Good morning. John and tom have ditched me. Manus cranny is with us, which is a good thing as we try to understand how we can get past a bond market that will not let anything else matter. I want to talk about earnings and geopolitics and everything else. Instead, we are talking about a 19 basis point swing in the 10 year. All of a sudden, crashing down. Manus to bill ackman and bill gross have that much sway in the bond market . The bottom line is, that huge amount of volatility, the one thing that surprised me was why did the equity market it more of a bid on the back of a swaggering move . Was it reappraisal a bond risk . Lisa probably just ptsd. Last month and a half as chest impacted the equity market from the bond market. Hi they to stocks, low bit is tosca manoj offensive strategy when the bond market is moving this quickly because the defense stocks tend to be more bond sensitive and debt ridden. The Equity Investor doesnt know where to turn. Frankly one day is one day in the e
Yesterday, still hovering near that level. There it is, the ten year. 4. 92. Its clearly put significant pressure on regional banks and real estate as both of those sectors are among the hardest hit today. Real estate is making a turn, though, as we begin the final stretch. Regional banks have been under some significant pressure. The nasdaq suffering as well, as you might imagine. Theres microsoft, meta, alphabet and amazon. We throw those four up because they are the four reporting earnings in the coming days, each with a decline about 1 . It takes us to our talk of the tape, whats really riding on the results next week and what is the busiest stretch of earnings season thus far. Lets ask Dan Greenhaus back with me at post 9. Its good to see you. Thank you, sir. Its been a bit of an unsettled week. Volatility has picked up a little bit. Does tech come in next week and save the day or raise more questions . No. Listen, i think the important thing to note, i would argue, about tech is
Morning, bloomberg surveillance on bloomberg tv and radio. Your equity markets are highly unchanged. We start in the bond market, twoyear, fiveyear, 10 year, 30 year. Cycle highs. Tom global wall street is focused and quickly nonglobal wall street will get focused. There has been a shift. It could be because of israel or this, that, or the other thing. Statistically we reached a tipping point. Jonathan is this a substitute for further reaction from the Federal Reserve . Lisa you will be speaking today at noon. Yesterday tom barkan said that the problem with allowing the long and to do the work for you is that it moves. Although right now it seems to be moving in a more restrictive place. Im curious. The fact that we had risk off yesterday and at the same time we saw bond yields reach the highest levels going back 16 or 17 years across the curve, what does that tell you about the new haven status about the treasury market . That is going to be an underlying angst. Jonathan the communica
Lisa heading into a week of important inflation data and two of us are live in d. C. , one of us is in paris, and dani burger is a new york. Welcome to bloomberg surveillance. More on why we are all over the place in just a moment. Important week kicks off on wednesday with data releases that make solidify a narrative that has been flipping and flopping. Why wednesday is going to be so important . Dani wednesday will be so important because this market has decided that with the week data coming from the consumer, the week data coming from jobs moving in the wrong direction, if inflation does not also soften maybe well Start Talking about stagflation. Lisa that is part of the fear. We are in washington, d. C. Lets get to the why. And reorder, you have important annemarie, you have important interview with janet yellen coming up at a time when industrialization and the china u. S. Relationship is what every ceo and politician is focused on. What will be your focus . Annmarie we are sitti
Down, major averages higher. There is the rate picture today. 450 on the tenyear. Apple helping too. That stock having its best week since december of 2021. Results less bad than feared, and the announcement of a massive buyback the main catalyst there. It takes us to our talk of the tape. Is this the week that apple found its footing. Le i look at your notes today, you say, quote, it is hard to not be more bullish on apple here. Why so . Sure, so i think the risk ultimately coming into earnings was a fear of a guidedown. We got a guideup. So, we move past the june quarter guidedown and look at the developer conference upcoming, the iphone launch coming later in september, this is historically when an apple outperforms, yet we have seen the stock start the year as one of the biggest underperformance years in the last decade. There is a catchup trade, the risk is behind us, estimates seem derisked and there is a reason to be excited about the future. The revenue decline, the fifth time