Chowing down on chipotle as the restaurant chain claims further into record territory. Aim melissa lee coming to you live from studio b on the desk, tim seymour and julie beal we start with the two letters that might mean more for the market than anything the fed does, ai the s p closing friday with solid gains climbing back towards the 5100 mark posting its best week since last november the nasdaq doing better up over 4 since monday and the dow ending a second straight week in the green. Those gains come as a slew of Economic Data should have spooked investors. The feds favored inflation gauge staying sticky Commodity Prices on the rise with crude, brent, and copper all higher but all that could not put a damper on the Artificial Intelligence parade. Alphabet surging to a record high after showing progress in its ai ambitions microsoft also climbing as ai boosted its cloud sales and nvidia, the poster child of the business jumping more than 6 today as it appears to be the beneficiary
Things have changed, we have different numbers. New highs for 2024. The two youre getting closer to 5 two year. The quote of the last 24 hours around this desk, jp morgans david kelley, the sound of their slingshot on a june cut. Lisa stephen of standard charting, rbc, we are changing our fed call from 45 basis points to one of a duty five basis point move. Yesterday we saw the biggest self, the biggest yields since 2022 and it seems there might be more. Annmarie everyone is trying to revise. Starting to revise. This really seals the fate for the june fomc to push this further back. If we came into this year expecting when will the fed cut, and that is a matter of some people asking if the fed will have a cut in 2022 in 2024. Jonathan two big headlines crossing bloomberg earlier, triggers parenting rate cutlets to less than 25 basis points. Look at for exchange, the euro, 1. 07. The dollar having its biggest oneday since the banking stress of last spring. Dollar, 152. Never mind, it is
Bezos and tim cook attending. Caroline a global ai coalition on his visit to the middle east and the next stop may be we will see him over on capitol hill. We will discuss that and more. We will start on these markets up. 25 . The nasdaq managing to pull itself up. This is once again really tackling inflationary pressures whether it is the ppi number or the cpi print showing inflation pressures dialing up. We see managing the nasdaq to outperform as markets pullback. I am looking at the two year yield where we are outperforming on the front end of the curve all the back end is pushing higher. The big move was yesterday and what is happening in the euro but what is happening in the Federal Reserve and global world banks and Central Banks and what the ecb said. Staying put in terms of Interest Rates but signaling that inflation pressures are dialing down and we could see cuts coming off by. 3 . We have a look at what else is performing. Crypto down. 2 and we just saw that 70,000 level. E
Target pulls out a bead on top and bottom line. But reaction not a whole lot better. Whats the trade in black friday. There was there a steep selloff yesterday which put the nasdaq in correction territory. The head of mcdonalds u. S. Business is out and Jeff Stratton will assume that business starting january 1. Capped off last month with the first decline in Monthly Sales in about nine years. Well begin with a teale of two retailers. Walmart, revenues coming in short of forecast. As for target, the Company Posted Third Quarter earnings well above estimates, says its poised for a strong Fourth Quarter, but walmart has some issues here, jim. Theyre talking countries including but not limited to brazil, china and some others too. Yeah, i was thinking it bick, not brick. Russia has been left out of the equation, foreign corrupt investigation, not a great number here at all. The stock had become a very big institutional favorite. If you recall during the mexican investigation, when New Yor
Sight with this week representing the second best performing set of sessions since the beginning of the year . Nasdaq even 1. 7 . I urge you, dont get too complacent. Next week we get the real test of the bull of the month, when the fed meets on tuesday and wednesday. The bond program seems to be quite ineffectual of late. Given that Interest Rates currently available in the 10year treasury nearly doubled since the spring. Thats where our game plan begins. Lets stipulate the importance of this spending. Remember risk on, risk off . Remember that bit of tom foolery gar babage you were subjected t constantly . Whether people were feeling bullish or bearish or risky or something . You were supposed to sell or buy stocks depending upon whether beam we it was one of the stupidest sound bytes. Thats how i feel. Im getting there at least. About fed tapering. The process which the fed will roll back the program. Youve missed the whole rally weve been waiting for it. And it might not even matte