Some lawmakers are expected to vote against this. Not a significant number to derail it. David how many people do they need and are they sure to get it . Kevin they are helpful. In order to have the quorum, they would have to have at least more than a majority. Beyond that, many lawmakers scrambling to make the vote in time because of flights and precautions they want to take. David quite a lot of drama. Thank you so much to kevin cirilli. Lets go to monetary stimulus. We have mike mckee here. Two important interviews today. Welcome. What did you learn today . The 2alking about trillion bill. That 101 leverage and we could talk about a 6 trillion dollar bill. Both fed president s said they want the economy to come back as quickly as possible, but it could be a while. We could have some tough months ahead. If the stimulus money gets out there, it should help people and then we could see the economy return because we were strong going into it. David talk about jobless numbers, not as bad
The reason we had this neutral trend, this sideways act and forth, for what turned them. Ullish was a higher load the buyers have more conviction on each dip. We now have the rsi coiling up out of the coil. Moreuggesting we could see strength ahead for the s p 500. One place there wasnt strength was defensive yield proxy stocks. Interestingly, a 260 million etf that focuses on defensive stocks actually rose today. It is outperforming the s p 500 by about 1 this year. It equals about 100 s p 100 cks that have strong prop strong profiles, but the holdings are not what you would think of when you think of the textbook definition of defensive stocks. After that it is software, electronics, diversified financials, retail, bank stocks, they all have at least a 5 allocation in the etf. It shows you that defense really is in the eye of the beholder. Palladium surge to a record high as cleaning air rules clean air rules boosted demand for the metal. There is concern that the high price of palla
Pretty simple chart. All about the s p 500. So often, we talk about the wild swings, the 1 , 3 moves. Dayou can see in blue, 50 resistance level 2950. Yellow comedy 200 day at in yellow, the 200 day. We are getting a lot of intraday swings, long term, it doesnt seem like the s p is going anywhere soon. Im looking at the Ishares Semiconductor etf, which is seeing inflows even as we saw trade tensions. 250tors added about million on thursday, the largest inflow of the year, then added another 50 million on friday. They Held Companies like nvidia, qualcomm, intel, companies that are sensitive to trade headlines. Lisa thank you so much for that. Ubsl with us, jason from Wealth Management and bloombergs luke kawa. Isntare range bound, why that an argument for income . Jason it is not a bad environment for carry strategies. We went overweight emergingmarket. They give you pretty good yield. If we get a risk off environment, rates fall. Gethey rally, then you spread compression. In an environ
Ed you are watching daybreak asia live from new york sydney and hong kong. Haidi counting down to asias major market opens. Paul u. S. Inflation signals complicate the fed outlook. Penciling in a first rate cut by mid 2024. Sx traders are back on the yen intervention watch. Country garden to suspend trading for monday in almost a dozen onshore bonds. Softbank reportedly in talks to buy the rest of chip designer arm from its own vision fund. Shery u. S. Futures early in the Asian Session seeing upside after the s p 500 struggled for direction in the friday session. It finished at a onemonth low. Really after fluctuations between gains and losses, big tech led the declines. We had the nasdaq 100 seeing the longest losing streak on a weekly basis this year. Big tech pressured the markets, not to mention investors were really trying to digest Inflation Numbers, whether it is Consumer Inflation Expectations unexpectedly falling. Producer prices surprising to the upside pressured the treasur
Rishaad this is what it is looking like for equities. No trading in hong kong. It is a public holiday. Looking at active futures for the chinese market. Overall asia is feeling at down 3 10 of 1 . We do have many investors taking the opportunity not to go to work as is the case in hong kong where they have no choice. S p futures on the way up after the deep losses we saw in the session friday on wall street. Looking at the nikkei 225 coming off the lows of the day. Action there, political in part. The ldp may have lost a special election seats. That would be a blow for the unpopular president at the moment. Looking at the bond picture, yields where they were we still on friday. Japanese 10 year yields grinding to the upside up to 85 basis points. Wti off as the middle east situation seems to be simmering. Perhaps the calm before the storm. 70 five cent move to the downside for new york crude. A lot is going to be contingent on what the bank of japan does at the end of the month. Haidi