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But the breakdown of oil today on Global Demand is really significant. Under 40, not only but well on to new lows right now, 39. 71 on world oil. It is much more about the pandemic than it is the epsilon off the american election. Jonathan a breakdown on the equity benchmark in frankfurt, germany, the dax suffering. What is new about today . The dollar bid through g10 against e. M. You mentioned the turkish lira this morning as well. The Dollar Strength returns with a bit of a vengeance this wednesday morning. Tom let me triangulate again here triangulate yen here, folks. You throw the dollar out and look at euroyen, and euroyen clearly indicates weak euro. Lisa teladoc a. M. , german chancellor ashtead 00 a. M. ,erman chancellor 10 00 a. M. German chancellor Angela Merkel discussing new restrictions to stave off the rapi ....
Its pretty weak overall. You look under the hood, theres the picture from the three sectors i mentioned. Financials, theyre lower too as they get ready to kick off earnings season. Citi, jpmorgan, wells fargo, all of that before the bell. Tech, well, it was one of the only decent spots today. Even it has rolled over. We show you the tech xlk etf. The nasdaq performing better lately and still on track for a relatively strong week, can tech alone carry the market higher into the end of the year as it did for the First Six Months of 2023. Lets ask someone who count thes several tech names of top holdings. With us today at post 9, joe terranova, joe a cnbc contributor. Its good to have you both with us. Amy first, were still worried about rates, obviously. Weak auction, cpi, ppi, both a little hotter than expected. How do you see it . Yeah, i think, you know, the market is obviously on its toes. Youve got higher for longer. Thats th ....
It wasnt done tightening. Then we had some banks collapse in march. Then we stopped worried about the fed because we figured the economy had it. That led to a wholesale shift into tech. A multimonth run into tech, especially the magnificent seven. So the consumer situation coming together now after weeks upon weeks of pain . That may be what we saw today. The nasdaq jumping 1. 35 . It was a total shakeoff of the endless selling. It didnt happen until later in the afternoon. It is hard to believe the system can repeat itself, i have to say the setup is very similar, even if the starting point is different. We had a replay from march where recession from demand destruction overwhelmed those by inflation or spiral growth that seemed impervious to all the fed rate hikes. Maybe it is the start of something bigger. Hey. Come on. After what we have been through, a few hours of larger prices looms larger than it should. To give you some connect here, lets rewind to spring. We had the collapse ....
That wages are not necessarily increasing the way economist anticipated. Pimm the worst performance in wage growth ever on record back to 1982. Scarlet the Consumer Confidence number was a little lighter than what economists had anticipated. Look at oil companies. That is the s p 500 intraday. The s p 500 taking the worst hit exxon taking the worst hit. Was not far off. Lots of superlatives and none of them positive. Lets get a check on oil prices and gold. Nymex crude down. Brent down 1. 5 . Gold up by 0. 5 . Pimm lets see how the wage report reflected in the bond market. A little bit of buying at the 10year and the 30year. Look at theemonth 10 year yield. Yields are down. Prices up. People interested in buying the 10year. Lets take a look at the currency. The dollar is unchanged against the euro. The dollar weakened against the japanese yen. The dollar continues to increase in value. All at stake a look at something youve g ....