seemingly more stable usa. but on greece markets now well off their lows. mary thompson what are people saying down there? while we are off the lows as you pointed out, don t get too excited and think that we re past the worst of it we are not. the dow was down 166 points at the worse www.point. right now we re down about 30. vix which popped up 10% at the open is now only fractionally higher after pulling back. this that is a fear index we watch here at the new york stock exchange. the story remains the same. we are seeing a bid in gold a bid in the dollar and we re seeing a bid in bonds today. again, the concerns about greece continue to be at the forefront of traders minds but again they are waiting to see what happens tomorrow and throughout the rest of the week. china is also a concern and weighing on the markets. you can see that reflected in some of the weakness we are seeing in the energy sector down on concerns about a couple of things. of course we had a higher
bazos. chairs of intrexon down. the company ceo will join us live to respond on the back of their earnings, too. that s coming up. let s get to what s behind this selloff. mike santolli joins us. there was nothing too specific in terms of news but all day the markets traded a bit heavy. i think you want to point to the flattening of the treasury yield curve. rick santelli has been talking about all day. two-year yield is up. longer terms are down. that s a slow growth signal. also a signal the market is sniffing out the strong retail sales data along with the good jolt of employment data this week maybe puts the fed back in play. fed speakers have been trying to focus the market on two more fed rate hikes later this year. meantime, the market doesn t feel as though the growth picture is all that strong. maybe that s what we can infer. that s hurting financials. you mentioned, bill, the staples were one of the losing groups today. that s an overbought sector. people have
civil suit. the justice department dropping its two-year effort. we ve got the details on that coming up. meantime, amazon is making a big bet on its echo device called alexa. all the alexas answering out there, people listening in. they re looking to make it a $1 billion business. will increasing competition from apple and google get in its way. that s something we ll look at coming up here. plus, the end of an era. the partnership between american express and costco will officially end on monday. we ve got new details on how american express is looking to address the losses. what citigroup and visa are planning next. let s start with the concerns over next week s uk vote whether to leave the european union. will fred front is about to head over to london for coverage of that big event. before you leave, though, will, give us the latest. thanks very much. campaigning on both sides of the brexit debate was postponed today following that fatal shooting of labor party,
the fed chair said. thanks, brian. janet yellen reinforcing her cautious for the u.s. economy and emphasized the uncertainty of the brexit vote this thursday and the recent slowdown in u.s. job growth and global economic weakness. a uk vote to exit the european union could have significant economic repercussions. for all of these reasons the committee is closely monitoring global economic and financial developments and their implications for domestic economic activity, labor markets and inflation. she said the fed is prepared to act depending upon the economic impact they assess. longer term they are optimistic the u.s. economy will overcome the challenges. scott wapner asked senate bank committee chairman if yellen is doing a good job? she s cautious and she should be cautious, but she should know what she s doing. i m not sure the fed knows what they are doing. as for what they seem to be doing now, the big takeaway from yellen s testimony, it suggests a chair tha
coming your way. but let s kick things off with the aforementioned michelle caruso-cabrera live in cleveland. michelle. hey, tyler. another newsy day. we ve had news break in just the last half hour that the trump employee who helped write melania trump s speech, well, that person has accepted responsibility for the similarities to michelle obama s 2008 speech john harwood s going to join us with all the details. big night, senator ted cruz, one-time presidential hopeful expected to speak. what s he going to say after trump called him lying ted in the primary? and then of course the headliner is indiana governor mike pence who has the spot of v.p. on the ticket as senator marco rubio, it s going to be a big, big night. let s get details on speechgate. john harwood is on the floor. john. michelle, it s very interesting. this is an expla thags that the trump campaign could have offered yesterday but chose not to. instead the campaign chairman paul manafort came out and said