Providing relief for investors on the idea that u. S. Inventories are not going to keep building in the way they have. We are seeing a bullish reaction for oil, up 2. 5 . Lets take a look at what this looks like on the week. This is a great chart we have, although it is an updated but this is a weekly bart chart in terms of the inventories, the bills and drawdowns. We will have a relatively large draw down here, going right below that line. One of the bigger drawdowns we have seen. A bullish report for oil. Lets take a look at the majors. , letsllish oil report see if it has had a positive effect on stocks. Not so much. , the00, the dow and nasdaq nasdaq down nearly. 9. The tech pullback that started june 9, the last time the nasdaq put in an alltime high, continues, with the nasdaq down nearly 4 from that record high. Piece oftant technology, facebook, amazon, alphabet, all the big internet ames, yesterday, we saw relief rally. The sector is down 7 since then i stuck with the day high
Equities are faring right now. What is start. Three days of declines for the european benchmarks, shares rallying today. These currencies falling against the dollar, but yields are down commodities. It has been a data rich day today. Growth accelerating, were talking about pmsi for the first time pmsi for the first time in 3 months. 55. 1 veruss revised 54. 2. Companies reporting that export orders, which climbed to the second highest reading since record again in 1992, boosted by the Sterling Exchange rate as well as Stronger Economic growth in the eurozone, north america, and asiapacific region. The domestic market also contributing to order. It is a weaker level than earlier this year. Manufacturing accounts for 1 10 of the u. K. Economy. The economy chugging along,. 6 rate, a sign the economy is delivering at a robust rate. Weve got a host of figures showing its a robust recovery from Economic Confidence to joblessness to manufacturing, signaling this recovery, gaining steam underp
All year long. That is a rally of energy and materials. This was called the dash for trash trade. Is it now the Global Recovery trade. Its the global reflation trade. Whether it means the worlds okay or not, i think are two different questions. Whether these things were oversold or not is part of the story. The fact that i think commodities have put their bottom end, and thats im not going to hedge it saying it depends on what the dollar does. We come to a place where a lot of supplies have been taken offline. Youve taken a lot of supply in the oil space. Youve got bankruptcies. Places that things that people wanted to see you have the ridge count numbers, doha collapsed, and here you have oil. I think its telling you that were in a place where a lot of the trades are getting back to a place where i think youre starting to see a bottom. It doesnt mean that the world is a whole lot better. In the case of volatility these are still names, folks, you better be very careful. These are name
Changing of the guard and apple is no longer the company, move over apple. Its varney company, about to begin. Youre as cold as ice yet again, the producers get the music just right. Its as cold as ice, yes, it is for some retailers. Were calling it a fullblown ice age and weve got two new victims today. Look at this, j. C. Penney losing money and that stocks going to open way, way down at the opening bell, well, that would be 10 . If loses 70 cent a share. And nordstrom, that stock is going to be hammered, thats another what, 10 , maybe more than that for nordstrom down. Retailers are in trouble, give me the reasons. Start with you, ash. Ashley people arent spending and if they are spending theyre going increasingly online. Where does it leave the j. C. Penney, kohls, nordstrom, back in the stores . Liz. Consumer spending has cut half a trillion dollars, and what were seeing is Sports Authority going bankrupt. Aeropostale, Credit Rating cut to junk, macys, kohls, basically macys ceo s
Good morning. Welcome to Worldwide Exchange on cnbc. Im sara eisen. Im wilfred frost. A very good morning from me as well. Sara, do you like to hang out with me or the nbas mvp . As much as i missed you, sitting with steph curry you havent finished it yet. A little bit better. For this market, theres no one i would rather be with than you to talk about it. Especially after the action on friday. A small win but ill take it. You know i missed you. Well look at futures. The selling is continuing after the brutal session on friday that put a halt to the summer calm. 2 decline for the major averages. And futures are lower by a large amount again this morning. Dow futures down 134. S p futures down 17. Nasdaq futures down 45. This follows overseas selling in reaction to what we saw on wall street on friday. Lets just show you the percentage change in futures this morning for a change just to show you how dramatic the selling has been after 43 days of no plus or minus moves of 1 for the major