Bloomberg, Dave Wilson, United States discussed on Bloomberg Businessweek
Bloomberg business flash. And the markets are up, and we're going to get into a lot more of that. When it comes to all this green on the screen selloff day rally day selloff day rally, cyber Monday, we're going to talk a little bit about how folks are doing today in terms of those online purchases one of our friends over at retail me not going to talk about what is hitting the tape on cyber Monday, also sort of the other side of the retail world toys R us, obviously went bankrupt earlier this year but cake yard Bain coming through with twenty million dollars to compensate the workers who lost their jobs. We're going to get into that with the guy who is responsible and he's had some messages on his plate before. That's for. Sure. Yeah. I can find are going to join us later on. And as you said. Elon musk. Well, I love this. It's like, wait. We were just mere weeks away from death. So he just puts another interesting element to the Tesla's story. And what's what's fascinating is the stockers rallying. But the overall market is rallying today. But it's interesting to have him say, you know. Yeah, we were you know. Might not have worked. Also seventy percent chance. He goes tomorrow. We'll get into all of that and much more. But let's figure out what is going on in the markets on this Monday. Joe Weisenthal Margaret's editor for Bloomberg co host of what you miss coming up on television. He's here with the day. Wilson also is here stocks editor for Bloomberg so gentlemen, before we get to the market action job gotta ask you about bitcoin because it's one of the most read stories right now a year ago you and I've said this on this program number of times you were talking about everybody going home talking Agatha about buying bitcoin. She certainly did. And if she did, you know enjoyed a nice run by weeks the bottom has fallen out. Yeah. This year could not feel more different than this exact time last year with the vibe in this market. Just unrelenting gloom. Every time people stay of this looks like capitulation, then you get another ten percent down the thing. That I remember with the dot com. Boston. You know, it's always dangerous to analogize one period to another. But it's at the bottom of the dot com. Bust the word of bunch of people standing around looking for signs of capitulation. It's like everyone just stop looking and walk away and found something new to do with their life. Yeah. So right now, you still have this affect reverend's? Like is this the bottom is this the bottom, and I kind of the bottom is going to be when all those people had like they've just moved down. Oh, bitcoin. Yeah. That was the thing. I was into a couple of years ago. They move onto we need. It's not there yet. But it's pretty remarkable. But it is interesting. Yeah. I mean, if you think about there's a story on the Bloomberg Eric lamb about the become bitcoin miners. Right. Just again, just more and more fallout. So it's just fascinated with a year because it's the price collapses. And they still have the same electricity costs becomes less profitable to mine for amazing. Dave Wilson come on in here. What else are you seeing in this market now bitcoin notwithstanding people are somewhat enthusiastic about equities. They are at least for the moment. Then again, I mean carols point about up down certainly has some merit. It's the third day in a row where the S and P five hundred is chased direction from the previous day and the difference this time around from the last time it happened. Which was the first half October is that it looks more. Like the Dax is trying to find a bottom then coming down off a top. That's where we were in that earlier period in October. I was floor just kind of reading in this morning and looking at how much stocks lost last week. I mean, it was pretty amazing short holiday week usually kind of in the past. It gets quiet, but we were down what more than about four and a half percent on the Dow for the week three point eight percent on the S and P and the NASDAQ was down four point three percent. Those are big losses. That's right and made a fair amount of them back. I mean, given the fact that you're looking at an SNP up one point two percent some fairly broad based gains to go with it. But you know, I can't help thinking about bitcoin, and I see Invidia up three and a half percent today yet that stock is headed for its first annual losses twenty twelve it's Dan about twenty two and a half percent for the year after having risen for five years in a row Ghanem like fifteen fold over that time at least toward the end up. A lot of that was tied into demand for these machines used the mind crypto currency that invidious chips could run them better than other products. And so, you know, they got the benefit of that in this year. They've kind of gotten the downside. It's really fast. They know you look at the s&p five hundred chart of where we are. Right now is very similar to what we saw in February March they're similar in terms of the amount of volatility in the big swings. It is. Yeah. I mean, the real question is whether you get a rebound out of it like you did back. So what else are you looking at? Oh, well, you know, thinking about the overall rebound. I'm not that impressed by it. Really? Down. Why we're doing a lot and given what what you just said about how much we felt last week in a holiday-shortened week, you know, the NASDAQ's up what right now it's up one and a half down four point three percent last week. It's not that great. And. I want to see a little more. Yeah. I don't know what we're waiting for. Is there any news? Whether it's out of US in China that could cutting deuce things a little bit or what it could be and sorry for those of you who are bears out there because you're happy. There's a number of events this week that could be catalysts. We get a lot of fedspeak this week and people are going to be listening for the degree to which the fed heads emphasized their data dependency the degree to which they say, look, we're not on autopilot. We're not going to assume that inflation is picking up just because unemployment is low. We wanna see the data. And that would be interpreted as dovish that could help if something comes out of the Trump she meeting and the g twenty in that could help. So I do think there potentially a lot of catalysts this week that could take us in one way or another. It does feel like investors have been pointing toward that Trump. She meeting does a KiKi, it's helpful. This anything else you're watching. We're kind of at the point where it's all about sort of those big picture issues as well. Yeah. I mean one thing that jumps out at me. You're starting to see you a Wall Street tragedies come out with their outlooks for next year. And you're seeing a fair amount of caution. At least in the reports that I had a look at you. Mike, we'll slower Morgan Stanley talking about the possibility of an earnings recession next year would be which would really be saying something after twenty five percent profit growth in the S and P five hundred this year. Hey, get something like ten percent next year. Dave Wilson stocks editor for Bloomberg. You'll be back with your chart stock today. Joe Weisenthal, we're gonna send you off to do some television co host or what you mess coming up at four PM Wall Street time wanted to the bite. Yeah. Let's do time for the Bloomberg markets bite of the day. One number that tells us a lot today's the number two hundred and fifty miles horses all electric take hand. It's do next year. Jason's going to be able to travel some four hundred kilometers that works out to two hundred and fifty miles after being charged for less than twenty minutes. I love this technology is advancing. So fast drivers should be able to cruise for thousand kilometers in about a decade. It's like, you know, quicker than my watch charges or my phone charge pronounce it to con- just kidding. Pecan pecan. Thank you. Thank you. Thank you. We're back. All right. Let's get a check on world and national headlines that we go to Bob moon in the eleven three on newsroom. Hey, Bob case, Carol, thank you a day after Mexican officials said migrants had turned a peaceful March into violent chaos officials are acting to shore up security along the border in the town today police lined up outside a shelter and blocked Central American migrants from walking toward the border area. President Trump has said he will close the southern border with Mexico if needed to thwart the would-be immigrants, but Bloomberg's Irv Chapman reports. There's also some hope there is room for potential compromise on a Bill to modernize the US immigration system. If political posturing can be shut aside. Republican advisor Chen said in a Bloomberg interview support for people who were brought here illegally as young children some additional funding for border security, a merit based immigration system. One that provides the American economy with the skills at needs while respecting the values. That have made America strong. There's a lot of things I think we can agree on the US Senate passed such a bipartisan Bill five years ago by two to one. But the speaker of the house refused to bring it up for debate and vote in Washington, Irv Chapman, Bloomberg radio. Thank you nail biting time for NASA. Scientists has the insight explorer nears a dramatic grand finale about forty five minutes from now they hope it'll be a soft precision landing on flat red planes insights, perilous descent through the Martian atmosphere after a trip of six months across three hundred million miles begins around three PM eastern time going from twelve thousand three hundred miles per hour zero in six minutes, flat as it pierces the Martian atmosphere. Pops out a parachute fires, its descent engines and hopefully lens on three lakes. Global news twenty four hours a day on air and a tick tock on Twitter..