Oil inventories tonight. The market, futures higher as stocks break their losing streak glimmers of a plan macys adds a Top Executive and announces a further restructuring, how the new ceo is talking about those changes. Forecast in decline in teen anl u usage. Stocks are poised to open higher playing a big role politico, jim, says the big six as they call them, has a lot more than they had in july when it was just six paragraphs. I thought mcconnell saying there is going to be a debt ceiling not an issue was really important. And i think that can be an underpinning for a potential rally, given the fact that until he said that, i think that it was just well cast there may be organizational principles here. Im not saying that i think anything can get done necessarily on taxes im also saying were not going to suffer from a debt downgrader. You believe mcconnell i do. I think mcconnell is trustworthy on this issue. I really do. I know im out there on that. Politico at the same time as a p
Today. Right now the storm is over pennsylvania. Torrential rain and in some places, blizzard conditions. Here is the big picture as best we know it. 67 in the caribbean. Close to 8 million customers in 15 states and the District Of Columbia have no electricity. Spent last night in red cross operated shelters. This may be the worst storm ever to hit new york city. One of the Biggest Challenges is where the massive subway system is shut down, tunnels and stations are filled with high water. No idea when the trains will be running again. This is a difficult situation. Take a look at laguardia airport. The runways are submerged and levels were so high they reached the jet lanes where people usually walk on to the planes. An entire neighborhood is destroyed by fire. At least 80 homes burned to the ground in the new york burro of queens. This is an awful image. People are going through hell right now. Tell us about it. You know, they really are. About 80 homes, the fire official telling us
People thought. The worst market overall was there, unfrozen that you can get a sense of things. Theres a look at europe. Again, the losses not particularly substantial given that move down in crude. In asia is where things were a bit tougher overnight, japan in particular with that stronger yen suffered a more than 3 decline. Lets get back here and start with our road map. And where does it start . Well, where youd expect, oil prices are down after the failed doha deal. Were going to take you there live and bring you the latest. Morgan stanley shares getting a boost from what was a better than expected quarter this morning, although not great. Well give you everything you need to know about that report. And we are also live with pepsis cfo, hugh johnston. Were going to talk about this companys earnings plus his new seat on twitters board of directors. All right. Lets start with oil. You were talking of course the squawk gang about it is its the key to this market im going to say this
Inefficient system. There were, i think, a couple of months ago somebody looked at the Baltimore City jail and found that there were over 100 people there who were incarcerated for awaiting trial because they couldnt make bond of 100. The money bail system discriminates against poor people. It fails to take into account the most important criteria, the most important things we want to know when thinking about deta detaining somebody before trial, is the person likely to show up for trial, number within. Number two, is the person going to offend while he and i say he advisedly, its almost always he while he gets bail. What the Arnold Foundation has done great work, Excellent Way of using data, big data. Looked at over 1. 5 million cases and trieded to determine what would be priedictive of whether somebody vee late or offend out on bail and show up for trial. And the factors arent what you might intuitively think what judges think. Well, he lives with his mother, sure hes going to show
The nasdaq off by 11. Take a look at at asia. Nikkei was down by a quarter percent. And the shanghai composite down by 2. 8 . In europe. Same trend weve seen. The dax is down about half a percent. The cac close to 1 . Ftsi down. 7 . And crude oil, wti is down slightly, at 44. 12. I dont think the market is ever going to go up until it stops raining. And it is 50 and raining for like the day in a row here. Only been five . Yeah and. Probably use some rain. These guys could use some. This is a worse story. Developing wild fire out of canada this morning. Officials warning the fires could spread even more because conditions are still tinder dry. At least 88,000 people have already been evacuated and more than 1600s and buildings destroyed. The fires could lead to 9 billion in insurance cost. In an area with the Third Largest oil reserves in the world and estimates suggest production cuts could wipe out canadas growth in the Second Quarter entirely. That is a big story. Also, stocks to wat