Yet again no agreement shall be reached. Well see wti is still up about a little less than one percent. Home builders stocks surging. Homebuilders are having a party today. We will discuss whether you should be buying these homebledder stocks. A suspect in new york and new jersey terror attacks is in custody after a shootout with police. We will have the latest and discuss how to keep the city safe when the mayor of london who is here to ring the closing bell joins us. Lets start with markets remaining calm after this weekends bombings here in new york area. Bob pisani has the low down. Plus s p 500 getting first new sector in nearly 20 years. Very exciting for us market nerds. You and i are one of them. We are the two biggest market nerds out there. Lets take a look at sectors. The problem, energy was strong early on. Oil hit a high in the early afternoon. About 12 00 drooped down. Energy, Market Leader still up but not as much as before. There is our new sector, the 11th sector of th
Freeze. Our road map begins with global volatility continuing. Jim mcgoggin. And apollo and adt are in a deal. And the death of Supreme Court justice ascalia has creatd a firestorm. First up, stock futures jumping sharply. Saudi arabia, russia, qatar and venezuela agreeing to freeze output at january levels provide that other major exporters follow suit. Crude prices rose off their highs of the morning. Some analysts expected an agreement to cut production. Thats not exactly what were talking about now iran on the tape is saying, maybe, we still want our piece. Thats going to be the question, iran and iraq as well who is also ramping up production to get money, its an expensive fight it has on its hands with isis. Thats the big caveat that Oil Producers will agree. Before this announcement, brent crude was up as much as 5 . Its still higher. The bulls would say, at least were getting diplomacy. This is the first coordinated move that the major producers are doing since the pain began,
Points, the s p by nearly 20, and the nasdaq by about 57 points. Also being helped, im sure, by the news from china. What do we think about this . I saw the rally in oil prices on friday. Basically a rumor that you were going to see Something Like this. If its contingent on iran and iraq both playing along with it, that raises all kinds of questions. Seems to be the same caveat weve heard over and over again. Iran has theyve walked back some of their more explicit talk about ramping up production. Still, theyre so eager to get back in the markets. And iraq is desperate too. Lets not forget iran boosted output a month ago by 500,000 barrels a day. If saudi arabia and russia and whoever else want to get together, they need to get iran in the room. And lets not forget that a freeze is not the same as an output cut. If demand grows, then theoretically supplydemand will come back into balance. If demand slows because of china, the freeze leaves the gap where it is. Oil is still under 30 a b
And im dominic chu filling in for wilfred frost today. Our top story is of course oil. Venezuelas oil minister is in tehran today, meeting with officials from iran and iraq. The latest report suggests iran will not join in a deal between saudi arabia, russia, and other producers to freeze output at january levels. Irans opec envoy calling the freeze illogical, arguing the current drop in prices was caused by other producers lifting output while iran was under sanctions. Crude prices have been swinging on every report and comment coming out of these particular talks. I think theres actually a genius move on russia and saudi arabias part. A tactical move. All you have to do is just chatter about it. Have a meeting, talk, and they get lift to the oil price. Also, this puts the blame on iran. It makes it look like russia and saudi arabia are trying to be very productive and helpful on the market. I think its a really genius move on their part. A lot of talking going on. The other potential
In the early trade in the european markets right now, youll see that at least at this point, there are some red arrows there as well. Looks like the dax in germany is down by 0. 4 . Right here in the United States, it looks like the dow futures are now 71 points below fair value. S p futures off by 12. Among this mornings other top story, were watching the price of oil. Crude oil under pressure again today. This follows yesterdays drop of nearly 3. 5 . That drop came after opec said Global Demand for crude would be less than previously thought this year. In Corporate News, jpmorgan reportedly wants to sell new securities that would pass along the credit risk on 1. 9 billion in mortgages. This has been left to the government for the most part since the financial crisis. The wall street journal reports the bank is expected to price the residential mortgagebacked deal over the next two weeks. And apples response to the Justice Department is due today. This is the latest chapter in the dod