The nasdaq was lower but it is catching up. And the dowup. 9 up by about as much. The dollar index is stronger. Still below 93. Two of the better performing stocks, brownforman which is the topperforming stock primarily thanks to a surge in spirits and of course, the Michael Jordan news. Rally,g with the equity citigroups Tobias Levkovich recently raising his target on the s p 500 to 3300. He joins us now by phone. Thank you for joining. We are a little bit higher than that right now. There is going to be a leg lower to this market. It is still going to hold up somewhat into the end of the year. We are not going to see a crash according to you. Tobias the best way to put this is the fed is going to prevent it in many respects in terms of policy initiatives where there is this fascinating feedback loop phenomenon where stock prices go down, he will start getting very worried. People will start getting very worried. It will ebb and flow. It is unlikely for the markets of the you about 40
The democrats a multitrillion dollar socialist manifesto. Jonathan it is going to be a mess. Republicans negotiating with themselves, simultaneously negotiating with democrats. Tom its got to get to the end of july here. Kevin cirilli, we will talk to him through the morning, but the calendar urgency here is extraordinary. Jonathan as this week grows older, this week its a whole lot busier. Lisa we are heading into the fed meeting today. At 10 00 a. M. , we get Consumer Confidence data for july. Very interested to see how much this has been affected by the end in pandemic cases across the country. Starbuckst, visa and reporting earnings. 10 of s p stocks report results today for the second quarter, another eight percent tomorrow, 12 on thursday, so a big earnings week. , hashing out the stimulus. I am really interested in the mechanics of it. Shifting to the house, demanded to take that 200 of additional stimulus the republicans are proposing and adding on the prorated aspect they are
Tomorrow. We will have our fed coverage as usual. Then onto an exceptionally busy end of the week. Theres no question about it, you wonder where this stimulus debate will be in washington by the end of the week and into the sunday talk shows. Jonathan 98 days until the election, you would think washington, d. C. Would get it together. Just as the economy starts to roll over, as that recovery starts to plateau, the collective will to do a whole lot more fades. That is the story, and it is always the story you when you exit the immediate crisis, the collective will fades. Tom Lawrence Kudlow still talking about a vshaped recovery. I am looking at the 3m and 16 , 20 s, unemployment. Where is the recovery . Jonathan as of q3, theres your v. After that you rollover. That is what everyone is expecting, even with the reopening. Everyone expected that mechanical lift as you go from shut down to reopen pretty much every economist expected it to fade as we got deeper into the summer. The big con
Of citigroup, although Tobias Levkovich will join us later. On a serious note, things deteriorate in hong kong in the last 24 hours. Francine a lot of the focus is on china. We have the National Peoples congress and the premier talking about targets being abandoned because it is too difficult to predict gdp and they want to create 9 million jobs, less than the 11 million jobs in 2019. We will have to see what happens with hong kong, the lobbying passing through. The u. S. Will weigh in and china is pushing back. I would focus on china all day today. Tom absolutely would. Jon ferro way out front on the tensions of washington and beijing. Here is ritika gupta. Ritika hong kong activists are calling for protests against a new china security role. The National Peoples congress is expected to pass the islation forcing hong kong acts of treason and subversion. President trump well react very strongly. China abandoned its practice of setting a target for Economic Growth and will shift its foc
Home, stillg at sequestered within this pandemic. The new slow extraordinary. As you just heard from the president and from Vice President biden, clearly political. We will touch on that in a moment. Will joins levkovich us of citigroup on these extraordinary markets. We can talk about the politics of the moment, the relative calm of last night, but i think ive got to go to the clarion call in 15 minutes of the first of the may labor reports, the adp report. How do you link this wednesday report into what we are going to observe friday of an american jobs depression . Jonathan to keep it simple, the numbers will be ugly. They will be ugly this morning, ugly again friday morning. Quite clearly, this market is focusing on the aggregate numbers in the future, and hoping that the outlook its better as the year grows older. On the degree to which things improve, that is where i think we should have real debate. It is the social unrest that speaks to the disparity on a range of issues, not j