Whenever the price of crude falls to the low 40s as it did last week, the Big Petroleum producing Companies Like saudi arabia, venezuela, iran, russia, routinely try to manipulate it back upward, and they always succeed by claiming there might be a freeze or a cutback in production. Oil then spikes to the mid40s on those rumors, taking the stock market up with it. Then we learn that these petro states probably cant come to any kind of agreement like we did today exactly when the saudis said expect nothing to come of next weeks wednesdays opec meeting. And oil gives up the ghost, dragging the stock market lower. Again, exactly what played out. Once again, if it gets low enough, the rumors will start, and well rinse and repeat. This is now the sixth time weve been through this oil charade in 2016, so shame on anyone who perpetuated it. Shame on you. At least now youve been warned. With that in mind, lets go to next weeks game plan because its chock full of earnings that will likely impac
In a german newspaper interview. Durables just ahead of estimates and still looking for definitive headlines out of opec. Inventories at 10 30. Yellen back on the hill answering lawmakers questions about the banks, what shes expected to say about the troubled sector. And speaking of banks, wells fargo ceo john stumpf is forfeiting 41 million ahead of his next appearance on capitol hill tomorrow. And what should you expect as an investor . Shares of nike falling in the premarket on yesterdays earnings numbers. Whats dragging that dow component down . But first, a lot of news involving the banks today. Wells fargos john stumpf to forfeit 41 million in equity awards while the companys board investigates the banks sales practices. Deutsches john crion saying the bank did not need increase or capital interest. About an hour from now fed chair yellen will testify on Bank Supervision and regulation before a house panel on capitol hill. Of course when she starts making headlines, well try to t
Kayla made her way back after south by southwest. Henry is here, editor, founder and ceo of Business Insider on a day when the dow is 24 points away from break even for the year. First up tim cook talking about the companys brawl with the fbi in an exclusive interview. He talks about how the government should be pushing for more and not less encryption and calls the notion of going tark raised by Law Enforcement as he says crock. His senior writer, its great to have you, welcome. Thank you. No signs of backing down as far as you can see. Any cracks in this . Cook is passionate about this. Hes going to take it. Its going to end up in Supreme Court or congress, hes going to take it all the way. He is a southern guy at heart. He feels like as long as apple has been working with the government if they were going to sue apple they should have told him first. He shouldnt have read about it in the press. Has this taken on the passion that apple versus samsung had where it seemed like they wer
Have given us data that were supposed to be looking at. Were supposed to interpret that data and figure out if theyre going to raise or not. They told us were going to raise at least three or four times. You dont see the three or four rate hikes. It doesnt seem like a possibility right now and is the data changing in front of us right now because we have no idea. It seems like they hit the various data points. Job gains, joe continue, Unemployment Rate at 4. 9 and yet were still near zero Interest Rate policy. They have a dual mandate and part of the dual mandate is Financial Market stability. I do think they look at the s p and where global marks are and when everyone went to jackson hole and position themselves to the Federal Reserve not to taper further, you know, the federal reser reserve. So to petes point theres too much unknown or too much lack of clarity and positions seem to shift. The fed doesnt seem to be following through on what it says. The data seems to suggest that the
Now is probably benefiting around 1,000 a year, and some very detailed microdata that i have seen on Household Spending patterns suggest there may be a link, as you would expect from reduce reduced amounts that people pay at the pump to overspending like eating out for restaurant meals and other things, but the aggregate data, you know, is not as strong spending is not as strong as it could be given the decline. And, of course on the other sigh we are it may be that it will take a while and its something that will slowly strengthen over time if Oil Prices Stay low. On the other side, of course, we have seen a marked decline in drilling, which is depressed investment spending, and, of course, very substantial layoffs in the energy sector. With respect to impact of oil prices on inflation and what would happen if they move up, the committee has generally tended to look through movements of oil prices, whether they were on the up side or on the down side, viewing it as a factor that shoul