tv Bloomberg Surveillance Bloomberg May 18, 2021 6:00am-7:00am EDT
way or the other. >> people do not like inflation, but they will tolerate it. >> insulation will be eating into the wages of low income households. >> it gives the impression of over and done quickly. i don't think that is what we will see. >> when we get through the imbalance, the market seems to say, no. >> this is "bloomberg surveillance" alongside tom keene and lisa abramowicz. jonathon: good morning. this is "bloomberg surveillance." i'm jonathan ferro. equity futures up .75%. the dollar index with an 89 handle. tom: everyone frenzied up about the media. we have to pay attention to the markets. we are at a critical point for foreign-exchange.
i know you have been focused on stronger euro. it is other places as well. it is a moment for a weaker dollar. jonathon: we will talk about the pushback on the potential for it later. we have to talk about the earnings. walmart, macy's, home depot, a lot coming up. tom: always home depot is what you are focused on. you look at the margins. .1%. we will have to see what they say. walmart with challenges as well, with an apple equivalency. their earnings will be great. look at the vix, 19.43. jonathon: lisa and i were talking about at&t discovery. this morning the focus, mgm studios and amazon. lisa: it is amazing that consolidation. you think about how transformative last year has been with respect to how we deal with content and how much
content we absorb. the question is whether the record pace of media deals will be smart or will be hasty with respect to the changes going forward. jonathon: there is the headline from home depot. that number is not too bad. lisa: it really shows that has and the have-nots from the pandemic. home improvement was all the rage because everyone was staying home. we will talk more about that in a minute. we continue to see certain retailers have strength. i wonder how that squares with the retail numbers we got on friday. jonathon: the estimate, 3.6 dollars. what have you done for me lately? a 20% gain year-to-date for home depot to eric -- a 20% gain year-to-date for home depot. tom: home depot first 90 days of
the year average ticket up 10.3%. maybe that is a proxy of a 10% boom economy. jonathon: we are down about .1%. your s&p 500 advancing 15 points. we bounce back from a mild day. in the bond market, 164.54. tom: that took the day off. jonathon: euro-dollar, 122.18. lisa: tom was at home depot yesterday trying to get materials. we know he is handy in that area and we expect pictures. what i'm looking for today, 8:30 , we are expecting an increase in building permit as builders try to meet the incredible demand in prices from a lack of inventory and slowing sales. this will be another snapshot of that dynamic.
not of 5:00 a.m., treasury secretary janet yellen will be speaking. expect her to talk about how businesses need higher taxes. c will sell that to them. she may talk about inflation. she will steer away with trying to interfere with the fed policy. the concept of transitory is not settling well with a lot of people here it there was a fund manager sub -- fund manager survey showing the highest level ever of investors surveyed saying they expect higher than ever inflation in the months to come. at 11:00 a.m., robert kaplan will be speaking at the atlanta fed conference on financial markets. i know that is confusing. robert kaplan from a interesting because he is the hawk on the federal reserve. he still supports a rate hike as soon as 2022. jonathon: the heritage of the hops at the dallas fed. a hawk these days is very
different. tom: that is a key point. i think he would agree with you. do i look arrested? jonathon: you look great. tom: i had the italian lotion that you had. that is what you -- that is what did it. jonathon: expectations were a strong economy in. expectations for margins, 26% down from 46%. lisa: frankly, it is because you are seeing higher prices. yesterday, if you look at the manufacturing survey, it showed a record high for prices paid for the actual materials that some of these factories are purchasing. this does lead into the bottom line. jonathon: let's bring in andrew hollenhorst. we continue to see the fed publicly express confidence as raising risk of a pivot late
this year. what does that look like these days? andrew: it certainly looks different than it has historically because we are coming from a scenario with a very dovish fed. that is what is flowing out of currencies, which tom was mentioning. we have a fed that does not want to talk about tapering, that does not want to talk about the first rate hike. we have inflationary pressures that are building. with this rhetoric i think that story is not over yet. eventually, it will be over. we have a labor market that looks tighter than we thought it was. we have inflationary pressures that are picking up faster than we thought they were. it is common, maybe not until the end of this year, maybe not until next year -- it is coming, maybe not until the end of this year, maybe not until next year. tom: this is an impossible forecast by anyone. we are trying to figure out when
the boom ends, when we normalize. how have you tweaked that along the x axis at citigroup? andrew: the question is what does normal look like in a post-pandemic economy. we will have somewhere around 10% growth, even with that retail sales figure, even with that jobs figure. we think we are still on track for something like that. we will be slowing from here. how do markets deal with the pace of growth that was so abnormally strong and is now slowing to something that looks more historically normal. lisa: we have gotten accustomed to inflation remaining below the more ambitious expectations of the fed and people are saying this time is different for a variety of reasons. is it? andrew: i think it is very different, especially for fed policy. if you think about where we have been over the last decade, it was a scenario where output was
running below capacity, where you had no issues really about the potential to overheat the economy. now we are in a scenario where at least temporarily we are running at a level of demand that is outstripping the productive capacity of the u.s. economy. you are seeing that in labor markets, product markets. there was a question about how long that continues. it is a more difficult scenario for the fed because you have inflationary pressure, meanwhile, you have an economy that is just getting back to levels of activity that prevailed pandemic. -- prevailed pre-pandemic. jonathon: we need to rip for once. andrew: they can stay dovish now, demand can stay strong, some inflationary pressure and come out on the other side of that with a normalized economy and inflation that comes back down again. the issue that you might have is do those inflationary
expectations get embedded in the economy? do they get embedded in the public mind? that is what we are seeing from the survey data. if you look at the university of michigan five to 10 year expectations, up to 3.1%. that is not a concerning number, but the fact that we are moving quickly, the fact that we are getting higher numbers than we have seen in recent years, that will get the fed's attention. tom: we have a dxy under 90. that is a big deal. what does a weak dollar mean for the united states? andrew: a weak dollar makes it easier for foreign countries to buy u.s. exports. what the story has been for the u.s. has been the strength of imported goods, and maybe that is the more interesting story in the context of a weaker dollar, relatively higher import price, and the economy that is relying on imported goods right now. when thinking about inflation
and the productive capacity of the u.s., it is the u.s. pulling on the productive capacity of the world and straining those global supply chains. jonathon: we have to leave it there. andrew hollenhorst, citi chief u.s. economist. june 10 is your next meeting for the ecb. every week that passes looking at this price action in the bond market, i think that meeting gets more interesting. tom: also, the linearity of it. it gives you the slope and the percentage change. i am sorry, it is a nice move from a 117 up to 122. why does it stop here? why don't we go to 123? jonathon: and 124 and 125. somebody comes out and says, we don't like this. lisa: at this point, you have to wonder against which cross.
china is the more important cross to some people than the dollar. my question is at what point do rising yields become a financial stability concerned that the -- that lead to a negative cycle? jonathon: tom has had a week off and lisa was so optimistic. lisa: it is fine. i am back to my gloomy self. there is this question of the financial stability aspect. how quickly can yields rise relative to the inflationary readings we are getting without threatening financial stability and this will be an ongoing concern. jonathon: are you thinking more from the credit side or the periphery? lisa: in europe, it is more from the sovereign side, the italian government bond yields, because that is where you are seeing the increase. tom: i missed this so much. lisa: i could just keep going all morning.
tom: let's go. for radio, we have to bring this up. it is the pendulum of gloom. lisa: we are back in town. jonathon: the band is back together. good morning. euro-dollar with a 122 handle. s&p futures up a little bit. this is bloomberg. ritika: the biden administration has shifted its approach to the violence in gaza. president biden told benjamin netanyahu he was supporting cease fire. the president public calls for calm, but not for an end to the conflict. militants have fired more than 3100 rockets into israel while israel has pummeled gaza with
artillery. republican senators to deliver their counter offer to president biden's infrastructure plan. the president intends to spend a little more than $2.4 trillion. lindsey graham says the proposal could be as high as $900 billion. republicans propose using tax hike to pay for that spending. it would be the biggest push, the largest online retailer is in talks to buy mgm studios. the company behind the james bond series. amazon could pay about $9 billion. and in the u.k., more than 2300 people have been infected with the indian variant of the coronavirus. the government said evidence suggests the vaccine still works against the strain. a ban on indoor household gatherings was relaxed on
civilians and a country defending its people in those attacks. we call on how moss and other groups in gaza to end -- hamas and other groups in gaza to end the violence immediately. to do everything possible to avoid casualties, even as it defends itself and its people. jonathon: secretary blinken on the policy issue at the moment. good morning. i am jonathan ferro. here is the price action. on the s&p, we advanced 13. we are up higher by .3%. yields unchanged. euro-dollar gets your attention with a 122 handle. in the commodity market, 66.77. commodities doing nicely.
if we switch up the board, home depot had a good pandemic. how many companies can you say that about? up another 2.5%. home depot coming up with first quarter sales up 31%. the estimate was 20%. tom: those are nice numbers. the headline is beneath the surface of a purse where foot ratio that shows the strength -- per square foot ratio. right now, marty schenker joins us. a good view of the washington landscape. i look at what is going on with israel and gaza. there are different parts of gaza. israel has targets they have to mop up. marty: what they are focused on is the tunnel in gaza that is what hamas uses to launch its
missiles into israel. by no means are they finished it looks like, even though the white house is calling for a cease-fire. tom: the convenience you are giving to domestic politics in israel, the domestic politics -- the idea is to let them mop up the tunnel, even with a horrific carnage, and then negotiate and then calm down. what will that look like? marty: it is going to look like israel is going to come out of this again with a gaza strip that is decimated economically, politically, but it is still going to be there as a source of friction for israel and the region. i a lot is going to change except the carnage. lisa: there might be something of a change in the united states within the democratic party.
biden is facing a lot of opposition from his own party. what does that look like? marty: a lot of the progressives and the moderates in the democratic party are behind the scenes urging joe biden to be more forceful in condemning these -- israel's response. he is not going there yet. whether he does will be played out on the field of battle, really, depending on how long israel decides to keep this going. lisa: there is a question of how much this jeopardizes president biden's agenda. the idea that he has to wrangle democrats with dispersed views to get something passed with respect to infrastructure, with respect to the social programs he has proposed. is this completely unrelated? marty: i think it is unrelated. i don't think the democrats are going to hold infrastructure plans hostage to foreign policy issues at all. tom: to get back to israel and
gaza, we have to be getting briefed by the israeli military as well. what is their stance with palestine? who are we speaking to? our childhood was mr. eric fought. marty: this was the difficulty in working your way diplomatically through the region. there really is not a personification of the hamas political establishment of any significant. it really is difficult to find the right person to talk to to get some sort of a cease fire done. lisa: we are all watching the situation in the middle east closely. before we let you go, i want a sense of what we -- where we are on infrastructure spending given the fact that republicans are coalescing around something that could be a bipartisan bill. we are talking about $800 billion. what is the likelihood of a
bipartisan deal getting done and what does it look like? marty: i think it is quite possible and even mitch mcconnell has thrown out a number as high as $1 trillion. i think they will coalesce around some agreement, probably less than $1 trillion. we will probably see it before july 4. jonathon: always great to hear from you. marty schenker, bloomberg editor-at-large. we have redefined what fiscal discipline is in washington, d.c. it feels like, good effort. tom: in my sabbatical that i took, foreign exchanges moved. you have brent crude with $70. what is important is what has not moved and what has not moved is the 10 year yield. until the yield moves, they will
still rationalize this level of inflation we have. jonathon: we started the week discussing that will be closed down the month of march at 174th. since then, we have had a closing level of 154. that is where we are at the moment. what is the take away? tom: it tells me that it is not there yet. where there is a lot of worry and we hear that from our guests as well, but the believers are like, that is ok. my question is where is my entry point? i took an emergency day off yesterday to calculate that. i could not pull the trigger at 45,000. jonathon: elon musk. tom: i talked to elong yesterday -- i talked to elon yesterday. jonathon: you cannot just make stuff up. lisa: really? i beg to differ. jonathon: some people might believe you, tom.
tom: no, they would not. jonathon: 41.59 on the s&p 500. we are up .75% this morning. home depot does get it done. sales delivery a surprise -- sales delivering a surprise. tom: that is a lot for a two by four. jonathon: macy's with a classic story of survival. surviving, not thriving. can they thrive in a post-pandemic world? lisa: it depends on their online strategy. how much they can compete in an area where brick-and-mortar is more and more obsolete. i want to make one more observation going back to bond yields. you were saying boring, stable. real yields heading back even
jonathon: here is the price action in new york. equity futures advance up .3%. the russell up by about one third. the snapshot of the treasury market for you. unchanged at 15. your 10 year, 154.54. talking about the negative real yields. the start of january, january 4, we were looking at -1.1. we have been much more negative before. can we go there again? a lot of people in the bond market talking about the bear speaker. let's talk about what that is. when people talk about a
steepening curve, it is the difference between the two getting wider. yields climbing on a 30 year, a 10 year. pretty stable over the last month or so. 149 basis points. goldman is saying take profits on this as we move toward growth and move past it. we have had a big move on two's versus ten's. tom: i agree with you. the dynamics in the bond market. the real yield telling a real story. the classic spread is bound. jonathon: it really is. 174 your closing hike. tom: one of the ranges is in the equity market. we lose perspective. if you look back 12 months, it is simple.
the dow, the nasdaq 100 does fractionally better. there are those that say you have to participate. stephen auth with decades of experience, chief investment officer of equities. congratulations for having the courage to stay in this market. with your optimism, you are in the market, but how do you continue to participate after 40% past 12 months trailing? stephen: we are getting a little bit more questions. we have had this long-standing 4500 target. we think it is less about the markets and more about the stock. we are worried about the inflation risk. we are not prepared to close policy. i think the risk of policy is
rising high. i disagree with you both on this range-bound thing on the 10 year. i don't see that at all. jonathon: it is basic math. it is where it closed and where it finished today -- finished the day. stephen: i tend to run longer-term charts. jonathon: that is ok. stephen: we have moved 100 basis points. i think it is going to 250. on the inflation forecast, that will not happen. we disagree with the fed on what they are doing right now. tom: we usually do not do this with you, but i will do it right now. mr. kaplan of dallas is of the
off camp as well. are you suggesting he will not be so lonely in the coming weeks? stephen: i hope so. we are hoping we get a little change of tone out of the fed. that is what we are watching for. i think if they do it, they can let the air out of this gradually. if they do not, it will make a new high. we go from the 175 high. we are making higher highs and higher lows on that spread. on the stock picking side, we are focusing entirely on companies with pricing power. that is often our focus anyway. now, it is all the game. inflation can be good for some stocks. they produce high earnings. you have to name the companies that can deliver that to the bottom line. we thank that is mostly in the
cyclical value-type stocks, not entirely. but you combine that with tech. we are still on this value train that we have been on since september, particularly within that, we think it is becoming a stock picker's game. you cannot buy across the board. industry by industry, companies seem to be demonstrating pricing power and others do not. jonathon: tom and i talking about the range we have seen since the end of march, which has been from 174 to 154. you are talking about breaking out of that range for the future for the next several months. that is your call. when you are talking about how to position the equity markets, is that just banks? stephen: banks are one of the big things.
i still like jp morgan. i have liked it all the way up from 90. we still like it. if you look at the forecast on jp morgan, $12 out at one year or two, they got a flat earnings call. that is not going to happen in the environment we are thinking about. that is a stock trading under earnings against the market trading, almost double that. it is a good example of the kind of stuff that -- stock that benefits from this environment. jonathon: what do you say to the talk about investing in the european lenders and not the big banks on wall street? stephen: we are increasing our applications to europe because if the bond market vigilantes do not do it, i think you have been on for this, the currency market vigilantes are going to do it. to a certain extent, that is what we are seeing with the dollar continuing to weaken, we think that is likely.
maybe that becomes the disciplinarian on the fed, which sort of controls the treasury market. you always want to have some international stocks in your portfolio. we have been increasing that allocation for several years. when you go to europe, you have to look at the banks. they do not have the same environment we have here. we are looking at other things with pricing power that can benefit from this list than the banks. but we are looking at some of these banks, we own a couple already. they would not be on the top of my list for european stocks. lisa: we have heard a lot about mergers and acquisitions, including amazon possibly purchasing mgm, the latest in the streaming acquisitions. i am wondering from an investor standpoint, do you like the m&a activity you are seeing or does it concern you?
stephen: to be honest, i do not like it. i see the dynamics of why you would want to get bigger in this space. we have come through a period where media assets have done extraordinarily well relative to trend because of the covid lockdowns. we are exiting that period now. these folks tossed around, maybe the energy companies, throwing billions of dollars into the ground. they are talking about $20 billion of investment over there at at&t and time warner. that is a lot of money going into content and there is a lot of content out there. it is no longer three or four network televisions. i cannot say this is our favorite space. lisa: this is an interesting call. the streaming companies may be the new energy companies. investments may end up being wasted money.
to what degree are you rearranging assets, selling assets around this trying to save not only the netflixes and disney pluses, but may be others in a similar boat? stephen: we have spoken about this before. i have an oil price target of $90 this year, potentially higher. more importantly, likely to stay there for a while. it continues for so long, no one has been drilling. the media companies can say they are going to spend $20 billion on content and nobody blinks. the energy companies are not allowed to drill holes belowground need more between their investor base and the government. we have stock assets in the ground, no new assets coming, under supply of capacity all over the world and a booming global economy post-covid. i don't see where this oil price
inflation stops, honestly. our view is it is longer-lasting than most of the -- we have been there for quite some time. i think the real call is how does it last into 2022 and we see no end in sight on that. jonathon: steve, 90 on wti this year? stephen: 90 this year and potentially higher, but not a lot lower. jonathon: that is a massive call. we have to pick up there next time. she's investment offer -- chief investment officer for equities. tom: it is just one call, but the tendency is to frame from 70 up to 90. i have not heard $100 yet. there is a dispersion of calls
and the answer is higher is that set of calls. jonathon: that is about as close to someone will come to say $100. lisa: this comes on the heels of an energy report. they recommended that energy groups must stop all new oil and gas expiration projects in order to meet some of the global warming targets. this is massive call from a fossil fuel friendly organization that had been pro-oil. the idea that even april fossil fuels agency is saying stop drilling, stop making those roles is a big deal and it does limit the potential for production of people follow through. just to give you a sense. jonathon: a big discussion this morning. your dollar weaker supporting the move in commodities. euro-dollar with a 122 do not -- 122 handle. you had it.
the opening was there for you. why didn't you take it? lisa: it walked away with elon. jonathon: i am jonathan ferro. for our audience worldwide, this is bloomberg. ritika: the u.s. is adding pressure to both sides to end the conflict in gaza. president biden told benjamin netanyahu he would support a cease-fire between israel and hamas. the president had not probably back to an end to the fighting. at least 222 people have been killed, most of them in gaza. hamas have fired more than 2200 rockets at israel. israel responded with air raids and artillery. the senate has voted to move ahead with a bill aimed at countering china's rise in technology. the legislation is backed by
democrats and republicans. it would jumpstart the elements with a cash infusion of more than $100 billion. the bill could be passed by the end of the month. argentina trying to contain inflation that is approaching 50% annually. they will not be allowed to sell their products abroad for 30 days. it is a sign the government is willing to sacrifice dollars from exports to appease consumers before a midterm election. harvard has urged the supreme court to reject an effort to block colleges from using race as a factor in admissions. the university says that what up into four decades of president's -- precedence. the court may be more skeptical of race conscious admissions. one of the meme stocks is headed for an 8th street game. renewed interest from day
vaccines to protect everyone in the united states, the united states will share at least 20 million doses with other countries. jonathon: the president of the united states joe biden. good morning. alongside tom keene, lisa abramowicz, i am jonathan ferro. the s&p 500 up 12. risk appetite improving. dollar weaker across the board. the european proxies outperforming in emerging markets with your euro farmer. a stronger euro. dollar index heavily weighted towards the euro. 89 handle this morning. the 10-year, 164.71. up .6% today. brent to $70. stephen auth came on 10 minutes ago and he is looking for a $90 handle on wti. tom: the importance is a $7
handle on brent crude. -- $70 handle on brent crude. right now, an essay that gets your attention. he has been our most direct and assertive guest on the pandemic. amesh adalja. it is really straightforward and gives pause as well. let me bring that up right now. "testing is the original sin of the pandemic. there are very few reasons to test asymptomatic individuals long facilitating the unvaccinated and being quarantined early for the unvaccinated international travel. fully vaccinated persons should not be tested unless symptomatic. " dr. adalja joins us right now.
what is the best policy for america? dr. adalja: the best policy is to really focus on testing symptomatic individuals and people who are exposed and need to end quarantine early. we are in a position where we are getting false positives because the prevalence of infection is falling. we are in a place we have not been. over 70% of those above 65 have been vaccinated. those are the people that gave us this emergency. those are the ones that were getting hospitalized. we removed the disability of this fire were to threaten our hospitals. we have gotten to a point where this is like other respiratory viruses. we have to start thinking about it like other respiratory viruses. we probably need to start rationing back on this asymptomatic testing and focus on vaccinating people and testing people who are symptomatic, either if they are vaccinated or not vaccinated. we are in a good trajectory. tom: speak to schools right now.
it is made. -- ismay -- it is may? are you saying there is little distinction? dr. adalja: when it comes to younger children, covid-19 and influenza are at comparable risk. they both have the same illness. influenza has a higher burden in children. what schools are doing for influenza is what they should be doing for covid-19. the vaccine for covid-19, which students 12 euros and up are eligible for, is much more effective than the flu vaccine. we are in an ok place. i do not think that testing is something we should do in schools because you will get a lot of false positives, a lot of disruption. we continue the other mitigation measures of masks, trying to vaccinate the population, social
distancing, but schools should be open and testing should not be a barrier. lisa: can you squared the discrepancy between what you are saying, which is we are moving into a new phase of the pandemic where it is no longer a pandemic, but just another illness that we need to deal with, whereas we have singapore locking down after a handful of cases have been detected. what is the potential approach that you see as the correct one internationally, as we see cases surge in places like india? dr. adalja: if you have a highly vaccinated population, you have a different menu of options. if you are a country that is not highly vaccinated like india, your only options are the same interventions where you have social distancing and advising people to stay-at-home. that is something you don't have to do if your population is protected with the vaccine, especially high risk individuals. i don't think what singapore is doing is correct. the u.s. is on the right policy for the first time.
where we have decoupled cases from severe disease, hospitalizations, and deaths, which is what the vaccine was designed to do. that is the policy, to vaccinate your population is much as possible. the only reason you should be pushing these nonpharmaceutical interventions is if you have not vaccinated your population and you are worried about your hospitals going into crisis. we removed that by vaccinating high risk individuals. lisa: we are also looking at other variants and people point to that to say, we need to remain vigilant and remain cautious with respect to tracking the virus and making sure that you take social distancing precautions. do you think that is fear mongering? do you think that is unnecessary, given the fact that a lot of the vaccines have shown to prove effective against these strains? dr. adalja: definitely when you have a fully vaccinated population, those variants, even the more problematic variants,
like one from south africa, they are still unable to cause serious disease, hospitalization, and death. certainly, if you are unvaccinated, they pose a risk and if you are an unvaccinated country, they pose a risk. the solution to the variants is to get vaccinated and to vaccinate as much of your population as possible. jonathon: always good to hear from you as always. dr. amesh adalja of johns hopkins, senior scholar. just to read that line from this essay again, "fully vaccinated persons should not be tested unless symptomatic. corporations are going to work this out in the coming weeks and months. tom: they will work it out day today. it is like every other pandemic, every other viral illness, there is a sequence. every day, we are doing it. this weekend, there were 50 people in a room of all different ages getting their first or their second shot.
it is a day after day and we will sort it out. i agree with you. right now, it is not sorted out. jonathon: to get the new guidance from the cdc, it takes time. countries have had to take time to work out what they need to do. lisa: there is a lot of confusion because there is a lot of disagreement even health professionals. you have a doctor coming on and saying it is important to remain vigilant and you have dr. adalja saying it is -- saying we are moving into a new phase. this committee is part of what is stemming the confusion. this is new. this is a big experiment. we know this. how do we director life going forward? tom: it is a pendulum of confusion. lisa: it is simple. jonathon: i wish it was simple. home depot one of those people dropping the mask mandate for fully vaccinated customers. the numbers are decent. coming up, walmart and they sings earnings. tom: did you say no mask in home
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♪ >> there's a lot of cash in the economy. there's a lot of cash on balance sheets. >> people don't like inflation, this is true. but they will tolerate it. >> inflation is going to be eating into the real wages of low income households. >> there's an impression of over and done very quickly. i don't think that is what we will see. >> when we get through the noise, will it stay sticky or not? the market seems to say no. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. jonathan: from new york city for our audience worldwide, good morning. this is "bloomberg surveillance ," live on tv and radio. alongside tom keene and lisa abramowicz, i'm jonathan ferro. in your equity market, we advanced 0.3% on the s&p 500, up 12 points. walmart
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