Closely. Crude is back below 37. There hasnt been a rate hike since 06. That decision will come out at 2 00 p. M. Eastern time. Chair yellen scheduled to hold a News Conference a half hour later. Cnbc will bring you complete coverage of the big fed event. Reminders of where we were on pop culture on june 29, 2006. Its been a long journey. Its been a long journey this year as we agonized about whether or not they would raise rates. During the course of that year, the stock market is basically more or less where we started. The tenyear treasury is basically, after this back and forth during the course of the year, basically back where we started. The big mover is the dollar index. The euro down 9 . Thats partly you what see in the corporate earnings. You do have oil down sharply. You have the junk bond market reeling despite the fact that Interest Rates have been so low, we have seen record high yield issuance this year again, emerging markets are weak again. Weve been asking the questio
Our road map begins with a 13 million merger. Well bring you the latest, rubbermade buying jarden. And loeb versus dow, what does the cope have to say . We have the story. And an apple bombshell the first ever decline in iphone sales. Futures volatile here, oil prices as we said fell below 35 for the First Time Since february of 2009. In the mean thyme, cheniere replacing their ceo. And in another management shake up, david barce is out at third avenue management after the collapse of their junk bond firm. A story that is likely to repeat. I wont over their portfolio last night. There is two issues. One is it is a mutual fund, youre supposed to get your money back. That is what jarred people. Second, i think i may have found the worlds worst investor. I looked at 55 issues they had. There was four that i would think are of some value. How does that happen . Youre an idiot. You know energy names and its not just energy. Other than health care, they really just decided if you set out to
Watch for and wait and see. President hollande did not hesitate at all before rushing into the oel office meeting. As you mentioned, president obama had nothing to say as they were beginning their session deferring until this News Conference in about 30 minutes. Well see you in about 30 minutes, if not before. Thank you for that, john harwood at the white house. Of course, the Market Reaction to this morning to you. You obviously could, and were right back in the days lows. Reassessing whats going on. There are reports that its not just the turkey situation that ukraine is starting to build up again. Reports that they are shutting off the electricity to the crimea and that russia wra is, of course, cutting off natural gas to the ukraines. We have geopolitics on several fronts, and we want to find out what is the fate of the pilot. The worst possible thing to be if he were to fall into the hands of isis. Why is it worth only half a percent so far . Because its an unfolding story. People
Markets typically respond to rate hikes and whether this time will be any different. Obviously weve heard how the playbook usually goes in this time. Look, the fest rate hike usually is absorbed okay by the stock market. Theres that old saying, you know, three steps and a stumble or three jumps and a stumble. I have been focussing on the fact that in general were farther along in economic and the market cycles than we typically are when we get to the first rate hike like so many others things. This element of this cycle is different. You have Profit Margins that have already been higher and profits have been falling for companies. Obviously stocks are somewhat more expensive. Were actually down a couple of . I hi a lot of this kind of fouls the picture a little bit in terms of whether history can be a decent guide as to how the markets deal with this. You make the point that unless some if no immediate rupture occurs, posthike, you might see some buyers come in and you decide the water
Into the close here. The action really occurred overnight. 9 00 we got word about Nuclear Tests by the North Koreans, and we also got word that china said its currency fix lower. I think that was a major factor. Modest expansion and new lows. Almost 200 at the nyse. Havent seen that in a while. The autonation ceo talking about the dealership. Thats a new low for autonation. The carmakers are being affected by that announcement as well. Whats holding up . This is looking a like 2015. Those old consumer names that did so well, the rentals and the conagras and the tysons and dr. Pepper, theyre the ones, again, fractionally on the positive side. Gold subpoena, and i do want to point out that while the Spider Gold Trust is on a fiveyear decline, the volume is fairly heavy today. Much heavier than normal. Twice the normal volume. Even though it may not be moving that much, guys, the volume interest is very high. All right, bob. Thank you very much. Bob pasani on the floor. More on north kore