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Said biden made it worse, that is not good for president hu is touring the country trying to sell bidenomics. Maybe thats why an increasing number of democrats are trying to get him to step aside. Congressman dean phillips has launched a National Campaign asking the party to find someone else. After many summit with leaders of south korea a the president leleaves in lake tahoe californa so he can be in hawaii on monday. Lets get to the market, you are not going to like this, look out below, the dow is looking at the worst week in five months. The opening bell, were probably going to be down 160 into serious loss and the nasdaq, down 130 points. Interest rates, uptrend, that is not good for stocks, the ten year treasury yields well above four and a quarter percent, 427 in the twoyear treasury getting the same of what what it was yesterday. Slick close to 5 , look at bitcoin a sudden drop after elon musk said he had written down ....
International demand still strong . Wee well check in with that. Looking forward to both of those interviews. This morning as optimism has faded as bond yields have turned higher once against. The nasdaq, the s p down about half a percent. We were up more than 31 . Were down nearly 6 , and the key number were watching, call that, yes, correction territory. The question is, why . Whats changed . For more we turn to michael santoli. Mike, maybe i mention treasury refunding in early august as a possible catalyst. Obviously its part of the mix. If i boil it down among the asset markets that are testing the they areholds, its not just a level, but a somewhat disorderly selloff in treasuries thats also nonfundamental. Yields going up for, quote, the wrong reasons all of that stuff is in the mix, with the market entering august, where where you had soft landing consensus got pretty cozy. Then when you have energy and the dollar also closing off some of the escape routes, so to speak, i think ....
Release of the Federal Reserve minutes. The dow is on track for its lowest close. Lets get more on the trading action. Bob is here on the floor as always. Ne energy stock s dragging us down we were weak right at the outset. You see around 10 30 we just dropped. Thats when the inventories came out. Barrels, import surge. Thats very bearish for prices. The bottom line is right. Exxon and chevron weighing on it. You have a lot of countries worried. You can buy russian as well. We saw dow stocks moving down but there was some Collateral Damage here. I pointed out the sxe which is the Semiconductor Sales in china. Theres Collateral Damage here. Look at the declines. Yes, you see walmart down. I put it in there because thats a 52week low. Finally i just want t ....
Time hour. Came out 20 minutes earlier than anticipated. It showed no clear sign of whether the fed would hike rates in september. We have Steve Liesman standing by to break down that data for us coming up. You know, i was going to say, these are two sides of the same coin in a way. Speaking of breaking down, take a look at oil, its down more than 4 today, its trading below 41 a barrel. Were watching to see if it punches through that 40 mark. Look how close it is right now. 40. 62. And the september wti contract, down almost 5 on the session. Again, were looking at lows since march of 2009. Weve got a top commodities trader to discuss whether a floor is in sight. And, of course, all of this feeds into what will the fed do . What is inflation going to do in this country . Always interrelated. Thats for sure. Meantime, 1 trillion, thats how much money has come out of emerging markets over the last 13 months. Were going to discuss whe ....
This after china is not ready for reserve status just yet. Meanwhile, it floats its currency sending it lower. Supermarket sweep. Profits rise amid stronger online sales. A merger looks more likely. All right, good morning everyone. It is coming. Minutes from last months fed meeting show, most officials believe theyre approaching the first rate hike in nearly a decade. Steve breaks down the Market Reaction to the news. A controversial and even confusing set of minutes from the july fed meeting in which the markets clearly saw them as dovish recommending the best chance of a first rate hike in september but a lot of them seeing them as neutral and period even slightly hawkish. Peter said fomc minutes, get me an advil. He thought they leaned dovish. What they said is the conditions havent been achieved yet but hold on because the conditions for a hike were approaching they said. Some said the conditions either had been met or would ....