Two weeks. Energy stocks are popping. As a result today, theyre not taking the stock market with it. Well tell you whats behind the move coming up momentarily. And bank of america ceo telling cnbc this morning, the customer looks strong in august. Tell that to some of the Grocery Stores and food distributors like supervalu, which is getting smacked today. After the bell, the ceo of allergan will explain why hes coming out with a major stand against drug price increases. Thats a cnbc exclusive with Brent Saunders coming up a little bit from now. And weve got the Company Behind the dna test that completely changed mr. Griffiths life and inspired the look the stranger in my genes. Weve been talking about the book, which came out on tuesday, and well have more about the tests themselves in jus a moment. And hes going to demonstrate how you take a test. Youre very anxious to take a dna test. Uhhuh. I think its a great idea. The whole evans family needs to take a dna test. That might be true. Well talk about that and the cost and all of that coming up. Lets start with oil popping on the new Inventory Data. Jackie deangelis with the nymex with the latest on that. It was a little bit more than a pop. It was a more than 2 move, more than 5 . We closed at 47. 62. So what happened today . Just when you thought youd seen it all, we saw inventory drawdown for last week reported by the department of energy, up 14. 5 million barrels. Its the biggest drawdown weve seen since 1999 for the week. Gasoline also drew down and imports were a little bit lower. It has a lot of people questioning today whether it was a oneoff experience because of the weather problems we saw last week, some port closures and and production problems, or if this is a start of a new trend that were starting to work through the oil glut. You have your skeptics out there. Tom clausus gave us three reasons why oil should and probably will go lower from here. The first is that hes not expecting an output freeze from opec members in late september. Add to that that this is a possible anomaly that we saw today, that the data isnt necessarily telling the whole story. And also that were expecting that seasonal demand dropoff. And you could see us trade all the way back down to 42. Some people are still calling for the high 30s. But right now, expect it to be volatile and expect to be in this range. Went we have a 5 move up, most traders might want to fade this tomorrow. Back to you. Jackie, thanks very much. Lets get to our Closing Bell Exchange for this thursday. Ken maureen from Money Matters is back with us. Hes at post nine at the new york stock exchange. Sos Jonathan Corpina and Rick Santelli checks in wearing sneakers as well, im told. Can i thank the floor of the exchange for letting this happen here today. Yes, you actually have to get special dispensation. I might get fined for this behavior. John kor pcorpina, oil and s are not correlated. We get the pop in crude and once upon a time, that would have taken the stock market with it. Why not now . I think the market is still on vacation. Coming into this short week here, i think everyone is still waiting to get through a full week and to really start to get our month going. So, yes, the oil number that came out was a little unexpected. The pop in energy is unexpected. Weve got some Short Covering there. But i think the market is just waiting and kind of lagging behind. We did see some m a activity. We have seen a little bit of movement in the secondary market. I think thats a preview of whats to come down the road. But with a very short week, a very short Economic Calendar that we had this week, i think a lot of expectation getting into the full week next week, where well have a lot more data to trade off of. Ken, whats your thinking on this market today . Well, as you know, i am a very skeptic a big skeptic of this market. And as i look at the data that we got from august, we have Industrial Production down 11 months in a row. Services dropped, the fourth biggest drop ever. Exports are down under 50, which shows contraction. Gdp year on year is now down or is at 1 , the at last three quarters in a row, yet the market is at alltime highs. Why is this all happening . My view is that it is a its what im calling a government infusion bubble. We have the Central Banks just herding everybody into the stock market and youre getting this diversion and the farther out gets, the big the contraction is going to be when it finally comes back to ground. But to be fair, ken, youve been skeptical quite a while as the market has continued higher. Youve missed a move here presumably if youre not in this market. Being skeptical does not mean that im not in the market. We actually started buying back in in april, very cautiously. Right now, our allocation is 60 to the stock market. So weve participated, but keep in mind, bonds are also doing very well this year. So having money in bonds has helped us. Bonds have almost done as well as stocks this year. Rick, the European Central bank did no more this morning than it could have, i guess. And where does that leave us . I think the entire market was dragging down by the ecb today. I do think that you have to look at the world in terms of a spread. If were talking about tightening and they didnt throw anymore ammunition in the bazoo bazooka, and everybody has the same position, basically, not worried about rising Interest Rates, not worried about the drip of the medicine thats slowed down a bit, i think it goes a long way to explain the markets. Whether you looked at portugal, spain, the euro curve, the u. S. Curve, its all pretty much the same. Short maturities are up about three basis points. Middle maturities a little more, the long end, six, seven basis points. And its everywhere. And i really do think, were at the top of a 5 1 2week yield range. We know that the equity markets have been in a range. If it moves anymore, youre going to see a whole lot of Ralph Cramden switching sides on this ship at the same time. And i think that may have even trumped the good news in oil, if you believe in the relationship, as bill was questioning, between Higher Oil Prices in the equities. A rise in rates right now wouldnt be welcome and the notion that mario draghi, even though he didnt say he was going to do less or wasnt going to do more, or wasnt going to extend qe past march, the fact that he didnt say, the market always demands more. And they didnt get more. Yeah, john, do you agree . If there was a real conviction that the fed was going to raise rates this month, do you think the stock market would be going south . I do. And i think that conviction is not there. And i think weve gotten so complacent that this can is going to get continually kicked down the road and were going to use different excuses, why its not going to happen, meaning the election coming up and then well get towards the end of the year and this will be a 2017 topic. I think this market just continues to yearn for something, to grab on to. But at this point right now, its very, very small straws. What about the transports, jonathan . Theyre up another 23 points today. They had a nice move yesterday with some of the airlines moving higher. Could this be could there be something more to this . That might be a correlation tied to Energy Prices and oil there. And i think once again, we have nothing else to really focus on or any other bigger, major stories that are out there, that we try to get something really granular on Something Like that. But once oil prices come back down probably next week, that will be a different conversation to have. Ken, you said youre 60 in the market. Im curious, what did you buy . What do you own right now . Are you defensive . Investing for growth . What are you looking at . Were very defensive well, were very diversified. Were not trying to pick a particular area, but if the Federal Reserve decides not to raise Interest Rates, i think foreign markets will benefit from that. Higher Interest Rates will hurt them by dragging money away from those countries and into the United States. So we have an exposure to that right now as well. All right. Thanks, everybody. Thanks, folks. Thank you. Thank you. About 50 minutes still to go in the session here. Keeping an eye on market and also shares of twitter sinking today, as a Critical Board meeting is being held to discuss the future of the company. Our own Julia Boorstin reported earlier and you can see the shares down nearly 6 on the news that krceo jack dorsey has only a few more months to fix things and there are no bids on the table right now. Lets bring in kurt wagner. Kurt, theyre having this frank discussion today, the board is, about the companys future. But from what i understand, jack dorseys job is not on the line. Is that right . Well, i think it could be a little soon. It has been about a year since hes took over as ceo. Not a lot has happened since. The stock is down significantly since that time. But i think that ultimately, what theyre here to decide is whats the next step in terms of, should we prep this company for a sale . Should we do some layoffs . Should we do other costcutting things. And i think theyre going to give him at least through the end of the year. They have the football streaming deal thats lipgt now. I think thats their lastditch growth effort. So i dont think well walk away from this with jack dorsey out of a job. But i think theres pressure on them to make immediate changes now. Mike, what do you make of these reports that there are no suitors . You know, it would be hard to really see if a suitor was coming, because if youre trying to buy a company, youre not really publicizing it. I do think there are some deals out there that make sense for twitter. I think google is a really logical buyer for the company, and i think that would be a pretty good outcome for twitter. Right now, their major is the product is complicated enough that users are not, you know, staying with it. And the user growth has been really lackluster. And thats the thing that really needs to get turned around in order for the company to get to a higher level of value. So i think one of the things we saw on the q2 report is that they sort of took their eye off of their product improvement ball and focused more on video. So well see how that plays out over the next couple of quarters. Michael, what about going private . Just go out of the public eye and try to turn things around then . Well, you know, thats a possibility, but you do have some investors in twitter that have been there for a quite a long time and their patience is running thin and you would need to find a new pool of capital to do that and its not clear where that could come from right now given that the fundamentals in the business are sort of headed the wrong way at the moment. And kurt, there is that nfl game or games that twitter is going to be streaming coming up here. How important are events like that for this company, or do they not move the needle that much . Well, i have a tough time believing that they really are going to move the needle. I think theyre very important to twitter. Twitter has put a lot of time and effort into talking about these deals. So you mentioned the nfl thing. I believe its going to be ten different games throughout the season, the first one being next thursday, so a week from today, that theyre going to broadcast. And you know, theyve made some money by selling advertising against this deal. The question is, is anyone going to sign up for twitter, just to watch an nfl game, maybe on their phone . I have a tough time believing that, especially because theyre offering this for free. You dont have to have a twitter account to enjoy this streaming feature. But they are, you know, they have a bunch of these streaming deals going on. They say this as the future for them, this kind of digital tv thing. I just dont know if its going to be big enough to get them out of the hole that theyre in. Kurt, we mentioned, no suitors, but they havent really put themselves up for sale. Do you think that they would get some bidders if they did . I think if they certainly came out and said openly, hey, you know, were on the market, come give us your best bid, i definitely think people would come forward. I dont think theyre at that point yet. I think what theyre, you know, probably trying to discuss today and looking forward to in the future is again, you know, how can we best position ourselves to be in an attractive buy . A lot of people think theyre too expensive right now. So, you know, what can they do around the basically making twitter a more attractive option for someone like a google or someone else maybe in the media world to come in and shell out, you know, 15 to 20 billion. Feels like yahoo and im sure thats not what theyre looking the for. No, thats not it. Kurt wagner and michael graham, thanks for joining us today. Thank you. Imagine if i would worn mine my platform speakers i used to wear in the 70s. I think you should adopt i dont have them anymore. Now theyre my glitter rock days. I didnt see those pictures in the book, by the way. Glossed over that period. Nor will you. The dow is down 41 points today and the s p is down 4 with about 45 minutes left to go in the session. The nasdaq is down 24 and the nasdaq has been the record setter this week. Up next, mixed the signals on american shoppers. The head of one of the nations biggest banks says the consumer is in good shape. Meanwhile, though, more grocery chains are cutting their profit outlooks. Well sort things out, whats happening, coming up. And later, allergans ceo discusses his manifesto, touting the companys commitment to limiting drug price hikes. Well discuss whether he thinks other companies will follow suit. By the way, tomorrow, dont miss Steve Liesmans exclusive with Federal Reserve governor, dan tarullo. Thats tomorrow at 10 00 a. M. Eastern time on squawk on the street. Hey, youre watching cnbc, first in business worldwide. Hey, its been crazy with school being back so were constantly going over our data limit. Oh, well, now all of our new plans come with no data overages. Wow, no more overages . So that means. Go on. Say it. Well finally be in control. And were back. Introducing new at t plans with no data overage charges. [ala m beeping] the highly advanced audi a4. Were drowning in information. Where, in all of this, is the stuff that matters . The stakes are so high, your finances, your future. How do you solve this . You dont. You partner with a firm that advises governments and the fortune 500, and, can deliver insight person to person, on what matters to you. Morgan stanley. At 43 minutes left in the trading session, lets show you some movers on wall street today. Tractor supply, posting one of the worst declines on the s p. Several firms, including credit suisse, downgraded the farm bureau and hardware retailers stock after Tractor Supply cut its fullyear profit guidance, citing key sales in agricultural regions. Pier 1 tumbling, as well, with analysts at anoppenheimer and Raymond James downgrading that stock. Pier 1 says its ceo, alex smith, is retiring at the end of this year. Kelly . Now bank of americas ceo speaking exclusively with our wilfred frost earlier and he had positive things to say about the state of the american consumer. Wilf joins us now with more. He did, indeed, have positive things to say about the consumer, particularly over the summer. If you look at the month of august, it will be the strongest consumer growth in debd and credit cards this year. And thats backing that out. The yeartodate semester on debit and credit cards are spendispend ing 4. 7 more than they did last year and the space is accelerating. The consumer is in very good shape. On the commercial side, he said credit quality was pretty solid, although there was some nervousness mo nesness amongst ahead of the election. When asked if he had confidence in the recent record highs, moynihan had this to say. Its clear that theres been low volumes, its been a oneway trade. But the question really is, experts sitting out tells me, where else is the money going . With dividend yields and southern yields, the money will go into the equity markets, because theyre looking for returns. Its complacency then says people are missing something, and rve every day has a view of this market. But its clear the moneys going into the equity markets because of that lack of yield and lack of other return areas. He also said that a 25 basis point rate hike, if it came, would be worth roughly 1 billion to their bottom line, in in terms of net interest. So they are cheering the fed. Of course. Get busy there, right . Of course. How do we reconcile what his view is of the consumer of being in pretty good shape, solid right now, in his word, but some of the data we get from the retailers themselves is not so great. Absolutely. And thats really why the question was so pertinent. The lone growth figures we saw across all of the other banks was very strong, given that weve seen some of those soft other configuration that youve mentioned and gdp numbers adds well. One worries, is this a latecycle boost on the Consumer Credit card front thats not going to come through. The message, both from jpmorgan earlier in the summer and from Brian Moynihan is absolutely not that. Its a positive sign that the consumer is not worried about credit quality, which suggests its a bullish thing of a pickup to come in the economy that we havent seen yet. The only little wrinkle is what everybody is now saying about this funnel, this push, this leap into equities as being the only alternative. And i think thats something that we all have to continue to worry, when you hear it from someone like Brian Moynihan. He ceasees the volume weve see over the summer. And with yields so low, theres a push into various dividend stocks. Its hardly a dividend of stocks when you say, how else are you going to invest your money . Thanks, wilf. But not always right on the consumer front, supervalu joining the list of grocery chains lowerin