Shiller numbers up too the president s pick to head the central bank prepares to testify on capitol hill. Plus. Crypto coin with 10,000 in sight this morning. House ways and means chair kevin brady will join us live this hour as the final details get hashed out as stocks look to set new record highs the president s choice to succeed janet yellen heads to capitol hill this morning. The fed governor will appear before the Senate Banking committee and in his prepared testimony propgsed continuity if hes confirmed we must be prepared to respond decisively and with appropriate force to new and unexpected threats to our nations financial stabilit prosperity, well bring you live coverage a lot of questions whether he thinks qe should be a permanent tool what he thinks of asset prices and inflation and regulation. I think youre going to hear answers you would have heard from janet yellen. I think one of the things that is surprising here is that the pick itself is very neutral its not like whe
Of a percentage point. The hang seng was up by 0. 4 shanghai composite was up 0. 4 in europe in some early trading that were seeing, we are looking at a mixed picture slight declines in germany and in france. The ftse is up by a quarter percentage point gains in italy and in spain as well finally crude oil prices, which were up by 50 cents yesterday, they have given back some of those gains. We are talk about crude oil below 58 a barrel a couple stories were watching, bombardier said it is confident u. S. International trade commission will reach the right conclusion in its dispute with boeing. The Commerce Department announced yesterday it will impose duties of 300 on the companys cseries jets after boeing had been complaining they had been unfairly subsidized by the canadian government. The penalty will only take effect if the itc rules in boeings favor bombardier said it is common practice for a plane manufacturer to offer discounts to launch customers. Bombardiers ceo will join us
Lunch. The crypt o hits the fan im Tyler Mathisen the dow down and off to the worst week in two years. Energy is getting walloped apple shares on pace for the worst week in more than three months bond yields, this is the story, folks of the week. Maybe the story of the year. The 30year bond yield now above 3 highest level since march. The benchmark ten year jumping to a fouryear high above 2. 8 Steve Liesman is the man and he is joining us for the hour thanks, tyler im steveliesman we begin with the market, selloff concerns about Rising Interest Rates a big reason why. Bob pisani is at the New York Stock Exchange where weve just crossed the down 400 park. We bottom but the bad news is were not rising were sitting near the bottom and paralleling the 10year yield. We hit the highs about 2. 85 that was about 10 00 eastern time and that was when the market essentially stopped going down you could see it moves sideways. Take a look at the s p 500 and weve been moving sideways since 10 00. B
Trading. Check it out, 40. 21. The last time you saw prices like this it was 2009. March of 2009. We were in the midst of the financial crisis. It was a lack of demand. This time around its not just a lack of demand for slowing economies like china but also massive amounts of supply. Well talk a lot more about whats happening to wti but right now barely holding on at 40 dh 40 dhr 40. 21. The shanghai composite closing down by more than 3 and in europe greece making a 3. 5 million payment to the ecb on a maturing government bond. Athens using money from the latest bailout. Back here in the states a few economic report of note, weekly jobless claims at 8 30 a. M. Eastern time and then at 10 00 existing home sales. We got a couple of other big stories in focus right now. Of course the fed is on our mine. Yesterdays release of the minutes from the last fomc meeting raising a number of questions about the timing of a possible rate hike. Its the question we talk about virtually every day and
Weeks ago. Its not a market for the faint hearted even for some of the greats. Bill ackman and bill gross suffering amid market swings. And case dismissed. Theyre clearing them of accusations of rigging markets for fast traders. Welcome to the second hour of Worldwide Exchange. After five days of triple digit delines the dow surging 619 points. The s p 500 up about 72 at 1940. The big out performer in terms of percentage terms was the nasdaq. Still well above 5,000 but gaining 4 with tech and bio tech being the stand outs. Here in europe reminding investors how much the reset in the Global Growth picture can impact equity trade. Weve seen a lot of volatility over the past couple of days. Do you see a trend there . I think i do. Xetra dax back above 1,000 and still in correctioner the moy t. About 14 from its recent highs. Of course out of these four european markets germany has the highest exposure and makes about 10. 5 of sales in the market. French markets with a gain of around 3 . I