Closing down by 0. 4 the hang seng was off by 1. 1 . Then the shanghai was down by almost 0. 9 . In europe it looks like, again, a modest decline dax and the cac are relatively flat ftse down by 0. 2 . Italy and spain down by 0. 3 and 0. 4 if you check out the treasury market, you will see the tenyear right now looks to be yielding about 2. 019 . We do have breaking news on Warren Buffett he is denying reports of tensions between him and 3g capital and kraft heinz. Buffett said 3gs cofounder is a good friend and he plans to see lemann next month. He also plans to attend lemanns 80th Birthday Party in august. The report has been out about tensions between them. Buffett also expressed support for the ceo of kraft heinz reports of the tensions may have been sparked by kraft heinz underperformance. That stock down by 50 buffett says right now the biggest problem facing kraft heinz is that heinz overpaid when merging with kraft back in july of 2015 he said he paid too much and it will take
Markets, the commodities index up 1. 1 . Another rocky day. We got off to a remarkable start, momentum on the lead start lead side in the u. K. Reasons to be agitated and then with this rally. Scarlet it was really confusing by the markets were making of Janet Yellens today. It really caps on what we saw, the moment that hearst each was released to the press we saw the dow moves right at 12 30 but then it recovered some of its games and it picked up a little bit of downside into the close. Nonetheless a stark reversal from what we saw from bank stocks on friday when they got totally pummeled. Part of the reason indexes were holding up to do with oil at its highest level since july of 2015 , helping only oil and natural gas guys, especially transocean and halliburton, at its highest level in a year. These oil services got only wrecked. It of course makes sense that they would rally is oil did. Scarlet looking at currencies, investors on friday sent the japanese currency to its biggest r
And welcome to power lunch. Im melissa lee. All three major averages at session lows right now. S p 500 down almost 1 . The nasdaq the biggest loser of the three major indices. Were seeing the biggest oneday losses in fact in more than a month. And keeping an eye on the airlines, they are down big being led lower today by delta and thats Airline Index on pace for fifth straight down day. Michelle. Im michelle carusocabrera. Thanks, melissa. Heres what else is happening at this hour. Americans made more and spent more in june. The government reporting a 0. 4 increase in Consumer Spending. Thats the Third Straight monthly increase. Personal income up 0. 2 . The centers for Disease Control awarding 16 million to u. S. States and territories to fight zika. Thats in addition to 25 million in funds at the cdc awarded a month ago. And u. S. Automakers weighing in with disappointing results. All but toyota falling short of expectation. Fiat chrysler did manage a small increase in sales however
Seeing signs of deflation and why the fed should not be hiking rates right now despite what was said today. Well get the case in a little bit. Lets start with the selloff. Bob pisani is tracking the action here on the floor of the new york stock exchange. Bob . Finally volatility. About sometime. Six weeks, a slow market overall. Last time the dow moved 1 , july 8th. Were due for volatility. Were reminded, hey, the markets arent positioned for a possibility of a september rate hike. What will you do . Sell Interest Rate sensitive stocks. Utilities market leaders all year. What else do you do . Might play a steepening yield curve and why financials might be improving. You can bet Insurance Companies of met life and prudential have happy. They had a miserable time in this environment. You bid up the dollar. That puts pressures on commodities and why they have been weak today. Thats why you see stocks like y rio tinto down. What else do you do . You buy volatility. So everybody who wants
Lets see where we are on that. 1. 977. Geez. Thats the worst performing asset. Japans tenyear yield because you didnt ask. Theres wti. Of course, the deth th the key market lets get to our roadmap this morning. It starts with politics. Big nights for Hillary Clinton and donald trump. Senator rubio drops out. A new political football. A Supreme Court pick is coming this morning from president obama. Confidence valeants stock cut in half. A very bad day for ackman, sequoia. Chipotle falling again. The sales were worse in february and the company sees a loss in the First Quarter. Were certainly going to hear from jim on that one. First were hours away from the feds latest Interest Rate decision. Policy makers expect to hold steady this time around. The decision will come at 2 00 p. M. Eastern. Fed chair Janet Yellens News Conference will begin 30 minutes later. Of course, you saw steve laceman on squawk box. You know, i looked at. Peter put a note out this morning. He comes on with san te