Sonali welcome to bloomberg markets. Lets look at the markets quickly. We have a lot of red on the screen. We have the s p 500 now down about one half of 1 . The nasdaq 100 is seeing bigger can kleins. The russell 2000 even more than that. Its now down about 1. 5 on the day, quickening its losses and thats on the back of higher yields. The twoyear yield just flying higher. Its above 4. 67 on the day. Thats a three basis point move. You have to remember how far weve come. We will dive into the Economic Data we had this morning that is driving the yields higher. Michael mckee joins us now to bring us up mike mike to date. This is a nerd indicator. Business inventories are just out at the moment. Its not a really good number. 0. 0 after a 0. 3 increase the month before. That is down from 0. 4 . It suggests the u. S. Is not building inventories as much as people might have thought. There was a feeling that because gdp has shown inventories declining for the last months that we would see fa
Poised potentially for of for the week of losses. In the bond market, the epicenter of the headlines. 170 is the estimate on wall street. Tom we will conflate a lot of economic talk. My major message is that the market still matter. It will be fascinating to see the reaction to the jobs report. Is a good news or bad news later this morning . Tom you know how much i hate that. I get confused by it. Employment is a big deal. 170 is a generous number and the Unemployment Rate matters. Jonathan lisa, adp was bad news. Lisa if you look at the revisions they have revised upwards. Their expectation is that the whisper number is 170,000. At what point is not good news but not too bad that means economic armageddon. They are waiting for something to break the cycle. Even though we have some common markets but they are still at 4. 7 . Jonathan there is a question in a program that was what is nobody asking you about . 2024. How bizarre is that . Its weird that we just need to get through the Fou
Look there stocks hitting session highs as we kick off power lunch. Coincidence . Probably but this is the great rate debate as a tugofwar on inflation and Interest Rates and volatility continues to play out in front of our ieyes, stocks are making come back and the dow up and bond yield rising rising since the beginning of february and benchmark hitting fouryear highs and creeping closer. Gold is highest level in over a week groupon tanking on earnings miss chipotle on pace for the best day in years, they named a new ceo and netflix are rallies. Signing a deal well get more on the netflix story coming up. Welcome. Im Tyler Mathisen the markets shaking off the inflation concerns at least for this day. In fact, wall street socalled fear index falling below a key level. The vix below 20 for the First Time Since february 5th. Bob pisani is on the floor of the new york stock exchange. Explain it to me [ inaudible ]. Were having problems with his microphone so well interrupt him and maybe g