That comes up against the weak anecdotes we keep hearing about. The beige book did not sound like the robust economy. I dont know what you are hearing from the companies and everything. It is not robust news. The question becomes not so much the strong Third Quarter. The question is in the Fourth Quarter and if the fed wants and needs a slowdown to feel comfortable about inflation. I dont know if we have the problabilities available. The first is the tenyear note which is darn close to 5 . 4. 98 was the top overnight. It is now down a bit. The second is limited or almost no chance. Quickly, ill give you the probability. 5. 7 for november. It jumps up to 39 for december. Then it is 47 for january. If you hear from the companies, mike, i say most of the ceos are concerned about what is coming. Generally, that is true. If you get a slowdown, it doesnt usually happen precipitously. I think the market wants the ability to try to start to focus fully on companies and on exactly how the busin
If it means yields go higher and stay there . Adam parker and cheryl young, welcome to you both. Good to have you both here. So theres the setup, adam. The soft landing scenario, you havent seen much of anything to really disturb that. The market has been trying to make its peace with yields at these levels. I guess putting on a brave face enough rotation away from big tech. How does it feel to you . My bias is we can go higher. The market has been remarkably resilient to pretty extreme politics and global risk. I think most people came in under allocated at u. S. Equities, bond yields look more attractive and they havent fully participated in the rally. I think there could be a pretty big chase. I dont believe that good news is bad for the market for a sustained period. It can happen briefly. Good news is good news. To answer the question in your teaser, theres lots of evidence historically that the stock market can work when bond yields rise. Often theyre both emblematic of growth. I
It slashed its Sales Forecast for its Covid Vaccine and therapies late on friday. Shares not going to be down ahead of the open. Watching apple. Reports of disappointing iphone sales in china. Lets begin with the new week for the market. Its going to have something for everybody. Were going to be on the lookout for geopolitical headlines. Earnings season will heat up. The fed speak calendar, sara, is insane. Its heavy. Theres a lot of them. Whats interesting is that fed speak has moved from hawkish to dovish now for the markets because increasingly, youve got a number of these fed speakers saying, were okay waiting and seeing the impact of our higher rates. Theyre not expressing any kind of alarm or panic over the fact that Inflation Numbers have come a little bit firmer. Cpi last week was firmer. Expectations in the university of Michigan Sentiment number on friday were a little bit firmer, and the data overall has continued to not point to recession, but it does feel like the groupth
Step in and curb their rise. Hes here with his proposal to lower rates by a full point. The dow has been fluctuating. Up 327 at the highs, up 67 right now. S p is down 15. Nasdaq is down 1 . This despite lower yields across the board. Today, the tenyear down seven basis points from yesterdays close, around 4. 63. As for Bank Earnings this morning, shares all higher on stronger than expected results, but well off the highs. Jp and wells fargo a little more than 3 up. The ceo jimmy diamond noting it was overearning and he expecting that to normalize over time. Pnc, shares are lower by almost 4 after missing on the top line. They beat earnings estimates, but, again, their Loan Loss Provisions came in at half the estimates. By the way, it wasnt just them, the big banks did this, as well. And financials are where we kick it off today. My next guest says hes bullish on the big banks, especially goldman sachs. Also with us, lets bring in frances donald, w. Out with a recession call today. Tha
Speaker, but the gavel is far from guaranteed. How this might play out with just over a month until a potential shutdown. But first, the latest on these markets. Dom chu has the numbers. A lot of fluctuation today. And we just flipped to marginally red on the s p 500 for marginally green on the s p 500. But its been a day of ups and downs. 43. 75 the last week for the broader s p 500. At the highs of the session, the trading range had us up about nine points, down 14 at the low. If we were to tilt positive to close the day, it would be a fiveday winning streak for the s p 500. But a 43. 77, thats the state of play. The dow just 0. 1 of a 1 decline. And the nasdaq, up about one quarter of 1 . 25 points higher, 13,684. One of the elements of todays trade is the continued onslaught being put against the consumer staple stocks. Hormel foods, gave a projection today, down about 10 . The worst performing stock in the s p 500, lamb wesston, down 7 . Keurig dr pepper down. And kip we areallycl