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Bloomberg Radio New York

06:27 min | 2 years ago

"robert capellan" Discussed on Bloomberg Radio New York

"Investigating and looking at it closely but he was hit with a lot of big comments and she just really said remain that this is just not what the fed needed at this moment No questions about credibility All right we're gonna get back to this breaking news Robert capellan of course the Dallas fed president set to retire on October 8th You want to wrap up the closing bells here as you hear in the and see in the background the Dow Jones Industrial Average when the finish higher actually by about two tenths of a percent The S&P down by about three tenths of a percent The NASDAQ composite right now down about 5 tenths of a percent The NASDAQ 100 we should point out down about 8 tenths of a percent That's just cyclical rotation Nowhere else gonna be found of course with the Russell 2000 up about 1.46% here on the day That's about 33 points here And we should point out that the outperformance that we're seeing on the Russell at one point on the day at least on an intraday basis it was the biggest outperformance that we had seen going back to march here I think that's been peeled back just a little bit here I'll double check that just to get you the right superlative here But that is the narrative here right now that we've been seeing here Of course that rise in bond yields feeding right now girl into everything happening in the equity market Don't want to steal anybody's thunder but Tim and I were talking to that It is all about the bond market and to see those treasury yields and I think it's interesting with the backdrop of Robert caplan retiring as Eric Rosen Graham and you do wonder about the composition of the fed going forward and whether that how that changes maybe Taylor potentially fed things Yeah we've killer comments from Mike Mickey earlier I know that we're going to get him back on the show soon to talk about that composition Carol that you mentioned but in the meantime you do steal my thunder but I forgive you because it was a big Bond day and you really see that play out within the sectors for the radio audience We take a look at the sector winners this actor losers within the S&P 500 It is energy banks autos and materials How much of all of this is because yields are rising You're getting a yield curve steepening And so you're up 7 tenths of 1% to actually three and a half percent for some of the energy companies We migrate downward to some of the worst performers on the day and yes it is a Bond story Carol with utilities to some of the worst performers real estate you're off one to almost 2% as typically romaine those declined when yields are rising All right we're gonna get back to the gainers and decline us but we do want to weave back into that news with Robert capellan Of course the Dallas fed president resigning the statement out right now by the Dallas fed rob Kaplan says it was a great honor to serve He also addresses some of the issues with regards to his trades He said during my tenure I have adhered to all Federal Reserve ethical standards and policies My securities investing activities and disclosures at bank compliance rules and standards That is an exact quote from there in this statement of course he goes on to talk about some of the other things he did and during his tenure there but again once again here the big news here Robert capellan of the Dallas fed stepping down today we're learning this just hours after we learned that Eric Rosen Graham at the Boston fed would also leave his position 9 months earlier than planned And to be fair and to maybe mirror what we heard from fed chief Jay Powell is you don't want to get ahead of any kind of investigation into whether or not anything was untoward if you will And so again you do have Kaplan saying those trading meet the feds ethical standards And I just want to follow that And just a real quickly Carol they do actually say in the statement here that quote rob made the decision to retire as president and CEO of the bank effect of October 8th to eliminate any distractions to the Federal Reserve system surrounding his personal investment activities So unlike Eric Ross grant who resigned citing health conditions this statement does seem to be tied directly to the controversy over some of his financial holdings Rather quick and swift right And certainly you could imagine maybe potentially some of the conversations certainly since that last fed meeting and all of the questioning by the reporters in that room with or at least virtually with fed chief Jay Powell All right let's get to some of the gainers if we may Taylor mentioning energy yes indeed front and center just pick a bunch of names Cabot oil and gas was among your top performers in the S&P with West Texas topping 75 crude prices really on a tear highest level in nearly three years But other names Occidental Petroleum also among the gainers in today's session capital oil and gas up 8 and a half percent carnival continues its move It is up four days trading days in a largest global cruise company royal Caribbean Norwegian also saw moves to the upside We know they set sail from the port of LA on Friday afternoon first time since last year And last week we got the news that they're set to deploy 52 ships on the seas by the end of fiscal 2021 Continuing really that move opening when it comes to the cruise industry Just quickly nettie's that stock up about three and a quarter percent Chinese gaming company other Chinese companies we saw higher today We saw China's embattled tech tycoons basically lining up to pledge their support to president Xi and his common prosperity policy and market roiling regulatory onslaught We saw that happening And so we did see some bounce back to him in some of those Chinese tech names So you got the gainers I got a couple decliners at least Let's talk Amazon This is a big one It's been we've been talking about it all day A price target cut at Morgan Stanley The bank said the profits could get hit as a result of rising headcount and rising wages Where have we heard that story before the bank lowered its price target to $4100 from $4300 it does put it below the average analyst target of 41 57 Wells Fargo also finished the day lower but coming off those lows after we learned that Wells Fargo had reached a settlement with the U.S. Justice Department and then Netflix eking out just ever so much of a gain of 401 hundreds of 1% It did fall earlier in the day Bank of America wasn't very impressed about Netflix's global fan event and event that is supposed to tailor to provide detail on upcoming content I mean so many choices for consumers right now I'm gonna make this shore We do yields as we do every day because I know we want to get back to some of the breaking news but Carol this really does highlight perhaps is we're talking about yields falling two basis points at least on the ten year as of the fed meeting last Wednesday since their since then it has been a rate of change kind of day Thursday Friday Monday We're up 16 18 basis points on the day Today further migration higher in yield approaching one 49 one 50 on the ten year All right everybody And we're gonna have more coverage on the fed certainly in light of that news about Robert Kaplan retiring as the Dallas fed president That's happening in October 8th and just coming on the heels of Eric Rosenberg and getting that news as well and talking about that today All right that's going to do it for beyond the bell On Bloomberg radio Bloomberg TV and on YouTube join us again tomorrow same time same place fed coverage continuing.