At their highest level ever. But the best trade may be emerging far away. The eem is far outpacing the s p 500 over the last three months a nosedive in the dollar it is at its lowest level since april 18 is it time to rotate out of the u. S. And look abroad for the next big trade, tim . It seems like it could be a rerun of creating a globe. These are dynamics we havent seen in a long time. If you look at where the dollar is if you are investing in emerging markets, the currency is at least 50 of your return profile and high yielding currency is a driver of this reality but its the turkish and african moneys the blowoff top was around 51. 75. I think you have rates moving higher, but normalizing. Normal high rates for em arent good if you look at the source trade and things moving around the world, some of this is about a global recovery. In some sense at least, the u. S. Dollar and rates will stay lower for longer and thats fantastic for the rest of the world. We may be in the depths o
Headlines hit on the coronavirus. New york city is halting all inperson learning starting tomorrow it comes as the number of coronavirus cases and hospitalizations are skyrocketing nationwide. And a new all time high for s p. We have a Record Number of cases of covid in america and retailers are hitting an all time high. How can this be . The haves and havenots kudos to karen and tim target numbers were extraordinary. It should come as no surprise. Thats a name we have talked about. If you love walmart at their valuation, you have to love target at theirs walmart quarter i thought was very good. There are a lot of good individual stories, but i dont think it speaks to the economy per se there are names we also mention that seem to be topping out. The price action in restoration hardware, William Sonoma and we dont need to go down the road of what they sell. Those stocks popped out a couple of weeks ago thats concerning. Do you want to play at the 100 earnings table, gap earnings on the
Despite the spike in covid cases around the Country Companies are looking to the other side of the pandemic as we make progress on a vaccine. Pfizer out today with big news it applied for fda emergency use of its vaccine and Corporate America sending signals of an all clear. Nike, merck, kohls and costco, more and more Companies Getting comfortable forecasting the future the number of big businesses issuing Forward Guidance up 30 from last quarter. Corporate america is looking to the other side is it time for investors to do the same brian kelly, what do you say well, i think it is great, first of all, that corporate investors, corporations have a little bit more clarity, but thats what this whole reopening trade was about. From the bottoms, that was the whole thing, you are not going to have clarity, but when you do, boy, then it will be really good lets look at what we had this week we had good news on the vaccine. We had multiple companies up their dividend we also had multiple Comp
The s p closed at a new all time high the dow is within 100 points of its own record airlines were up, cruise lines were up. Is the consumer back in business despite the long list of headwinds that are still out there . Brian kelly, kick it off if you look at this kshape recovery, i think part of the consumer is back in business and i think part of the consumer is stocking up again. So the real question is, as we go into the winter and cases surge, how does the consumer behave is this the last push to the time when the consumer locks down or are people going to go about their lives as usual i dont know the answer. As far as the market, it doesnt seem there is a lot of riskreward because you dont know what will be the dominant factor over the next six weeks to two months. We just heard from President Trump in the rose garden to say he expects a vaccine as well as treatment to be given approval for emergency use by the end of the year if you are in a state where infections are rising, yo
Has the details. I just spoke with kirk over at isi i wanted his take. He said microsoft is firing on all cylinders, beating all three major categories, Strong Quarter across the commercial franchises it was better than the street was looking for. Kirk said growth is translated into increasing profitability. He said are enterprises willing to spend giving this backdrop and in one of those segments he mentioned 12. 3 billion up 11 . Commercial revenue gross of 20 . Intelligent cloud 13 billion up 20 . And more personal computing, up 6 shares not doing a lot in the after hours. The forecast will be delivered on the call which starts at 5 30 a. M. As josh mentioned, no guidance i am sure every one wonders what they will say about Enterprise Spending especially with the news delivered yesterday what do you make of the quarter . They hit on everything. Josh went through it across the board better, with the Cloud Services area. What we are waiting on now is what is the forecast, what do thin