Im carl qintanilla with sara eisen and john ford. Joining us this morning, Henry Blodget and cnc contributor, mike jackson. Good morning to both of you. Our top story is going to be the markets and rally mode. The dow is up 175. Got a pretty upbeat adp number. Some of todays top dow gainers are bob pisani is watching a lot of Different Things moving on the floor. Complicated parts. 2378. Off of the highs. Two things moving things. Higher yield and higher oil. Take a look at the k. B. This is the bank index. Buying finally started coming off of the lows of yesterday. We weakened a little bit. They cant decide where they want to go. Thats a big influence. Energy, the xle, oil stocks, they moved as oil rallied towards 52 dolz. They came down. Copper is up, nickel is up, zinc is up. Some of the copper stocks are moving there. Freeport may reopen that copper mine in indonesia they have had problems with. A big ipo in the energy space. Hess missstream, they own pipelines in the bokken. 25. 5
That final tally 52 votes to leave, 48 to stay. David cameron was on the wrong side of that outcome and he announced hell step down as Prime Minister by october. The british people have made a very clear decision to take a different path. And as such, i think the country requires fresh leadership to take it in this direction. I will do everything i can as Prime Minister to steady the ship over the coming weeks and months, but i do not think it would be right for me to try to be the captain that steers our country to its next destination. On the flip side uk independent leader nigel farag jubilant. Dare to dream that the dawn is breaking on independented United Kingdom. Let june 23rd go down in our history as our Independence Day [ cheers and applause ] obviously very big questions, jim, being asked about globalism and nationalism, but on a shortterm basis, on a today basis, do you go shopping . Well, look, theres a couple things we have to keep track of down 7 , we get the trading halt
Unsuccessful. Were spending a lot of money. 13,000 per person. A lot of that is on health care. 45 of it. That is where congress decided to spend the money. The nation has made a great commitment to helping the poor. It increases every year. Third issue, the causes. The first is work rates. The longterm decline of work among males. The work rate among young black males, before the rescission, we before the recession, we have a real problem with male employment. For reasons that are not clear. Females, the opposite. They work more. Married women had joined the labor force. Never married mothers. The poorest group of mothers have had a spectacular increase in employment and even today, the likelihood that they have a job is greater, about 20 and it was before welfare reform. That group is working a lot. Wages. These are astounding. The wages at the 10th percentile and blow our where they were 30 and below are where they were 30 years ago. It is hard to make progress against poverty as we
Clear focus on financials. Deutsche, the euro, spreads after the worst day for stocks in two weeks, europe lower on pressure from the banks, euro under the same fate. Oil taking a backseat for now largely unchanged. Road map will begin with what else, deutsche and capital concerns rattling markets around the world. The ceo attempting to calm the waters, will that work today . Its not just overseas, of course here in the u. S. Wells fargo is back under fire yesterday after ceo john stumpf faced angry lawmakers in the house of representatives. And the last day of the quarter, tech leading the rally. What does q4 portend . But first up, deutsche shares slumping to alltime lows in frankfurt trading taking the european Banking Sector with it, thats on concerns about deutsches Capital Position and reports that hedge funds are reducing their exposure to the bank. The Ceo John Cryan defending his company in a letter to employees saying due to ongoing rumors, talks about their liquidity reserve
Julie it was triggered after we got Economic Data out of china. We saw it spread around the globe. Commodities got on board as well. All of that contributes. You will see what im talking about. Its bumping along your the bottom. Its not as low as we were when the s p fell 1 . We have seen something of a tracking of oil prices. Nonetheless, directionally both of them are taking a step lower at the same time. Oil prices are up 3 . There was an attempt at a rally in oil, but it could not be sustained. Energy shares are the worst performers, down 3 . Some of the recent winners. Those of the losing losers again. They helped lead a recent rally and now they are gone again. Financials are competing. Alix you have a draw into the treasury market. Everywhere. Here and look at the 10 year note in the united states. We see the yield go down to 1. 82 . The 30 year is interesting to look at if you look around the globe. Investors want safety right now. That has been happening all your long. The que