Would it be a mistake right now . And we do expect big news from tesla during power lunch. It could move the stock. Mandy is off today but were happy to have melissa lee join us from the nasdaq. Well get down to her in just a moment. We begin with the big story on the American Housing market. Some really bullish new data but how bullish are they really . Diana olick in washington with the startling numbers. Di . Reporter well, tyler, its bullish depending on your take. Home construction took a big leap in june up nearly 10 from may but it was all driven by the multifamily apartment side. Renter nation rocks on. Singlefamily Housing Starts were down just under 1 in june from may, up 10 from a year ago but thats not really saying much given where we were a year ago. Multifamily is where the party is at. Starts up nearly 29 for the month, up 55 from a year ago. Thats where the good news is because weve been talking so much about skyhigh rents. More supply should help to ease that burden f
And nasdaq all higher. Were close to session highs. So with yesterdays big recovery and todays big rally, is a panic selling nearing an end . Joining us is paul hickey of bespoken investment group. Good to have you with us. What is your take on how this market feels at this point . Obviously an up day is welcome after several down days in a row. This market, the day to day moves are more fickle than a 4yearold. So we get big up moves, big down moves. So i wouldnt read too much into this right here at this point. It is just again, welcome, we have been getting killed all week. Still down for the week. Yes, still down for the week and still down considerably on the year, no matter how many no matter what measure you look at. What signs are you looking for that would mean we have hit bottom . Anything that rings the bell for you . I wouldnt say there is any necessarily bellringer, but, you know, some of the if you want to look for encouraging signs now, you have sentiment measures are ver
Thanks very much. We have a puzzle here. I have the rapid update of gdp in the Fourth Quarter but the data which leads to a downgrade also makes economists optimistic. Here is the data. Q4 tracking 2 . That is down 0. 3 because of the data this morning. Q3 gdp 2. 1 . Thats tracking right now. Here is the Fourth Quarter outlook. Bank of tokyo mitsubishi at the high end at 2. 8 . Goldman sachs, barclays at 2 . Atlanta fed gdp, 1. 8 . Morgan stanley at 0. 9 . Here is the data that brought down the growth forecast despite the down grades though some see reasons for optimism for the Holiday Shopping season. Jobless claims ticking down 12,000 to 260,000. Thats back in that low range weve had before making people optimistic about consumers have jobs for the Holiday Season. Durable goods up better than expected, 3 , and here is the big numbers here. Personal income up 0. 4 but spending doesnt keep pace. Up just 0. 1 which can only mean one thing. The savings rate ticks up. 5. 6 . So whats the
Better performing housing sector . We well, it really feels like a santa claus rally is getting under way. Stocks are up for a third day. As we stand, lets take a look at the numbers. The dow is currently sitting at 17,559. It is not break even get for the year but it is up. The s p 500 is one point in the green for the year. Its crossed over that break even line so many times. Were rich, were rich, were rich. I never thought santa was going to come, and i still believe in santa. Oil soaring. New data showing a big drop in inventories. Crude up more than 4 , about 3. 9 for west texas. Highest levels in more than a week. Gasoline up 5 tracking for its biggest oneday gain since last november. Well, as for chipotle, those shares are edging higher this hour by 0. 2 , but the embattled mexican fast food chain has been taking drastic steps as the restaurants try to contain the e. Coli crisis. Morgan brennan has more details on this. What are they doing . On the heels of the outbreak that sic
It is cubist pharmaceuticals. Merck buying the company. Meg terrell was ahead of the story on friday telling us a deal was in the works. She is in San Francisco at one of the biggest cancer meetings of the year and scored a live interview with mercks ceo. Thank you so much. Lets bring in ken frazier, the ceo of merck. Thank you for joining us. Thank you, meg, for having me. Always good to be on cnbc. Well, so this is a big deal in a space that has been a tough area, antibiotics and a Huge Public Health need. Tell us why this makes sense for merck. Every year in this country about 2 Million People have a form of infection that is resistant to conventional antibiotics. About 23,000 of those people die. So these kinds of infections are critically important in our society. So this is a great opportunity for us because merck has been committed to the field of antibiotic research for 70 years. And cubist has also been a leader in this area bringing forward novel antibiotics that can be usefu