Theyre all smiling, thats good. Okay. Silence from the right. [laughter] in fact, in the middle of this blizzard, i want to bring you something positive and ive got it for you, here it is. Another indication an optimism is absolutely soaring. Its the wells fargo gallop index and shows the biggest jump in yes. Small business has not been this bullish in a decade. All right. Contrast that with this, with the overwhelmingly negative political headlines that you think the world is about to end. Look at that, please. Stocks will open lower, not that much, down 50odd points, not just of the political turmoil. And were about what, 200 points from the alltime high. So, welcome, everyone. Hope you are warm and comfortable, wherever you are. We have a show for you and youve got to love it. Varney company is about to begin. Riding the storm out riding the storm out the storm out . Thats a good song. Stuart thats Reo Speedwagon im informed. You didnt know. Liz no. Stuart youre looking at new york
Bottle. We seem to like to talk a lot about alcohol on this program. Lets head to the markets desk where julie hyman has the latest on that. I dont want to speculate why. Julie i think its obvious although im disappointed if it is 35 grant a bottle, we will probably not get a taste test. Lets take a look at whats going on with averages. A pullback here after a big update for stocks yesterday. We are seeing selling despite what was largely a morning of stronger than estimated economic news. Even Industrial Production came in better than had been estimated but that is not helping stocks. The imap for the groups on the move, Consumer Staples pulling back the most today along with health care shares. Consumer discretionary lower. Ofrgy industrials are kind limiting losses we might otherwise be seeing overall. I did want to talk more about home depot. Is it a bright spot in retail . Not if you go by what the shares are doing. They are pulling back. On the one hand, home depot did come in ab
Continue to cost another three decades. Stock markets open low and are still trading to the downside. The best of the bunch down 0. 3 . Down about 1. 5 . Nicole animation starts, the nikkei down 1. 8 . Korea is crossed the 18 lower. Lauren a dramatic slide down again today almost another half of a percent. 46. 40 a barrel. Nicole a sad day for the blackberry keyboard punchers. Lauren the wimbledon allstar teams have been announced and the chicago cubs dominate this highlights coming out. Lauren good morning. 5 01 a. M. In new york. July the sixth. Welcome to fbn am, your first look at todays markets, the latest breaking news and what to expect today i had. House Speaker Paul Ryan seen he will not recommend criminal charges against Hillary Clinton underscores the belief that the clintons live above the law. Exclusively on the kelley law last night. We are going to have hearings. He will be calling that james comey. You didnt answer any questions at the press. Theres a lot of Unanswered
I thought it might he boring day. Its not, is it . China is the biggest unknown. In. Et to the stocks tom ian bremmer is coming up with us. Francine heres vonnie. Vonnie good morning. The big crisis between saudi arabia and iran. The settings have cut the automatic relations with iran. They have ordered the iranian ambassadors to leave within 48 hours. Demonstrators protesting the saudi execution of a prominent shiite. Rockedhquake has northern india it had a 67 magnitude it struck a remote area. It may take a while to get through the damage. Fighting is broken up again at an airbase in northern india. The attackers a been described as terrorists. Four of them have dan killed in the gunman crossed over the border from pakistan. Armed Antigovernment Group is occupying the building on a federal wildlife refuge in oregon. It will stay in the building for my takes. They are supporting a rancher and his son who were sent to the prison for arson on federal land. President obama plans to carr
It looks like we might get this morning. All three major averages are now down. Weve had a lot of bouncing around in todays session. If you take a look at my bloomberg terminal we have had pretty much consistency at the top and bottom of these lists. Its just a matter of magnitude. Far,y is now the worst by Health Falling off today with consumer staples, utilities, discretionary stocks, mostly on the leaderboard at the top of the list today. Of course, oil is a big market story, once again selling off, down for the sixth straight session. Taking a look at wti today we have a selloff of more than 5 . At thoseld take a look oil prices . Down 5. 6 at the moment, trading 2003. Latest since late taking a look at oil for the year to date as well you will see a sharp decline, 15. 5 . That number is big by itself, but combined with the fact that oil was down last year, 46 the year before, the magnitude of that is pretty remarkable. Huge. Whats going on here . With illuminated the kleins. Decli