Site of the g20 summit this week. Thatshere President Trump and xi will be meeting to discuss trade. An important moment in the trade dispute between the two economies in the world and today, secretary mnuchin said the two countries are close to a ulal. Im hop we see a deal, but there needs to be the right efforts in place and this isnt you know a deal for having the sake of a deal. We were about 90 of the way there. I think theres a path to complete this. But wellwe see whae got. Market watchers know weve heard comments like that before which may be why after initial excitement this morpg, reaction ended up being new. The dow was down 11 points, were at 26,536. Nasdaq up 25. Actually the real action today was in the energy market. Gasoline fut es mooued higher when it was announced that refinery outside philadelphia hadxploded lastfriday. Its going to be permanently shut down. It was the largest and oldest refinery on the east coast. Account ed for nearly 30 of tht regions refining capacity. Today, gasoline futures rose nearly 5 on that news and that in terron gave shares of rival refiners a lift andhe price of oil settled above 59 barrel thanks to aeport report tog a massive declib in supplies. Joining us with his angel alysi john is with us. That refinery is inne of the most densely populated parts of the country. This has to hurt, yes . Werete not q as bad off as california continues tavbe, but we become a close second. I will tell you that the refining industry in the east coast and gulf coast has gotern overbuilt he past number of years. Really. Yes and a number of these refineries including this one, cheduled to be b marked off several yearses ago. Private equity took a look at them. The 100 a barrel goi a gold rush and thats why they have a second light now. Notice you dont really recognize the names of these. Pbf one of them. Philadelphia energy solutions. Again, typical sort of private equity na equity name. Not exxon, shell. Are youaying we may not see much of a change in the price of gasoline because of this going offline . Couldnt come at a worse time because we peak weeks here. He around the fourth of july. Black friday for the industry. But yes. The answer toon that quess yes, the Pipeline Capacity out of the gulf coast, ability of refineries to barge up gasoline to the region also, too, european refiners. When the window opens as we it, when the price of gasoline gets geared near a high, on the o east coast, the barrels find their way. There will be pain. Shortterm. And a higher floor for prices. This is an industry thats ,ghly competitive and aga there needs to be more rationalization or long balling of some refineries soensure profitability. There was just a gasoline glut nationally in february. Yeah. Very quickly. Another pop in the price of oil today. This after that recent big gain of 9 . Week over week. Is it still jitters about geo politics or what going on here . Smooth things. B obviously the iran tensions hopes for a trade deal are ramping up, but also too, were period now where u. S. Crude Oil Inventories is declining at a rapid rate because of refiners ramping up to meet the sum e demand so u can here for gasoline. Just making a witchs brew of higher prices for now. Always good to see you. See you later. And there are just two more trading days left in tond quarter this year and a notice bable trend is taking shape. Bob pisani has details if r us u tonight from the new york stock exchange. Were going to wrap up the Second Quarter and the s p has rallied about 3 ,ut the gains are far from being evenly b distributed. Just a handful leading charge. Small caps are down. Companiesave gotten so big, they are essentially the stock market. Well maybe the other markets toe. We told you this before. Five of the largest stocks in the s about third of the index gains this quarter. Microsoft, facebook, amazon and of course some other very large companies, intel and exxon and google, alphabet suffered losses, so where ever they can find it and thatsririly in technology. So a simple way to look at how dominant these big stock caps have become. They were up 1 on the quarter and the rest, 450, down 1 . You think with 50 stocks up, 50 down, the s p would down, right . Wrong. It would be flat. Thats how powerful these big maims have become. How much the world is willing to pay for growth at any price. Im bob pisani at the new york stock exchange. So where does the market go next . That question is always on thes mif investors an tonight, we look to the some answers because options are a good gauge of sentiment and perhaps good forecaster of future market moves as well. John najarian, a long time options trader for more than 30 years i think. He joins us tonight from the new york stock exchange. Good to see you. Very goodd and g to be on with you, thank you. Quick primer of options and how they work sure. Well an option is really just an siden the call options. l thats what diskuz. Our upside bet that is the market will go higher. Whether its for apple or the s p 500. When its trading at a certain level, if somebody thinks that the level it goes to is up here, bill, theyll buy thep calls at that strike because if theyre right, those calls can make them 50 , 100 , the returns are astronomical because the leverage bet and some of the biggest players on the street use options every day. Youre seeing a lot now. I am. That gives me optimismenf prestrump and xi when they meet ieejapan. I haveshort dated call buying. Again b, if the levels here and theyre buying up hse, bill, thbullish. Theyre also buying way up here. So in other words, there are some bets that the market will rise in the shortterm over the next wk or so, 1 to 2 ter . Thats not extraordinary. But out a month into th future 7 more, there are bets the market rise betweend 10 into september and thats a little bit of outperformance if you will. Going into what are normally summer doldrums and i guess those are bets based on a positive president and the president of china. And i would remind everybody, we had a tgh month of may in the stock market, but we had a very, have had a very good month of june. The best ineces here. Are we getting a little overbought do you think at this point . Well, were right back up against resistance levehe bill, so you look back at a six month chart for instance, youll see that we have topped out and hit and hit resistance, which is what technical folks call it. When you are underneath a level and you trade up there, but cant breakthrough. Thats upside resistance. We have hit this a couple of times, but now the bets are were going to breck through that especially in the summer and that would be something that would really put a booster on the markets and on your turns this year. So the Options Market is bullish. All right. John, good to see you. Thanks, bud. Likewise. Thank you, bill. Zblnc new informatiom on the ec today. Orders for long lasting American Goods fell more than expect eedn may. According to the commerce department, orders dropped 1. 3 . That was much of the decline due to aircraft orders which economists attributed to the jet. Ng 737 max but within that report, a gauge of Business Investment did perk up. Some say thats a sign companies have not necessarily halted spending amid the trade fight with china. Time to take a look at some of todays upgrades and downgrades. We begin with shares of conocophillips. They were upgraded to buy. The analyst cited improving margins and declining costs. Price target now 80. Shares rose to 62. 75. Micron technology was upgraded to buy from hold at needham. The analyst says the companys earnings per may be bottoming in light of its latest Earnings Report which we told you about yesterday. Price target now 50. Shares rose 13 to 37. 04. Stage street was downgraded tor ne from buy at ubs. The analyst cited little confidence in whe the company will be able to get past some head winds. Price target 58. That stock fell more than 11 today to 55. 24. Changes are coming to fe netflix. Theyre going to lose its number one show in 2021hen Nbc Universal moves the office to its own platform. In a tweet today, netflix said we are sadhat nbc has decided to take toffice back, but membes can binge watch the show ad free on netflix until january of 2021. You know, competition in video streaming is growing. Nbc universal, whichs produ this program, is just one of many hollywood power houses developing their own service. And that could mean even more shows leaving netflix. Joining us tonight is senior Media Entertainment analyst. Good to see you. Netflix has lost the disney library. Are we going to see more of a gration away from pione stream iing netflix . Absolutely. Thats the inevitable consequence of the streaming wars. Theyre trying to strike a balance between some orthe most popuou know offerings. Better for their own direct consumer platforms and also not foregoing too much revenues fror party such as netflix which for top shows liice can rise to potentially 100 million per year. A so thats nory easy balance to strike. Does that mean prices more for some of the lent, between nex netflix is china kind of want to the original shows and be able to have direct relationyoips. Question, were still in the early begiings of this war and constant spendi r continues e. And with Companies Like apple and others also jumping many, this is really kind of an ideal you know con fluns of events for if youre kind of a sought after hoywood talent. So on with one hand, theyre going b to be spending more on tcontent, but charging less because there will be a price war going at the same time. This is going to be intere ting to see hs plays out. Thanks for joining us tonight. Thank you. Coming up, why health care is the number one issue on then s of voters ahead of the first democratic president ial debate. The first debate of Democratic Candidates is is tonight and one of the top issues among voters is one we diskiss often. Health care. Elan is at the site of the debate tonight in miami for us. 20 candidates are here in miami for two nights of tpresident ial debates andyre going to cover a lot of ground. Elizabeth warren is a frontrunner among the candidates appearing tonight, but cory booker and beto orourke are hopingo change that dynamic. Tomorrow, its all b about whether anyone canheteal t geotlight from joe biden. Sharing the sith him will be Bernie Sanders, Kamala Harris and pete buttigieg. What issues do voters want them to tackle . We asked a few to find out. Obviously health care. Make health car more affordable for small businesses. What the plans are for healthca care and how wmodify the system we have. I want to know about health care, people of my age. Whats going to happen with the elderlypeople. You stop work, we cant work until we gon the grave. Health care, it dominated the midterm elections and its stil at the top of enda for voters. The late e poll shows 22 of democrats want the the candidate to talk about it during the deba debate. That includes medicare for allxp abortion andding medicaid. The economy ranked second at 19 . Taxes, wages, jobs, government spending, they all fall under that bumbrella, with an employment rate at a 30year low, many voters dont think thos. Need fixi americans generally approve of the way President Trump is handling the economy. 51 to 43 accoreang to the clear politics polling average. Thats making democrats message tricky. Obviously t economy is doing well and people arent feeling it. So they will be speaking to people who feel insecure. People who have a lot of student debt. People worried about costs. People in communities arent doing well so theyll appeal to people who are worried. The next two nightsndill give the ates a chance to find out if that argument will resognate with america. And as she ermentioned, ano big issue for voters is taxes with many candidates proposing a number ofissues, wealth, taxes, higher top rates. John har wood a iso in miami for us. Theresident got his tax cut passed two year ago. Where do you see them taking the tax debate from here . Theyre going on offense with it,ll this is an unusual situation because youf got a range of tax increases you u mentioned wealth taxes. Es kate taxes. Higher top rates. Higher corporara s. All those things democrats feel they want to take up now in ways they havent done before and were going to get a range of disagreement on that. Talk about some of the differences that exist within the Democratic Party on some of taese issues. S specifically. Elizabeth warren is the most aggressive. She has a wealth tax. A 2 tax onyi v high amounts of accumulated wealth and 3 if its over a billion dollars. Thats something other more moderate candidates have not braced. So thats a point of disagreement. Shes also got a minimum Corporate Tax for large corporations. She wants to put 7 on corporate professes above 100 million to y to get money from places like amazon that have not been paying it. Other democrats have a more ted approach to that. Really youve got Bernie Sander the more aggressive people in terms of tackling come and equality. People like joe biden, amy klobuchar, cory booker, who are much more cautious there. Thats going to be highlighted in these debate stages. Is it still the economy this time . The economy is notikely to drive the issue overall. But i do think it will be a dif rent yart bewithin the democrat atimary in terms of how aggressive do demo voters want to be versus beating donald trump. Donald trump is the backdrop for the entire election. He drove theidterm campaign. Health care was a big part of it. But donald trump, his personality, his style of operating,ohat is going be the dominant issue when we get to november 2020. John, thanks. Good to see you. You bet. Elsewhere, people splurge on their pets,ut not their snacks and that hits General Mills. Thats where we begin tonights market focus with the maker of cheemi oweing revenue estimates as sales were hurt by lower snack demand. Therightpot was blue buffalo pet products business. That had growth of 38 . Shares of General Mills fell nearly h 44. 5 ch. Blackberry posted better earnings, but rev mu was short of forecast. The miss wasw due to s sales in its software and services unit. The D Software Company benefit from its purpose of Cybersecurity Firm silence. Blackberry shares dropped nearly 9 today. Apple is buying selfdriving start up drive. Ai. That was on the verge of shuttidown. Drive. Ai wued at 200 million planned to close friday and lay off all 90 workers. Price of the dea was not disclosed. Shares of apple were up more than 2 to199. 80. Snitser steal beat expectations, but they saw sales drop due to a decli in its auto and Metal Recycling segment as well as casde steelnd scrap business. The shares did rise to 25. 82. And after the bell, kb homes saw an increase in deliveries and average closing prices. Shares initially rose in afterhours trading, but did close the regular session down more than 1 . 23. 53. At a time when theres a lot of focus on the pay gap between men and men, this next adline certainly going to get youron atten women ceos are outearning their male counterparts, but theres a lot more to the story. T leslie pirk takes a looke results of new study. Theres at least one place where women are making morthan men. Women ceos among americas Biggest Companies took home median pay of more than 13 million in20. That com wared with a 12 million that male ceos took home. In fact by that measure, women chief executives have made moref over the laste years accord tog a study which looks at base salary, bonus and benefits. There are s fltors that skew the numbe. One, small sample size. The study look as companies by revenue and there were only 21 female ceos or just over 4 of data set additionally. Women tend to run larger xens. In2018, the median market cap for a woman run business was about 22. 5 billion. For men, the it was 15 billion. Typically, the alalarger the company, the higher the mpensation. And lastly, women tend to have a slightly fwraeterf portion their compensation tied to performance. So it would make sense that in n ring market environment, women omuld take home more. Overallnsation has grown 25 over the last five years in due to that rising tide only one womanaged to cck the top ten list last year. Made more than 100 million behind elonusk and oracles mark hurd. And coming up u, a major American City moves to ban e g cigarettes. The third and final reading, estimate ts are for growth of 3. and the fed releases the second part of its bank stress test. Those rumts are determine dividend increases and shared buybacks. Thats what were watching for on thursday. Delta airlines is allowing passengers now to change or cancel travel plans to the Dominican Republic withouthe usual penalties. By that new overed waiver are those going to and from nta canta. Other airlines have said they will work witpassengers on a case by case basis and as weve been reporting, Flight Cancellations to and from the caribbean island are rising and new bookings have fallen sharply. Jpmorgan is increasing its investment in detroit. The bank is adding another oo million a to theeady 200 million theyve iinvested the city. The money will go toward loan programs for small business, job traing programs, access to Affordable Housing and Financial Health programs. San Francisco City officials voted last night to ban the sale of e cigarettes in that city. The bill still needs to be signed by the mayor, but thatnt hares lower in part because it leads to questions of whether other cities will follow. And what that couldin mean for stry thats grown into multibillion dollar. San francisco is taking a stand against the e cigarette industry with the decision to ban sales of the vaping product. The measure would prohibit all sales of e cigarette products to anyone living in San Francisco is. Including onli sales. The irony, juul is headquartered in San Francisco. The companys response was swift. In a statement, they sa this full prohibition will drive former adult smokers who successfully switched to vapor products back to deadly deny the opportunity to switch for current adult smokers and create athriving black mar instead of addressing the actual causes of underage access and use. Some say the move is a sign the fda hasnt acted strongly enough against the industry as a whole. A spokesperson for the campaign for tobacco free kids says San Franciscos action is a reflection of its frustr dion with the as failure to react. The fda has proposed draft sidelines including restrictions on retailers and manufacturers to curb the teen vaping especially demepidemi epidemic. The commissioner ordered five manage fakihturers of eric cigarettes toup com with solutions to the problem. And some Big Tobacco Companies are pushing for legislation which would raise the minimum age to buy Tobacco Products to 21. While its unclear whether more cities will follow, some believe it adds pressure on regulators and lawmakers toe t tougher against cigarette makers. Other cities may want to do that. I wouldnt be surprised if wouldnt see that. Backing an alternative proposal in San Francisco. A voter initiative. That stop short of a total ban. And before we go, a final look at the day on wall street, kind of a quiet day with the dow down. S p slid by three equalling for the fourth straight day. Thats nightly Business Report for tonight. Thanks so much for watching, everybody. Have a great evening. See you tomorr. Woman this is bbc world news america. Is made possible by. The freeman foundation; by judy and peter blumkovler foundation, puamuing solutions for icas neglected needs; and by contributions to this pbs station from v like you. Thank you. Laura this is bbc world news america. Reporting from washington, i am laura trevelyan