August ppi unchanged and oil down more than a dollar has goldman says its bear case for crude is 20 a barrel. Futures in the red as we look ahead to the fed next week. And the new oil order, goldman gets bearish on crude prices. And kroger out with results of beat. The stock is moving higher in the premarket. First up, Oil Prices Falling after goldman put out a note saying the Global Supply glut could push the price down to 20 a barrel. Cheaper gas offsets the price of your food. Futures are getting lower as we wrap up a volatile market week. And david tepper said hes not as bullish as he could be on stocks. Im more bullish. Its valuation. Today the stock market on, call it, next year estimates is 15 times earnings. The earnings yield in the stock market is something approaching 7 . This isnt a 2 slightly more than a 2 tenyear environment. Thats about the widest spread. You can earn a much higher and the expectation over time should be that the equity yields will increase as Companies
Alibaba shareholders likely view jack ma as one of their heroes following fridays successful wall street debut and record breaking ipo. Good morning welcome to squawk on the street. Im david faber with jim cramer. Live from the New York Stock Exchange. Carl quintanilla has the day off. Futures this morning because we are looking down. Perhaps china. Im guessing, jim. Its all china. Its some statements out of china saying, listen, we dont need to stimulate as much. Were willing to accept decline in the growth. Growth. 7 now, some saying in gdp. Keeps coming down. All right. Our road map this morning and it starts not with china but right back here in the u. S. With the iphone. The official initial Sales Numbers just out. Guess what . New record, tim cook says they could have done better. Alibaba setting records. Biggest ipo in the world not just u. S. , we knew that would happen friday. What did push it over the line. It wouldnt be monday without a couple of deals. Weve got two comes fr
Premature tightening and the fed needs to guard against getting back into the zero or lower bound once it were to lift off. He says the fed should not repeat mistakes. Once the said does lift off, evans saying the path of increases should be kept, quote, shallow for some time. Even says the fed could allow, quote, modest overshooting of inflation, letting the inflation rate run above that two percent target for some time. Inflation breakout, he says, is not likely in todays economic environment in part because theres a good deal of slack that remains in the labor market and he sees that in wage growth being modest and in the number of involuntary parttime workers who had says keep a lid on wage growth. Charles evans, a dove sounding little more dovish in the last several days while the hawks, tyler, sound a little more hawkish. Back to you. Steve, ill take it. Before we bring in bob to talk about this, heres a check on the market reaction. We gained a little bit on those remarks, not a
Dow futures up by about 14 points. S p futures down slightly and nasdaq up slightly. August durable goods. Then at 11 00, the Kansas City Fed survey. Apple having a rough week after, you know, a couple of good weeks, after that new intro. Reports are flying around social media about problems with two of the companys new products. First, there was what we talked about yesterday, there it is, bend gates and it cracks after you try to put it back. Iphone 6 buyers claiming the device can bend when placed in back pockets. It depends on your weight when you sit on it, i guess. I havent done it, but i have been asked to download this partnership havent done it. Some users complain they had calls blocked and couldnt unlock their phones with their fingerprint. Hmmm. I didnt know you could do that, anyway. Apple says its investigating reports of problems. Its offering consumers a way to manually reverse the updates. There was overheating with the iphone 5 and two years ago, remember the apple ma
Down 3 today. You got the stories about the bending iphones. Now problems with its latest operating system update. Just how much troubling news is this for the tech giant . First, though, check in with sue down at the New York Stock Exchange. Hi, sue. Hi, ty. It is an ugly day down here. The dow down triple digits. The fourth straight triple digit move and something the dow hasnt done since mid april. Giving up all of yesterdays gains. Here are the numbers. Dow down 242 points. The low of the day down 256. S p 500 off 28. Nasdaq off 79 points. Leading the decline in terms of percentage moves. Russell 2000 laid claim to that earlier and come off of the worst levels and down almost 16 and the transports down 112 points on the trading session. Where Interest Rates are right now, 10year note, the yield trading at 2. 522 . More on the trading action. Bob pisani is with me. Bob, we start with you. Were just off the lows of the day. I think two issues particularly gotten a lot of attention to