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Kind of takes the relief trade, if you will, out of the treasury market. Have a vaccine but have to deal with the rising case counts. Its difficult for Bond Investors to show no caution to the wind. Think about what actually has the chance to survive. Jeff rosenberg is joining us right now. What a week it has been in the market, tested in several fronts. Lets talk about credit first. We have the fed and the treasury having a little bit of a spat over the emergency programs introduced this year. I have to say this market has responded quite well to it. What was your take . The the most important of support measures are not affected, these were not used very much. They were most effective on announcement date, not much uptake. The market is seeing through that, and its a little bit less of a significant Market Reaction because it is less of a significant issue, if those suppor ....
The nasdaq was lower but it is catching up. And the dowup. 9 up by about as much. The dollar index is stronger. Still below 93. Two of the better performing stocks, brownforman which is the topperforming stock primarily thanks to a surge in spirits and of course, the Michael Jordan news. Rally,g with the equity citigroups Tobias Levkovich recently raising his target on the s p 500 to 3300. He joins us now by phone. Thank you for joining. We are a little bit higher than that right now. There is going to be a leg lower to this market. It is still going to hold up somewhat into the end of the year. We are not going to see a crash according to you. Tobias the best way to put this is the fed is going to prevent it in many respects in terms of policy initiatives where there is this fascinating feedback loop phenomenon where stock prices go down, he will start getting very worried ....
On. The s p 500 is still down. 9 . The nasdaq has crawled back to unchanged. The Dow Jones Industrial average, the worst performing index today, 1. 4 down. Click to move in treasuries. 63 basis points on the 10 year. A risk off move today for whatever reason. Of the headlines today is wells fargo, planning to cut thousands of jobs this year. The move may set a precedent for the Banking Industry that has been resisting layoffs. Joining us now is hanna. How many layoffs do we see from the likes of wells fargo every year . Hanna thank you for having me. Wells fargos headcount has stayed steady over the past decade, even as peers have trimmed down. Around america was 300,000 people in 2010, now around 200,000. Wells fargo is steady at about 260,000. People are expensive. Wells fargos expenses has been an issue for a long time. Vonnie primarily where well those cuts come f ....
it is 1:00 p.m. in new york, 6:00 p.m. in london and 1:00 a.m. in hong kong. welcome to bloomberg markets. here the top stories we are following from around the world. the s&p 500 set to close out august in the green for its fifth straight monthly gain. the best streak in almost two years. missed major gains. for how long though can this rally continue? two stocks on the red today, oracle and microsoft, as the companies make bids for tiktok. this throws any move into jeopardy and adds pressure to tiktok, already under scrutiny by the trump administration. tennis anyone? grand slam tennis has resumed with the u.s. open underway in new york. i will speak with chief revenue office officer of the usta for how the sports will survive without fans of the stands and with some players protesting police shootings. let s get a check of the markets, as you may imagine with oracle and microsoft in the red, the dow was down. nasdaq is higher. s&p 500 in the middle, down 2.2, a ....