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March 9 Equities Commodities: Bob Iaccino

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[Bob Iaccino] Good afternoon, this is Bob Iaccino coming to you from the CME Group trading floor in Chicago, talking equities. Let's talk NASDAQ, because NASDAQ reached a new record high today, surprising with a lot of the correction worries we had two and a half, three weeks ago with a lot of the sort of tariff sell-offs. But, really the NASDAQ didn't participate in it in any big way, those were very surprising to see the NASDAQ run as much as it did, only up about 1.5% all the indices were up about 1.5%, then toward the end of the day the Dow, the Russell, the S&P as well, but over 1.5% for the NASDAQ, it was the leader it did get out of the blocks early with a gap open. Now, we've had two days in March with over 100-point raises, but today is the third day with 100 point range. If you counted from yesterday's close. If you just look at today, it didn't quite reach 100-point range. Now, the interesting thing about that is these three days with over 100-point ranges all three of these days the VIXs went down. So it's interesting that bigger ranges now kind of means the VIX is going lower because the equities are going back up and the volume is starting to increase. Non-farm payrolls was the other spark to the jump in the NASDAQ as well as the other indices 313 on a headline, 313,000 upward revisions to the last two months. A stable unemployment rate, even though labor force participation jumped to 63%, it had been stuck at 62.7% for the last four readings, and now it jumped with 806,000 people entering the labor force, that's the biggest number since 1983. So a very strong and stock friendly, non-farm payrolls report helping that sort of tailwind to the NASDAQ. And lastly, flexible tariffs, the tariffs were signed by President Donald Trump, but he gave Canada and Mexico exemptions from the 25% on steel and the 10% on aluminum. Then he also left loopholes for countries to make their case, as to why they should also be exempt from these tariffs. So tariffs peppered with loopholes, a seemingly softer stance by Donald Trump. Probably a low likelihood of a trade war now and stocks are reflecting that. This is Bob Iaccino talking about a very strong NASDAQ from the CME Group trading floor in Chicago.

Video Details

Duration: 2 minutes and 30 seconds
Country: Andorra
Language: English
License: Dotsub - Standard License
Genre: None
Views: 4
Posted by: cmegroup on Mar 9, 2018

March 9 Equities Commodities: Bob Iaccino

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