Most like to buy hell join us with that in just a moment power lunch starts right now welcome to power lunch. Im dominic zchu. The Energy Sector is leading the market higher and up around 16 for that sector, its best week ever, ever historic levels. First, its a long, long 2020 for the group here, still down 45 for the year overall take a look at two of the big earnings winners youve got cisco up more than 6 and disney off the highs but still up 2 as its streaming service passes 73 million subscribers. In just the past two weeks, the dow is up nearly 11 for more on the markets now, lets go over to bob pisani with the latest bob. Hello, dom. This week has been about the rotation from growth and momentum into value and cyclical stocks, and thats playing out again today, very similar to what happened in the other four days just take a look here. Good day for energy stocks, good day for bank stocks, good day for industrials. These had great runs this week ener energys up 16 , banks up 12 ,
Good morning on Bloomberg Radio, good morning on bloomberg television. Too much to talk about. You hear it within those voices, that maybe it is the morning after, and the vaccine is really not out there. Now we get into a churn of the immediate news. Jonathan it is a tugofwar between the forward outlook looking better and the nearterm outlook looking worse. A real divergence between the two. How policymakers navigate the former will allow markets to keep the help about the latter. That is the hope for the market. First half of the week about cyclical appetite. 500 downhalf, the s p 0. 6 and nasdaq futures just about positive on the day. Tom we are going to roll the data check here through because it is a mess this morning. I just saw a 93 print on dollar. That speaks to the resiliency of dollar. Weve had a weaker dollar, but we just seem to come back when the uncertainty reigns. Lisa that seems to be the theme with all of the uncertainty on the dollar. When there is a risk off feel, p
A little bit more u. K. What weve got today, Kevin Cirilli, our chief washington correspondent, makes clear when he is on after midnight, we are not going to know many of these outcomes. Jonathan we do better because it is shorter and it is cheaper. We hope wednesday morning we have a result. This market fears this could drag out for a long time. Sea, wem sea to shining are having a vote occur right now. We see a number of institutions already. How about the bank of America Stadium in the carolinas . Carolina playing at kansas city this weekend. This is the first of the disciples in west palm beach, florida. It is a beautiful church, ravaged by hurricanes over the years. Yet today, there is the peace and calm of voting. I want to make clear that within the punditry, there is a question. How big will the turnout be after 98 Million People choose to vote early . Jonathan the pundits everywhere, all the time, it is all about the turnout. Is massive. No one knows what it means. Equities po
With malan for another year. [laughter] i know youve missed me. Everyone has been saying youve been crying every sickle morning. Tom this has been something, folks. Theres a lot going on in europe, who will be great to have jon in london for a bit to keep track of things. Just to go away from jobs, away from all the news flow we got, i mentioned this to anna edwards, i am thunderstruck by the tone barnier on of mr. A United Kingdom that is not even responding. Has brexit fallen off the United Kingdom at . Jonathan can we agree on one thing . Just because i am here, i am not the brexit correspondent. I still have very little interest in that debate. I also want to talk about this market. I think theres been two down days the whole time. Tom absolutely. We have seen a paring back here. Pause, andis just a i think theres a lot of buzz out there right now about the lack of liquidity and people hedging along the way, creating an acceleration ever higher. That will be tested in the coming da
Thisyou need to know on monday, futures advance through the hour. Upures up 0. 7 , dow futures 0. 2 . What i find fascinating is the centralbank action no one is talking about. It is almost as if the Central Banks dont exist in july. Jonathan it is just assumed that they continue doing what they have been doing. The ecb coming up this thursday. The focus is on the variable policy move. That comes from the fiscal authorities in the United States over the next month and in europe. European leaders meeting going into the weekend. Guest after guest lining up the hind a long europe view. Thats going to get the test this weekend. Tom part of the test is going to be the bank earnings. Lisa abramowicz, i guess we have a flat yield curve. I guess weve got a completely odd bond market. How does that benefits the banks . Lisa the answer is it does not. The flattened yield curve is negative for the banks because you borrow short, lend long. You are nothing for it. On the other hand, the low rate r