The crude revival comes after opec agreed to extend production cuts through july and positive economic in demand is about to return to the market our chart master says the energy surge has gone too far too fast. Carter, take it away conceptually what we know is this is a poor market. Energy peaked in 2014 and obviously collapsed here with the covid news and has recovered. Lets look at a few charts and figure it out. The first, of course, is a table. If you look at the 10 gic sectors that compose the s p 500, obviously that which went down the most is often that which bounces the most you can see the stacking order here energy is up almost 100 followed by Consumer Discretionary up almost 60 largely driven by amazon, home depot, a few others. I understa industrial up 57 s p bringing the rear up 46. Lets look at two charts look at the xle, the etf captures all energy, dominated by chevron and exxon 40 plus percent weight the 22 to 44 what you can see clearly is were up against a fairly we
Opec agreed to extend its cuts through july amid positive Economic Data and demand is about to return to the market and carter worth says it has gone too far too fast. Carter, take it away this is a poor area of the market for a long time and it collapsed here with the covid news and has recovered lets look at a few charts and figure it out. The first, of course is the table and if you look at the ten sectors and it composed with the s p 500, that which is down the most is often that which is down the most and so you can see the stacking order here and energy is up almost 100 followed by Consumer Discretionary almost up 60, of course, by amazon. Home depot and others and the s p bringing up the rear at 46 look at two charts and look at the xle, versus, the etf dominated by chevron and exxon and the 40plus percent rate and this is moved, 22 to about 44, but what you can see quite clearly is that were up against a fairly welldefined downward trend in effect for the past two or three year
Hardest hit communities in the country. The new coronavirus study just in. Two Big Questions that could be answered. Are you immune to the virus if you have antibodies and if you test positive for a second time, are you contagious . Plus, cvs about to majorly ramp up testing across the country. The ceo joins us live. An abc news exclusive. The fraud alert. This morning the ftc warning about a surge in alleged fraud during the pandemic costing americans tens of millions of dollars. Growing concerns over unproven cures and treatments. Former today show anchor matt lauer takes aim at ronan farrow accusing the catch and kill author of publishing a Rape Allegation against him without proper fact checking. Farrow responding this morning. And heroes in love. Were celebrating five engaged couples across the country working on the front lines, staying strong for each other and all of us after postponing their big days. This morning their love stories and the big gma surprise you dont want to mi
Global cases nearing 1 million desire statistics there. Indeed, there are theres been plenty of late. Weve got great guests coming your way including Mike Novogratz on where hes seeing opportunities. Well also speak with the ceo of pa tell, the ohio company thats just received approval for its technology to sterilize medical masks. But the big stories were watching this hour mike is here to break down the latest market moves. Brian sullivan has the late isest on oil and energy. A role eler coaster ride kayla has new details on the relief checks due to americans and bank of americas Michelle Meyer is here with us to tis cuss the sobering jobless claims numbers, but mike, you on the markets. T. Obviously waivering after the early day rally. Take a look at where it leaves us here. It seems were settling into a trading range. Well see if that holds. People can throw out these levels that might matter ta tactically the market has traded technically, just because we are in a bit of a vacuum
The moves in europe have been tremendous. A 58 basis point move upwards for the 10 year in italy. Moves. Re huge a big selloff in the bond market is not going to make the equity markets happy. You have limit down at one point for s p futures. The dollar keeps performing higher and higher. At some point, that is going to wind up crimping the Global Economy as well. To wrap it all into a neat bow, you have crude, the bottom falling out for that market. Goldman says they see brent coming to 20. Time now for global exchange. We are going to bring you todays market moving news from all around the world. From washington to new york, brussels, and london, our bloomberg voices are on the ground with this. Mornings top stories. The Trump Administration has promised a 1. 2 trillion dollar stimulus package, including to americans. Joining us is kevin cirilli. Where are we in getting this done . Kevin within the next week, i am told by sources. The president hasnt injected the treasury secretary S