Market. Three year and 10 year bond options coming in superstrong. Watch how that winds up performing. Time now for todays top market moving news from our new york team and washington team. We want to begin with economic the u. K. Economy shrinking on the 6 in march. Predicting what could be its deepest contraction in more than three centuries. Bloombergs Michael Mckee has more. Michael ask not for whom the bell tolls. It is the u. K. This time. Just one week under lockdown was still enough for a 2 contraction during the first quarter. As you mentioned, a 6 contraction during the month of march. Britain plunging into what may be its worst depression or recession, at least, since 300 years ago. Three centuries, according to those who have been figuring out. Tourism fell by 46 , air transport down 44 . Engine ofpending, the the economy, down 1. 7 in the first quarter, the largest drop since the financial crisis. We got data from the British Retail Consortium saying total sales down 19. 1
Yesterday. Nasdaq down 2 yesterday dow futures indicated up about 26 points, nasdaq up by 30 and s p up by two. The 10year is yielding 0. 667 andrew we have news out of washington to tell you about democrats unveiling a new 3 trillion spending bill including another round of stimulus checks up to 6,000 per household and extending the weekly Unemployment Benefits that would go through january including 107 trillion to stabilizing rent and mortgages and a cap on state and local tax reductions for 2020 and 2021 of course returning the tax bill that hurt hightaxed blue states that hurt them the hardest saying the relief bill is a big ticket for a big problem House Minority leader called the bill a waste of time and an 1800page of liberal wish list with no chance of becoming law the fight begins the latest update on the efforts to reopen america. California governor announcing next phase of opening including some malls and museums offices that cant telework would be allowed to open with saf
Within the s p 500 on a points basis. Goes back to the idea that the mega cap tech stocks continue to hold their own even with the cautious commentary. With more market analysis, lets bring back Credit Suisse chief equity derivatives strategist, mandy hsu. We are hearing from these different executives about the lack of guidance, lack of visibility. What is the take away for someone like you . What are you hearing from the commentary . Mandy i think the biggest take away from earnings is how little they matter for this earnings season. A lot of ceos are unable to give clarity, unable to give going forward. Much was from last quarter, which as you know, was very different. The most dislocated metric is still correlation, how high correlation is. Extremelyast week, an busy period of earnings, correlation increased back to the march levels, a sign that investors are still pricing this to be a macro environment rather than single stock focus. Romaine do you think there is anything that cou
Expected to move to trial, the phase one china trade deal expected to be signed at the white house this morning top trump economic adviser larry kudlow joins us first cnbc this hour. And financials are in focus, bank of america beats for the quarter, goldman hampered by litigation charges target shares are plunging. Holiday sales miss on estimates on weakness and toys and electronics. The u. S. china phase one trade deal said to be signed this morning this is what secretary mnuchin said about the agreement earlier this morning on squawk. We need to put together very significant laws to change rules and regulations and made strong commitments to our companies there will not be forced Technology Going forward thats a big win for our technology companies, businesses and American Workers we look forward to learning more in the wake of this signing. Jim, mnuchins appearance this morning brought us something new, the notion of phase 2a, phase 2b, phase 2c, so stories evolving rapidly i think
Were modest but after 3 days of heavy selling all 3 major indices were up yesterday. Gold is back above 13hundres an ounce and oil jumped by 2. 06. Two companies ipo today. La quinta hotel chain and chinese Preventative Health care company ikang. Cvs will pay 20 Million Dollars in a settlement with the sec for allegedly concealing its financial losses from investors. And gm reportedly is fined 7,000 per day since april 3rd for failing to answer certain quesitons about its ignition switch recall to the naitonal highway Traffic Safety administration. Larry shover of sfg alternatives joins us now from the trading floor. Whats your reaction to the alcoa earnings numbers . I was very impressed when yesterday it beat by 4 cents. Havent seen that out of alcoa in a long time. Largely due to the alliances theyve built with boeing and ford thats really helping the company. Going forward it might be difficultthese Aluminum Prices continue to dwindle and as we know alcoa depends on a high aluminum