Biden. Last ditch support efforts for both candidates moving at breakneck speeds. And digital gold. Cryptocurrency on demand with rising prices for bitcoin. You can crypto a lot of things, but dont call it currency yet. Rising aftertocks resuscitated hopes for a spending package. The nasdaq had a modest game game. Abigail doolittle is in new york. Abigail another choppy day. We have not had one day this week when we have not had stocks up and down throughout the day. There has not been when they were that has been the case. We have seen a lot of intraday whipsaw. Investors are pretty nervous. Some uncertainty. The s p 500 is up after spending most of the day down. Up about 0. 3 . Two down Sectors Energy and tech. Not surprisingly, tech being weighed on by intel. The stock one of the only indexes on the date of fall. Day to fall. Data center sales missing down 10 year over year. The guidance tepid as well. At the end of the day, it was a choppy week. Investors dealing with lots of uncer
Caroline lets take account to City Private Bank chief economist, stephen whiting. How are you looking across assets at the moment in terms of where you allocate . Not only stocks falling but bonds falling on the same day. Optimism that perhaps yields have fallen too far, too fast. Well, we are a bit underweight global fist income global fixed income. A think this will still be volatile environment. No substitute except for u. S. Hedges,es, some literal not terribly well in the full economic recovery we expect. Underweight fixed income portfolio. There is really no substitute for the safe haven assets. The strategic return estimates have come down. Fortunately, u. S. Yields, when you look at missable bonds coastal eddy good premium to municipal bonds, still at a good premium to the world. They were already priced for crisis. With those, we want to really take them out of portfolios because of valuation issues. Romaine i was looking through your midyear outlook. Because, interesting am w
Seeing acrossre the region, although we are nowhere near recovering the loss we had in the thursday selloff. Of massively friday, down again monday. Futures also pointing higher. You are getting some weakness coming through in the japanese currency, which bodes well for risk appetite. The the swiss franc being referred haven as of late. Copper is down. 5 . Ill talk to you about Goldman Sachs and their bullishness on copper. Brent is 81 per barrel. Lets change this up and look at other things we are following. Route,tures, the tech the likes of Morgan Stanley say the drop in u. S. Equities might weigh on the dollar, which is roughly at a twoweek low and it may stir spur haven demand for other things. U. S. 10 year yield, at these levels. Barclays says to start going wrong. 2. 95 on the 10 year. They are saying seven for the dollar is no longer the threshold for the pboc to defend the chinese currency. That is a look at the markets. Jakarta is coming online, as well. Should be doing well
Set the tone for earnings season. Increasingly it feels Like Technology and big tech will be the ones determining this. Caroline when you have the Biggest Technology companies in the world being owned by the stoxx. As we mentioned earlier, the average volumes have been lower today. They are up about 12 . And s p 500 are up about 5 . Heady heights that we were seeing last week. Retail i mentioned sales earlier but didnt really have the impact on the market we were expecting. There are a lot of questions about how the Federal Reserve precedes and whether it acknowledges the violent selloff that we had over the last two weeks. Caroline and we will wait to see if u. S. Treasurys rally today. The steellook at stocks. They have sold off badly today. There was a note downgrading the entire sector. A lot of it had to do with supply concerns. A large supply of sheet metal was coming into the market. We have thed side, rising interest rates. 3 . Ort sold off by Steel Dynamics by 4 . U. S. Steel
we are halfway through the trading day from one of the final trading days of the year. abigail doolittle is with us. we got a huge tax overhaul today, but the market already knew that. abigail: yes indeed. small declines. we do have the news of the tax-cut bill being signed today, put into the law of the land. on this, very small declines. atestors are looking past it this point, having priced it into some degree already. at gains, not huge gains, but we re looking at gains. this is where we are seeing bigger action, some of the alternatives, fiat currencies. bitcoin, we cannot get away from the bitcoin story. down 17%. earlier today at one point come down 30%. bear market in one day. tremendous volatility, the worst day since 2013. bitcoin did come into existence in 2009 as an alternative to financial institutions after the financial crisis. other alternatives to be fiat currencies, gold and silver. even though the dollar is higher typically you don t see that. interesting