Moment as we look at the labor economy of the united states. ,resident trump out front giving his strategy on the adp report to dovetail a big number for friday, with the reality of the adp report in 14 minutes. Jonathan i think we are both lost for words over this one. Adp report around 15 minutes away. The estimate, positive 1. 2 million. It continues with claims tomorrow and concludes with payrolls friday. The churn beneath the surface, we talked about this so many times. Claims only show you one side. We will try to get the net of things friday. Really unpredictable. Tom i agree, adp is a little squishy. It is likely john swann axios interview. Theres a huge margin of error on the jobs report. How do you see the bond market set up for the margin of error of fridays report . Lisa heres a question, are we already seeing a policy error with the delay of some sort of stimulus package . Are people going to be trying to find other reasons to take a move . I will say the bond market right
Only in credit, investment grade, high yield. That you go to the dow, which has typically been the laggard. Some of the big winners, caterpillar, home depot, boeing, classic industrial procyclical trade that our guest was referring to earlier. To more, i want to go back our guest from market field asset management. How do you make days like today when everything is positive, it seems like we are in the all clear, yet we know that might not be the case. Curious on days like today how much of this comes from a procyclical trade overseas in china relative to perhaps any optimism here in the u. S. Chinas stock has been on a tear. Ish of that you think filtering back through sentiment here in the u. S. Not that much. Today came after yesterday. We started off in the morning and fell like a rock in the afternoon. I dont actually think people are paying that much attention to china yet. I think they will be. I think the easy money to be made this year has been on technology, on stayathome, wo
Sanctions and claims to the South China Sea take center stage today. Stocks are shrugging it off. The dow up more than 400 points but the big tech is struggling faang, internet names that have been on fire are seeing weakness today. Were following it all 59 minutes left of trade. Certainly weve been all over the place in markets but were up as we stand with the major indexes we have a big line up of guests. In a few moments well speak with shrewsberry, cfo of wells fargo. And Robert Kaplan will join us and well speak with Michigan Governor Gretchen Whitmer an earlier biden endorser as biden lays out more details of his economic plan. Lets focus in on the big stories were watching at this hour wilfred has the highlights ph wilfred, start off with the banks here. The key focus, sara, as we expected it to be on provisions for potential bad loans. They rose from all the banks from q 1 to q 2 and rose more than expected. Wells fargos more than doubling quarter over quarter the big question
Pepsicolas earnings this morning. Gina martin adams of Bloomberg Intelligence has been absolutely dead on on the earnings surprises we are going to see off the glue. Pepsi off the gloom. Camecame in al in almost flat. Futures up 18. Onathan futures positive the s p by 0. 6 . Cfohing up with the pepsico a little later on. This thursday, the ecb will be meeting. This coming weekend, european leaders get together. That is a huge focal point. Lisa the frugal five coming out, trying to push back against 750 billion euro programs. The fed very much and focus this week. We get a slew of fed speak ahead of the blackout period next week. A. M. , Andrew Williams and the boe governor Andrew Bailey joining to talk about libor. Then Robert Kaplan talking about covid testing and recovery. At 2 00 p. M. , will get the u. S. Monthly budget statement for june, which should show unprecedented deficit for the u. S. Budget. Jon, no one cares. This is not being reflected in borrowing costs or in what peopl
Left. Biden taking out a chapter of the president s playbook in buy american plan and take a look at futures pointing to lower opening, down 120 on the tow and s p 500 right now down 11 points. Nasdaq closed at record high yesterday. Dow and s p 500 were in the red as coronavirus spikes raise more concerns about economic recovery. The Supreme Court delivering a mixed ruling for the president saying Manhattan Das Office can get tax returns but denying Congress Access for now, plus this could be the worst tick season ever, many symptoms mimicking coronavirus, what you need to know to stay healthy coming up next hour. Mornings with maria is live right now. Purposan markets look like this. We have gains in europe. Cac quarante up 15 and dax up 47 points. Pretty good positive tone in europe. The two of the uks biggest retailer booth and john lewis cutting more than 5,000 jobs. In asia overnight red across the board. China shanghai composite snapping winning streak after rising nearly 17 in