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Us oh wait. Covers the Banking Industry well was here. That works too. Well get to that in a little bit. We begin in washington with the rhetoric about a Government Shutdown how much time do we have at this point . Well Government Shutdown by the end of the september if they dont pass spending bills. We got a slightly different take between last night and today between the president of the United States and the speaker of the house. Listen to the president last night at a rally in phoenix talking about the possibility of a Government Shutdown if he doesnt get funding for a border wall build that wall now the obstructionist democrats would like us not to do it, but believe me, we have to close do ....
News for twitter. We start off with the retail getting dragged down. Trump euphoria, colder weather, it should ben nirvana for these guys. Until we get tax clarity, is this group suddenly a notouch, guy . I think it is. We get a lot wrong, this one i think we all got collectively ride. Nordstroms, for example, this stock had a tremendous run up to 60 in november. We talked about it and said, the run in nordstroms, too much, too fast, all the shorts have gotten forward. At 20 times forward earnings, theres no way the stock should be there. We stayeaid, look for a pull ba. All this summer, 48 1 2. Magically, here we are. I dont think you can go out and buy it on this level, but at least valuationwise it makes a little more sense than it did even two weeks ago. You had two things today that hit these retailers. You had personal income come out, which was essentially flat. Its been decelerating since 2014. You also had an mpd group report out saying holiday sales were running 4 below last ....
We will have more details. Everybody seems to be cutting prices. Wireless carriers, online brokerages, but costco is going the other direction and raising its membership fee. Investors not exactly happy about that. Stock is down 4 right now. We have both signs of whether todays drop is a buying opportunity for investors. Thats all coming up here. And making work cool again. Mike row, the former host of dirty jobs testified to congress about the importance of blue collar ones. He will join us live to discuss closing that gap. I always liked mike. Very nice man. Start with our interview with wilbur ross on squawk. Hope you saw it. Kayla tausche has highlights for us. It was a wideranging conversation, but much of it focused on trade because secretary ross said that the president has trade top of mind for what ross will be doing over the next four years. Getting rid of both tariff and what he calls nontariff barriers to trade. They sort of took a trip around the globe and explored the cas ....
Year. But keep in mind we are still about 20 lower than where we were one year ago. The question, of course, now is where do we go from here . Lets bring in our all star oil panel now. Lima croft of Rbc Capital Markets and john. Two things, number one, you called this nigeria thing back on january 27th. Yes. Congratulations. Thank you. Is the output cut thats happening in nigeria enough to sustain higher prices long term or just short term activity . One thing about nigeria is we had supply outages in the past and they lasted a long time. What i keep telling clients is if nigeria goes off line, its sticky. Theyre intent on shutting down production and they have the capacity to do. So its the biggest upside ris nkt oil market. Is there any other sector where you have a group called the avengers having an impact . This is what theyre calling themselves. Its really a men take two. There was a group that kidnapped oil workers, sh ....
And weigh on an already struggling global economy. It crept into the market yesterday and remained there today, pushing the s p 500 into negative territory for the year. By the close, the Dow Jones Industrial average fell 91 points to 17,435. It had been down nearly 200. The nasdaq was up 26, the s p 500 lost 7. Domenic chu has more on todays slide. A fresh round of worries crept back in the markets as traders continue to digest headlines from the Federal Reserve and key Earnings Reports. The weakness comes a day after the fed left the door open for a possible Interest Rate increase next month and earlier today new york Federal Reserve president bill dudley reiterated the same stance. Im convinced my ow ....