Lackluster trading an ugly chart for the biggest in the market and shares have fallen 11 this month alone. Intel and microsoft also a drag today and its hard to get much going for the nasdaq as well given that tech slide weve seen and the continued march higher for yields take a look, the 10year higher again, pressed against its highest level since last october. It takes us to our talk of the tape state of stocks and why some say this correction is not over. New edges Cameron Dawson making the case here now at post nine good to see you again. We should note as were at the lows of the day, the dow has reached it 50sDay Moving Average. Why do you argue today that this has more to go the confluence of evidence would support theres more to go because of seasonality, were in a bad seasonal stretch, september the worst month. We know momentum has turned negative in the near term on a tactical basis and breath, the number of names trading above their 50Day Moving Average, its not washed out y
Nvidia down 4 obviously we have the big inflation data coming out tomorrow but, joe, whats driving this we knew that the inflation data was coming out tomorrow, with he knew we have had these economic worries, percolating talks about impending recession coming back up again yesterday whats going on now . The treasury auctions are important this week. After the three year auction at 1 00 p. M. There was opt mirk, markets lifted off of the lows, there was a belief and the demand was relatively strong whats happened this morning is that price has reversed, a lot of that optimism that was represented in an end of day bounce and now you have broken below yesterdays low. A little bit of technical selling pressure i think theres more nervousness in the 1 00 p. M. Tenyear auction is critical today because weve seen the long end of the curve where yields have been backing up, thats where this battle is going on right now with the Asset Management industry thats Long Duration and then hedge fund
Process in the peach state after charges were posted online while the grand jury was still meeting yesterday afternoon. We will have the very latest all morning long. Secondquarter retailer needs are out, home depot is hitting the tape, the stock is moving fractionally higher, were you to get july retail sales, that comes out at 8 30 a. M. Eastern time. Everything that you need to know with the focus on the consumer and of course inflation and the pressures. Take a look at futures, it is read across the board will see if home depot can change the story since they are at dow component. The dow 148, nasdaq 58 change in nasdaq down by 18. Lets look at european markets, read across the board, the cac 40 and the dacs all squarely in the red. Into asia overnight, markets mostly that were there. The hang seng down better down 1 . President biden slammed for largely ignoring the devastation in maui after wildfires ravaged the island. Meanwhile he is planning another vacation next week. We are
Welcome, steve speaking of inflation, julys cpi report showing an increase, less than expected dow up 455 points before just now turning negative s p now down 7 points. Nasdaq down 21 by the way, these losses come after that weak 30year bond option talked about top of last hour sent the tenyear yield back above 10 pressure from that direction and positive earning movers. Holding up the dow now, mixed result plagued by streaming woes restructuring costs and 7. 5 surscriber loss nearly shares up 4. 5 planning to crack down on password sharing like netflix. Alibaba up 4 . Chinese tech giant beating top and bottom line. And lululemon massive hike to guidance keeping up with the growing theme this week, another big deal Luxury Company tapestry announcing requiring versace and jimmy choo for about 3. 5 billion. More on that later in the show. Start with a key read on the economy and the health of the consumer todays cpi coming in just a touch below expectations with year over year rate climb
Market site. Our guest trader for the hour, lori cave cena welcome. We start off with that muted reaction to the markets Inflation Report this mornings Inflation Report. The market rising as much as 455 points early in the session, but losing steam throughout the day, closing up just 50 points. The s p and nasdaq following similar trajectories the benchmark up just a point. The reversals coming despite the fact that Consumer Prices rose less than expected in july, 3. 2 , versus 3. 3 estimate the drop in gas prices outweighed by a rise in the cost of food and shelter, so, todays action suggest a shift in the markets focus, guy . Its interesting. The s p closes flat, i get it, and lori has thoughts on this, and i mentioned it here, but what i took away, the move in the bond market was, again, extraordinary, in a word yields open on the lows. Spent the rest of the day rallying to basically the highs. I dont think thats good. Bill ackman ringing the bell in terms of his bond call, that top