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Im michelle carusocabrera, heres whats happening right now. Stocks are trading near their session lows with the dow currently sitting down 99 points. Were going to have full market coverage coming your way. In the meantime, evacuations are under way in california as a Massive Wildfire tears through parts of los angeles county. We are live on the scene ahead. And, take a look live at the floor of the Wells Fargo Center in philadelphia, thats where the Democratic NationalConvention Kicks off today. Full coverage coming up in just a few minutes. Brian. Well, as you can tell, folks, from michelle and tyler theres a lot going on today including more on this incredible heat wave smacking much of the country. But we begin with apple. And a big call on that st ....
Holding on to gains in stocks. To brandons point about correlations breaking down, even as we see stocks muddle along, Oil Prices Remain on the march higher. Here they are up by about 3 . We have the American Petroleum institute reported yesterday that crude supplies on especially fell by 3 Million Barrels last week. We will get government figures on those supplies at 11 00 a. M. And i will bring them to you. Thaturvey is forecasting we will see an increase in supply. This could potentially change. If you look at imap on my bloomberg here, you see a mixed picture here as well. This is a different scenario than we have seen in recent days. Energy stocks are actually lower, and Consumer Staples and discretionary stocks are down. Seeing strength and technolog ....
Volume running below the 20 day average. See some support coming from areas that have been the nubbin new york. Weve gotten financials. It has been the lagging group. So there has been a decline and a lot of negative stuff going into that. It is the underlying commodities that are higher. I mentioned with going on in commodities. We are seeing oil and gold trade higher. In the classic inverse trade we tend to see. Carol that is the overall macro view. What about the big movers . Under armour and Morgan Stanley coming out making comments saying wholesale Clothing Sales were down 2 in the first quarter. Luggish footwork also hurt the Company Reports earnings in are watching specialty pharmaceutical and Biotech Companies that have been very volatile stocks helping ....
Official anymore . Scarlett i dont know. Wednesday is official because j. P. Morgan is reporting. Julie whether you are talking about alcoa or the banks, there is not a lot of optimism when it turns to earning broadly with energy or financials. We have seen a pairing of gains today as we have gotten deeply into the session. The s p 500, if you look at the intraday move we have seen, it has been moving from steadily lower, a leg up in the past few , downs, but none the less sharply from the highs of the session. Lets take a look at the s p 500 profit estimates and the change we have seen in estimates. This is the change that we get quarterly. We are talking about a 10 percentage point swing in these estimates overall. The estimate is for earnings to fall 10 in the quarter that we are about to learn about. Definitely a lot of pessimism going into the season. The caveat we always talk about his companies tend to be by a high rate. As always, it will hinge on not just the reportings but wh ....
Pashakokis, both cnbc contributors. I start with jared bernstein. Good to see you. Hello, michelle. Yesterday, president obama touts this change by treasuries as a great thing, citing understandably one of the great things about america is its rule of law, but apparently missing the irony that by changing the rules in the middle of the game he has undermined the rule of law. How on earth can this be justified . Laws change all the time when there is a problem. I think the government this is not a law. This is just a regulatory change that has gone around congress. These are new rules on the books that have to be followed. If people dont follow it, they will be in violation and there will be actions. I think the important point here is that there are two very significant problems afoot. One is tax avoidance by industries who just moved their tax mailbox, not the operations, over to foreign markets in order to avoid the tax bill, and the other is a group of a small group of advisers who ....