Bloomberg, David Weston, Hogan discussed on Balance of Power


That Bloomberg quick tape. This is a Bloomberg business line. Stocks waiver today as traders assess the outlook for corporate earnings amid the threats of a hawkish Federal Reserve, scorching inflation and a looming recession. The S&P stayed little change after last week's rally and has now moved up a bit. The NASDAQ is underperforming with giants like Apple and Google's parent Alphabet on track to report results this week. The yield on ten year treasuries climb back above 2.8% while the dollar fluctuates. Laurie Calvin and at RBC capital tells Bloomberg, she's continuing to watch stocks to see how they react to these recession fears. I am more interested these days in adding on to rebound trades. We think that defenses are overbought and overvalued at which point in time. If you go through the HDFC function on Bloomberg, which is something I do quite frequently, there aren't that many economists that are actually calling for an outright recession the voices calling for the recession are quite loud. And if you look at streak consensus economic forecast, it's really more for something coming close to contraction in the fourth quarter. S&P 500 is up a quarter of a percent up 11. The Dow's up three tenths of a percent of 97 and the NASDAQ down to tenths of a percent down 21. The ten year is down 1730 seconds the yield 2.81%. West Texas intermediate crude is up 1.6% at 96 20 a barrel. Comics gold was down 6 tenths of a percent of 1734 ten per ounce. The dollar yen one 36 68. Let's take a look at the Euro is at a dollar O two 20 in the breech pound dollar 2050. Silver right now is down 9 tenths of a percent at $18 43 cents per ounce. That is a Bloomberg business flash, I'm Greg Jarrett, balance the power with David Weston continues on Bloomberg radio. This is balance of power on Bloomberg television and radio. I'm David Weston. It is Monday, which means it's time for our look forward to the midterm elections. This November, with our political contributor, Jeannie Chan Zeno of iona university and Rick Davis of stone court capital, so great to be back with the two of you here. I want to start in Maryland just because we do actually have a democratic nominee for governor, which we didn't last time we talked. And also, we saw the current governor, Frank Hogan over the weekend, just really go at the Republican nominee Cox. What is that all about, Rick? Well, you know, they hate each other. Cox versus Hogan been going on a long time. Cox a delegate tried to impeach Hogan. Hogan had his own candidate. For the race, it didn't win. And look, even ideologically, Hogan is a mainstream Republican. Someone called him a moderate just because he's not a right wing nut. And Cox is a right wing nut. I mean, he believes in all these conspiracy theories. He thought Pence was a traitor. And so you can imagine why Hogan would say, I will do everything I can to bar him from office. Yeah, and you know, when we talk about this sort of battle between the sort of moderate wing of the Republican Party or the establishment and Donald Trump, this is one of the cases in which Donald Trump's endorsed candidate has won, and yet if you listen to Larry Hogan and most Republicans and I would defer to Rick on this, they'd say there's really not a chance for Cox to win. So to Hogan's point, they have now lost this seat, which was an important seat for them to try to retain. And I think we're seeing shadows of this across the country, potentially not only in some gubernatorial races, but in Senate races as well if you look potentially at Ohio, Georgia and Pennsylvania. So it is a real concern for moderate establishment Republicans when they get these sort of far right conspiracy theorists as Hogan called him candidates who can't win in more purplish states and districts. So Rick, I'm not sure that vice president Pence would want to be called a moderate necessarily. But I do wonder about potential Civil War breaking out. We now have the former vice president speaking today in Washington tomorrow we'll have the former president Donald Trump and they don't seem to like each other anymore. Yeah, they haven't even spoken since January of 2021. And the reality is that Pence has a view of Republican Party moving forward and contesting and winning in the 2022 midterms and again potentially with him on the ticket in 2024. And he is going to say specifically that he doesn't think we got to keep looking backwards like Donald Trump does. He may not mention Donald Trump, but looking backwards into the 2020 election. That's history that's in the books. And he wants to move forward and Trump is a part of a party that by grievances requires everybody who supports Trump to put up with this conversation about relitigating the 2020 elections. Yeah, so Rick, I saw actually on this week yesterday, we saw the former governor of New Jersey, say that Trump is the party of me rather than the party of us. Is that a fair description of the issue going on with the Republicans right now? Yeah, that's one of them. I mean, it's really a cult of personality with Donald Trump. I mean, any given day in his administration, he was a moderate, a conservative and a liberal. And so it's very hard to know what a party platform is for other candidates down ballot. In fact, the 2022 2020 Republican convention didn't even have a platform owing to the fact that it's all about Donald Trump. And so I do think today when Pence talks about what he thinks a conservative should be moving forward, he's starting the process of relitigating the party platform

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