloomberg Markets. It is a down day in the markets right now on this thursday. The s p 500 currently off by about 1. 5 , and the story only gets worse if you take a look at big tech, with the nasdaq currently off by about 1. 7 . We know a lot of that is coming from meta reporting earnings last night. The stock is down double digits right now. That is what we are seeing in the stock market in addition to the Economic Data which we will get to in just a bit. You look at how it is filtering through the bond market. You have 10 year treasury yields higher by eight basis points. Firmly above 4. 7 for the First Time Since late last year. That is after u. S. Economic growth. We learned that it slid to a nearly twoyear low last quarter while inflation jumps. Optimism for a soft landing. Michael mckee joins us with the details. Walk us through how painful that dynamic might be for the fed. Slow growth, hot inflation. Michael the problem is that it is no
Telling investors not to put their money in the volatile times. Later in the show, nvidia following into the regulatory microscope with the office raid. It is friday, september 29th, 2023. You are watching Worldwide Exchange here on cnbc. Good morning. Im frank holland. Happy friday. Lets start the day with the check on the u. S. Stock futures. Look here. We are in the green. Dow would open up 100 points higher. The nasdaq is. 50 higher. It is early. A big part of the dow move is the premarket with nike popping on the mixed report. Look at nike shares right now up 8 . It is important to note they are down 17 for the year to date. More on that slide coming up in a moment. All this as the markets look to wrap up a rough month for stocks with the s p and nasdaq on pace for their worst month of this year down 4. 5 and 6 . Dow down 3 as well. For the quarter, the averages here down across the board with the dow and s p set to snap win streaks. The nasdaq on pace for the worst quarter since