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All Of A Sudden, Investors Were Left Wondering What Other Changes Were In Store

A report from the Wall Street Journal on New York. “Manhattan apartment sales tumbled during the third quarter and prices fell to their lowest level in four years, a Wall Street Journal analysis showed. In the third quarter, the median price fell to just over $1 million, a decline of 25%, to the weakest pricing since 2015. The average price of a Manhattan apartment fell to $1.7 million from just under $2.5 million in the second quarter, a decline of 32.4%.”

“The Manhattan co-op and condo market had been in a slump for several years as buyers resisted many sellers’ overly optimistic prices, according to Gregory J. Heym, the chief economist for brokerage firms Halstead and Brown Harris Stevens. ‘The data is terrible,’ he said. ‘Even with the rush before the taxes and hangover afterwards, we are still in a sluggish market.'”

From Summit Daily in Colorado. “One price that is going down is the average cost of vacant land, which has decreased as much as 62% so far this year. ‘Vacant land is the first to be affected and the last to take off,’ said Summit Association of Realtors President Thomas Coolidge in reference to how vacant land sales are impacted by the local housing market.”

“Since vacant land is more of a long-term project for a buyer than purchasing a home, Coolidge said people want to have a solid plan when they buy vacant real estate. People don’t want to be sitting on vacant land if there does happen to be a downturn in the economy, he said.”

The Davis Enterprise in California. “After seven years of steadily-rising home prices, a number of factors seem to indicate that the market for existing homes is leveling off a bit, and maybe even cooling off a tad, in Davis and across much of Northern California. In some cases, sellers have decided to reduce their asking price after a home has been on the market for a while and isn’t generating offers. And prospective buyers seem to be taking a little more time to consider before they make an offer.”

“Cory Gold, a broker who has been working with buyers and sellers locally for decades, added that ‘With the buyers that I am working with, there seems to be no urgency. They find a house they like and they don’t immediately put in an offer. They take their time with their decisions and have the sense that if this one sells, there will be another one…  which in my opinion is not a bad thing. Home buying should not be an impulse decision.'”

“Some of these same trends have been evident in Bay Area counties and the Los Angeles area — and it is no secret that statewide real estate trends can be reflected in the Davis micro-market.”

From Bloomberg. “Bond traders just had an inkling of what it could be like when central banks and pension funds aren’t there to support them. Japan’s bond futures tumbled by the most since 2016, triggering margin calls for investors, after the country’s worst 10-year debt auction in three years. Japanese government bond yields climbed and the curve steepened, while the sell-off also spilled into Treasuries and European debt.”

“Behind the sudden collapse in JGBs lies the prospect that the Bank of Japan may slash bond purchases in October, and an announcement that the Government Pension Investment Fund is pivoting toward buying more foreign debt. All of a sudden, investors were left wondering what other changes were in store.”

“The updraft in global yields as the Bank of Japan steps back from longer-term bond purchases is a sign of things to come, according to Bleakley Financial Group Chief Investment Officer Peter Boockvar. ‘The August lows in yields will be the low for a while,’ he said in a note.”

“The BOJ on Monday cut purchase ranges for four major maturities, and indicated it may even stop buying debt of more than 25 years. It also suggested that it could skip buying operations as needed as it sought to steepen the yield curve.”

“‘I always thought it was going to be a bout of higher inflation that was going to end the central bank monetary madness, but maybe it’s just the realization that you need a functioning banking system in order to have a growing economy,’ said Bleakley’s Boockvar.”

This Post Has 74 Comments
  1. ‘the median price fell to just over $1 million, a decline of 25%, to the weakest pricing since 2015. The average price of a Manhattan apartment fell to $1.7 million from just under $2.5 million in the second quarter, a decline of 32.4%…the average cost of vacant land, which has decreased as much as 62% so far this year. ‘Vacant land is the first to be affected and the last to take off’

    Are we there yet?

      1. And prices have been falling in Manhattan since 2016. Pick any measure of a mania: high prices,falling prices, speculation, vacancy, overbuilding. It’s there and has been for years. Yet the media won’t admit it’s a bubble. Why is that?

        1. REIC advertising revenues buy a lot of compliant editors and Real Journalists. Everything is Awesome – Buy Moar Stawks!

  2. Japan’s bond futures tumbled by the most since 2016, triggering margin calls for investors

    Lending long term with funds borrowed short term. The very definition of “investing”.

      1. Bond traders are pricing in a higher likelihood of more Fed rate cuts ahead.

        Fed rate-cut in October seen as more likely after weak ISM report
        Published: Oct 1, 2019 1:32 p.m. ET
        Expectations for October Fed rate cut have risen to 60% from 40% a day ago
        By Greg Robb
        Senior economics reporter
        Bloomberg
        Chicago Fed Charles Evans has argued for holding interest-rate steady after the July and September rate cuts.

        Investors are betting a weak September Institute for Supply Management manufacturing report, published Tuesday, will make it more likely the Federal Reserve will cut interest rates for the third straight policy meeting at the end of October.

        Expectations for a rate cut by the end of October jumped to 60% after the ISM report from 40% a day ago, based on trading in the fed fund futures market.

        The Fed’s overnight benchmark interest rate currently sits between 1.75% and 2%.

        The 2-year Treasury note yield, sensitive to expectations for Fed policy, slumped 8 basis points to 1.542%, Tradeweb data shows.

  3. “After seven years of steadily-rising home prices, a number of factors seem to indicate that the market for existing homes is leveling off a bit, and maybe even cooling off a tad, in Davis and across much of Northern California. In some cases, sellers have decided to reduce their asking price after a home has been on the market for a while and isn’t generating offers. And prospective buyers seem to be taking a little more time to consider before they make an offer.”

    Even though All Real Estate is Local, similar changes are currently underway in SoCal, not to mention in many other developed economy housing markets around the globe.

  4. “The BOJ on Monday cut purchase ranges for four major maturities, and indicated it may even stop buying debt of more than 25 years. It also suggested that it could skip buying operations as needed as it sought to steepen the yield curve.”

    Things get interesting when one realizes the shape of the yield curve is determined by central bank intervention, not investor portfolio decisions.

  5. Shelly Palmer on WeWork
    No one will be shocked or surprised to learn that We Company filed to withdraw its IPO. CEO Adam Neumann is out and the new team needs some time and privacy to turn WeWork around – if that is even possible.

    Others have covered the financial mess, so I won’t rehash it here. But as a (soon to be former) WeWork customer, I can speak to the very narrow use case WeWork spaces solve for.

    A few years ago, the flexibility of office-sharing made sense to us. Our engineering staff was growing at an astonishing rate and we could not estimate how many teams we would ultimately need to service our clients’ needs. The solution was easy… WeWork.

    From an accounting (and managerial) perspective, the ability to convert traditionally fixed overhead to variable expenses was almost irresistible.

    But the nature of work/life has changed over the past 24 months. First and foremost, WeWork has some serious competition. There are several “Class A” buildings in cities all over the world that offer fractional or sharable workspaces. And, to be blunt, while the vibe at WeWork is young and fun, the physical plant is impossible for anything other than sitting quietly in a room with headphones on.

    I can personally do the sales pitch for the startup across the hall from my area (I hear it 20x daily whenever I’m there). There is no such thing as a private conversation in WeWork’s signature glass cube office spaces, and you can’t make a call without seeking out a phone booth (never available) or roaming the halls — creepy — or renting extra space to use as phone or huddle rooms. WeWork designed itself for a specific purpose and the alternative solutions are much, much better.

    When you combine the competitive landscape with the greater acceptance of remote workers, WeWork has some serious existential issues to deal with. Oh, one more thing. WeWork is about 25% more expensive than the competitive spaces we have found to replace them.

    None of this will come as news to anyone who rents space from WeWork, but if you haven’t tried to work at a WeWork I can save you some time. There are better ways to achieve the same flexibility, but with increased productivity.

    https://www.shellypalmer.com/2019/10/wework-will-stay-private/

    1. “…There are better ways to achieve the same flexibility, but with increased productivity…”

      I am involved in very large scale software development that involves many hundreds of engineers all over the world.

      Our company encourages working from home.

      With all the technology available, seems to me that schemes like WeWork have limited value.

      1. FWIW, all I ever hear is that “this is how Millennials work, so get used to it.”

        Fortunately, I work from home.

      2. I totally concur. I recommend her book to all of my introverted friends.

        And all around the U.S. work landscape, one finds the destruction that a mindless mass movement from individual offices to cubicle farms has inflicted on worker productivity.

        1. Cubicle farms? We should be so lucky. Crowded rooms, sitting elbow to elbow with your coworkers is the new normal. Two years ago, when I was considering leaving my current job, I walked out of interviews because of the office “layout”. It was pure mayhem.

      3. ” killing innovation and creativity that springs from individuals working and thinking in solitude”

        And making people work in solitude will kill the innovation and creativity that springs from groups thinking and brainstorming together. It’s not one-size-fits-all.

        1. And making people work in solitude will kill the innovation and creativity that springs from groups thinking and brainstorming together. It’s not one-size-fits-all.

          I would strongly assert this is not true. There will always be places/ways to collaborate. Grab coffee, go for a walk, grab a meeting room. But there are not always means to get privacy and quiet to be able to focus and be productive.

          1-3 person offices and available collaborative spaces would allow for both, but no one wants to pay for that.

        2. making people work in solitude will kill the innovation and creativity

          IMO nobody “makes” anybody work in solitude. Even if everybody has an office with a door it’s still easy to hang out together if you want to.

  6. October CRATER has begun. And the best way to prepare yourself is to not be in debt. Debt = SLAVERY.

    1. to not be in debt

      Absolutely! October is one of the top twelve months of the year to not be in debt. If you’re not in debt, it’s also possible to have “savings”. Some that the banking syndicate doesn’t have access to is nice.

      I owe the nice young man next door a lawn mowing, but I don’t think it will break me.

      1. … and now there’s nothing left but the crying…. and the craterin’….. and the braying.

  7. I came across this:

    https://www.thetimes.co.uk/article/brussels-turning-away-from-britain-and-us-to-forge-new-alliances-h95vjhh2v

    Brussels turning away from Britain and US to forge new alliances

    “Furniture makers are among the exporters taking a hit. Some manufacture parts in Germany for final assembly in China. Finished products are then shipped to the US, but a 25 per cent American levy on Chinese furniture has called this model into question.”

    So made in Germany, packaged, shipped to China, trucked to the factories, assembled, re-packaged, back to the port, shipped to the US, sent all over the to end users.

    And these are the same globalists who tell us if we don’t cut our fuel used drastically we’re all gonna die? Wouldn’t it use a heck of lot less fuel if we just made the furniture in the US? If they even remotely thought we’re all gonna die they wouldn’t create such wasteful arrangements in the first place.

    1. It would complete the circle of absurdity if the wood came from the American hardwood forest in the first place. It is ironic that “profits” are used in the same discussion as “alliances”. These global socialists have an agenda other than what they claim.

      Speaking of which, where is our own ev socialist? I was hoping he would show up so I could explain how a Toyota Corolla is twice as energy efficient as his luxury Model S. Maybe he’s been doing some reading and is in a deep depression.

      1. Maybe he’s been doing some reading and is in a deep depression.

        Nope, I’ve been running a lot on my Peloton Treadmill! I used to run and listen to these posts and have Siri speak the articles to me (because there is way too much content to make the time for). But now I am experimenting with some of the live running groups. I am convinced that Peloton is going to eat the gym industry’s lunch after owning one for 2 weeks. I need to thank that RunReno guy who did a side-by-side comparison of his Norditrac Commercial treadmill to the Peloton and convinced me to pull the trigger. It also saved me a drive down to Vegas where I was looking at other commercial treadmills.

    2. Just as we can point to the frauds of WeWork, Uber, Lyft, Tesla, Chewy, Gourmet Grilled Cheese trucks (a personal fave!), we have to recognize that these globalist spawn destroy legitimate businesses with a weimar like touch. Its very similar to how the Peoples republic of Kalifornia uses their weimar machine to create hyperinflated housing which makes some of the (mostly idiotic) citizens absurdly wealthy but destroys cities, towns and neighborhoods which now they resemble scenes from a zombie movie. These newly wealthy fools leave for other states and spread their destruction.

      One could also take an even more macro view and say that China has done this weimar like attack on a global stage, selling junk and driving out competitors with quality products (Japan, S. Korea) and later kicking off housing bubble 2.0 in places like Vancouver, Sydney and California.

      1. Have you noticed any zombie listings in your area?

        The Market is Murder: Lansing House For Sale
        Bobby Guy
        September 30, 2019

        Four bedrooms, one bath, one killer. The price may not be the only thing that gets slashed; see Ghostface in the photos of this Lansing real estate listing.

        This 1500 square foot property was built in 1911, in a neighborhood just north of the Capitol in Lansing at 809 N. Chestnut Street. The real estate listing looks like many others, and as you are scrolling through the photos, you might miss it at first. But then you go back. “What was that?” You might think you are in Woodsboro, California, as you see Ghostface, the fictional killer from the movie franchise Scream.

    3. And these are the same globalists who tell us if we don’t cut our fuel used drastically we’re all gonna die? Wouldn’t it use a heck of lot less fuel if we just made the furniture in the US? If they even remotely thought we’re all gonna die they wouldn’t create such wasteful arrangements in the first place.

      Most amusing is the fact that those who screech that the oceans are rising and we’re all gonna die have been busy buying oceanfront property.

    4. Challenging globalist dogma, Ben? Please genuflect before St. Greta while begging forgiveness, as Google adjusts your social credit score.

  8. ‘Analysts say the sharp fall in the frontline indices and especially these sectors was triggered by a panic, following the sharp fall seen over the past few sessions in select banking counters.’

    “Markets seem to have punished banking and real estate sectors badly over the past few sessions. Even the ones that have reasonably sound fundamentals have taken a beating. As a result the premium these counters commanded has been knocked-off, which is unwarranted,” says G Chokkalingam, founder and managing director at Equinomics Research.’

    ‘Among individual stocks, YES Bank hit an over decade low of Rs 29.05 – slipping 30 per cent on the NSE. The stock of private sector lender was trading at its lowest level since July 2009. In past one week stock plunged 48 per cent from level of Rs 56.’

    ‘State Bank of India (SBI), RBL Bank, DLF, DCB Bank, IndusInd Bank, Indian Bank and Punjab National Bank were down between 9 per cent and 22 per cent in intra-day deals. Except Central Bank of India, the remaining 11 stocks including SBI, Bank of Baroda and Bank of India hit their respective 52-week lows on the NSE on Tuesday.’

    ‘Meanwhile, the Reserve Bank of India (RBI) placed Lakshmi Vilas Bank (LVB) under prompt corrective action (PCA), leading investors to re-assess the likelihood of the Indiabulls Housing Finance-LVB going through.’

    ‘The Delhi High Court also issued notices to Indiabulls (IHFL), RBI and other respondents in a public interest litigation (PIL) seeking a probe into allegations of fraud against the mortgage lender.’

    https://www.business-standard.com/article/markets/rate-sensitives-plunge-on-panic-selling-in-banks-yes-bank-tumbles-30-119100100803_1.html

  9. “Manhattan apartment sales tumbled during the third quarter and prices fell to their lowest level in four years, a Wall Street Journal analysis showed.

    Gosh, from “shifting market” to “sales tumbled” in less than a quarter. Even the REIC shills in the MSM can’t deny the obvious any longer.

    1. It’s kind of surreal to see prices collapsing in other major housing markets, even as Real Estate Always Goes Up in San Diego.

      1. Meanwhile, in the DC area, comps have been distorted by the renovation craze, especially in the shady inner suburbs. The houses have been so altered that there’s no good way to compare them to each other, or even to what they were 3 years ago.

        I mean, if you take a $325K dated but liveable house, put $50K into it, list it for $450K, and it sits, how do you value it? And how do you value it against the house next door which has an addition off the back but an early 1980s kitchen? And the house next to that which has a new kitchen but 1970s wallpaper, a one-car garage and a finished basement? It’s a crapshoot.

        1. “…how do you value it?”

          Add an amount less than renovation costs to the value before renovations were done.

      1. Economics
        Manhattan Resale Home Prices Drop Most Since 2011
        By Oshrat Carmiel
        October 1, 2019, 9:01 PM PDT
        – Buyers demand discounts — and get them — in swamped market
        – For-sale inventory has climbed for eight straight quarters

        Resale prices for Manhattan apartments tumbled the most in more than eight years, pushed down by buyer demands for discounts in a market swamped with choices.

        Previously owned condos and co-ops sold for a median of $915,000 in the third quarter, down 8% from a year earlier, appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate reported. It was the first decline in the past 10 quarters and the biggest since the first quarter of 2011.

        “It’s just more signs that the sellers are capitulating,” Jonathan Miller, president of Miller Samuel, said in an interview. “The market is going through what could be called a reset.”

      2. Real Estate
        Manhattan home prices are “near free-fall” as mansion tax kicks in
        Median sale price drops below $1 million for the first time since 2015
        October 1, 2019
        By Kathleen Howley

        Manhattan home prices are cratering as the city’s new “mansion tax” saps demand.

        The median sale price in the third quarter dropped 17% from a year ago to $999,950, the first time it’s been below $1 million since 2015, according to a report on Tuesday from CORE, a New York brokerage. Sales of condominiums and cooperatively owned apartments, or co-ops, fell 6% to 2,299.

        It was the first quarter to register the impact of new taxes on high-end sales that kicked in on July 1. The previous 1% fee on sales of $1 million and above – known as a “mansion tax,” though it applies to all types of homes, not just townhouses – was increased to 1.25% for properties priced above $2 million and 3.9% for a sale of $25 million or more. The transfer tax increased from 0.4% to 0.65%.

        “Market prices have gone from what was once described as the kindest, gentlest correction to a near free-fall,” said Garrett Derderian, CORE’s managing director of market analysis. “The last time conditions were described in such a way was in the height of the recession.”

  10. The doom and gloom is so thick, you could cut it with a knife.

    The Financial Times
    US-China trade dispute
    Sharp US manufacturing contraction fuels global economic gloom
    WTO cuts trade forecast as industrial sentiment sours around the world on tariff fears
    Shipping containers sit stacked among gantry cranes at the Busan Port Terminal (BPT) in Busan, South Korea, on Monday, July 17, 2017.
    South Korea’s exports will continue to rise in July and the third quarter as global trade continues to recover and unit costs rise, especially in sectors including semiconductors, vessels, petroleum goods and steel, according to a statement from the trade ministry. Photographer: SeongJoon Cho/Bloomberg
    The global trade outlook is becoming gloomier © Bloomberg
    Chris Giles in London 10 hours ago

    Manufacturing activity is contracting across advanced economies, according to a raft of data released on Tuesday that pointed to the impact of US President Donald Trump’s trade policies.

    In the US, a key indicator measuring activity recorded its lowest level in more than a decade for September, while global data showed the sector was feeling the chill wind of recession amid fears that trade tensions will escalate further.

    Output this summer was lower than a year earlier across all 36 advanced economies and sentiment indicators show that it is the most geographically widespread manufacturing downturn for seven years.

    The global purchasing managers’ index in September recorded its fifth month below the 50 mark, the level that divides expansion from contraction. That was the longest period that indicator has been so low since 2012.

    The PMI for the eurozone fell to 45.7 last month, down from 47 in August and its lowest reading since October 2012. The Institute for Supply Management index of US manufacturing activity fell much more than expected to 47.8, down from 49.1 in August, to its worst since June 2009.

  11. Joe and Hunter Biden golfed with Ukraine gas executive in 2014

    By Mark Moore
    October 1, 2019

    A photo has surfaced that shows former Vice President Joe Biden posing with his son Hunter and Devon Archer, who served ​with Hunter ​on the board of Ukrainian natural gas company Burisma Holdings, during a 2014 golf outing in the Hamptons.

    Joe Biden, now a leading Democratic presidential candidate, told Fox News last month that he had never ​talked with his son about his foreign business interests.

    “I have never spoken to my son about his overseas business dealings,” Biden said, ​before pivoting to President Trump. “I know Trump deserves to be investigated. He is violating every basic norm of a president. You should be asking him why is he on the phone with a foreign leader, trying to intimidate a foreign leader. You should be looking at Trump.”

    The photo, first obtained by “Tucker Carlson Tonight,” was taken in August 2014, a source told Fox News.

    News reports show the former veep in the Hamptons at the time. Hunter joined Burisma Holdings, where he was paid $50,000 a month, in April 2014.

    https://nypost.com/2019/10/01/joe-and-hunter-biden-golfed-with-ukraine-gas-executive-in-2014/

    Joe Biden Brags about getting Ukranian Prosecutor Fired

    https://www.youtube.com/watch?v=UXA–dj2-CY

  12. How about a little walk along memory lane, back to a time near the onset of bubble trouble?

    I believe the “long-term government bond yield” mentioned in the article is the 30-year Treasury yield, which stood at 2.11% at yesterday’s close, with 5% a fading memory.

    Bond-Yields Slide Below 5% As Dow Industrials Plunge
    By E.S. Browning
    Staff Reporter of The Wall Street Journal
    Updated Oct. 1, 1998 9:00 am ET

    Fears that the Federal Reserve won’t find a way to fix the world’s shaky finances drove investors into Treasury bonds and out of stocks Wednesday.

    And amid the frenzied trading in stocks and bonds, long-term government bond yields fell below a historic barrier: Yields, which fall when bond prices rise, slid below 5% for the first time since 1967.

    1. As others see gloom, BlackRock says world economy to accelerate thanks to central bank easing
      By Steve Goldstein
      Published: Oct 1, 2019 10:18 a.m. ET
      Fund manager recommends “moderate risk-taking”
      Getty Images
      Shipping containers from China and other Asian countries are unloaded at the Port of Los Angeles.

      Pessimism about the global economy abounds.

      Citi last week cut its global economic view, S&P Global Ratings said faltering growth is adding risks to global credit conditions and the World Trade Organization on Tuesday cut its trade outlook.

      The Institute for Supply Management reported its worst manufacturing reading in a decade in September.

      BlackRock, the giant fund manager, is a little more optimistic. In a new commentary, BlackRock’s Investment Institute points out that financial conditions have eased as central banks, including the Federal Reserve and European Central Bank, have cut interest rates.

  13. Cutting off capital flows to China may just be the start, Ray Dalio says
    By Steve Goldstein
    Published: Oct 2, 2019 5:33 a.m. ET

    With respect to China in particular, Dalio notes in a post to LinkedIn that the U.S. president can unilaterally cut off capital flows to China, freeze payments on the debts owed to China and use sanctions to inhibit non-American financial transactions with China.

    The Treasury Department didn’t exactly put to rest a published report that the U.S. was considering a move to de-list Chinese companies from U.S. exchanges, only saying it wasn’t considering such a move at this time.

  14. Any thoughts on why the Wall Street bovine herd is suddenly so bearish? It’s like someone rang a dinner bell for bears.

    Dow futures sink nearly 200 points
    Published 5 hours ago
    Updated 24 min ago
    Silvia Amaro
    Key Points
    – On the data front, there will be weekly mortgage applications numbers at 7 a.m. ET, and monthly ADP private payrolls data out at 8:15 a.m.
    – Nancy Pelosi, the speaker of the House, is set to give a press conference at 10:45 a.m. ET.

    U.S. stock index futures were deep in the red on Wednesday morning.

    Around 5:30 a.m. ET, Dow futures indicated a negative open of nearly 200 points. Futures on the S&P 500 and Nasdaq were also sharply lower.

  15. “PROGRAM ADMINISTRATOR (Diversity, Inclusion & Belonging Business Partner), San Jose, CA – Full-Time: $9,673.73 – $12,388.13 Monthly”

    That’s a current job listing. Who needs to “make things?”

  16. Would you rather lose 50% on your stock investments, earn a 2% yield on bonds with capital losses if rates increase, or just stuff your money under the mattress?

    1. Grim choice for investors: Accept very low bond yields or face a 50% crash in stocks, strategist says
      By Barbara Kollmeyer
      Published: Oct 2, 2019 9:49 a.m. ET
      Critical information for the U.S. trading day
      Getty Images
      Careful what you wish for.

      This time it’s different?

      U.S. stocks have proved Teflon-esque bouncing back from politics, trade and economic worries, but the sellers look ready to stick around after Tuesday’s shocking U.S. manufacturing data and subsequent market fallout. Stock futures and global equities are deep in the red for Wednesday.

      Expect lots of attention to fall on private-sector payroll data later ahead of Friday’s bigger jobs data. Some may be looking further out to U.S.- China trade talks and a Federal Reserve decision later this month — bets on a rate cut are growing — to cheer up stocks.

      As stocks fell Tuesday, investors seeking a haven from economic concerns flocked to bonds, which drove yields down and prices higher. Our call of the day, from the president of Bianco Research, James Bianco says investors shouldn’t wish for higher yields —a potential disaster for stocks.

      The 30-year Treasury note (TMUBMUSD30Y, -0.13%) is yielding around 2.19%, making it the only interest rate left among G-20 developed countries above 2%, he says.

      “That is a high yield, that’s what you dream for,” Bianco tells MarketWatch in an interview. “The 30-year bond is up 22% this year, it’s well ahead of the S&P. Especially if you look at negative yields in Europe, this has been one of the best years in history to own fixed-income securities, especially investment grade from a return perspective.”

    2. Where did all the bulls go?

      Stocks open sharply lower after weak private payrolls report
      By Mark DeCambre and Andrea Riquier
      Published: Oct 2, 2019 9:53 a.m. ET
      Dow and S&P 500 both now below 100-day moving averages
      Getty Images
      Endangered bull?

      U.S. stocks opened lower on Wednesday after a reading of private-sector employment affirmed that hiring was slowing. That report came after Wall Street was rattled Tuesday by the worst reading on American factories since 2009, along with data showing global manufacturing has now shrunk for the fifth month in a row.

      What did major indexes do?

      The Dow Jones Industrial Average (DJIA, -1.60%) opened 180 points lower, or 0.7%, to open at 26,395 while the S&P 500 index (SPX, -1.60%) fell about 20 points or 0.7%, opening at 2,920. The Nasdaq (COMP, -1.52%) lost 62 points, 0.8% at the open, touching 7,847.

  17. Pelosi and Schiff are holding a big press conference right now acting like President and Vice President of USA .

    This is one of the most obnoxious things I have ever seen in my life. These power hungry people who are responsible for non stop harassment and false framing of a sitting President is so obvious.

    1. Like I said, watch that movie called 7 DAYS IN MAY about a attempt to take over the President.

    2. “These power hungry people who are responsible for non stop harassment and false framing of a sitting President is so obvious.”

      Unfortunately, all that really matters is how the DJIA, the S&P 500 and the Nasdaq respond to it.

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