Prepare for their first debate. Says it is close to compromise in australia that would force it to pay for news desk get a quick check of the market. Usurers are under pressure. Futures are under pressure. The s p 500 lost half a percent in the regular session. The volume was lower than the 20 Day Moving Average given that we had the first president ial debate coming up at about three hours. Data was positive. Consumer, its jumping u. S. Consumer confidence was jumping. Companies imported more on demand. That news sent the dollar weaker. We got some fiscal stimulus negotiations and talk about a potential deal continuing to affect the markets. Look at what oil is doing. It continues to fall down toward 39 per barrel. Thats the lowest level in two weeks. It is plunging below the 100 Day Moving Average for the First Time Since june. Top traders are saying that oil will not meaningfully recover for at least another 18 months. The resilience of the chinese economy that drives the ecocalenda
Call for urgent action. President trump enters the conversation, indicating he may now support a wider stimulus bill. Debates joe biden refuses to push back his next meeting with the president. The white house rules out a virtual clash due to covid19. We have an update from President Trumps physician, dr. Sean conley, about the president s covid19 treatment, saying that the president has been responding extremely well, that his exam has remained stable while at home. President trump has completed the course of therapy for covid, saying the president can return safely to Public Engagements on saturday. The president was just released from hospital on monday evening and his health had risen controversy given the white house was saying the timing of President Trumps last negative test was regarded as private. We are finally getting an update on the president s health and dr. Sean conley saying the president can return to Public Engagement on saturday. Lets turn to the markets with Sophie
The bond market is locked in a jonathan ferrolike manner. In nice correlation to a weaker dollar as well. There is a really nice lift to it. I have to admit, i havent watched the debate since kennedynixon, a few years ago, i think, 1960. I am actually going to watch this. This will. Be extraordinary jonathan i think the ratings will be through the roof. But the bar is low for the former vice resident, joe biden. And i think from a market perspective, if joe biden was a stock, the stock is running high going into earnings season with plenty of downside ahead. Tom i really defer to the pollsters that we have. One of them in iowa has been so professional. Over the weekend, the Vice President had a wonderful weekend, pulling at the national level. But you really have to go to the thoselevel on battleground states, particularly pennsylvania and florida. Jonathan looking after catching up with Kevin Cirilli in a few months time. Tom is there anyone not speaking this week. Francine the fed sp
Up 160 on the march lows. This is the Worlds Largest company. That is the degree of animal spirit being stirred around apple, tesla, all of these big tech names. You can actually make the case, as painful as it is for those long stocks, it is healthy. It is also painful for the major averages because of the weighting of some of the big stocks, about 25 going to the make a cap, 40 for the nasdaq 100. A bit healthy because of the degree of the buying power off of those march lows. David fair enough. Everything you said makes perfect sense. There has been a fair amount of top recently about our wiener version of 2000 . How will you be able to tell about our version of 2000. Notail unfortunately do the true correction and bear market until it happens. They say it start slowly and happens all of a sudden. Relative to 2000, you can make the case it is similar the trued bear market until it happens. To 2000 because it is a parabolic uptrend. That does have to reverse. 9090 degrees does not ho
Contraction for the australian economy. Worse than anticipated, but investors with a moment shrugging that off. Chinese markets under pressure. Quickly moving it along, having a look at what else is going on out there and doing that, of yvonne. With yvonne lets start with that aussie gdp number. The second consecutive quarter for the three months through june. And thee first first technical recession in 30 years for us trail you Australian Household spending well by 12 as lockdowns and restrictions shut out consumers. The aussie dollar against its u. S. Peers. Theres a new warning about the u. S. Economy with a fed governor ating there is uncertainty head. She told the Brookings Institution that america will be to depend on the fed and policymakers in d. C. As the economy continues to recover from the coronavirus pandemic. She says Monetary Policy must pivot from stabilization to accommodation. Treasury secretary seems to agree with the fed governor, saying the u. S. Economy urgently n