For the month of may thats the first time were seen losses for the month of may since 2012 obviously this doesnt bode well for what weve seen later. Obviously people still reassessing with what happened with the trade talks last week and what happens next. Overnight in asia, the heng seng was closed for buddhas birthday if you look at what else was there, the nikkei was down by 7 shenzhen composite down by just over 1 . In europe where there is some active trading taking place now in the early hours, youre going to see a mixed picture ftse is flat you see pressure coming on all the other major markets. Dax is off and cac is off. When it comes to the treasury market here in the United States, youre going to see the ten year looks like its yielding 2. 425 so not even getting close to 2 1 2 . Lets talk about the u. S. And china trade talks. President trump showing no signs of backing down after talks broke off friday with no agreement. Yesterday afternoon he tweeted the following. He said
Percent. It has been a difficult week for the majors in europe. Turning to the United States, all on the agenda today is uber. We have the major indices lower as well. The s p 500 down 1. 4 . Trade is the big factor even though both sides in the negotiations are behind closed doors. Following President Trumps we have some inflation data that was interesting. The gaming index is the worst performing index, down about 4 . It is pointing to the lera as well. In other geopolitical news, turkish banks intervened overnight and that has the lira rallying after declining in the month. Coming up, ubers ceo will join Bloomberg Live after the company starts trading. That is scheduled for 12 30 new york time. Pricing at 45 or 46 per share, this will bring uber possible cap to what interest do you have in uber . Think whats going to be interesting is whether it inll by into a longterm ga story. Seeing how the market buys that longterm profit. Vonnie it is an 8. 1 billion offering. It is quite large
But as that intraday chart shows, it could have been worse. Coming up well have the New York Stock Exchange president Stacy Cunningham to discuss the ipo and after the bell former uber chief Business Officer emil michael will join us here in order to discuss lets start with bob pisani for a look at what has been a wild day for stocks. An unfortunate day to debut in the Public Market. Well see how it closes the important thing, the market absolutely refused to believe theres going to be any kind of problems with the trade deal and wont address the real potential economic issues. Just look what happened here steve mnuchin, here we go. Okay we have talks are constructive this is good for 25 points on the s p 500. 250 points on the Dow Jones Industrial average its remarkable. Then we have the head of the south china post, the editor there, coming out making some comments saying oh, well, the talks did not collapse, somehow thats good for another 10 or 15 points on the s p 500. Its remarkab
With buy ratings on the stocks as investors await ubers ipo next month. Good to see you, guys. Good morning. Good morning. Good to be here. Steve, i wonder what you make of the initiations obviously, big contingent on social media sninkering at banks they say want a piece at the Investment Banking business. This is unsurprising. They had to wait their 25 days and i think everyone was expecting this to happen the targets you think are up for grabs where this really lands. I think there are bigger questions for the longterm for lyft and im sure well get into that. None of these new analysts coverage is all that surprising today. Whats your take on their Growth Potential as i look at both lyft and also, you know, the latest out of the s1 from uber, i think whats clear is the growth at any cost strategy which got them both to where we are today has to be meetered and measured by profitability. Were all talking about that i think. I do think it was surprising for me as i looked at ubers s1
Points off the dow which in total is only down 83 points lets have a quick look at what the markets are doing with the dow down slightly 0. 3 as we said the s p is just higher as we look at things. Meantime, the nasdaq, the one to focus on, that is up about 0. 4 . 8120 the level to look at as to whether it will close at a record alltime high the nasdaq is higher why . Because facebook and microsoft powering it high 6 higher for facebook microsoft up 3. 8 . The number for microsoft to watch, 130. 50. That would take it above a trillion not currently above that number but nonetheless nice gains for those stocks which of course reported numbers last night. Lots more earnings coming later. Sara as we watch to see whether the nasdaq closes at another record high which could be the second time this week, weve got a big interview coming up for you this hour. Legendary investor howard marks will be joining the show of o oaktree to talk about valuations at these levels. And also what hes callin