Bytedance will retain overall control. President trump says he may change his mind about approval. We are joined exclusively by st. Louis fed president James Bullard ahead of jay powells trip to capitol hill. The fed chair will say the u. S. Faces a long and uncertain virus recovery. Shery heres how u. S. Futures are coming online. A little bit of pressure at the open, this after we saw the s p 500 lose ground for a fourth consecutive session in the regular trading our. It was the longest losing streak since february. We had banks sinking at least 3 on that report detailing suspicious transactions at global banks. ,e had also surging virus cases not to mention doubts over another round of stimulus measures. That really sent stocks down. We have the nasdaq at one point falling as much as 2. 5 , but it did pair back some of the losses with a bullish reversal in the afternoon. Down only 1 10 of 1 . We are this week watching closely what chair powell and secretary mnuchin will say in congr
Change his mind about approval. Latery powell will say that the u. S. Economy is improving, but has a long way to go before fully recovering from the virus. The st. Louisrom fed president this hour. Haidi investors are waiting to hear from fed chair powell. But we know the gist of what he is likely to say given that the commentary has been around how recovery will be, managing expectations. The recent fairly positive data points we have gotten. S p active futures after the session overnight really erasing some of those earlier losses as well. Some of the gains we have seen trading flat at the moment. U. S. Stocks fell. Could have been worse if not for that rebound in tech shares stemming the losses. It did get close to that threshold to be considered a market correction. 0. 1 ires down by should say by 1 at the moment. Japanese markets are closed for a second day this week for the autumn equinox holiday. ,ydney futures down by 1 trading in new zealand down by 0. 1 . Victoria has come o
Francine theres a different term people who are in lockdown in the u. K. And other parts, people being bored. The different tone from people in charge saying we are trying to keep you safe. We dont exactly know when we can reopen or how much. It is a great experiment. If you look at italy, france and germany, do you reopen automotive first . It is going to be a delicate situation. We will have to see one data time. As i speak to you about optimism, just outside my window beneath me next to mount sinai on fifth avenue, the drone of sirens. We begin in new york. May 15 is the date the state could be reopening. Governor cuomo laying out a plan that starts with construction and manufacturing. He said it would probably begin upstate before moving down south to the city. Yesterday, the state reporting 367 deaths, the lowest number in almost a month. U. K. , Prime Minister Boris Johnson back at work. Johnson recovering from coronavirus. In his first public statement, he urged people not to gi
1 plus for most of the session. Yen is paring some of its gains. 107. 29 after the bank of japan said it would do what it takes to keep the economy in check. The 10year yield at 64 basis points. They are in that range, quite happy to stay there. President trump and retailers are set to announce expanded coronavirus testing programs. That is something to look out for. Standing by is taylor riggs with a deeper dive into the market. Taylor some broadbased gains within the equity market. I wanted to dive deeper into financials. One of the best performers today, up 3 . This after yields on the 10 year are rising. You are seeing financials benefit from the steepening of that yield curve, lifting up the long end of the curve. Also getting a little bit of strength, the rebound. Crude on the other side of that. Clearly bearing the brunt of this with the oversupply problems, lack of demand. I want to take a look at the equities market in the last 24 days. Equity markets bottomed out on march 23,
A lot of investors and traders like to see that broadbased movement. We have a nice risk on move. It is not clear this is not simply a bear market rally. It is too early to say. Today the bulls are out once again. David that is reasonably cheerful. Now i have to ask you about oil because it has fallen out of bed. Abigail we have oil down more than 25 . The crude oil crash continues. This is an important point relative to stocks. On the year, stocks are down 10 . Oil is down 80 . Both are considered to be risk asset tells. Oil you can make that case is more closely tied to the economy. Because you have oil solo, some of it has to do with the Technical Training factors. At the end of the day, it reflects a demand shock we are seeing. Unless oil comes back, it is hard to see the economy looking all that strong me time soon. With thetock investors case folks are looking ahead to 2021. If you have oil down that sharply it is hard to know whether that strategy will work. We will have more in