level. toestors downright giddy get clarity on a biden transition and a wave of news on the covid vaccine. there is ambiguity about the unequal economy. rise, consumer sentiment falls. sentiment points pretty positively, though. joe: yeah, i mean, ok, we didn t hit record highs on the s&p 500, so the fed has to cut rates. but the big picture is, yes, clearly this is a market with a lot of exuberance. small caps, this is a part of the market that really lagged for several months even after the recovery began in the spring. they have been on a tear lately. searching past the old record. so many names even on a day like today. pause for the speculative euphoria. caroline: you look at the industries that have been so beaten up. energy suddenly in the last five days absolutely killing it, no other way to describe it. it has fallen hard and fast. when it moves higher like this, it is not the almighty pull like big check, but energy financially catching some sort of break. isgoes to
sharp snapback connectivity. it is a phase four package necessary? i think it is. the economy can get by without it until the election. will bringnistration forward fiscal stimulus plans. i think we can make it to there. it is necessary as long as we get it in the next 12 two quarters, i think the recovery will be ok. in the meantime things are a delay ing, and ongoing negotiations does not help things. i think it hurts confidence and slows down economic momentum and prevents a quicker recovery of the economy. back and forthd among three parties. the president of the united states, the senate republicans come in nancy pelosi. hard to know where we are going. how big thef packages, there is a sense of whether it needs to be targeted or general. can we if it does not address broad state assistance? michael: i think getting anything is better than getting nothing, for sure. even if it were targeted on specific sectors like airline and maybe small business, that is better than
everything going on in washington, it was a historic evening last night with the the of the matus mattis essay in the atlantic. jonathan: it was quite the contrast for the president of the united states. no question about it. i know we are going to go to kevin in a moment, but it is an .xtraordinary moment the number one thing is the president s response has pretty much been on radio silence. looking to hear from him a little bit later this morning. ecb and christine lagarde. lisa: the interesting thing to me as we are not necessarily seeing the emergency in markets. as tom was sand, we are going to get the release. we got thoseget, u.s. initial jobless claims every thursday morning. how quickly are some of the people getting rehired? how much are these numbers understating the situation given the discrepancies we are seeing? so many questions, but hopefully we will get a glimpse into potential recovery. jonathan: we will bring that data to you at 8:30 eastern, just ahe
this for bloomberg on the economy. i am going to lose the introductions this morning and get right to the moment. we ve got great markets. yields higher, dow futures up 300, etc. no one is focused on anything but an update on this grim labor economy. jonathan: how quickly can this labor market he ll is the question we ask every single month now, and we will ask it continually through the morning? maybe we getting median estimate , maybe it comes outside of that. but the question hasn t changed. it is how quickly we will heal after a big downturn in a very short space of time. tom: a lot of opinions on that, and of course, as i was just mentioning, across the 10 of the american demographic, it will be a different rate of change for the haves and the have-nots. and, what is so important, you nailed this a number of weeks ago, is the damage to the broad middle class. we are focused on the elites at bloomberg, and we are focused on maybe the people that service the elites, but it
the dollar still strong against currencies like the euro, but the commodity-related currencies are performing really well in the em, as well as the g10 space. time now for today s market moving news from our london and new york teams. we want to start with the markets after we have u.s. futures rebounding. joining me on the phone is bloomberg s dani burger. the question i feel like, last week we saw the bottom, now feels off the table. every day people are saying it is the bottom, it is not the bottom, but the picture continues to change. there is so much uncertainty. a bit of a lift in markets today. it is really the energy complex helping lead the way today, getting a boost from china beginning to buy oil for their state reserves. but any upside today is likely to lack conviction. stocks in u.s.h fields are really starting to march higher. a slight back-and-forth in terms of u.s. 10 year yields, no moving lower after being just slightly higher today. then you have to keep i