Oil shock ripple effects. The impact of equities and currencies and a closer look at stocks that are keeping the dow from hitting 18,000. Is it time to turn on the taps and lift the u. S. Export ban on crude . Well talk to a top dog on Global Commerce. And a shocking reversal on two Insider Trading convictions. The ruling that could change the rules for wall street as the second hour of squawk box begins right now. Welcome back to squawk box on cnbc. Im joe kernen along with becky quick. Andrew ross sorkin is at the dealbook conference. Hell join us in the next hour and well hear from jack lew speaking at the conference. Among the other power players attending, gm ceo mary barra, actress and entrepreneur jessica alba, a. Mex ceo. Well bring you those interviewing throughout the day. Acquired a 5. 1 stake in staples. The hedge fund has also boosted its holdings in office depot. Its move to call for a merger of these two companies. Economic data on the calendar today will get claims. The
4. 8 . We saw the dollar soar today, something that should have and has put pressure on the averages. No, no, didnt impact them. The market went higher. How about the fact when you have a strong dollar that usually means oil goes lower, right . No. Not today. Oil went higher. Even as everyone has been brainwashed into thinking a stronger dollar means weaker oil. We had a universal judgment every oil company is loyal to the buyout. Royal dutch was down again today. And for the record alcoa kicked off earnings season last night with a Strong Quarter that supported an excellent 7 Revenue Growth and gave a robust forecast for every single aspect of the economy. Autos, nonresidential and construction. The reaction . Got hammered. No one seems to care at all. That wont be the case soon enough. I cant blame anyone for reacting to mergers all excited and stuff or possible mergers. Thats because investors pile into any company that merged already or seems to be on the verge of merge. You need t
Low. Our road map with stock futures in the red. Exxon and conocophillips moving some of those stocks. Sales force surging on the news it hired advisors to look at takeover offers. More of the apple watch dlis. A defective component to blame. Apple announcing another partnership with ibm. Well get to that in a minute. First up a lot for investors to digest on this final trading day of april. Consumer spending up 0. 4 last month. Claims down last week by 34,000 to 262,000. Thats a 15year low. Employment costs up 0. 7 . On the earnings front, exxonmobil did top estimates despite a 46 drop in First Quarter profit. Exxon revenue, i love these figures. Last year 106 billion. This quarter, 67 billion. You have to understand exxon had good production growth. People say no one got hurt buying the stock of exxon. This is why. Because exxon really hasnt done anything during this period. When oil was flying exxon did good not great. Oil goes down, exxon shows you the breadth of its products and w
A lot of data to note. Heres whats happening. Following the downgrade of the Economic Outlook yesterday. On the agenda this morning job claims and chicago pmi and then earnings central. Exxon mobil coming up, Conoco Phillips, viacom among the names to report Quarterly Results all before the bell and in global news this morning the bank of japan april and september of next year. Policy makers decided not to extend an already massive stimulus program. Thought theyd follow the chinese. Also watch Russian Central Bank. Today it is expected to turn its main lending rate following the sharp rise in the rouble. They find the median forecast is for a rate cut of 10 basis points. A decision is due. Stocks making news this morning, Consumer Review website yelps latest revenue missed the market and added fewer than expected local adverse tiegz accounts and also warning that Current Quarter sales will fall short of estimates. Shares are unpressure the chinese search giant the earnings beat the str
German bund got to nearly 80 basis points. Oil relatively flat. The tenyear hit 2. 30. The rising vix, some of these yields went bananas around 6 00 a. M. Eastern. Because of the percentages and how low they are in germany, you have a little change in germany, its a dramatic rate increases. People are losing fortunes. Now its 2 trillion in two weeks. When people say why are some of our stocks down look at the pain. People believe negative rates would get more negative even though there certainly was this risk. Yes. That was just dead wrong. We are seeing one of the things i think is just shocking to me is this dollar. The consensus was the dollar was in parity all these things you heard. Dollar you better get to europe quickly. Im booking that amalfi coast trip now we ought to hear about alibaba. They turned the s p futures. Lets do that. Alibaba shares are up in the premarket after the companys earnings did beat expectations. Also the Company Announcing its current chief operating off