Latest Monthly Oil Market report today. Theres a weekly u. S. Oil data due at 10 30 eastern time. Ahead of those reports, weve been watching oil prices. Up this hour, you will see holy cow, below 63 a barrel. Down another dollar. 62. 79 a barrel for wti. Weir watching the trickle down impact of dropping crude prices. The u. S. Energy price are cutting its prediction for next years Energy Prices to the lowest level since 2009. 2. 60 a gallon. If that happens, u. S. Drivers will save 100 billion over the course of the year. Andrew. Thank you, becky. We have to talk about some stocks though watch this morning. Earnings at Toll Brothers missing the mark by 2 cents. But revenue beating the street. Were going to talk to an analyst who covers the Home Builders and were going to do that a bit later this hour. Check out yum brands because its cutting its full year earnings forecast. Its expecting a slower than expected recovery in china. Recovery still trying to bounce back from a food safety s
Tens of thousands of fans are in the final hours of the front. And ann that heart pounding music is still going on behind us about three blocks or so. Police tell us that there were 100 noise complaints. Today that number is down to 10. Even the people around here got used to it or they turned down the music, but not by much. A stream of 20 somethings, they wait in long lines to take in the music and blow off some steam. Turn it up in there about where they could find it. I promise you, you know, how rapid hip hop is. This will be the next step. Reporter this is video from inside the venue beyond wonderland, featuring and attracting sneerly 50,000 mostly attracting nearly 50,000 young people. You can do whatever you want. Nobody judges anybody. So its pretty cool. Reporter these are some of the closest homes to the rays about ten blocks away. You can easily hear the music. They tell me was much worse last they tell me it was much worse last night. Ive never heard it that loud before. R
And also coming up, we will be looking at mexicos economy and efforts to keep inflation under control, and we will be taking a look at europes fracking industry and how it is struggling to get on track. Lets check with philip yen, who is at the white house with the latest on Janet Yellens nomination. The big story is janet yellen nominated as the next chairwoman to replace ben bernanke. She wasnt the first choice, but she seems like a safe choice. That may be just what the president needs. Larry summers bowed out of consideration for the post. President obama announced his nominee for chairman of the u. S. Reserves. Janet yellen. The nomination comes as the Federal Reserve is considering how and when to ees economic stimulus policies went to ees economic stimulus policies. She is expected to keep Interest Rates low for the immediate future despite fears the feds policy may lead to immediate inflation. We can make sure it is in check and does not undermine the benefits of a growing econ
She will be with us live. Sue is out, but simon is in at the new york stock exchange, simon. Yes, weve lost 17,000 on the dow. Only six members are in positive territory. It is the credit card manufacturers, although the credit card players and indeed the insurers that are leading the freight down. Visa of course guidance, very poor, and thats a real problem for the Dow Jones Industrial average right now. I want to turn to crude, past 11 00, we saw spike in brent. Moving to the juch side, this is probably related to ukrainian issues. Mr. Van rump, the president of the European Council is backing the idea of additional sanctions against russia, but that is not been confirmed. They have not signed off on that, that is whats moving things. Also some reports that russia may be providing heavier weapon systems to separatists, thats floating out there as a concern. At any point, brent moving up the s p 500 on that news, a little after 11 00. As you can see moved to the downside. Since come o
Them. Every major american automaker reported sales that were way above estimates and if this keeps up, the industry is on track to sell nearly 17 million vehicles this year. It hasnt seen that many since 2005. Now, the gains were across the board, chrysler sales up 17 , it was helped by surging demand for jeeps. General motors rose 13 . And thats despite recalling millions of cars. And ford had its best may in a decade. Sales were up 3 . Investors likeded what they saw. Gm shares rose more than 1 . Ford also higher today. Phil lebeau has more on why sales were red hot in may and look ahead to how the summer is shaping up for the automakers. A big day for the Auto Industry, as most of the major automakers reported may sales that were much better than expected. Depending on the automaker, they beat street estimates by between 2 and 6 . And a couple of storylines stand out. First of all, recalls, particularly at General Motors are not keeping people out of the show room. Gm, in particula