Eric Criscuolo joins us now.
He is market strategist right here at the big board.
OK, dude, we got a lot that we can pick from.
It's been a very surprisingly busy week for Treasury yields.
Fixed income, not the splashiest part of our job, but we have to talk about it.
They moved lower yesterday.
The buyback program from Besset didn't seem to last long.
They kind of moved back up today.
Do you view that as a headwind for stocks?
Yes, I mean, the market equities have been concerned about the long end going higher for a while now.
The two year kind of has been holding steady recently, even ticking lower as the price as rate hikes have been kind of priced out of that area of the curve, but the 10 year and the 30 year especially have continued to rise in yield, and that is a concern.
Turn overall for the market, especially equities.
Besson, like you said, he came out, tried to do some some magic, some conjuring that we've been talking about on the Mac desk with my colleague, trying to get those yields down.
It worked for a little bit on the 30 year, kind of basically erased all those all that drop yesterday from yesterday.
Today they just came right back.
So the market is telling you that they want to take yields higher.
They're not believing yet in what the government is trying to do to get.
Yields lower.
Bassett also said a lot of other things though about things he still has in his toolkit that he can deploy.
There will be new announcements coming, so we'll have to see what he has coming up and just see how he wants to defend this 30 year and this 10 year yield right now.
Yes, well, tomorrow is Friday, which gives us an opportunity to look ahead to next week.
Big earnings Wednesday afternoon.
It's the biggest arguably of the season in video.
You also got Jackson Holet coming up.
Talk to me about a few of those big potentially market moving catalys.
You'll be paying attention to.
Everyone watches Nvidia earnings now, right?
They are the poster child, the poster chip for the AI trade.
Nice.
Been so for a while, you know, they will obviously be very important.
You know, it's basically the commentary.
We expect Jensen to be, you know, to the moon.
You know, everything is great.
Demand is exploding.
That's all kind of expected and priced in.
So you know there's going to be a lot of, you know, trying to, you know, read the tea leaves.
What is he saying?
Is anything changing?
You know, what's what's accelerating, what's not.
So.
There's going to be a lot of devil in the details with that.
Probably earnings are probably going to be great.
Jackson Hole again getting back to the Fed, the Treasury, interest rates, that's going to be important as well.
We're still trying to figure out Wors Worsch's strategy, what he wants to do.
We're hoping that he gives a little more color as to his strategy and maybe what some of these task forces are going to reveal.
Nobody really knows, and that's one of the reasons why yields have gone higher because of that uncertainty.
Investors don't want to hold long. paper if they don't know what the policy is going to be going forward, they'd rather sit in the short end and just collect their, you know, 4% rather than go out to the long end and maybe be exposed to more interest rate risk, more duration risk.
So we're going to see what he has to say.
You're not kidding.
You've got to watch those bond vigilantes.
You can't fool the bond market.
Stocks can get a little frothy from time to time.
The bond market tells you what they say they're the smart ones.
So I was never a bond trader, so it's probably right.
Yeah, it could be the case.
Yeah, neither of us.
Eric Ricolo, thank you for being here as always.
