What's Up On Wall Street - Michael Regan, Bloomberg

Well the beatings will continue until morale improves the market down again you still it. Negative -- yeah but uneventful it's not crazy down Dow's down thirteen points NASDAQ down three S&P up two. Oil is trading up a dollar 26 you've got. Gold trading down two dollars to 1577. -- US treasury at one point 505. -- well let's go to new Michael Regan he's done a Bloomberg TV in New York -- he can give us some insight. As to what's causing the market to go down Michael welcome to show. I very accurately. So what does it out eight and notify is this the -- in a row where were down. This would be a better right right now the keep up a little bit about point 2% so it's sort of swinging back and forth between gains and losses you know but most people we talked to her basically waiting for the Federal Reserve minutes later today to really -- directions so. It would reverend credits in other -- -- for that his minutes come out. I kind of wonder what else we can expect -- you know the only thing that the Fed is really impacting right now would be yield on the ten year treasury and that's -- 150 right so. The and they haven't they already pretty much telegraphed that they're gonna continue to buying. Long -- longer term treasuries through the end of the year. Right that was the decision at the last minute. And their last meeting it was based on the extent the Operation Twist which buys it basically they're swapping out all of ten years that people at all but what the seniors that -- -- And buying thirty year bonds and the idea is to suppress the long term it's street bailing mortgages as an attempt because more trades at near near record blows into the -- -- that housing. Marketable the more but you're right -- a lot of people are saying you know what what else can make users they're basically -- country at this point. Still everyone you know is is sort of curious what if anything they can do and what there decision making like the last the last meetings so. You know that at the moment sort of directional market as that business. What do you make about Colin I mean it's at the bottom of its -- range for the last year. Is this city an indicator to us that the economy's really weakening the fact that out coal is trading at eight dollars and forty cents a share. -- it it is you know it. Coke -- there -- -- earnings per share wrestling yesterday by about anything but. It really it was a pretty still pretty weak quarter for them I mean on the net income non-GAAP basis. But lost two million dollars in the quarter. Their earnings estimates from analysts had come down dramatically last month they were you know at about twelve cents a share a speaking of genes and the -- came down about five centric further upward and so they added up. Reporting adjusted earnings of six cents which. Which you know it cause a little bit and then pop in the stock after hours on Monday but then you know the stock ended up really -- -- the -- Part of it is an aluminum prices are down -- 30% from western side as you know really just just the -- on the economy that that the main problems out there. Yeah -- that is a bad sign they wouldn't -- I wanna ask you Don -- every. You know earning season does is analysis of the earnings calendar and how it's still -- With woody here and from -- in terms of this earnings season is this going to be. Weaker than expected are we gonna get a surprise to the upside it with with T think. It's it's real early to tell right now it means that this sport tests going into the currencies and work on for about almost 2% drop in earnings -- every year that would be the first decrease since the third quarter of 2009. So far this week you know outpost. It's what happens every year a -- starts things off and then there's there's that steel wall and so things really picked up there's really not many earnings out today that area is reporting after the close. When things really get action will be Friday when Kate and Morgan Wells -- record obviously important to be looked at JPMorgan not only. -- gauge the health of the banking -- but also you know really get a handle topic that trading loss they had this spring was from there. They're cheap investment office so. That's the next real -- reporter rooms waiting hours is JPMorgan Wells Fargo on Friday and then next week is what it really keeps up there's something like that 92 and 93 the happiest people under reporting next week that's when we'll really get it. But the sense of the broad brush -- that. Citigroup Goldman Sachs in Microsoft a whole -- Bank of America next week. Not -- double check that we what's it will we were well. Get slate. -- in what's the yet PE ratio for the S&P now do you have that handy. They -- is run like 1213 to one. Right right outside. As of yesterday. It was. Twelve point nine -- forward basis. So stole you know -- its average -- were suppressed level and it's been below its long term average and so based in May of 2010. One of them were unprecedented actually explode that average. There and volume still low -- Trying to right now. It about. About 3% less than need the average at this summit day so so run it pretty low which is. Certain to be expected to start here in a lot of people vacation and whatnot. Yet does seem like it's a big vacation -- on a lot of traffic on the roads east -- -- All right well thank you very much for your report Michael appreciate it take -- -- that's Michael Regan joining us from Bloomberg. Giving us an update on what's going on and sounds -- not a lot in trading volumes lower than expected. And lot of people just sitting on the sidelines until this afternoon at least when we get that that reserve report to the the FOMC minutes. Will be out at 2 PM this afternoon.