On this first day of trading for the month of June, how we opened had nothing to do with how we closed. When the closing bell rang, it was green across the screen. With the Dow up almost 30 points, a total reversal from morning losses happened just after noon eastern.
As investors wait and wonder about when the Fed will raise rates, during the 3 p.m. hour today I spoke with CME Executive Chairman and President Terry Duffy. About the uncertainty surrounding the Fed rate hikes, I asked him how the CME is preparing for what is anticipated to be a mass influx of trades when the Fed finally does pull the trigger on rates and what type of moves might he see in the treasury market. Terry said the futures markets appear to indicate that we will be seeing the rate hike in either September or October. On the political side, when asked who he was supporting for president, he didn't necessarily answer, but said he is looking for a more stable government which will help create jobs.
I was also joined by Tony Ponturo, sports marketing legend and Kirmser Ponturo founder. Regularly ranked one of the most influential people in sports during his time at Anheuser-Busch, I asked him what he made of the FIFA scandal and if the league should be concerned about sponsors pulling out of advertising partnerships.