And welcome to power lunch. Im melissa lee. A winning month with a losing day. The major averages lower across the board here. We did hit record highs with the nasdaq and dow jones utility average before the markets went lower. Crude oil, meantime, hitting threemonth lows. Traders are worried the opec led cuts to reduce global inventories are being undermined by those outside of the deal. Financials, big hit here. Regional banks on pace for the third consecutive day of losses. Im michelle carusocabrera. Here is what else is happening this hour. New york times offering buyouts. The move aimed at cutting the number of editors in its newsroom. Contracts to buy previously owned homes are falling for a second straight month amid a supply squeeze. Jetblue launching its first of its kind selfboarding Program Using facial recognition software. More on that intriguing story ahead. Brian . Michelle, welcome back. Well, if you are just a casual market observer, you probably know the stock markets
Tech ceos on their meeting with the president. And whole foods and amazon, how both companies see that deal making sense. Mondays tech rebound result in nasdaqs best day of the year, closing highs for the dow and s p were not far away from posting doubledigit yeartodate for all three, which we havent done since 2013. No. And a lot of people felt coming into the year the market was overvalued, having had a big run after trump got elected. Obviously, that was not the case there was more to it a lot of people would have felt if you had the Federal Reserve being as aggressive as it is, theres no way you could do it earnings worried about the strong dollar, we have a weaker dollar one thing i point out today will be oil its going to be very messy. This is my level i felt it could get to those are big cap stocks f it goes too much lower, people will say, wait a second weve been buying. Maybe demand is not as strong. Because its the summer, you would expect more demand be careful, oil. Tech s
Big earnings out this morning set to weigh heavily on the averages, cat, mcdonalds, dow, dupont, 3m and coke all on the move. Wow express scripts shares falling down hard on news it is likely losing one of its biggest contracts. Well dig in on that and the companys earnings. The trade war is heating up. The u. S. Will impose a major tariff on canadian softwood lumber. Hear what the commerce secretary says about that action. Futures are getting a lift, earnings from dow components adding to the momentum. We mentioned cat, blowing past expectations with its results, raising their full year guidance, 3m exceeding consensus helped by renewed strength on latin and asia. The story of the morning may be cat, jim. Nowhere near what analysts were expecting, almost double the estimate. Whats happened with caterpillar . We call it leverage and a lot of people think leverage, what does that mean, leverage with the president with congress or leverage leverage as in debt, how we typically refer to i
Week of losses, sell everything. Im out of there, baby. Much more on microsoft and great interview with former microsoft ceo steve balmer in just a bit. A propitious day for that. To the developing story, surrounding at t and time warner. It seems bigger is better once again. At t down a little bit, by about a dollar. Time warner moving up by 9 at 9076. David faber working the phones and is here with the latest. What are you hearing, david . Developing is the right word and things are developing very quickly. In fact, so quickly that you could see a deal announced as soon as, lets call it shortly. Will it be as soon as monday . Hard to say at this point. But the point is that after what appears to have been actually months of some conversations and certainly work on the part of some advisers, these two companies are close to inking a potential deal that would actually meantime warner would be owned by at t, a dramatic move for at t as it builds on what already was a large deal when it
News channel 8 at 8 00, every night on great 38. Right now on news channel 8 at 6 00. A tow truck driver answering a call for help hit and killed on a bay area road. And now his fellow speaking out, urging people to pay attention. Good evening everyone. Im rod carter. And im melanie michael. Thank you for joining us tonight. We begin with that tow truck driver who lost his life over the weekend. Detectives tell us a drunk driver is to blame and now that man is in jail. This happened on southbound lanes of interstate 275 near fowler avenue. Live tonight from the Hillsborough County jail with this all too sad and familiar absolutely right, sad to say, 30yearold Leandro Perez is facing dui and dui manslaughter charges. Hes the third driver this year to be charged with hitting and killing a tow truck operator. Department of transportation cameras captured the grizzly scene where the tow truck driver was hit and killed. Authorities tell us he was helping two other motorists on i275 southbou