Few hours ago. Plus bill miller at delivering alpha talking about his best investment ideas. He will join our show live for more ideas and will bring you highlights of interviews with others. Live from delivering alpha in new york city. Lets start with the price of oil reversing gains. Jackie deangeles has details. Good afternoon. 3 sell off today and closing at 44. 90. Three significant factors impacting oil prices. The first would be the monthly report taking demand forecasts down not just for this year but next year, as well. The wall street thesis for this rebound that is supposed to happen depends on demand staying at least flat or ticking up. So thats not really a good sign. The equity plunged today and also a little bit of strength in the dollar not good signs for crude oil. Inventories tomorrow. Remember last week we saw a draw down of 14 million barrels. Some are looking for a pretty substantial build. Those are the ones who think last weeks action was a one off event. The bui
5. 5 7 million was the most recent reading we got. This is not including the one we got just now. We are at just about the level that we first hit back in 2007 around the spring of 2007. Sales for existing homes following month on month there. Impact see the domino later on. Were ready much still into the trading day. The dow is the biggest mover but not by much, and i was checking out the 20 day moving volume , definitelyn by 33 the dog days of summer here. We are looking ahead to friday. Janet yellen will speak. We will hang on to every word there. Downs and ups. One of them was in the commodity space and i want to stay in my bloomberg terminal and show you what is happening here. The global commodity. It is a little small but look at all the red on the board. Industrial falling, metals. Lastg a low not since the two months. Down. 9 there. Agricultural commodities are down and were seeing a lot of good results for yields in terms of agriculture, corn and soybeans is definitely pushin
Good wednesday morning. Welcome to squawk alley. Im Carl Quintanilla with jon fortt. Joining us is seema mody. Good to have you back. Busy, busy day, markets have gone into the red. We continue to monitor janet yellin testifying on capitol hill. In fact, on that front, lets get back to Steve Liesman on capitol hill. Steve . Its a scintillating issue here on the issue of Bank Regulation and dodd frapg, trying to be a little sarcastic, but she was asked about Monetary Policy and said theres no timetable for raising rates. She expects the Unemployment Rate to fall further and that most of her colleagues do expect a single rate hike this year. She was grilled on this issue of politics at the fed. Scott garrett talked about something that i have not heard before, and were trying to run down this issue. Im going to repeat it, brainerd and the clinton campaign. But anyway, she said theres yellin responded, there is no politics in the decisionmaking at the Federal Reserve. A lot of this coming
Thinks there might have been a candle that tipped over and started this fire. Its not clear but the 11 people inside were either in the middle of a celebration or preparing for a celebration to take place later today when this fire started. They all got out okay. Unfortuna unfortunately, because of the structures around here five cars that fire spread. Extended from the temple and ended up burning an unoccupied house in the back and then a house to the right. If you want to come back out here live. You can see that house im talking about to the right where seven people were inside. They all got out okay. Both those homes the one youre looking at and the one in the back suffered serious damage. You can see on the top where the Oakland Fire Department is doing some extension work on that house. There was a house you cant see it from here to the far left of the tempittal but it suffered some minor damage and there was a family inside there. They got out okay but commenting how hot it it w
Nasdaq meeting on the downside, looking at the today moves in the s p 500, you will see indeed that we had a big upsurge and yesterday we had pretty much gone sideways. Put another way, look at the bloomberg. I have the s p 500 intraday range thus far. Right now its only at 11. 7, 11. 8. It looks like that could be the lowest of the year. Of course, that has happened a couple of other days with late day changes. We will see what happens this time around. In terms of the groups on the move, we have material shares that are lower largely because of monsanto, which we will talk about in a few moments. Consumer discretionary with energy and financials, turning around later in the session. Whats interesting to me is that these inventory numbers from oil or what terrible. Lower by 20,000 barrels per day, but it was ugly and oil didnt really go catastrophic. Neither did the stock market. It really is strange. We did have loyal take a leg lower after the numbers came out. It was down by 2 and