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 ten-year 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 3g s co-founder is a good friend and he plans to see lemann next month. he also plans to attend lemann s 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 under-performance. 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 i
and a $29 billion super market merger. both big sales in the u.s. what happened to the done deal in greece? the proposals being rejected. and boeing names a new ceo. mcnerney stepping down and will become chairman. and netflix is poised to offer at a high. the shares have doubled in price so far this year due to begin striding on the post split price on july 15th and it s been noted the single best gainer of the s&p for the year by far. look it s doing a lot right. an interesting note to give a sense of where they are from dbr saying if you netflix is on pace to have a larger network audience than all the networks together. people say what do you do with the split in apple when they split happened to be a company with an unbelievable earnings. five days later it was at $84. here there s no earnings announcement. this is all optics. people say how about if i wait until after. that s a similar situation to apple. that s a good analog. apple when it began to split th
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 yellen s 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
and welcome to power lunch. i m 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. we re seeing the biggest one-day 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 that s airline index on pace for fifth straight down day. michelle. i m michelle caruso-cabrera. thanks, melissa. here s 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. that s 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. that s 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 inc
seeing signs of deflation and why the fed should not be hiking rates right now despite what was said today. we ll get the case in a little bit. let s start with the sell-off. 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. we re due for volatility. we re reminded, hey, the markets aren t 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. that s why you see stocks like y rio tinto down. what else do you do? you buy volatility. so every