Here today. That tai chi manufacturing that we got a couple of minutes ago was the weakest print we saw this year. It was still0, but showing the gradual slowdown we are seeing in global pmi. The official move that we saw in europe, in the u. S. As well, which is really supporting the Global Growth concern yard of that we are seeing. That is why we are seeing the yen up, 10 7. 60. Asia fx weakening with the dollar a little stronger. We see commodities. We are continuing to see some red when it comes to steal futures in shanghai copper. Lower by 9 10 of 1 . Be with thisng to rally. Looking at the u. S. Side of things with the 10 year yield below 2 . We are seeing for asia bonds as well. I will show you what else is going on, we mention about the u. S. Tenyear. Anese through three yield three year yields. We just got the news about the boj cutting purchases of bonds and a 35year range. Its the First Time Since 2018 that they have done so. They were trying to address the flattening yield
Falling back below 2 . As i said, the s p 500s essentially flat at this moment. The dows just lower the nasdaq down 0. 1 the russell looks down a full percent as regional banks down almost 2 . Joining us for the hour today to break down the Market Action is steve grasso from stuart frankel. Great to have you with us. Good to be here whats your take on this sort of softish session only a day or so after great positive trade news . You have a holiday week, so you have a shortened, abbreviated week you have people looking for either you had a rebalance on friday, you had end of quarter, end of month, end of week. People are starting to take a big, deep breath in. Seeing where they want to reassess, and and redistribute their Equity Holdings its all about the fed people are on fed watch right now. Thats really the only thing that is taking up the brain of a lot of the Market Participants right now. Even though trade is all over the headlines, its still fed. Fed still cut, but the trade tru
2016. The bulls and the bears duking it out. It is above 1400. Not above the true top of the range that follows the gold crash. This huge range, the this is a weekly chart. Goldhas actually confirmed for a move back down. All of this suggests that we could see gold drop down that just to that level but perhaps toward the bottom of this range. The gold bowls might the gold it suggests that the dollar may strengthen and we could be entering a risk on period. Sarah the s p 500 today once again and again new highs. Where we have not really seen a move higher is momentum, that at least by way of a relative strength index. Around 67ill stands or so. Still not through that 70 threshold that signifies markets might be overbought. How uncommon is it for stocks to make new highs when momentum isnt running rampant . The fact of the matter is that it is not that uncommon. You look at the past five times that the s p 500 date new highs, but with a five day period beforehand. You can see that four o
TheChristine Lagarde says ecb could need fresh stimulus. Shery a quick check of the markets closing, we saw fluctuations in the session. The s p 500 moved higher in the last hour of trading or so, moving to a record high. At one point it fell to session lows after we heard from the cleveland fed president loretta mester, saying she was not ready for cuts yet, which sent markets lower, but Communications Stocks are leading the gains on the s p 500. Volumes were lower, heading into the fourth of july holiday. Wednesday is a shorter trading day as well. The nasdaq finished 0. 2 higher, and u. S. Futures are unchanged at the moment. Lets see how we are setting up for the markets in asia. Kiwi stocks are under fire this morning, and looking at a potential retreat at the start of cash trade in tokyo and sydney. The aussie dollar staying steady this morning, in the wake of the rba rate cut. The governments secondhalf Economic Forecast to consider later today, export data looking shaky and poi
Federal Health Care Benefits to be tested for drugs. For our first 45 minutes, talk about the details of the case. We want to gain your thoughts on the topic. Heres how you can reach out to us on the phones. The numbers are on your screen. On our social media channel, you can reach us on twitter, facebook, or email. As far as the polling, we posted a question must night. There is responded this morning. For those taking it, 75 say that yes, people should be tested. No,t 594 people said welfare recipients should not be drug tested. You can leave comments and participate in the polls if you want. Join the conversation there. Make your thoughts known on twitter. If you want to give your thoughts and comments on the phone, please use the numbers provided. A little bit about this case. The decision was made on new years eve. Here is the reuters writeup grid the judge struck down the law requiring Drug Screening for welfare recipients. He says it by leaps it be constitutional protections. Ri