Psychological five level last night before backing off. Investors closely watching the weekly close and what these moves mean for the yield curve. Mike santoli, cnbc markets commentator joins us. I did mention uninversion is happening for the wrong reasons. Exactly. Uninversion, in general, is not great. This time its happening because people are willing to sell the long end bonds. This time there is a little bit of a bid in the short end. You have had twoyear yields come down. All that being said, you know, the stock market is down a little less slightly than it was a few minutes ago. It was a very determined angle of descent down to 1 drop in the s p 500. It just seems like markets getting a little twisted up and risk averse in advance of the weekend. There actually is a little bit of a bid in treasuries. As soon as you get maximum afraid of 5 yields, we back off 5 yields. And its a matter of making our peace with it and why is it happening is part of the story. But just what the eff
Panicking panicking, the next time youre thinking about selling into the crowd, think about what happened this week and remember that panic is never a strategy, given that we all ended the week in a positive note. Nasdaq climbing 4. 41 . And amazingly, the best week of the year. Still, people certainly panicked on monday, that was the second big down day after brexit. Upon was the seventh biggest day of redemption on the stock market in the last ten years, seventh. 9. 5 billion pulled out of the Global Equity funds. No matter how hard that i preached that nobody ever made a dime from panicking, and selling on monday was pure panic. People cant take it. They dont fknow what they own. It was right to minimize its impact on u. S. Stocks. The companies away from the banks, Interest Rates did get hurt. Sum total of little significance. However, we caught a classic, emotion out rout. You had to buy, not sell. Or at least you had to stay put. All right, what were the news cues that the market
Cut Interest Rates after the uks shocking brexit vote. He definitely said that there needed to be more stimulus. But look at that. Despite that, still at 1. 32 when it comes to the british pound. Almost went down to 131. But Still Holding on to that level. The british tenyear guilt at 0. 863 . Compare that to the u. S. Twoyear. And the tenyear note is 1. 495. Bob pisani is here with me at the nyse on this last trading day of quarter. And the six months, bob, the one major european average thats in positive territory, london ftse 100. The 250 Broader Market is not in positive territory. Everyone loves easing. Carney hints at easing. Says Economic Conditions are deteriorating. The markets start moving to the upside. Take a look at the s p 500 and the important thing today, the rally continues. Even after carney was making his marks about Economic Conditions deteriorating, the markets helicoptered to move to the Positive Side. Were at highs of the day here. Lets take a look at the markets
Im michelle carusocabrera, heres whats happening right now. Stocks are trading near their session lows with the dow currently sitting down 99 points. Were going to have full market coverage coming your way. In the meantime, evacuations are under way in california as a Massive Wildfire tears through parts of los angeles county. We are live on the scene ahead. And, take a look live at the floor of the Wells Fargo Center in philadelphia, thats where the Democratic National Convention Kicks off today. Full coverage coming up in just a few minutes. Brian. Well, as you can tell, folks, from michelle and tyler theres a lot going on today including more on this incredible heat wave smacking much of the country. But we begin with apple. And a big call on that stock that is pushing apple shares to session lows, lets get right now to cnbcs josh lipton with more. Josh. Well, brian, thats right. Those apple bulls are getting tougher to find. The reason for the worry, the health of that iphone franc
We can see the s p looking some muted reaction this morning. Perhaps today will be a quiet day. How did europe do . Lets show you and see how it is doing. The markets wont close for a few more hours. There is a look at the uk. And germany and france. All of which are in the green. One week ago, a very different story, wasnt it, as you look, that still takes your breath away sometimes. 1. 419 on the 10year. Its 2016. Halfway through. Those people who get older, those ones, those guys who get in their like 50s and 60s have no place to invest. No kidding. No kidding. What do you do . Municipal bonds. Its a problem. Whats this we, you stuff . Ill be there soon enough. All right. Our road map this morning, starts with the first trading day of the second half where the market is heading as we turn the corner, oh, man, second half already. Hershey rejects a 23 billion takeover bid from mondelez. First we told you about that yesterday. The question now is, well what is next . What does the tru