I think we should start by checking where we are. Were in the midst of a big snap back day the dow is back over 20,000. Pushing a 9 gain of 1600. The s p good for nearly 8 theres the nasdaq as well up close to 7 . Have we turned a corner . I dont think so. I think technicians is what is referred to as a counter trend move its nice to have. I think people could use a break from just the persistant and constant selling were looking at stocks in the s p 500 be p t the percentage of stocks making fresh hundred day lows that number is slowing down. A few days ago it was high 80s right now its low 60s i think thats pretty good i think well take that. Again, these are the types of days that give you the opportunity judge, if you were panicking and you felt you were too exposed, this would be the kind of day if youll lighten up from a 60 40 portfolio to a 50 50. If you look at the biggest names its happening in areas that have been thrashed mgm up 33 Royal Caribbean up 31 im looking at ual up
We are going to bring you todays market moving news from all around the world. Our bloomberg voices are on the ground with this mornings top stories. We are going to start with the latest in asia, where chinese officials concluded the biggest meeting of the year in china. The gathering of the communist Partys Central Committee focused on the economy and hong kong protests. Going me is and occur in joining me is enda curran. What did we learn . ,nda it was a fourday closeddoor meeting. They spoke mostly about rising domestic and international risks, and of course, the backed up domestically being the slowing economy, unrest in hong kong, and internationally, trade war with the u. S. We didnt get any Major Economic initiatives out of it, but we did get some signals that it is doubling down on party control, and ensuring much stricter oversight of hong kong. There was no sense of compromise when it comes to dealing with protesters. Alix thank you so much. Now we went to head to germany, w
Well talk to one player in residential any commercial res and ask if hes feeling the same sense of optimism, but we begin with todays market and dom chu with those numbers. Its a bounceback from the down day that we saw on friday to kind of close out the week and we are green across the board for the major indices. The dow industrials is up 128 points and onethird of 1 and its the underperformer for the value blue chip index and 28,243 and up 38 points and three quartes of 1 gain and to put that in context at the highs of the session we were down 58 points up 37 at the lows. So again, a very positive session, but tilting toward the lower end of the trading range so far today and the nasdaq composite currently at 16,113. Thats up about 140 points or maybe just about threequarters of 1 upside there. Again, greenin technology is leading the way. Jon mentioned some of that apple and alphabet dynamic because of the bloomberg report because of a possible licensing or Partnership Deal and alp
Parker adam, its one of these times where if you look at the message of the market and try to figure out how its behaving, you give a lot of credit to saying that we have a pretty bright outlook, right, in terms of the broadening out of the market, the fact that we havent went down in a while. It feels like were scaling the wall of worry. Volatility has dropped if you try to figure out the fundamental inputs that substantiate the behavior, maybe its tougher in terms of valuation. So where does that bring you i mean, i think whats in my mind the rally earlier this year, i thought part of the reason were up is the bear case doesnt seem as likely, consumer real income is doing okay, you can get a job if you need one. So that explains to me some of the market rally, just a lack of the bear case. But i think in the last five or six weeks the lack of the bear case isnt the only explanation. Now its a more plausible 2024 or 2025 bull case, which comes down to, you know, fiscal stimulus for de
The bondholders and stockholders were wiped out in yesterdays season sale to jpmorgan. The market is essentially reevaluating the Downside Risk in the event another Regional Bank sees the same fate. There was a highlight of the big Bank Balance Sheet to acquire the failed bank out of receivership due to cost concerns in a world of consolidation, though, this calls in regionals ability to compete the timing is kind of unfortunate, too, coming off the heels of better than expected q1 earnings last week but right ahead of tomorrows fed meeting and amid the debt ceiling debacle. In a goldman note to clients, the firm notes the selloff was driven largely by hedge funds, specifically short pressure. The firm notes the lack of relief rally yesterday when jpmorgan First Republic news was announced sent a bearish signal to the market, guys. You mentioned one thing, and that is the level of uninsured deposits that some of these Regional Banks have. Why is that such a sore point . Are investors w