Cut in one big oil name. Well tell you which one. The action begins right now. That doubles every day, particularly bad. Biotech stocks posted their best in more than a month. The biotech etf, the ibb rallying more than 3 this week. It comes as the group lagged to the broader nasdaq 100. So is biotech finally playing catch up to the market . Should you buy in . Mike . Yeah, well, i definitely think so. Look, we did see some bullish activity in the biotech etf earlier this week. Looking for a 15 gain in there. Probably by about september. There are a lot of reasons why you might think there is room for a rally. For one thing, some of the political headwinds that were the talk of the town. We havent we heard as much lately. These are actually kind of rare these days, cheap stocks, if you look at them on a trailing earnings basis, a lot are trading barely in the double digits. If you look at an area that has seen consistent revenue and earnings growth, this is one of the places to look. I
Lutnick and doug cifu to tell us how the increase in passive investing is impacting their businesses. And macys is reportedly considering putting a part on the Flagship Store in new york city. Were so desperate for grass, i think people will go anywhere in this city, central park gets a little crowded and 34th, they could use some grass in that area. Go up to macys now, you can find it. But is that the thing thats going to get people into the store if theyre going up there . Anyway, the reason we showed you a picture of daymond john, hes with us today, of course, from shark tank and a very, very successful entrepreneur on his own, especially when it comes to branding. And were going to talk about branding in retail among other areas, coming up with daymond in a little bit. But first, we begin with this decline in oil today. Here go the inventory numbers, wreak havoc in the oil markets again. Jackie deangelis is at cnbcs commodities desk with that. Jackie d. . Hey, bill. Crude oil break
Plus shares of nike can climbing 6 . New science of a coming trade war. The Trump Administration reportedly near imposing new tar rifs of steel imports. Well dig into the story and the Market Movers on it. As we head into the final trading day of the month the dow and s p each on track for a 7th consecutive positive quarter nasdaq the best performer despite weakness in june also up some 14 that compares to 7 in the s p. 7. 7 for the dow. Its going to be the worse since 2010. 2010. How about that and a lot of it came recently. This week the dollar is down 2 and that was largely driven by the euro shooting higher theres this narrative that the rest of the world is coordinating and i mean the world Central Banks. The ecb, the bank of england, maybe the bank of japan but theyre coordinating the begins of an exit from super easy monetary policy. There was a lot of Central Bank Speak and that is what is being attributed to this rise in global yields that we have seen. Ten year treasury yield
Worst performer is spains ibex 35 and theres wti which i know my partner here will have a lot to talk about he almost always does. It is often a key to this market, down this morning. Lets get to our road map this morning. It starts with the start of amazon shopping holiday, as the rest of retail suffers plus a number of recent ipos that have fallen below the bear syndicate what their pricing was, what it means for the valuations and rest of the companies that want to go pep. Pepsico is out with its results as earnings season begins. Well speak to the companys cfo on set in just a minute. Amazon prime day is under way. The company highlighting deals aimed at enticing customers to become prime subscribers as a number of retailers are coming off a rough day on wall street we were talking about it here before it began. Macys saw shares fall 7 . Best buy was yielding 7. Reports about a geek squad effort at amazon, jcpenney down now in the premarket after announcing the departure of its cfo
Im tyler mathisen. Sue has the evening off. Drama in d. C. Republican effort to the repeal and replace obamacare is dead. So it seems is a plan to repeal it now and replace it later. Three moderate gop senators, susan clinollins said they woul oppose any vote to proceed with an immediate repeal of the law and the president is not happy. Im search disappointed for seven years ive been hearing repeal and replace from congress and ive been hearing it loud and strong. When we finally get a chance to repeal and replace, they dont take advantage of it. Thats disappointing. Im very, i would say, disappointed in what took place. It will go on and well win. Were going to win on taxes. Were going to win on infrastructure and a lot of other things. Health insurance stocks were mostly lower on this new wave of uncertainty. United health care reported a Strong Quarter and bucked the trend. With health care an ever growing part of the u. S. Economy, the collapse of the Health Care Bill was felt in t