tv Worldwide Exchange CNBC October 28, 2021 5:00am-6:00am EDT
it's 5:00 a.m. at cnbc and here's your top five at 5:00 stocks looking to get back on track after slipping from record highs on easing earnings momentum and then we've got two tech giants potentially providing some fresh fuel with their quarterly results as apple and amazon prepare to reports. democrats hunkering down trying to get over the final hurdles on president biden's agenda shares of rent the runway fizzling with day two no looking better and facebook reportedly telling employees to preserve
internal documents as they race for increasing scrutiny from regulators it's thursday, october 28, 2021, and you're watching "worldwide exchange" on cnbc. good morning i'm courtney reagan in this morning for brian sullivan here's how your money and the global markets are setting up for the trading day. stock futures here for the major averages are indicating a higher open for the s&p 500, by 11. dow jones higher by 60 and nasdaq indicated higher by 72 points this comes after we saw stocks slip yesterday with the dow shedding 250e points similar story for the s&p 500 which fell for the first time in the last three sessions. the ten-year falling sharply
you can see back below the 1.6% threshold at 1.54% and oil prices facing a third day of losses. wti is currently trading at $82.20 that's down .5%. and brent crude at 84.04 down .6% and apple and amazon are set to round out the week of big tech earnings after the bell today with amazon, the health of the ecommerce market and cloud business will be in focus while the impact of the global semiconductor crunch will be key for apple's numbers. several big earnings reports out in europe this morning for more on that let's get to julianna tatelbaum in our london news room. great to see you again >> courtney, good morning. it is certainly a busy morning here in europe we have so many earnings that have come through this morning
and european central bank meetings this afternoon. it's a mixed picture in terms of trade. we have had positive momentum build over the past hour or so, so in france, trading at .4% higher the ftse and the swiss market seeing green but still red on the board for spanish, german and uk markets no major policy changes expected at the central bank meeting. but they'll look for clues on how they expect to tackle rising price pressures. air bus shares up 1.8% this morning, they raised the full year's earnings target volkswagen, shares are down about 3% volkswagen has come out saying they are unfortunately going to deliver fewer vehicles this year than hoped, but i spoke to the ceo, and he says that he's
confident the worst of the chip crunch is behind us. lastly to ab, which is soaring this morning, shares up more than 7%, they hiked the guidance after beating expectations >> thank you very much. now to some of your top stories this morning, including the latest on democrats racing to get president biden's plans for trillions in government spending over the finish line. bertha combs has more on that this morning this. good morning. >> good morning. president biden is expected to attend a meeting with house democrats this morning, the president delaying his trip to europe for a summit with other world leaders by several hours to personally appeal to progressive members to vote in favor of the stalled infrastructure bill. that bill has already cleared the senate and house speaker nancy pelosi is aiming to hold a vote on it later today democrats are also racing to reach an agreement on the social spending bill after suggesting that proposals for paid family
and medical leave will be dropped over objections by senator joe manchin. royal dutch sell said earnings were down in the third quarter as a result of halted operations from hurricane ida results come on word that daniel lobe's third point has taken a large stake in the oil giant and calling on it to break up the company. lobe's firm which owns roughly half a billion dollars, wants to see it broken into two businesses one in refining and another that houses renewables and others requiring a larger investment. starbucks is raising wages for baristas here in the u.s., bringing the pay floor to $15 an hour by the summer starbucks says it will also offer a $200 referral bonus and
recruiters across all u.s. markets. the moves come as eateries struggle to find workers amid rebounding demand and certainly, courtney, with a lot of competition from retail offering $15 an hour, not to mention in case of target and mcdonald's offering, you know, some credits for college as well. >> absolutely, such a tight labor market and the benefits and pay will make a difference, i imagine, if you're deciding between some of these jobs bertha, thanks so much. back to the markets and your money as investors gear up for another day of earnings and momentum to potentially propel the indee sess to new highs. they look at the first estimate for third quarter gdp figures amid continued supply chain constraints. for more i'm joined by bill stone. bill, it's great to see you this morning here we have a big day coming up ahead but let's start with the
economic data, the gdp number. what are your expectations >> so obviously it's going to look poor relative to last quarter. now, last quarter was great but i'm thinking somewhere around 2.5% growth. which normal times you'd say that's good growth rate for the u.s. but we should be up more towards the 4 to 5% range to try and make up what we lost during covid. so it's really what you talked about which i'll try and say it, the supply constraints, you know, that's really a huge part of, i think, what's holding us back combine it with the fact that we really had the variant surges during the third quarter and why you have probably a disappointing third quarter. >> i know you have a number of different reopening monitors as you're trying to track economic progress so beyond the supply chain, are there other factors you believe we should be paying attention to, that if they are fixed
perhaps we could see further propulsion of economic growth. >> i think we're seeing it we've seen the rate of change in terms of the infections coming down, really in most of the globe here you've seen consumer mobility in the u.s. never really suffered too badly, which is good news in the sense it was a headwind in terms of the delta spread but it didn't completely shut things down as everyone knows what i'm amazed with is air travel not far-off of where we were pre-kind of delta so i think when i last checked it was four days last week that we had over 2 million travelers, that's good news people are going about their business so i feel better with fourth quarter that this will be a soft spot in the third quarter, but fourth quarter is likely to be better because you'll see some relief on the supply constraints, we won't see all
the relief. >> with the air travel you have leisure travelers getting back out there and getting on the airplanes, but, of course, business travel is much lower than had been. i know the airlines are watching that if we can mov to the big tech earnings, important for the broader markets because they're overweight tech and will continue to be for some time what's important for investors to pay attention to when it comes to results we're expecting from apple, from amazon? >> obviously they need to post good numbers i expect they will i think the hard part is because they are expected to post good numbers, sometimes you see a disappointment that comes in terms of the stock reaction. but i think, you know, most of these companies just continue to show that they're great businesses, frankly. it's just a question of what you pay for them in the end. but i think that's the -- they're probably in one sense the least of my worries because you have other areas that probably see a lot more in terms of cost pressures and those
kinds of things, labor cost pressures. the companies don't see -- they may see that but it doesn't show up necessarily in crimping their margins so much. >> putting it together we'll pay close attention to any commentary about the supply chain and the ripple effects there and with both gdp and the tech reports, what would you advise investors looking for opportunities? do you have trades or hedges they should put in place here? >> one of the things because the market is certainly worried about this kind of slow down that we're going to see the evidence of today with the gdp numbers i think some of the more cyclicals areas are interesting. financials have been trading good until the last few days with the yield curve flattening. we like financials, think it's a nice hedge against higher interest rates and clearly benefit if the economy continues to improve as we expect from here. the second part is the industrials. a lot of them have gotten hit pretty hard in terms of with
this soft spot and really, you know, a lot of the global economies that have the same kind of soft spot. so i think those are two spots i would look for opportunity here. >> got it. financials, industrials, we'll be on the lookout for those. bill stone, thanks for joining us this morning. >> thank you more of your big money movers including ford when we come back. plus regulators reportedly taking a hard line when it comes to investing around bitcoin. and big oil execs getting ready to face lawmakers. brian sullivan previews what we may see. a very busy hour ahead when "worldwide exchange" returns
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time now for your big money movers three stock stories of the morning samsung posting better than expected prices. the company says it expects global chip supply issues to continue through next year shares are higher less than 1% runway having a less than stellar first day of trading the fashion rental platform had priced the i.p.o. at $21 per share at the top end of the expected range. ford shares taking off this morning up more than 10%, nearly doubling wall street's expectations for earnings in the fourth quarter they're raising their guidance
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washington. and facebook reportedly telling employees to hold on to key insider documents amid leaks and scrutiny from lawmakers. it's thursday, october 28th, and you're watching "worldwide exchange" on cnbc. welcome back i'm courtney reagan in this morning for brian sullivan here's how your money and investments are looking right now as we're halfway through the 5:00 a.m. hour stock future indicating a higher open on wall street across the board for the major averages, s&p 500 higher by 8, dow jones higher by 35 and the nasdaq higher by 68 points if the stocks were to open but we have a couple of hours left to go this is after we saw stocks slip yesterday. the dow shed 250 points. and the same for the s&p 500
but a quick check on treasuries. the 10 year falling back to 1.543% and we want to check on the cryptos, bitcoin back below the 60,000 threshold after hitting the all-time high last week around 67,000. you can see it trading at about 60 60,513 let's move to washington with president biden heading to capitol hill today to try to lock up support on his domestic economic agenda before heading over seas for meetings with world leaders. e e elon moi joins us with more. >> reporter: i was told the president would be attending the meeting this morning but it is not on his official schedule today. the party trying to make tough decisions if they want to reach
a deal the tax plan is a source of turmoil. look at the billionaire's income tax. senator joe manchin is skeptical of penalizing success. and the architect of the plan pointed out his party is unified around the idea the tax code should be more fair. the house is proposing a different proposal they're pushing a 3% surtax on millionaires it would have hit those making $5 million originally but democrats are discussing moving the threshold up to $10 million. and then there are the new irs reporting requirements for bank accounts 21 moderates in the house announce they oppose this idea and want a more targeted approach they cited concerns about privacy, cyber security and the scope of the new rules but this has been a priority for the treasury department and senators mark warner, tom carper and angus king are adamant it should stay in the package and democrats are trying to
rework the language to focus on those making more than $400,000 a year democrats have promised that the social spending package will be paid for but the simple ways of doing that are getting ruled out. back to you. >> you have to have some pay fors in there. what about the spending side of the bill, what's in and out there? at least right now >> reporter: yeah, it seems like every hour there's a new development here and things that we thought were dead come to life again and then maybe get dead again one major point of contention is the paid family leave proposal, something that senator joe manchin has been opposed to because he said we have other federal programs like social security that are underwater need to be insured up, we shouldn't create new federal programs but a lot of the women in the caucus are upset about this and one democratic senator, patty murray, said last night that one man should not tell millions of women they can't have paid family leave so there's still a strong
concerted effort to get this back into the program. we'll see if president biden can offer any clarity if and when he attends the meeting. >> i know the united states is behind other countries in what we offer, but again it's not a free cost. there's a cost to all of these decisions. thank you so much. more of your morning's top stories. hi again, bertha. >> facebook is apparently telling employees to preserve all internal documents and communications as far back as 2016 according to reports, thesocia media company is making the move because of growing inquiries over its operations by regulators and governments earlier this month senate commerce committee chair maria cantwell called on mark zuckerberg to preserve all documents related to testimony from a former employee, frances haugen the s.e.c. has reportedly asked at least one asset manager to
hold off on plans for a leveraged bitcoin etf. according to "the wall street journal," they've been asked to pull the proposals to launch a fund that would amplify a return of bitcoin derivatives including future contracts and options by using borrowed money regulators have been curtailing product launches in a bid to limit exposure to offerings they deem vulnerable to fraud, manipulation and other risks. shares of mimecast are surging after a report the company is exploring a possible sale the cyber security software company is working with bankers to consider options including a sale or taking a big investment. the journal addsthat one potential buyer expecting to look at mimecast is proof point. which buy out firm bravo took private in august in a $12 billion deal a lot of folks watching that,
co courtney >> thank you, bertha i'm understanding bitcoin a little bit more. only two more tech earnings to go today, apple and amazon round out for the faang stocks let's kick off with apple. supply chain will be in focus for the company as apple has warned that component issues are intensifying for the iphone despite strong consumer demand they'll see if they have guidance this quarter as they have failed to do so throughout the pandemic last quarter i think apple beat consensus by 30%, revenue is $10 billion higher than the street expected. do you think we'll see a blow out beat again this time around? had. >> we're not expecting a blowout beet but we are expecting a good report as you said, one of the things that apple faces right now is
some of the supply constraints we do think that the number of iphones that were built in the third quarter were less than what they thought because of the supply constraints on the other side demand seems strong the best gauge of where demand is for the new phone is how long it takes to get one. it's now several weeks especially to get the higher end model, the pro and the macs, so that's a good sign on demand. >> what do you make of the supply chain component issue and how bad it is? if demand is strong is it enough to offset the supply issues if it's a concern about costs, expense or is that not the issue at all it's about the ability to fulfill the demand >> if you don't have the components you can't build the phone and someone can't buy them so that has to come first. what you saw as an example for last year because of covid the phone was delayed and that
demand actually proved to be durable even into the first quarter of the year even by christmastime it was difficult to get one of the high-end phones it still carried through and it was a better than seasonal first quarter. the other thing that we're noticing is that the delivery times for the higher end models again this year are much stronger we think that, again, has to do with some of the carrier subsidiesin place in the unite states that have been very strong, stronger than last year. and that helps for the mix so whereas the number of units are constrained by components, consumers prefer the higher end models which help the asp and the revenue. >> got it. what do you think about the apple play as a christmas or holiday, i should say, gift giving idea? of course a lot of people are looking for things like the accessories, the air pods, or some of the other services, add
ones, is that something we should pay attention to as we look towards the end of the year as a potential boost for the company's revenue and maybe stock price? >> well, you know, the iphone always sells well around the holidays and that's why they bring it out to the market at the end of the september so it's ready for the holidays you brought up the air pods also and apple did release a new set of air pods a week ago and what was interesting there was now there are three models out for sale with three different price points, used to be a big gap in price between the air pods pro and the second generation air pod and now this new air pod is $179 price point in between so what that means is the asp of air pods is going to go higher and obviously a revenue driver they did the same thing with iphone in the previous generation now they have four models at four different price points all the way up to over $1,200. so what apple is doing is providing you the opportunity to
spend more money and buy higher priced products and that's showing up in the revenue line. >> services revenue is becoming a bigger, more important part of the total ecosystem for apple. what are your expectations there and maybe apple tv and what we should be looking for as apple continues to grow the product service going forward? >> we've never been big fans of apple tv they don't provide gran lairty of what's going on in the service. but the cost is so high and if you compare it to the margins of someone like netflix, for example, the margins are much lower than the hardware business we look at things like tv and a lot of the services as an ecosystem play, just pulling people into the ecosystem and keeping them there and, you know, our bottom line in apple is, iphone is just the biggest product in the planet and it's very hard to get away
from that gravitational pull of iphone in terms of the effect on profitability. for services it's just icing on the cake when you have a good iphone generation as we do now, just a growth in services adds to the top and growth in profitability. >> thank you for giving us a primer before the apple earnings now to amazon, that stock hasn't recovered from when the company reported second quarter results which included a rare miss on revenues, down 6% since july it shows a slower growth in ecommerce. supply chain issues could lead to potential shortages for amazon and thousands of third party sellers. let's get more with on the scott mushkin. it's good to see you here. i feel when amazon reports there's so much focus on the cloud business because it's a profitability driver but most of us are most familiar
with amazon as consumers and the ecommerce unit, what are your expectations for what we'll see out of ecommerce special with the external pressures when it comes to supply chain and the rising cost of labor >> thank you, courtney good to be here. the issue going into the third quarter, is the perspective. as we look to the fourth quarter, what's going on with the supply chain yesterday they put out a release talking about everything they've done to secure the supply chain. our theme going into the holidays, whether it's amazon, target, walmart, these companies have an enormous advantage we have to watch the expenses, but as far as product availability we just tested it last week and across amazon target and walmart the product was available. but -- so that's one issue going into the fourth quarter.
the second thing is really their unprecedented build out of their distribution low gistics capacity nothing like this ever it's insane, $75 billion in cap x this year. and i think that's going to be in focus too build it and will they come kind of "field of dreams" >> it's interesting the prowess they have. and they've been able to deliver on the fast delivery for prime members but because of the discussions around labor shortage, are there enough delivery drivers, warehouse workers, what happens when volume surges more as we face the holiday shopping season? >> amazon thinks they're prepared, walmart and target, t too. we're just paying more they have better benefits, their flex drivers start at $18 an
hour now which is getting them super fast delivery. in 15 msa you get millions of products in five hours or less this is what they're driving towards. being able in all these large cities in north america and probably in london to get millions of products very, very quickly. the infrastructure build out here is just incredible. >> we spoke a little bit in the intro how amazon took a hit in the third quarter as consumers returned to physical stores. what i find interesting is this discussion about in order to succeed as a retailer you have to offer and execute instore and online when it comes to amazon, their physical store revenue really hasn't grown and in many cases actually retreats year over year does it matter for amazon? >> it really doesn't i was just in los angeles, orange county, in one of their amazon fresh stores. i think you're bringing up a good point amazon at its core is a distribution and logistics company as we talked i think their stores are a side
show in fact, i think they probably shouldn't be running stores. again, i think it's a little bit of a distraction the -- you know, their aim is honestly to rethink the store visit a little bit when you need that coffee or when you need that tide that you know you can get it in five hours or less. so to really break your shopping habits into packets rather than you have to go to the store for all of those things again it's an informed point and a little bit of a side show, those physical stores. >> the very interesting all around thank you for joining us today, scott mushkin. certainly a lot to look for in the amazon report. >> indeed. thanks coming up more big money movers including why results from e bay have investors hitting sell some other top stories the white house says at least 1.5 million americans have received booster shots of moderna or johnson & johnson's covid vaccine in the first five
days of their availability it adds at least 15 million have gotten a booster since pfizer cleared their shot in august and looking at relationships with several fin tech firms. they're looking at financial incentives that visa gave square, strip and paypal and cathie wood's organization is reportedly launching its name it will now go by tttule capital short but will keep its ticker, sark back in a moment
time for your big money movers first up, ebay, third quarter results beating forecasts but the number of active buyers and merchandise volume fell. they're also projecting fourth quarter revenue below estimates. the sign that the online shopping boom during the pandemic is easing shares down almost 6%. don't miss the ceo on squawk on the street today and a first on cnbc interview at 10:30 a.m. eastern time stock two teladoc, stocks are falling even after better than expected third quarter results. the stock down 30% this year after surging more than 130% in
2020 shares down almost 4% this morning. finally twillio, beating forecasts but shares are tumbling as fourth quarter guidance is below analysts shares down almost 12% before the bell on deck, potential fireworks on capitol hill today as several big oil executives go before lawmakers facing questions in their company's roles in disinformation brian sullivan will preview that hearing for us if you haven't done so already, follow our podcast. check us out on apple, spotify or other podcast apps. we'll be right back.
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before lawmakers about their role in climate change and allegations that for decades these companies not only hid what they knew but purposefully created misinformation about the issue. brian sullivan is down in d.c. for the hearings and joining us on the news line with more on what to expect some pretty big allegations here, brian. >> there are good morning, courtney i drove down 95 thinking this was going to be some big in-person fiery hearing. i may be the only one in person because now it's virtual still there are some fike works expected congress row khan of california really organized this. there was a leaked video in june of a former lobbyist making damning claims to an undercover green peace person about how exxon mobile for years had created disinformation about their role in climate change,
hiring shadow groups to spread this misinformation a around it. this hearing begins at 10:30 eastern time this morning. where you have ceos of exxon, chevron, the u.s. heads of bp and shell, and then the ceos of the american petroleum institute and the u.s. chamber of commerce being hammered and grilled in what is expected to be a six-hour long virtual testimony over their role in miss and disinformation as well this is going to be sort of this in-person hammering at the beginning now i guess it will be a virtual hammering. still it could be a big moment, a lot of comparisons to this about the 1994 big tobacco hearings where they called it the seven dwarvdwarves. some calling this the, quote, slippery six, which an unveiled
reference, random but interesting, to oil. >> have to get it in brian is this sort of an unprecedented, you know, grilling virtual or not, of these executives over climate change allegations and this misinformation >> yes, it's new and no, nothing like this has happened before. i did reference the tobacco hearings people remember howard hughes getting grilled but for oil, no, this never happened before. these ceos i'm going to politely say, courtney have been invited by bernie sanders and others to attend and they politely declined representative ro kannaha, they
threatened subpoenas when you invoke legal power, people start showing up, albeit virtually. >> hitting a 3 wood is not an easy thing i struggle with that, especially in t in the fairway will anything meaningful come from this hearing? >> unclear legislatively there's been talk about a carbon tax some oil companies have said on the record they support a carbon tax, whether that's lip service or not who knows i think people may want to know what the price of carbon may be. the price of gasoline is up 56% from last year, people facing steep jumps in heating bills this winter. this is me speculating but based on conversations with the staffers and whatever i had, there's also an effort to put a public face on this, right because the administration is going to get blow back, president biden for higher bills and i think the administration
could use a little scapegoating for lack of a better term and say, listen, these are the men and women that are behind the oil and gas industry gasoline prices are up, and here's a face, again all be it virtual, here are the faces of oil and gas. i think that headed into the fall with natural gas and oil prices where they are, the administration doesn't want to deal with -- they're dealing with inflation but higher gas prices, saying these people have done bad things and spread misinformation that contributed to climate change some of the policies we had to make which you have to do to combat chilime change and these are the companies and the people behind it with d.c. there's always more than meets the eye >> of course i can only imagine the questions that will be asked as sometimes these executives are sort of labeled as big bad oil heads of fossil fuel but i know they're going to
follow it all for us virtual or not and bring us the headlines and another time we'll talk about carbon credit offsets. seems silly. >> it's a big market. >> i know. let's bring in victoria green, cio of g squared private wealth let's pick up right there where we left off. obviously a lot of discussion about energy because we've seen the price of the underlying commodity for oil prices, the wti, really move up in the $80 per barrel range which is a far cry from where we've been a short time ago what do you make of what that portends going forward are we going to stay in the $80 barrel range, is 100 or 50 more likely >> we think it's going to skew more on the upside risk towards 100. i think you look at the fundamentals right now and seeing a massive demand spike not being met by supply.
we have an opec meeting on the 4th next week, they've played nice, opec plus has been gradually adding the 400 barrels per day per month. but they could change that there's 7 million of excess supply out there they could release. i think everyone is looking at the energy, i don't call it a crisis, if you look across the united states we have reserves we're drawing down but we had some growth in reserves last week and we have refining about 80% capacity only. i think there's going to be a crunch, i think prices stay higher for longer. we're at 443 regs versus 683 pre-pandemic and peaked out at 1600 rigs in 2015 so we're not drilling as much as we were when we were doing peak drilling in 2015 before opec started messing around so i think this is here to stay for a little bit i think gas prices are under pressure and the added demand switching from natural gas to
oil. i will say about this oil rally, it's really natural gas pulling oil forward versus oil leading all other commodities, right other commodities started going up before oil prices started this rice the last 60 days and a lot of it was driven by the natural gas and people saying, oh, man, it's going to be expensive in europe potentially over the winter and also in the northeast. unfortunately we are dealing with the el-nina effects this winter which could be very cold in eastern europe. >> absolutely. as we talk about higher prices for oil for natural gas to your point about gas prices for consumers. there's a big ripple effect really across many industries and it lends us into this inflation or hyperinflation discussion going on. what do you make of the higher price of everything, whether it's gasoline or component parts for iphones and the impact it could have on the economy as we prepare for this gdp number that's coming out here this
morning? >> i think gdp may come in a little low, i know it's 2.6 to 2.8ish i think it comes in at 2 i think a lot on the personal consumption side is going to come in lower. gas prices, a lot of research for about every penny gas increase it costs the u.s. about a billion dollars. you think about $1.10 increase in gas that's $110 billion on where we can spend elsewhere i think i'm more on the transitory part than persistent. i don't think it's stag-flation. i think the fed is going to move a little bit faster than people anticipate to try to tamp down a lid on inflation but companies are able to succeed. look at mcdonald's, everyone thought labor was a problem,
mcdonald's crushed it. look at ford, the constraints on supply chain problems which is the word of the month, right supply chain problems, supply chain problems it's not ford crushed it. tesla crushed it gm, all the automotives. even volkswagen coming out saying, our chip supply is getting better apple is a barameter that everyone is going to be watching we're at like an 82% beat so far for q3 it's very strong numbers so everybody likes to panic. i think that's a fun thing to do i don't think there's as much to panic about as people see out there. >> thank you we are out of time so we'll leave it there i know some of your picks include chevron, devon industry and disney a quick check on the futures as we are indicated for a slightly higher open across the major
ind indices. thanks for joining us this morning on "worldwide exchange." "squawk box" is coming up next moving is a handful. no kidding! fortunately, xfinity makes moving easy. easy? -easy? switch your xfinity services to your new address online in about a minute. that was easy. i know, right? and even save with special offers just for movers. really? yep! so while you handle that,
good morning, president biden heading to the hill in a push for a deal on his signature tax and spending bill. an update on negotiations stralgt straight ahead a big morning, another one for earnings hearing from merck, caterpillar and our parent company comcast in the next hour. and activist dan lowell taking a stake in royal dutch shell and pushing for a breakup of the company
it's thursday, october 28th, 2021, and "squawk box" begins right now. good morning, welcome to "squawk box" here on cnbc. i'm becky quick along with joe kernen and andrew ross sorkin. and let's check things out this morning with the markets looks like green arrows across the board, dow up by 45, nasdaq up by 61. the dow was down yesterday by .75, a decline of 266 points s&p down .5% and the nasdaq was up by up by less than 1 point. the s&p was down yesterday but that was from a record high. so looking at new numbers this morning with the s&p indicated up by 9. looks like right now the ten year note is yieldin