From Stewart Frankel welcome, steve thank you are we going to end the sixday win streak here . If we did would it be a shock . And its still plenty of time for us to turn around, turn green. We bounced about 6 off the lows but we are not overbought. So to your point, i dont think that we necessarily have toned today but its a good stop to say lets take a breather, were still above all the moving averages in the overall market about 10 handles lower in the s p cash but i still think were on good footing. Is 2900 a tough footh for the s p . It is because its a big fat round number so i think the 2954, the alltime highs, thats the tough number you have to worry about, not the 2900 lets focus in on the big stories we are watching. Bob pisani has whats driving todays market which of course has been up and down ylan mui is watching a tech antitrust hearing on capitol hill and phil lebeau is covering teslas Shareholders Meeting bob, lets start with you. Lets take a look whats going on its ver
Of china casting a dark cloud other its economic output. Industrial production, meanwhile, coming in weaker than expected and, oh, yes, china unexpectedly cutting rates by 15 basis points. All kind of negative headwinds. Now on the other hand, strong data guest canically not helping Investor Sentiment either. Retail sales rose more than expected showing that the consumer here in the u. S. , very resilient. But you know what thats codes for, yep, the feds could have to keep rates longer for high higher can higher for longer, rather. [laughter] Neel Kashkari saying today we are, quote, a long way from cutting rates. Oh, great. Those higher rates, however, certainly have proven burdensome to banks. Today Credit Ratings company fitch warning it may have to downgrade several u. S. Banks including jpmorgan, the big financials all moving lower on that warning as you can see. Morgan stan hi down 1. 33. Morgan stanley. Regional banks also seeing declines on worries over tighter regulation, toda
Rates not as much up. So depending on where you look, of course, it depends. The dow up 63 points, the yield on the 10year down to 4. 4, down 4. 4 basis points. It has been the story of the week, and youd have to go back to last may for stocks to find the worse week. Look at this, the dow off 2 , same story on the s p, nasdaq down 2. 6 . But just because markets are weak, do not assume housing is weak. To hear real estate giant redfin tell it, were over the worst of it. Hopefully, theyre right. And get this, Ceo Glenn Kelman says the Housing Market is done and has hit rock bottom. Say what . Stay here, because coast to coast starts now. Muck. If. Ashley welcome, everybody, im Ashley Webster in today for neil cavuto. Lets read it and weep. Interest rates continue to climb and climb and climb. However, the 0 year might be calming down just a little bit. Its still bouncing in and around the 15year highs at 4. 23 . And Mortgage Rates at better than 202year highs, above 20year highs, above
That was the trigger point i pointed out last year the tenyear yield was up 10 or 11 basis points and the stock market was down 3 that shows you there was a little catchup. I dont think tech is where we have to look at the epicenter. Its about can the economy handle rates its about consumer cyclicals giving up their advantage. If you look back to the beginning of the quarter when we were at 3. 8 on the tenyear treasury, were now up to 4. 5, the nasdaq 100 hasnt underperformed the rest of the market the rest of the market has also been suffering is under this pressure one of the reasons is, i think you have to differentiate. Microsoft, we know what theyre going to earn as far as the eye can see, roughly speaking. That gets discounted back when you worry about the yields its not a big swing factor in terms of valuations. Youre not just buying an annuity and comparing it to the yield. Youre buying a profit stream that can go way up or way down relative to expectations. Thats why Conferenc