Recent high in june. That technically qualifies as a bear market. The a number supply side, there are early signs that production is increasing in the u. S. Just as output from opec and elsewhere is rising. And demand isnt increasing enough to mop up the excess. As a result, crude settled down nearly 4 today to about 40 a barrel. Hello, mr. Bear. An follow. Jackie deaung drivers can expe they g. Good news for consumers. Gas prices are falling sharply. At a time that theyre expect ied to, a gallon is 2. 13. It was 2. 66 last year and thats the average. Some c which is unusual for the height of the summer. Causing the decline, aap oil. That led to a refining boom and that created a gasoline glut. Seasonally, summer is when americans hit the road, so its one time of year that we can expect an uptick in demand. It was robust, but not enough to make a dent in inventory. We started o ut the driving season needness to s abe of cruel oil. It had to be used. Refiners were running 92 to 95 , abo
Is the firstcline down month in six. R, ast got a look is on mm bloomberg function. Menu,in the dropdown month to date. The big winners, smaller stocks like micron, urban outfitters, but the big, month to date. The big winners, best buy, up 15 , and nordstrom of 14 . Retailers, especially teenage retailers, seem to do pretty well. The poor performers, bristolmyers down 23 , freeport down 20 as well, then newmont mining, Diamond Offshore drilling, commodities as big losers in there. Equities down for the month. Joe thats the same for treasuries. Year taking 10 higher, small, but u. S. Government treasuries down for the month in the worst month since june 2015. Dollaryen, ato stronger dollar against the yen. You can see dollar up. 5 against the yen. Is headed for its first monthly advance against the yen since may. This is about Monetary Policy divergence or the speculation of it. Terling higher, up. 4 the pound heading for a fourth monthly drop against the dollar amid speculation that b
Good morning. Welcome to Worldwide Exchange on cnbc. Im wilfred frost alongside Morgan Brennan this morning. Good morning. Good morning. Congratulations on being halfway through a busy newsweek. Were not until were halfway through the show today. Almost there. Almost there. Lots of news to cover. Lots breaking in europe on Deutsche Bank. Headlines on wells fargo. Sara not here this morning. On assignment in chicago. Shell bring you an interview with imf head Christine Lagarde, 11 45 a. M. Eastern time. Sara with Christine Lagarde, talking about the woes in europe with the imf cheap. Lets check in on what markets are doing. A decent risk on rally yesterday, around three quarters of 1 of gains for the main indices. The nasdaq better. Of the s p 500 sectors, most were positive. Tech the best, utilities the worst. It was traditional, the exciting sectors do well, the boring sectors less well. This morning we expect that to continue. The dow higher by 31 points. Lets look at the tenyear tre
It moves up the east coast. Were going to take you live to one of the hardesthit areas melissa back to the markets. Disappointing jobs report boosts stocks of the dow ending the day in positive territory. Up more than 70 points, snapping a twoweek losing streak. Oil climbing as well. Phil flynn of Price Futures Group is a fox business contributor. He is watching all the action from the cme. Lori rothman on the floor of the new york stock exchange. Lori, stocks had been a lot higher today. Why did they lose steam here at the end . Reporter you know, something, melissa, it was a lot of action for a slow day of trading. One trader told me this is one of the longest trading days. Hopes the last day of his life as long as this trading session was. Classic bad news is good by way of markets. The odds of september rate hike is even less because the jobs report was not so hot. Only 150,000 new jobs created. I want to draw your attention to the biotech names on your screen. This is politics mee
Dow dipped 46 points. S p declined. 22 . This market can only focus on one bullish idea at a time. And it just feeds Everything Else to the hungry bears. Today the market decided that oil is going to the moon, because it did show a huge draw down. Actually, to be fair to the oil traders, it took crude up nearly 2, a reduction of 4. 5 million barrels. Its the second biggest in history. This reduction is amazing. No one saw it coming. Weve heard over and over and over again that theres way too much oil, so theres a gigantic fwru glut. Every now and then, some combination of countries had decided that oils fallen enough. You hear chatter about an emergency opec meeting or two Oil Ministers getting together over a cup of coffee, and it takes it from the low 40s to the high 40s. Before a new flood of american oil hits the market. Those past rallies were all big con jobs. But Oil Inventories are not a con job. This number tells us that the reports that theres no more room to store oil may be