thinks peloton is not just a fad. that bullish sentiment coming up. first, we begin with a continued dominance of tech in the u.s. market. stocks upadmit, the 1.7%, nasdaq up more than 1%. is something bigger going on? it feels like 2019. this unstoppable rally keeps going. it does not feel like a relief rally, because yesterday after the signing of the trade deal, it was just the stocks that trumped 1%. the other averages posted average highs, s&p 500 and dow. typically a relief rally would come after a big selloff from the major averages. it feels a little bit more like perhaps the early stages of euphoria within the bubble paradigm. that starts with capitulation, then with dislocation into the economic face and then phase and then euphoria. does that match the fundamentals? trading at ant, greater than 20 times forward pe. as you note last year, earnings fell by double digits. they are expected to fall for the fourth quarter and the first quarter of 2020. by the end of
negative and s&p is back in the black for 2015. show you what is happening in europe where you see european stock extending their december losses. european stocks are down 4.5% for the month. red arrows across the screen with germany down 1%. germany is closed tomorrow for the you new year holiday. treasuries selling off, yields sharply higher in light trading. big story has been in the two year bond yield where we ve seen the highest level since back in 2010. crude oil under pressure, that is hurting stocks. wti just back over $37 a barrel. drench t brent actually trading high. we begin with amazon and google hitting all-time highs. will the s&p be able to close in the green for 2015? it s another win for carl icahn. bridge stone says it will not counter his off for pep boys. and apple will settle for failing to pay taxes between you 2008 and 2013. so stocks poised to open lower. data from american petroleum institute indicate supplies building in crude supply. report
i don t know if everybody can see. you have the red sox on. yeah. i m wearing my dad s flag pin. wonderful. this is a good day. all right. let s get to it. big news for the economy. the labor department announcing that 213,000 jobs were added in june. that was more than expected. the trade deficit dropped in may to its lowest level in 19 months as u.s. exports rose to a record level. president trump talked about how well the economy is doing at a rally in montana last night. if these people had gotten elected, you would have went down. they wouldn t have taken the regulations off or the tax cuts, the democrats. you would have had an economy that was going to crash and burn. it was ready. now we have something that is a rocket ship. every time i meet a leader of another country, which is often, they start by saying, sir, i d like to congratulate you on the incredible job you ve done with the united states economy. every single time. the trump administration began