In the meantime, lets talk about the price of bitcoin. It has been volatile. Shot up yesterday in a big way and pulled back after blackrock denied the report, becky. Coin telegraph saying u. S. Regulators approved the application for the spot etf. Everybody cheered and went crazy. Coin telegraph later retracted the story and conducting an internal investigation into the inaccurate report. Blackrock reported the application is still under review. Crypto markets have been waiting news for spot coin etfs which are expected to drive investment in the sector if approved. If because we still dont know. Just because blackrock and fidelity are asking for it, doesnt mean the s. E. C. Has to give it. Do i think there is momentum . Sure. It doesnt lead to the situation. The company that put out the story is now conducting an internal investigation which makes you wonder if they suspect somebody was doing this and making trades based on the story. It wasnt how it happened. Was somebody feeding the
Be nauseated by the companies that have already reported with the sole exception of tech, which is once between getting a pass. We could have more days like today where the dow lost 174 points, s p tumbled. 62 , nasdaq shed. 63 . It was much uglier at one point during the day. What makes me so sure earnings season could actually be so difficult . I think its because were rooting for lower inflation and less wage growth. But so far we just arent getting that scenario. Oh, yeah, we had a onetwo punch today of a hotter than expected Consumer Price index coupled with a Government Bond auction of 30year treasuries that fell flat. Causing the bond market to get crushed while the yields soared. What the heck is the government even doing offering a 30year treasury right now . They know nothing its the birkenstock of bonds. To reference an ipo that smelled like dirty feet. Pricing 46 bucks just before falling to 37 and change after the first two days of trading. Another day like today and it wi
Some time. Several saw policy at or near the peak, near means maybe one more hike, at means were there already. All agreed that the committee was in a position to proceed carefully. Weve heard that from several fed officials since the meeting. Several say the Balance Sheet reduction can continue even when the fed is cutting rates. Participants say risk from over or undershooting on rates was now more twosided than it had been in the past. Various participants pointed to downside economic risks, including credit tightening from the banks, lagged effects of Monetary Policy as well. Many noticed that its coming under pressure amid high inflation and declining savings. Theres concern about the commercial real estate sector, the availability of childcare which is believed to have brought a lot of people into the workforce. The availability of childcare. Auto workers strike was on their mind. Upside risk to inflation from the auto worker spike. Theyre hoping new data would clarify the proces
Nasz d nasdaq up as well. Oil is up 4 . And we want to look at the defense stocks because those are leading industrials higher. Moves are huge. As you can see, major moves across the sector as we 1k3ek9s to expect to see more demand for the Defense Products and against dollars now both in the u. S. An broad. And also look being at Companies Based in israel, because those are mostly lower today as you can see on this board as well. And lets begin with a bit more now on the human impact of this war. Josh letterman is in london for us with all of the latest. Reporter the death toll among israelis has climbed to at least 800 according to officials including those Nine American citizens that the United States confirmed earlier today were among those that had been killed. And on the palestinian side, gaza health shorauthorities are saying at least 560 have been killed and 2900 injured. And throughout the day weve seen Israeli Military con kductg strike within the gaza strip. And we heard fro
Names like cocacola, pepsi, hit especially hard. We will focus on all of the green because thats really the story today. Nasdaq, another spot to take note of today. The outperformer as well this week. Even apple up nicely despite the midweek downgrade a strong week for alphabet and nvidia as well. Take a look at those three, having pretty good gains. Leads us to our talk of the tape. Whether the storm clouds for stocks are about to pass, as earnings season kicks off in earnest next week. Lets ask tom lee. Fund cofounder and head of research. Welcome back. Good to see you. Its been a while. Great to see you, scott. I will start calling you prescient tom. I hope you dont mind. Because this morning, at 10 23 in the morning, you said possibly this is the flush, bottom line, possibility equities reverse into the close, well, it looks like you called it, tom. What do you think about this reversal and what it means . Well, i think if we think about the data for the past week, the stagflation