Wine, new studies may have you sipping more of the good stuff. It is thursday, august 8th. Fbn a. M. Starts right now. This is the night. We can a arrive. Into the summertime state of mind. Ride until the finish line. Lauren welcome to fbn a. M. Im lauren simonetti. Cheryl good morning, im cheryl casone. Lauren lets take a look at how your money is moving this morning. Futures are in the green, dow gaining 41 points, s p up 6 andahalf, nasdaq up 26. Cheryl this after yesterday, the dow swung 633 points at its widest span yesterday. It closed down just 22 andahalf points. Lauren unbelievable. And the yield on the 10 year treasury right now is making a little bit of a comeback, gaining 4 basis points this morning, 1. 73 . Cheryl the flight to safety to gold has continued all week. A little bit of pressure on the contracts this morning, still above 1,500 and oil hitting a seven month low yesterday. Oil is actually higher by almost 3 right now. Lauren saudi arabia is trying to talk up the
Green arrows across the board in europe the dax is up by 0. 3 . The cac adding 1 . The focus again today, because yesterday it was the fuel for that whipsaw action, treasury yields, 1. 727, much firmer than what we saw yesterday. We saw a low of 1. 595 we had record lows across the yield curve. Thats worth noting. A lot of strategists saying we could test 1. 35. Beijings central bank setting the official reference rate for theyuan to the weakes level in a decade. Eunice yoon has more on the midpoint number that traders are watching they do it now at 9 00 p. M have to watch all the time eunice its worth it its worth it to stay up that late the central bank set the midpoint fix weaker than 7, but it was actually stronger than what a lot of analysts were expecting. So because of that traders were taking that as yet another sign that the government here wants to pull the reins back on the chinese currency there was no official commentary today on the fix it was interesting to see what came
S p rising. 45 and somehow phony and engineer by the Federal Reserve, which means everything will end in tiers look, we definitely got a boost from the fed but it makes the whole move fake is ridiculous. When a day the s p broke out above 3,000 hitting an alltime high i want to put the fed mandated bubble talk to bed so yes, its true that the averages were looking its true the average were looking down before Jerome Powell gave dovish testimony how the economy is not in great shape. Powell admitted the business is slowing. Hes right although he probably should have mentioned the december rate hike played a role powells speech made it clear the feds are cut rates if the economy keeps deteriorating and hes expecting to continue to deter rate the prospect of a rate cut ignited the market today but you heard the same story from commentators that say its all one big hot air balloon. Practically a hydrogen filled zeppelin thats bound to crash in lake hurst, new jersey, when is a hinder berg
Good to have you with us on this monday. Our investment committee, joe terranova, jon najarian. We begin with the markets. The number of sectors hitting new highs today as the china trade talks are set to get back on track the scenario which we sort of laid out last week was likely. You come away from the g20, get some nice talk, get no new tariffs and the market was likely to enjoy all of that. Yep and we certainly did anybody long in the market overnight and into this Early Morning was very happy about that, judge. And since its a Trading Market, pete pounds the table for that all the time, i believe its a Trading Market ive liquidated more than 50 of my portfolio today thats not a buy and hold portfolio, thats trading. I did that, scott, because we had explosive moves in baba, in a bunch of these stocks. Wonderful to see these moves and it was foretold josh, you look at the names, sky works, micron, broadcomm, amd, you go down the list, this is the area we told you to look at if you
Was checking in around 6 00 a. M. To squawk box but still looking up road map this morning, it starts with a potential trade boost, stocks as you saw pointing to what would be a pretty good open at least if youre long after treasury secretary mnuchin said there is a path to a deal with china. Plus, trade head winds hitting home, fedex saying the ongoing disputes are creating, quote, significant uncertainty for its business outlook. Micron surging this morning, this on strong Quarterly Results. The chipmaker also resuming some sales to huawei and forecasting demand recovery this year. Stocks are looking to rebound this morning, this after treasury secretary Steven Mnuchin expressed optimism about trade talks in a cnbc interview. Here is what he told hadley gamble in bahrain. Im hopeful we see a deal there needs to be the right efforts in place this isnt a deal for having the sake of a deal we were about 90 of the way there. There is a path to complete this but well see where we get. Quo