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He boosted his ear and forecast by 24 , writing a fall in erp, adjusted risk premiums will be offset by a rise in bond yields. The combination will boost the end,o already 600 by years 3800 in 12 months time. This represents a significant increase driven by valuation. What do the technicals have to say about that . Joining me now is katie stockton, founder of fairlead strategies. Off of the highs now. What does that tell you about the next direction . Is flirting with that resistance. The level im watching is 3394, the intraday high from february. For a breakout to be decisive, we need to see a couple of closeouts above that level. Highs onct new positive shortterm momentum but also looking for momentum to falter before the end of the month. You have some overextended readings in some of , alsoternal measures sentiment. Basedrcentage of stocks on their 50day moving averages reaching levels often associated with pullbacks in the s p 500. At the same time, sentiment reaching exceedingly ....
Find a bid. We wait for more gloomy Economic Data at 8 30. Time now for our market moving news from our new york team. We are going to start with oil. The iea says the outlook for oil demand has improved somewhat, yet it sees crude production on track for historic decline this month, at the lowest level in nine months. Annmarie hordern joined me now for more. Annmarie this report is still bleak, but slowly but surely improving. They had to say is that outlook for the oil markets are improving somewhat. Amanda little stronger than what they were expecting, but really, the big take away from this report demand a little bit stronger than what they were expecting, but really, the big take away is that this month is on track for historic decline, the most in nine years. This week alone, we saw the kingdom, the uae, and kuwait deepen cuts for june. The same time, the iea is looking at producers outside the group like the united eights th ....
Despite fears that continue to permit. The bait in the bond market continues. Down five basis points from the 10 year. Out, 47. Ly wiping you will have a lot of paper from banks that lend to producers. We will bring you the latest market moving news from all over the world, from hong kong to washington to new york, our bloomberg voices are on the ground with this morning stop stories. We begin with asia. The death toll is climbing, cases worldwide are above 82,000. Saudi arabia halting religious visits, well japan asks for all schools to shut from march 2. Stephen engle joins us from asia. Stephen it is significant because it is the first time we have had more new confirmed cases outside of china that inside of china. It could be because china has a great, on this or, more sinister, that the virus is spreading faster than the who and others are expecting elsewhere in places like south korea, japan, in the middle east. As you mentioned, saudi arabia does not have confirmed cases, but th ....
I am Katie Greifeld in new york. Welcome to bloomberg markets. We are charging to the finish line this friday. The s p 500 is higher by. 9 . Matching my shirt. If you look at the nasdaq 100, big tech is up 1. 4 . We got some earnings last night, and they were pretty good. Look at the bond market. It is interesting. You have the 10 year yield lower rate by six basis points, even though the core pce price index, the feds preferred gauge of underlying u. S. Inflation, was rising at the quickest pace in quite a while and actually beating expectations. Bloombergs mike mckee joins us to break it down. Walk me through this Market Reaction. Michael the Market Reaction is interesting. We are at status quo after the pce numbers on wednesday. We just got some interesting information from the university of michigans survey that sh ....