The markets. That last headline really did hit the markets. That and the russian jitters. Bob, we took a sudden drop down, the headline risk that tyler just delineated. A very interesting day today. We have talso the ukraine situation. Around 11 00, the gnat toe secretary general was in to discuss it. Calling on russia to step back. Thats when the markets started slowly drifting back at 11 00 a. M. Everything is weighing on europe. Its been slowing moving down for a month every single day, practically and its starting to affect us. Driving money out of europe, into the u. S. , looking for a safe haven, our economy is getting better, numbers have been good here, but 2. 44 were looking at the lowest levels since about may of 2013 of the emerging markets are started getting affected. Brazil, china, also are weak, today. Sue, finally, inflation, restaurants with earnings have been talking about higher cos , costs,. Wendys talked about higher beef costs and papa johns yesterday talked about
Junk bonds too. Well discuss whether this aversion to ris sk a red flag now or perhaps a sign of capitulation. A minor bounce this morning even with the big selloff in asia last night. Up 162 for the peak for the dow now up 135 points. All the other averages higher as well. The nasdaqs up 30 right now, trading at 4,365. And the s p has come back quite a wit bit from lows of last night, now up 16 points at 1,926. Rich peterson from s p capital iq. Monica meda. Bill willis from princeton securities. And Rick Santelli as well. Ben willis, lets start with you on this crazy market day. Is there any doubt now that this market is influenced greatly by geopolitics . I hate to start off this way, but i dont believe its geopolitics. I think geopolitics is part of the fuel thats triggering the currency markets, which is really whats been driving the Technical Levels of this market. We hit 1,890 on the s p futures this morning, a critical line that happened to be 4 00 a. M. Before most of us were
Earnings reports alone, even though this is the height of earning season next week. Thats why the game plan starts with russia. We needed to see something this weekend that makes it clear that the russians and the United States arent on a collision course irreversible after that tragic plain crash. We could be in the midst of a terrific rally and it might be wiped out by geopolitical events that are tough to get your arms around. I want to be clear about this. Im not saying you should sell stocks because of ukraine tensions. Im saying that others truly will though. Yes, some Financial Companies have relationships particularly visa and mastercard in russia, but a small percentage overall. Plus, global tensions lead to a flight to safety. Always happens. Which means a flight into u. S. Bonds. When people buy our bonds of course Interest Rates go down. And when Interest Rates drop, the Bank Stocks Fall too. Its just the way it works. Their earnings do better when rates are higher. Russia
Are not moving much at this point, but yesterday we did see heavy action. In the red italy reporting that its in recession, two quarters in a row of contraction. Germany was heavily hit, not only by what happened in italy, but by all the talk about what happens in these sanctions and the retaliation against the sanctions by russians. Back here in the states, key data today. At 8 30 eastern time, weekly jobless claims. This afternoon, we have Consumer Credit. In addition, many of the nations retailers will be reporting july samestore sales today. On the earnings front today, Companies Set to post quarterly includes including orbitz, wendys. In corporate news, bank of america reportedly close to a nearly 17 billion settlement with the government over mortgage bonds. The deal with the doj is said to include about 9 billion in cash. The rest said to be going to consumer relief. Settlement was reportedly reached in principal after a phone call last week between bofa Ceo Brian Moynihan and a
Except for that stock. Look at apple. A close above 114. 29 would make it a 800 stock on a presplit basis from the time it went back and we are there now at 115 and change. While snow and cold is here across much of the country, maybe the santa claus rally is also here, as well. Well be following all of that in this final hour of trading today. Keeping an eye on gold here. Coming up, Vladimir Putin now hoarding gold . New report says he is. Why . Well speak with will rind shortly in a first on cnbc interview. You wont want to miss this. Do we need the look at the video of him without shirts on . No. Viewer request. And as obamacarols out for year number two, the spotlight is not on the website but how the law was passed and whether or not the people intentionally deceived. The glib comments coming from one of the laws advisers continues to gather steam. We will have the latest on all of that coming up in a little bit here. Yes. Lets get straight to it with the Closing Bell Exchange. Th