Well. Crude Oil Yesterday you saw wti back up 50 dollars for the First Time Since october. Now you see wti is down close to 1 . 49. 04. Couple big stories. The news just breaking in the last half hour. Eight auto makers issuing 12 million rerecalls. And more recalls are expected to be announced in the coming days. That is one of those stories that just continues. Also g7 leaders issues a warning overnight. Saying a british vote to leave the eu would seriously threaten the world economy. In a statement the leader said a brexit would reverse the trend towards greater global trend and investment and the ensuing job creation. And that back and forth between paypal founder peter thiele and gawker ceo nick denton continuing last night with denton writing an open letter. Thiele launched a decade Long Campaign against gawker after the blog outed the founder as gay. Denton called thiele thin skinned and challenged him to a role about the denton has begun solicits bids for the sale of gawker. Lo
And today, gold is trading at the highest level since may 18th. U. S. Treasury yields are lower. German bond yields are close to zero. The vix is up almost 10 today alone. So one big question is are investors ignoring risk thats are in the markets . Lets bring in dominick chu. Hes been sitting here patiently for at least 12 seconds. And mike santolli, youre looking for risky sectors. We want to hone in on three specific ones. We have a limited amount of time. Lets start with one of the hot trades of the year, arguably over the last couple of years. Its been utility stocks. If you look at utility stocks, we know theyve been the safe haven trade. Less economically sensitive and ones that pay higher dividend yields. These things have been so popular that they now trade at around 20 times earnings. That is higher than weve been at any point in the last decade, perhaps an overvaluation concern and, of course, with all of these Interest Rate proxies, these one thats act like bonds, yields an
Stocks as well. Were going to dig deep sbeer the pullback throughout the next hour here. Tesla shares were also getting hit on the back of reports of a suspension problem. Now, the automaker is vigorously defending itself in a statement. Well bring you all the latest details coming up. Meanwhile next week apples Worldwide Development conference getting under way. It could bring an interesting announcement in an area youre interested in. Ipayments. I think you invented that word. Is that it . Ipayments . I made something up . Wow. I have no idea. But we will find out from our josh lipton what they might have up their sleeve. Lets start with the broader market. Yield collapse strengthened. The tenyear yields in germany, japan, and switzerland all hitting record lows. Just stunning. And the tenyear yield here in the u. S. Continues to drop falling to its lowest level since february. This yield crush around the globe all happening at the same time the s p had been climbing back toward allt
In europe in this early hour, this has been our focus all week as concerns about the brexit rose. Weve been looking at weakness in european stocks. You can see in early trading that most of these shares are up by 1 . Dax up by 1 . Ftse up close to that. Take a look at crude prices. Crude under pressure once again and again this morning. Wti is below 48 a barrel. Sitting at 47. 95. Brent sitting at 49. 12. Lets get you through the big stories were watching today, it is another day and yet another survey on the brexit survey. Coming from comres showing that the poll remain leads, in favor of the uk staying in the eu which is recovery from 55 reported yesterday. On some of the polls, by the way, the margin of error, on some of these, is looking like 10 . Hard to make a judgment whats going on. On the economic front, prices expected to rise. 3 . The fed announces its decision as we said 2 00 p. M. Eastern time. I laugh, because we know what the decision will be. And we will look for, as jo
Of japan was fully consulted on this and as a result check out currencies. The yen jumping to a threeweek high on that news. Lets take a look at europe. This point the european markets are in the red. Germany down. The cac in france is down 1. 25 . The ftse in london off by half a percent. Take a look at crude oil this morning. This was a huge story yesterday. Wti dipped below 40 a barrel. Ended up closing at 40. 06. This morning up about 26 cents to 41. 31. This is a key number here. This has been the point where the s p has kind of linked back up with crude oil as crude oil comes down so have stocks at least at these levels. Well continue to keep a close eye on this today. All right. Now to the day ahead on the street. Sit another busy one. You will see the june personal income and spending numbers. Both are expected to rise. Roughly in line with mays number. Also out today julys auto sales. Dallas fed president rob kaplan speaking at a conference in beijing china in the next hour. I