Transcripts For CNBC Worldwide Exchange 20240713 : vimarsana

Transcripts For CNBC Worldwide Exchange 20240713

Matters to the markets an your money. Forget trump and xi and china. A new trade war just started well tell you what it is on this wednesday october 2 as Worldwide Exchange begins right now. Good morning, good after, good evening wherever in the world you are watching maybe you are in australia, the home country of acdc if you live around here, this is a scene in new york. It is dark get ready. It is going to be hot. Right now, it is 5 00 in the morning. It is already 73 degrees it is going to hit 89 or 90 degrees. There is your weather hit. Our first ever lets see how the markets are coming off of yesterdays decidedly cold drop. Not only did we fall, we gave up all of our gains from the Third Quarter in a single day. Futures, as you can see, they are down dow futures are off 139 points right now. Remember something about october. October gets a bad rep it is known as a volatile month and one of the worse per forthiformin months of the year the last few years, october has been relatively strong people think it is nasty but it has been relatively good something to keep in your mind here in bond, yields are coming down. Benchmark deal at 1. 3 yesterday closed that national day holiday. Military parades eunice couldnt open their window there kospi down as well european markets, you see more of a trend a lot of red they are following our markets watch what we do today to see what europe does tomorrow. Lets talk more about the macromarket setup. To our Global Market strategist at jp morgan i dont want to make too little of that manufacturing data but i dont want to make too much of it manufacturing is only 17 of the United States economy. You are going to be paying more attention to the nonmanufacturing or Services Side of the data, correct . Thats true being looing at the data, you saw manufacturing is weak but the service side is holding up along with the consumer. We have seen signs of slow down for the consumer and the component over the Consumer Confidence index that is now at about zero. Now our attention turns from the data in the Service Sector to see whether last month that came in pretty strong the pmi version had been quite a bit weaker it will be interesting to see if that echos the concern and continues to paint the picture of a Healthy Service economy there is a risk it comes down a bit. The level we saw in that survey that it would come down 52 1 2 if we start to see that fall, it raises a few concerns that the story that everyone is pinning their homes on that the consumer side of the economy is holding up you are starting to see a few cracks of that story it has come down about 2. 7 growth i look at the retail sector. Again, not materially impacted by the trade war you see jobs being shed from about last year. Thats what im pretty focused on both on the payrolls report and the nonmanufacturing survey as well there is weakening, there is weak and there is slowing. There are Different Levels there could be a long show down over the years we could hit the break and be in a recession over the next few months do you see a recession in the next year in the United States i think the risks are rising, so in terms of the level, the difference between stalling and falling in the territory, the run ray of payroll growth in a three month average has come down from around 250,000 to around 150,000 at the moment. Historically, the level of which you start with the Recession Risk is to that level. Not yet flashing a warning signal also, if you look at conference boards leading the year on year pace has slowed to only 1 only painting a picture of the economy that is slowing. Only the Manufacturing Sector that is flashing the meaningful warning signal we need to focus on that and see whether that is an isolated concern with the consumer part of the economy. If you get that red warning signal, let us know. Well get you back on the show thank you very much. Big corporate story as well. Another major u. S. Drug maker is settling a series of lawsuit as a part of the effort to avoid a trial. Contessa brewer with more. Johnson johnson has agreed to pay more than 20 million with no admission of liability. The Fourth Company to settle that case is seen as a bellweather for more than 2600 lawsuits saying the settlement allows it to avoid the demands and uncertainty of a trial and recognizes that the Opioid Crisis is a complex challenge. Other companies also settled in august remaini remaining defendants as well in the summer, a judge ordered Johnson Johnson to pay the state of oklahoma for deceptively marketing pain killers interesting to note in the news release, Johnson Johnson said, look, we account for less than 1 of the oxy and opioid prescription we havent marketed some of them since 2008 when they look back, theyll regret that jansen pharmaceuticals. They bought this they look back and think this was a great mistake we made not understanding how this crisis was coming thank you. When we come back, just because its ipo canceled and the ceo stepped down, does not mean the story is over. Facebook is doing its best to keep libra currently from falling into ob livon. And why investors are in for a reality check. Stick around more news this morning in theongoing wework saga after replacing the ceo and shelving the ipo, the company is looking to boost its Balance Sheet and reports of spinning off two more of recent acquisitions called space iq and team also looking to scale back the China Expansion plans. Fich rating down grading wework, cutting Credit Rating to cripple c plus that is deep into what they call junk territory cracks are forming that facebook assembled to build libra. Some who signed on are now considering involvement. Following backlash of those wash dogs nervous from attracting attention. Some have declined facebooks request to publicly support the Digital Currency still on tech, call it the trade war rocking wall street and vesting world that has nothing to do with trade and everything to do with trading. Later, your big number of the day. 25 that is the percent of all condos built in manhattan since 2013 that remain unsold. We are talking autbo it here on Worldwide Exchange. Your employees must love you. Thank you. Ah, you could say that. So how are things with you guys . Great. Thank you. Thank you, sir. Lunch next week . Terrific. Say hi to the team. Will do. Call my office, i will. Sounds good. Alrighty. Servicenow. Works for you. You should be mad at airports. Excuse me, where is gate 87 . You should be mad at nonseasoned travelers. And they took my toothpaste away. And you should be mad at people who take unnecessary risks. How dare you, hes my emotional support snake. But youre not mad, because you have e trade, whose tech helps you understand the risk and reward potential on an options trade its a paste. Its not liquid or a gel. And even explore whatif scenarios. Wheres gate 87 . Dont get mad. Get e trade and start trading today. Trading fees, boxed clothing and gambling the race to the bottom in trading fees td ameritrade. Clients who pay options will now pay 60 cents a contract. The same for Charles Schwab yesterday. Td up. Stitch fix reporting better than expected Fourth Quarter earnings increasing investments in technology the personalized Clothing Service which sends you clothes in a box below an analyst. The stars group and Flutter Entertainment will take advantage of the opening of the u. S. Sports gaming market. Coming up, reports of a Missile Launch a story, youve got to see to believe. A woman crossing a safety barrier going face to face with a lion dont do that. The video coming up. High protein. Low sugar. So good high protein. Low sugar. Mmmm, birthday cake pure protein. Find our coupons in sundays paper. Welcome back and good morning. 5 20 here. 5 21, the temperature is 73 degrees at 5 21. Going up to 96 degrees today in washington, d. C. We have a Great Program tomorrow called capital exchange. Yes, d. C. , im coming your way tonight. Just cool it down a little bit outside our programs, investors continue to follow impeachment talk tracie potts with us now with more from washington a lot of talk going back and forth now between lawmakers on capitol hill and those accusing each other of trying to intimidate others. The Trump Administration trying to slow this inquiry the former ambassador to ukraine will not appear today. As they continue to battle it out. Do you have any comments on the report you were on the call with president zelensky. He accuses those of trying to bully and intimidate the democrats accuse pompeo of obstruction. Well know even more about something we already know a lot about. That something is whether the state department ordered Rudy Giuliani to dig up dirt on biden and the ukraine. Giuliani is under subpoena to produce documents on his contacts in ukraine. Hes hired his own lawyer and told fox he may sue. The members of congress individually for violating constitutional and civil rights and for trying to violate th attorneyclient privilege. The president tweeted the impeachment inquiry is a coupe attempting to take away the power of the people. The president has a prescheduled News Conference on a different topic at the rose garden hell likely be asked about this hes still very focused on identifying that whistleblower who is protected by law. I have a feeling your in stikts are correct he cant avoid tweeting or talking. Cool it down in d. C. For me today. Other headlines including new reports of another Missile Launched by north korea. Phillip mena is in new york city with that and more good morning, there are new reports out of a north korean Missile Launch they say two Ballistic Missiles were fired and one projectile made it into the waters of their exclusive economic zone. This comes after north korea had agreed to resume talks with the u. S. The impeachment inquiry is firing up trumps base raising a whoping 125 million in the Third Quarter to over 300 million double what obama and democrats raised at this point in 2011 for his reelection campaign. File this under lucky to be alive and or what in the world were they thinking a woman who crossed the safety barrier in new york had a Close Encounter with a lion. Lucky for her, the lion kept to himself. The zoo said her actions were unlawful usually the story is someone falling in dont do that. By the way, i love the shirt how was the disco last night pretty good i dig it my next life, im going to be phillip mena im never doing that again. I dont even know what that was. Coming up, dont care about oil and gas . Well you might care about the American Economy well show you how and why a shale slow down could slam the nation hes at it again. The houston Mattress King just made one of the biggest sports bets in American History upbeat music no coverup spray here. Cheaper aerosols can cover up odors in a flowery fog. But febreze air effects eliminates odors. With a 100 natural propellent. It leaves behind a pleasant scent youll love. [deep inhale] freshen up. Dont cover up. Febreze. Red arrows and down markets futures point to a lower market after stocks stumble red flag what the Energy Sector might be telling us now a warning, our Hedge Fund Manager says cutting off capital flows to china may be just the beginning for washington you are watching Worldwide Exchange here on cnbc good morning. Welcome back here at just about 5 30 happy wednesday. Im Brian Sullivan from here at cnbc studios the markets are cold but on the east coast, its going to be hot. 90 in new york, 96 in washington, d. C. It is, by the way, october 73 already in the bigapple and new jersey hot outside. Icy on the markets the dow falling 343 points giving up all the Third Quarter gains. Dow futures given up 180 points. We get a better read as the hours creep on and traders start to fill the desks. Dow futures indicating another lower open october has the represent of being a volatile month and one of the worse performing months october got a bad rep. The last few years, october has been strong. We think october is bad because thats when the 87 crash happened the last few years, october has done well. Buyers came in yields came in yesterday they remain down 1. 63 all these moves in the last 24 hours stem from this u. S. Manufacturing purchasing managering index the ism manufacturing number came in at 47. 8. That is the lowest reading this is a 10year chart. Here in 2019 this is 2009 remember what happened here. Financial collapse, it popped back up, thank you oil and gas you can see that number has been weakening. That number below 50 really freaked people out you have the nonmanufacturing index. Services, that is tomorrow servicing a much larger part of the economy. I can guarantee you, everybody here and everybody in wall street is going to be looking at that number. That number is far more important. If that number confirms this number, watch out. That number brought new attention to the economy we cannot talk about the industrial economy without talking energy you know how weak stocks have been that data has been terrible there playing havoc with the numbers. Looking at shipments to oil and gas on the year. New orders have fallen in recent months that may not sound like a whole lot. Talking hundreds of millions of heavy equipment being made, that matters. That is a twoyear chart in august, weve been down 9 of the last 12 months last year, there were 863 oil rigs in the last year. Last week, 713 much of that drop coming from texas. Drilling rigs in texas have fallen by 111 rigs from a year ago. Each drilling rig is a big, heavy pipefilled piece of machinery. It takes many vendors. Here is the most important thing to remember, in 2008, energy single handedly kept the country from falling into worse depression oil and gas was the only industry to add jobs in the country. Each rig represents 75 workers directly or indirectly we may start to see the slow down on the big daddy on all of the numbers, which is the monthly jobs report. The data sending stocks on the slide yesterday, how are those charts shaping up. One of our favorite guests and a guy who is going to point out despite all of our hoop law of the best nine months, we have only now gotten back to where we were a year ago. Hi, brian absolutely the dow made a high last year tomorrow on october 3, 2018. It was at 26,500 now we are just below that again. The major indices dont go any lower than that. Weve just regained. If you look at the underanther, they are all down about 10, 11, 12 . That divergent market going on i feel like i can editorialize a bit with that swing in the data coming out im sure there were times but i cant remember any times when that data was not ignored but moved the markets that much. It told me the market seems to be the strategy underneath the entire year, we have not rallied on Earnings Growth but on multiple expansion on the expansion of trade on trade optimism. The longer this trade war drags on, the worst the impact will be on the macroeconomic data. We see that globally basically, thats a Global Manufacturing segment building i think the market will be running out of patience shortly this is the first time theyve run on the data. This trade meeting next week on 10th of october is really critical markets want to see measurable process. Manufacturing here is a small part of the economy. How snoornt Services Number tomorrow now at 10 00 a. M. , will be on the Services Number, i imagine the question is, will we see a spillage into the Services Sector Consumer Confidence has slowed down a little bit in recent weeks. If we get something out of this meeting, we have a lot of potential to move higher to the extent that we dont and we get some interim deal, rallies need to continue to be so going into this Fourth Quarter, Consumer Confidence is important to watch well see this with earnings Earnings Growth is negative. It is margin compressions on the side of companies. Well have to see how they react in terms of hiring going into the Fourth Quarter i like that if they do rally, you want to sell those rallies have a great day talk to you soon thanks, brian vaping Industry Leader juul facing a growing threat from rivals now all amid growing regulatory scrutiny our first look at how a recent spike of deaths and injury is reshaping the market juul with 72 of the sales market but has slowed dramatically to 16 over the past few weeks consumers are increasingly turning to juuls competitors. With 2 of the market, they saw its sales grow by 31,000 . Showing customers are looking for options beyond juul. Seeing sales increase by more than 1200 my blu seeing growth slowing Parent Company Imperial Brands lowered guidance saying growth would fall

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