Sixweek high here. And oil below 44. Our road map begins with the markets and a pause in the post election rally. Plus, were going to get numbers from alibaba on its biggest sales day of the year. And well also have a live interview with its president. Skb disney, the stock volatile after earnings and revenue miss, higher right now. Were going to dive into those numbers. First up, one day after the dow hit the new alltime high, the fed also in focus at a banking conference in chile. Fies chairman Stanley Fischer calling the case for a rate hike quite strong saying the fed is, quote, reasonably close to achieving its employment and inflation goals. No real direct comment, jim, on the election per se, but nudging further along the argument hes made for a long time. Given the run in the j. P. Morgan and bank of america stocks, thank heavens he said that. I mean, this thing a lot of this rally involves again today with the treasuries. People are just saying, okay, look, weve been waiting f
19,000 for the first time today as well. Yeah. I think context is important here, scott. The russell had actually had the toughest time. A lot of that had to do with the huge earnings revisions downward because of energy and industrial and things of that nature. That is now reversed multiples expanding and weve seen the repair being done to forward looking earnings estimates. I just want to make a broader point, and this is really important. On the s p 500 it is not abnormal to make new highs. Its perfectly normal. Going back to inception, the 1950s, the s p 500 has posted 1,100 new closing highs on 5 of all days were making a new high. People looking at that in and of itself as being a sell signal or knee jerk contrarianism in general could be very expensive here. Its important to understand that this is not whacky. Its perfectly normal. Sell signal hitting these new highs. All four major averages, if you include the russell for the First Time Since 1999 or just a si signal this could
From there in london. The markets appeared to be settling down and we are joined by outstanding guests today. Led by bill gates. He would join us to talk about biotech and drug pricing. Alix cromwell we be joining us more regulatory hurdles facing the banks. But first, we have a slight rally on the table for today. Jonathan features are firming up about. 2 and the ftse is an positive territory and raising all of the post brexit gains. He dax is up as well i want to talk about what is happening in other asset classes. Boris johnson does not run and cable jumps, the pound a stronger marginally. We will discuss why. 1. 52 . Unchanged at we are heading for the strongest quarter for crude since 2009. To wrap up all of the stories, lets go around the world and check in with our Bloomberg Team for indepth coverage of our top stories. Anna redwood is in london on the race to succeed Prime Minister cameron. Julie hyman in new york on the last day of the Second Quarter. Lets begin right here in
Markets desk where julie hyman is looking at what is moving. Like a newooks record for the s p and dow, but have been struggling since the open to hold onto the gains we have seen early. The dow is up 16 points and s p gaining a little more than three points. The nasdaq is the big winner today with gains of half of 1 . You are seeing a clear divide and a clear push by tech which is higher, mostly from microsoft, which well get to in a moment. On the downside is energy. We are seeing a decline in oil prices. They took off on the downside at this morning here. The dollar is higher today. We are getting the weekly Inventory Data in about a half hour. I will be bringing you those numbers. In the meantime, the oil price going lower is putting pressure on energy stocks. The also got earnings from halliburton that initially looked sort of mixed. On the one hand, the countries numbers missing estimates when you look at the north american operating loss, which was 8. 2 . That was worse than had
Stock s are reacting some turbulent traffic ahead. And is that welcomed . Yes. It is, because of the optimism for the economy itself, and the appearance of inflation, and the 0. 4 on the pricing index is for anecdotal because we have Domestic Companies with sales that are up 30 over last year. We are are rocking it in america right now. And im telling you that there is no recession, so why not a rate hike, because we could take 25 basis points right now. And doc, neutrals on the stocks in the next 12 months, and the bank of america says it is a swoon, and why are they wrong . Well, kevin, like the optimism as always. And honesty. Yes, but i am not optimistic on the markets reaction it to, and the market can take ut and 25 basis points is not going to knock the wheels off, but the market will sell, and sell hard if they raise rates minutes after the rates increased. And why is he wrong . Didnt we get an indication of that and a couple of people talking about rates and the market will lo