The dow is now negative for the year. Its accelerated throughout the day and the major averages closed at the lows of the session. All 40 dow stocks finished in the red yesterday. 97 of the s p 500 and 96 of the nasdaq closed lower. All ten of the sectors were down at least 6 . Heavy volume throughout this. We saw 4. 3 billion sharls that were traded on the nyse. More than a billion more than the average. And as for volatility, take a look at the vision. Youre going to see right now that the vision is up about 27 . 16, almost to 17 at this point after these incredibly low volatility rates. We knew that when things changed, they would change in a hurry. Yesterdays selloff means that the dow and the s p had their first monthly decline since january. The dow and the s p dropped nearly 2 in month of july and it doesnt end there, folks. If you take a look at the futures this morning, youll see there are more red arrows. The dow is now indicated to open down by triple digits. A decline of 11
To grow the economy over there. Israels gdp expands less than forecast. This is becoming a habit. Germany contracted. 20. France was flat. Italy also shrank. Economic data, 10 00. Earnings, really only urban outfitters. Lets do a data check. Futures update, 10 year yield up. Brent crude is lighter. Onto the next screen. Resilient equities. , resilient equities. Dow jones, 16,663. Michael mckee will be out there. A great moderation. Basic chart. This is the zero bound. This is your fed staying at zero Interest Rates for a long time. So many ramifications of that. Much longer will the line extend . Does it continue into 2016 . It is the debate that keeps us employed. Eventn extraordinary since 1 00 this morning. Ferguson, missouri had its worst night of violence. The National Guard was called out. Jay nixon was ordering the guard to restore peace. Night, hours before the midnight curfew, Police Used Tear Gas to break up protests. I say they came under attack and gasoline bombs were used.
I will start you off with a bulletin mark for oil,s the price of brent crude fell to a five year low in the United States also dropped and hedge funds and other Money Managers i have that too much on rising prices. Merck is taking aim at superbugs per the drugmaker has of debt has agreed to buy cubist pharmaceuticals. Developing products to fight drugresistant bacteria. Has increased the target price of its ipo. The Company Plans to offer per ofto 14 these. In india whereer they had been banned and accused in uber driver of rape. The company will do everything to support the woman. Today withbama meets the duke of cambridge, Prince William who is taking a break from a visit to new york to visit the white house. He and his wife arrived yesterday and they will have a reception with Hillary Clinton and an nba game featuring the brooklyn nets. Its a, 14 years but citigroup the longer holds the record for the most valuable bank of america. That distinction now belongs to wells fargo was clo
Retail sales and import export prices. Also worth watching today, november Consumer Sentiment and business inventories. Andrew, over to you. Corporate news this morning, Oil Field Services provider baker hughes confirming its now in talks with rival halliburton. This after the wall street journal reported on negotiations between the two. A merger would create a want korth 67 billion or possibly more. This years drop in Energy Prices has hurt and sent stock prices in the nasdaq much lower. Industry watchers note a deal would likely face antitrust concerns. Well talk to an analyst who covers the company in the next hour. Theres a real bet that oil price res going lower and that they need to consolidate to compete with schlumberger and the rest of them. Stock deal. They exchange cheaper stock for cheaper stock . Cheaper stock for cheaper stock. I imagine there would be a lot of layoffs because part of the whole idea is you would be trying to get your costs down. Speaking of energy, the ie
I am amused by those who point to the small size of the Greek Economy to the relatively small size of the Banking System and suggest it means it has no or very little systematic risk. I think we should have learned over the last two years that none of us can fully and easily anticipate where Systemic Risk may come from. European stocks advanced on news of the greek retreat. Germanys 10 year yields are below those of japan for the very first time. Australia, the central bank unexpectedly cut its benchmark Interest Rate to new record low sings local currency remains overvalued. The world banks joins a dozen of its mobile parts and easing this year as Commodity Prices tumbled. 13 banks in its february 3. And it is for your third. Is february 3. According to Chris Christie, amid an Measles Outbreak that sickened more than one of the people, the governors on a threeday trip to the u. K. Quickly did an aboutface in his Office Issued a statement sing he believes with the disease like measles,