We have no plans to slow down. Our goal is to bring you access to many of the biggest news makers in attendance. Steven schwarzman will be joining us in a few minutes. We have three big stories were watching. Earnings season is in full swing. Then this afternoon, american express, ebay and Discovery Financial and december Housing Starts and Building Permits at 8 30 eastern time. Both ratings are expected to rise by a percent and a debate is stirring after the state of the union last night. The economy the big focus. The president calling for tax hikes on the wealthy to finance tax breaks for the middle class. So the verdict is clear. Middle class economic works. Expanding opportunity works. And these policies will continue to work as long as politics dont get in the way. We cant slow down businesses or put our economy at risk with government shutdowns or fiscal show downs. We cant put the security of families at risk by taking away their Health Insurance or unraveling the new rules on
Cfo will join us first on cnbc. Staples and office depot higher in the premarket, reports two in advanced merger talks. First up Oil Prices Rising sharply on expectation of decline and u. S. Drilling activity. Bp posted better than expected quarterly results. Bp ceo bob dudley spoke this morning. I think its going to take time. Could be a long time. There is excess supply. U. S. Productions still growing. We see about the rig counts what its growing. And chinese demand of course great. Growth in china is not as high as it was. So we have stock levels filling up all over the world, tanks filling up. Wont be long before people putting them in ships and that take is along time to work its way off. Is there a lot of oil news today. Thats just one data point. I love bob. Hes late here. Theres already been a dramatic increase in the number of financial players taking down tankers. If you look at nordic and american tanker they will tell you that is happening now. Whats interesting and bob du
Know, the holy grail of i. T. Used to be four ts which still allows you time to update your systems, take them down if you need to, but you cant take down a water pump to update or patch the latest, you cant take down the water pump thats feeding the washington area, so it makes it very hard to align the needs of i. T. And opt t. , and that creates o. T. And that creates gaps that people looking to create nuisance can exploit. In the nearterm, mediumterm, the first thing is that nist met your name in report, Matt Skolnick to come up with a definition in a good way, yes. Any to come up with a dolby the definition for this government. The reports go to the president and recommendations have to be at the president ial level and actionable for the president. Its not going to be director private sector. It would what can the government do in certain areas. The first one was that nist should find for the u. S. Government what iot is. Its likely to be probably the last definition but least a
We can draw connections to the dollar and bonds and soft macro data. Whatever you want to explain todays decline. Dow sinking 195 points, s p down 1. 01 . Nasdaq plunging 1. 64. I know i have heard all those consents bandied as the scourge of stock owners who got laid to waste today, pulverized. But i think this market is all about eve. Yeah. The original eve. Who was tricked by the serpent into eating the forbidden apple from the trees. And the whole investor class has been paying the price. The serpent in this case is that apple quarter. The one that seems so tempting to eager investors that they couldnt resist buying the stock ahead of, during and right after earnings. Reaching to the skies for it. Even as i begged you not to. Now the investor gods are making every stock pay and the pain wont end. The house of pain. Until these feckless apple traders given up the ghost. Sell sell sell. And then the stock bottoms. Hey, look i was going to go with the isaac newton thing. What goes up
He says the q1 data was, quote, notably weak. The march picture march jobs numbers brought the jobs picture, quote, down to earth. Now, he does talk about this issue, was it partially explained by trance tore factors, we dont know yet but lower gas prices havent as expected boosted consumer spending. He says net exports are down as a result of the strong dollar and manufacturing has softened considerably. He does see growth picking up in later quarters but he says the evidence of that is not yet in the numbers. I guess ill throw back to tyler or mandy right now but this is a bit of a change in my opinion from a guy who was talking pretty confidently about june to september now saying you know what we need to wait and see a little bit. Steve, thank you very much. Mandy and i are both here by the way, welcome everybody to power lunch. Lets go down to dom and see if theres Market Reaction from these remarks. Youre not seeing a whole bunch of reaction but the dow industrials still here off