Seen from the nasdaq since november 21. We have been seeing good news about the stock market because the snp 500, a different index, has actually had a huge string of records, over 12 this year. There are a couple of things contributing to the Strong Performance generally, and a couple specifically, and when we zoom in on the nasdaq, the biggest thing was the Inflation Report came out yesterday, a highly watched number that the Federal Reserve specifically looked at and measures what people actually paying for goods and services. It showed inflation is tempering just a bit. The year over year measure was the smallest increase we have seen in years, and it lends steam to the narrative that inflation might be cooling, and that might do some favours to the market the Way Investors look at it. More broadly, there is enthusiasm over ai lifting tech stocks, many of which live in the nasdaq. Agaii tech stocks, many of which live in the nasdaq tech stocks, many of which live in the nasdar. ,.
Microsoft after the bell. First check on the markets. Dow up 300. Gains for the year pretty much flat, which is the outlier given the other indices. S p holding 4250. We have some decent guidance from old line industrials. That plus rates stabilizing adding to a pretty good picture. After five straight down days on the s p. Yields are up a little bit. Were below the 5 on 10year and guidance on Kimberly Clark and that es are companies that get hit by the strong dollar, which theyre absorbing. Lets start off with bonds. Bank of america saying the peak in rates could be around the current levels, though uncertainties remain high. Then barclays weighing in saying bonds dont look like compelling value despite the selloff. Ubs seeing better value in bonds than equities. What should we expect for rates from here . Do bonds provide better value than stocks . Joining us is td cowen president jeffrey solomon. Jeff, do you think weve seen the top in yields . I think were closer to the top than no
Annmarie hordern. Jonathan lets get your week started off the back of a second week of gains out the s p 500. Live from new york city this morning commented morning. This is bloomberg surveillance. Positive by a quarter of 1 . The calendars super late this week for earnings, for data. It is super heavy for fed speak. Check out the fed speak for the week. You will lose count of hanley scheduled speeches there are. The highlight of the new york fed president following a downside surprise on friday on payroll. The question, are we quickly reintroducing summer rate cuts after that jobs data . Lisa if they do, how much to the risk exacerbating some of that volatility weve seen in the markets in a way that isnt can use it to any sort of policy . At what point are they going to risk a credibility cut if they Start Talking about rate cuts after trying to push back so aggressively to weeks ago . Jonathan the favorite quote from citi, summer dovin happened so fast. You can sing that later, im no
Haidi welcome to daybreak australia. Im haidi stroudwatts in sydney. Annabelle im Annabelle Droulers in hong kong counted down the ages major market opens. Shery im shery ahn. Ourstories this hour. Market gets a reprieve as fresh data has back bets on another rate hike this year. Tech stocks and treasuries are rallying. The dollar is weaker. In the Sam Bankmanfried trial, prosecutors say the ftx cofounder is a calculated criminal that lied of the world. U. S. Futures coming online in the Asian Session under a little pressure after we saw ux u. S. Stocks gaining ground and the s p 500 finishing around session highs. The nasdaq 100 outperforming gaming 1. 5 in the new york session. Perhaps, not surprising given we saw treasury yields back down with a rebound rebound in the bond market with a 10 year yield headed towards 470. We had dated today coming in weaker than expected. The adp private payrolls numbers added the fewest number of jobs since 2021. So perhaps, thats a little sign of a
Wrapping up april with a month of losses potentially on the screen. Down more than 2 on the s p for april. The small caps have been absolutely hammered the end of march, the rotation is coming, a big downdraft for the small caps so far this month, snapping five straight months of gains for equities on the s p 500. Bramo, april has been a bumpy ride. Lisa partly because that is the sound of the narrative breaking or maybe the narrative shifting. He basically said higher inflation is fine for stocks and earnings. If yields stay here it will be ok, everything is fine. Yields are high for the right reasons. Are they . That is the angst you are feeling. Jonathan the bond market, breaking up the 10 year. The twoyear, high by 35 basis points. The 10 year up by more than 40. I remember a few conversations we had this month. Just a few. Steve said that this Federal Reserve wants to count Interest Rates. He said that this data is not cooperating. The data this month has not cooperated. Annmarie