Oil markets, the energy markets, saudi arabia cutting an additional one Million Barrels per day. Fact thatt change the the demand has collapsed. Even changes like that dont seem to change the trajectory of what we are dealing with in the oil markets. Still with us is chris ailman of calstrs. Positioning to hedge against another, like, down in the market . Of ourit is a big chunk market portfolio. 10 . We are still keeping our fixed income. For us, it is really all about diversification. We are underweight global equity. We think this market will have some weakness. Going into the last couple of weeks, these rallies back and forth, we have repositioned our equity portfolio to be more defensive. , cash isilt defensive king. As return on cash is trash, ray dalio likes to point out. But, liquidity is king. We are seeing Equity Portfolios already coming out from the disruption, people who need bridgeeople need financing. Nice strong returns. And, just the dichotomy in the market. The indexe
Student loan debt and new york orders 100 of the states workforce to stay home except for essential sftss. California, illinois and United Kingdom asking residents to do the same moments from now, he runs the largest restaurant in the world. Mcdonalds ceo will join us for an exclusive interview to discuss the companys response to the coronavirus that live interview coming in just a few minutes lets focus on the big stories we are watch iing. Mike tracking the market moves in the final hour of trade bob pisani on the unprecedented week for stocks. Meg has the latest on the coronavirus. Mike, first to you on this Market Action on the final weekday of a crazy week. Its still skittish there was a couple of days we were able to pull out some clues of stabilization a chart of the s p 500, we keep going back to the levels of tight end 2018 right back there now i think you can look under the service and say the market was trying to differentiate. We had perhaps a lull in this heavy liquidation
Joining us for the hour to break down the market action, keith bliss. Good afternoon to you. Thank you very much, wilf really good to be with you snapshot of today, why are we selling off . Number one, you have low volumes coming into july you usually have the spike in june on the weekly volumes were seeing that today. Listen, you got to say the news is really washing over the markets as it relates to boeing. The downgrade we had at apple, people are getting nervous about what fed chairman powell may say and may not do at the end of the month. I think thats why youre seeing a little selloff in combination with that is we did get overbought in the dow a couple weeks ago are traders talking about the fed and whether they may not cut at the end of the month . Youre certainly seeing that in the discussions that you have with traders and investors alike. Youre not seeing it reflected in the fed funds futures yet still an overwhelming majority of people think were going to get a 25basis poin
Volume was light yesterday, picked up a bit today. We are watching what feels like an unstable market right now. Equities not the center of the action. Action is in the yen and bond markets. Some single stocks worth watching. Ebs out with an interesting note, talking about maybe the fact that burberry is positioning itself in trouble elevated a fashion. The price point is too high for consumers going after its goods. That tells you a lot about where the consumer is right now. The italian 10 year, the market probably feels like it is seeing more action today. Does feel better writer, but the action is in fixed income and foreignexchange. Equities yesterday lower, but we are not seeing the whippy action of these other Asset Classes. Alix once we get that stronger than estimated jolts number, equities are getting hit a little harder. S p down. We work more immune to a higher yield earlier in the day but maybe not so much now. This looks insane. 10 year yield in canada up by 23 basis point
The german dax is down about 10 and so is our s p 500, the 10yr note yield, thats a cheap culprit. Rates have been backup yesterday. We are right around 2. 84 it is the expectations of higher rates to a certain extent. The prospect of inflation has caught the attention of investor over the last tentrading days and resulted in a significant decline for the s p 500. Lets ged t to our road map this morning. The dow facing its worst week and s p 500 worst week since 2011 you just saw stock futures are pointing to a rebound. It would be the largest tech opposition until it is or it is not. Qualcomm officially rejects broadcoms buy offer theyre going to meet. Jim and i will have the details. And Winter Olympics. Carl is going to sit down the comcast ceo, Brian Roberts later this hour. Wall street has never been happy it is a friday bracing of what could be a volatile session the dow and s p 500 are in correction territory that means they reached down 10 from todays highs in late january when