Expected to move to trial, the phase one china trade deal expected to be signed at the white house this morning top trump economic adviser larry kudlow joins us first cnbc this hour. And financials are in focus, bank of america beats for the quarter, goldman hampered by litigation charges target shares are plunging. Holiday sales miss on estimates on weakness and toys and electronics. The u. S. china phase one trade deal said to be signed this morning this is what secretary mnuchin said about the agreement earlier this morning on squawk. We need to put together very significant laws to change rules and regulations and made strong commitments to our companies there will not be forced Technology Going forward thats a big win for our technology companies, businesses and American Workers we look forward to learning more in the wake of this signing. Jim, mnuchins appearance this morning brought us something new, the notion of phase 2a, phase 2b, phase 2c, so stories evolving rapidly i think
And that, weve taken 40 seconds out of the next show, but since i cohost the next show, i took it from myself, contessa its paying peter, robbing peter to pay paul. Whats new at 2 00 stocks sitting just below record highs. Bank of america says theres no euphoria in this market. Thats a good thing. Plus boeing soaring on reports that Warren Buffett is jumping into the game, but theres one bearish analyst who says sell this stock hell be here to make this case. Later, Oil Prices Rising as tensions in the middle east ratchet up are higher prices here to stay well hear from the ceo of marathon oil power lunch starts right now the dow off the lows of the day but still down b about. 40 . The s p in the red as well down a quarter of a percent look at the north ameriasdaq in stocks check out micron and western digital. Theyre surging after cowen says both of these stocks as a buy. Micron up almost 8 , tyler the markets largely shaking off concerns about iran instead focusing on hopes for earni
Well tell you what it is and what to expect in the new decade but first its the final countdown cool. The whole show lousy song yeah . Its a miserable song right up there with the eye of the tiger which is one of the five worst songs of all time. Great movie. The movie it was in jordans bulls were introduced to this song the other night, werent they . Good memories for me. Okay. Well, it is the final countdown nonetheless, guy, whether you like it or not its the final countdown theres one trading day left before we ring in the new year and a new decade and its looking to be an ugly end to the year with stocks posting the biggest losses in four weeks so should you hold off on popping the bubbly or was today just a minor blip i think its a minor blip i thought the market was going to go down since september i said it earlier that december is going to be at best a choppy month but at worst a volatile month. Didnt pan out that way. Look, i do think that things have gotten ahead of themselv
Lets look at where we stand in the markets the dow hitting a new high up 117 points the s p and nasdaq all in record territory. Earnings are driving the market highs its getting rewarded. Bob is at the New York Stock Exchange with more were at new highs because the market has successfully rotated into former out of favor sectors. Im talking about cyclicals. Whatever happened to the Global Economic slowdown. Those are the two classic cyclicals on a global level. Communication services are Media Companies also doing well. Even bank stocks doing well as the yields curve has steepened in the last month. Its not just here in the u. S. I think a lot of people were surprised to find that europe is moving up. We had new highs in italy and germany and france theres your european etf. A lot of this is because the bank stocks have turned around italy, germany and france even japan at eight week highs. A little bit of this is about trade optimism a lot of people believe that will help the global e
Cutore than half of the kingdoms output and it sparked fears of a Global Supply crunch. Th result was t biggest oneday gain for domestic crude prices in almost 11 years. They rose 15 after having been h as m 20 . And the shock rippled through reher markets as well. It sent s of exxon mobil and chevronigher making them two of the best performing stocks in the dow today. Refiners took a hitecau many depend on saudi arabias distinct heavyru and off shore oil drillers rose. Oil stocks fell on concernsab t higher fuel costs. Cruise lines came under pressure for fear that the price spike could become a drag on their earnings as well. So what happens next . Thats the question many areas ng and one that sema mody sent out to answer. Repter the attacks on a Saudi Oil Production facilities are unprecedented in the global oil industry. 5. 7 Million Barrels of daily Oil Production were knocked offline, roughly5 of the daily oil prodtion. This is theargest single day disruption of oil supply. This