The British Government told businesses today to be ready for big changes when the u. K. Makes its final break from the eu in one month. Opec and its allies need more time to reach a deal on Oil Production policy. A meeting today broke down today without any agreement. Again ministers will try thursday to allow more time to figure out whether to delay a planned increase in output starting in january. Supporters say the market is too fragile to absorb more oil. Global news 24 hours a day, onair, and on bloomberg quicktake, powered by more than 2700 journalists and analysts in over 120 countries. Im mark crumpton. This is bloomberg. Vonnie it is 1 00 p. M. In new york, 6 00 p. M. In london, and 2 00 a. M. In hong kong. Im vonnie quinn. Welcome to bloomberg markets. Here are the top stories we are following on the bloomberg and from around the world. Treasury secretary Steve Mnuchin and jay powell testifying earlier before congress on the cares act. Itsla says the fed will use tools until
To president elect biden Energy Continues a monster move higher the oil and gas etf up 13 in the last two days. Despite the steady increase in covid cases vaccine developments are continuing to help the likes of the airlines, cruise stocks, retail all surging higher today as we cross that 30,000 level once again, to check it we are still above it will we say that 59 minutes left to trade. 29 points above it. On todays show, two voices to help explain the dows record rise in just a few minutes Jeremy Siegel will join us and later Liz Ann Saunders plus former testry secretary jack lew will discuss president elect biden pick of janet yellen to lead his treasury administration. Lets get the latest from wall street mike santoli is tracking the action to led us to dow 30k. Certainly the story today because of that big round number i am going to keep it consistent, though, and take a fwlims at the s p 500. Similar look in every respect in terms of getting back up pretty much to an alltime hig
6 00 here are the results just reporting. 2. 53 a share. A penny above estimates. Just short of 27. 52 billion here are the keys for Guidance Company now expects sales to grow by 1. 8 the previous guidance was 2. 3 1. 8 versus 2. 3 comps are 3. 5 previous guidance was around 4 . Lets bring in senior analyst. So the Forward Guidance is below where it was previous . Yes quickly looking at these numbers, there was a sales miss in the quarter also lowering guidance for the rest of the fiscal year. Sales guidance Sales Guidance. Im not sure whether that is a total company or domestic. The street was around five that is a point and a half the street is a full point above where the company had guided the company had guided four. For the quarter ill look at the quarter first the street was around five for the year, the company had previously guided for four they missed roughly a point, point and a half in q 3. They are taking guidance down about 50 basis points. The real message here. It is a
The job numbers did push Interest Rates higher and not enough to push stocks today. Even tech which is rallying as well it leads us to our talk of the tape whether this teetering rally goes much further in the weeks ahead, especially if the fed is finished lets ask professor Jeremy Siegel of the Wharton School hes back with us. Professor, its good to see you. We have a nice rally on our hands today. How does the market look to you now in what has been a very big and interesting and important week the market looks very strong, scott. Without question i think the bar is very high for the fed to do another increase i think you would have to see the next employment report to be very strong, Even Stronger than this one i think tuesdays Inflation Report would have to be much above expectation, and by the way, the first day of their june meeting they get the may Inflation Report, and that would have to be i think it would have to be a triple strong in my opinion, for them to raise again. I kn
It is those continued concerns, though, about rates that remain front and center joe, i go to you first did the market overreact yesterday to the fed minutes first they were dovish then all of a sudden they were hawkish, stocks were up, then they were down what happened . Yes, they did overreact, absolutely and i did a poor job, as many others have in the wake of february 9th, not saying that that was the bottom, and that it was time to get back in again, because clearly when you have a market that is yesterday they said we were going to retesting okay, but you have a market being driven back on this rebound so powerfully by growth momentum stocks. And that is just not aligned with the strategy that were all so afraid of the strategy of higher rates, higher volatility, and being more defensive because theres a risk to the outlook. Growth momentum stocks do not lead the market higher they dont account for nearly 75 of the s ps gains in that type of environment. I mentioned this note we