we see a lot of crude oil stocks in bear market territory. crude oil futures have been under pressure moving lower overnight. the flight to quality. look act gold. gold prices 11.50 a troy ounce. good friday morning everybody. you made it to friday, i'm nicole petallides. joined by lauren simonetti. we welcome you to "fbn:am," a look at what is moving in today's markets and what to expect for the day ahead. let's get right to it, folks. reaction to the market selloff, we want to get you up to date as

we kick it off. tough week on wall street. we brought in an expert. joe rundle, head of trading at etx capital. joe, we wanted to ask you? what do you see here this morning. what is the major factor to move this market right now? we see the selling across the board. it has been a tough week on wall street. any glimpse of hope or selling to get out of the weekend? >> no. i think you will see selling certainly in london. i think everyone is really worried about china. pmi data we saw in china is weak. is really saying china is slowing down. that will have big repercussions and carry on devaluation of emerging currencies. turning into a bit of a rout here in london. >> joe, this is lauren simonetti. this selloff we're seeing globally, what message is it sending to federal reserve? do they push back latest rate hike? will we push it to september or

november or 2016? the. >> i think it will tie up the rate hike. the markets were used to that. this bought of volatility will push it back. i think the fed will come out to start making noises there will not be a september hike because of just the uncertainty that is coming in. if china has a significant slowdown and really accelerates, that will have big repercussions certainly for europe and the states. we may see 2016. >> joe, thank you so much. the china market down more than 11% this week. we'll show you oil prices a major factor in the stock selloff. oil tumbling to the lowest level in six years. guess what? the selling continues this morning because of weaker global stocks and sharp contraction in china's manufacturing activity. one industry expert says he expects oil to fall below 40 bucks a barrel. >> it starts with the production here in the u.s. and the spectacular success we've seen

from the e&p players getting oil out of the ground and you mix that together with saudi arabia and iraq producing at record levels because at these lower prices they need every dollar they can globe hold of. you mix in a little bit of a slowing chinese economy, the market is besides itself with bearishness around keeps pushing it down. >> pushing it down indeed. andy lipow says he expects the national average for gasoline to bo below $2 a gallon. you're paying $2.63 to fill up this morning if you're heading somewhere this weekend. >> i hope you have a nice weekend. strong dollar major concern for u.s. growth, also slamming u.s. exports. take a look at this chart in particular. china following the yuan devaluation of its currency. donald trump weighing in on an

interview on "mornings with maria" yesterday, saying a strong dollar is hurting nation. >> strong dollar sounds good. sounds good. >> they always say that. >> that is about where it stops. if you look at it, we have, you could say we have a strong dollar, we have strong currency and there are certain advantages but there are huge disadvantages. the big disadvantage is our companies are really suffering. >> no doubt. multinationals that export they get hit with a strong u.s. dollar. donald trump is heading to a rally at a football stadium. organizers are expecting more than 30,000 people. for complete coverage and trumps analysis -- analysis of trump's rally tonight on "lou dobbs tonight.."

stay tuned for that. >> dozens clinton emails were classified from the start. the state department are stamping a few dozen of publicly released emails are classified. the new stamps reveal some of clinton's emails that the department's own regulations automatically deem classified from the get go. former new york city rudy giuliani was "on the record" last night. he had this to say about hillary's wiped server. >> hand it over to the fbi and apparently it was wiped out. so somebody did something to do it before it was handed over to the fbi. the fbi better find out who that was because that person commit ad serious federal crime. >> can hes remain about the blackberry clinton used as secretary state whether it was government issued and government encrypted. clinton maintained she followed all digital communication rules. nicole. >> we have stocks to watch for you. still earnings season. watch shares of hewlett-packard this morning.

they're set to open to the downside along with broader market. profit and revenue both fell at hewlett-packard in the latest quarter. revenue dragged down by weak pc sales. we've been talking about that for a long time. the strong u.s. dollar weighing on this big multinational company. the computer-maker issuing disappointing out look for the full year. guidance is so clear. get a weak outlook, you see it under pressure. the result is the last before hp splits into two companies in november. one for its enterprise operations and the other for pcs and printers. >> we'll also hear from deere today. we'll get a closer look at global economy when deere reports latest profits. that is latest this morning. farm income and exchange rates look worse than a few months ago. they are expected to report $1.44 a share, down from $2.30 a year earlier. they said it would close plants

as well as cut jobs. let's look at this global market selloff. asian markets saw big losses after china released new data showing factory activity showing six 1/2-year low. japan's nikkei right behind, falling about 3%. in europe stocks now looking what could be another weak session. we're talk the worst week of the year potentially. footsie, the dax and the cac all down by less than half of 1%. right here in the u.s., are we seeing some relief potentially? green arrow for s&p 500. it is up almost two points. the dow jones still below 17,000. falling below the level first time since october. down 10 points at moment. show you key commodities. oil, 41.06. gold handing in highest close. down a bit today about 2.60. here is how the u.s. dollar is trading against key currencies.

you see mixed action. green arrows for euro, pound, mexican peso, et cetera. yield on 10-year treasury right now, 2.07%. nicole. >> indeed. that is where everybody is moving their money right out of equities, safety into treasurys. tensions in the korean peninsula adding volume at this time to the global markets. the day after two koreas exchange artillery fire. we told you about this yesterday morning. north korean leader kim jong-un ordering his troops to prepare for war. the south giving deadline till saturday to halt anti-propaganda broadcast at border. south korea accused north korea planting landmines that hurt two soldiers earlier in the month. seoul is warning pongyang to refrain from rash action. this tension between north korea

and south korea weighing on markets. another thing of uncertainty. throw in greece and oil. that is part of with we're seeing in this terrible week on wall street. >> whatever pocket in the world you look at there is reason to be nervous. playing out in your 401(k) right now. the situation in greece, let's talk about it. not helping investors. greek alexis tsipras resigned hoping to increase his power in snap elections. tsipras defended his negotiation tactics saying greece got the best deal possible. he is now asking for the earliest election possible. government officials say that election expected on september the 20th. we'll see. meantime, coming up, traders setting up for another potentially ugly day for the stock market. we will check all the global action for you. u.s. stocks futures suggesting a lower open at the moment but if you want to take your mind off the stock selloff, let's talk about golf.

>> nice to get off to a good start. i have got to continue making birdies because everyone else is going to be doing the same thing. >> here is something we haven't said in a while. tiger woods is two strokes off the lead after the first round of the windham championship. fbna this friday morning, first look at morning markets and breaking news. wake up, everybody. big week ahead. ♪

♪ >> it has been a tough week on wall street. we want to get you caught up to global markets right now. we have trading starting here in the states soon. right now we see shanghai down 4.2%. hang seng, nikkei, kospi all under pressure and a lot of this

because of china pmi numbers, august preliminary, 47.1. you know what that means? contraction once again. that puts it under pressure. these are the lowest levels in here for 77-month low, 2009 is what we're talking about. the china growth story is a big problem. forcing european stocks under pressure. footsie down. cac a little better. german pmi better than expected. france missed. that is worth noting. u.s. stock index futures down. here at home the dow fell for the week 2.7%. right now a mixed bag. the s&p 500 has a green arrow. will someone step in and buy here? we'll see. how about we check the commodities. 41.04 for oil. oil has been hit hard down eight weeks in a row. we haven't seen that consecutive selling since 1986. where were you then? currencies, euro and pound strong against u.s. dollar.

the bond, this is where everybody takes money out of the equities and looking for somewhere safe. 10-year bond, 2.7%. i wrote it somewhere. we haven't seen that since april. that is big deal. not where everybody expected bonds to be, on the rise. financials on the fed. they didn't expect it to be going down since that. >> lowest since april. i have to show you this video. take a look at this. >> oh, no. >> [inaudible] >> lightning hit as plane, a delta boeing 737 hit by lightning on a taxi way. that was earlier this week. good news nobody was injured bit strike. the plane is designed to allow lightning bolts to pass through the plane to the ground. a type of technology all commercial and military aircraft are required to have in order to be able to fly. what is going on in sports, nicole?

>> we have got you covered here. we'll take you away from stocks for a brief moment. tiger woods set the tone early on day one of windham championship. hit a 54-foot chip shot on the first hole. it was first of his seven birdies. he shot a 6 under, 64. tiger said it was a very good day. >> i was starting to feel the numbers, hitting ball, right number, right shape. hole the ball on hills and tee shots. getting into the tee shots. >> holding his own today. in baseball yankees lead the american league east down to game 1/2 over toronto following cleveland's 3-2 win over new york. good defense kept the yankees in check.

josh tomlin kept the yankees in check. robert griffin the third needs protection. suffered a concution. was sacked three times and final play, dropped ball and buried under a pile of players. that is what every mother worries about when their team plays football. >> coming up, big slide in crude price, another major factor in the stock market selloff. looks like oil is heading even lower. >> clearly market next couple days wants to see a three handle on the price of oil. >> $30 a barrel may be good at gas pump but not good if you own shares of exxon or chevron. we'll have complete global market check for you. for now u.s. stock index futures indicating some more selling at the open. dow industrials down 22 points. the nasdaq down 6 1/2. but s&p up half of a point. we have global jitters over

military tensions between north and south korea. they're not sitting well with investors either. north korea now putting its military on war footing. we'll have latest on that situation. you're watching "fbn:am" this friday morning, your first look at morning markets and breaking news. ♪ @

>> breaking news this morning. fasten your seatbelts it could be another bumby ride on wall street. china released new data showing factory activity hit a six 1/2-year low. that sent asian markets reeling. possibly setting wall street up

here in the u.s. for more selling at opening. looking at shanghai index sinking another 4.2% overnight. the rest of asia down as well. stocks opened sharply lower in europe as well. not doing as bad as the moment. ftse is down more than half of one percent. dax in germany giving up 1:00 fifth of 1%. u.s. stock market futures suggesting more selling pressure at the open. dow futures had been down about one hundred points. right now, down about 15. nicole? >> let's look at major factor in the stock selloff. that is crude oil prices weighing on energy stocks. look right now. 41.12. they have been moving overnight. s&p energy index closed at lowest level more than three years. and the only bright spot? that has been gold. everybody is flocking to gold, a safe haven.

gold is up 25 bucks yesterday. holding steady overnight. we have complete coverage of global selloff. gold, 11.50 a troy ounce. you made it. it is weekend. i'm nicole petallides. joined by lauren simonetti right here. we're kicking it off. welcome to "fbn:am," what is working in today's markets. latest on breaking news. what to expect for a very busy day ahead after tough, tough week on wall street, lauren. >> terrible week. commodities are in focus. they're still under pressure after a private survey showed chinese manufacturing this month contracting to at the fastest pace since 2009. billionaire investor wilbur ross says people are very concerned about commodity prices right now. >> oil plummeting, copper plummeting. everything plummeting scares people. because it belies any kind of economic growth. second, i think people and families starting to recognize things that happened outside of the u.s. affect us too.

>> absolutely. ross adding he believes real economic growth in china, is something less than 5%, not the 7% rate officially reported for second quarter. >> we talked about that. that was what everybody was saying. that those numbers seem ad little elevated, no doubt. oil prices a major factor in the stock selloff. oil tumbling to the lowest level in more than six years. we have been watching $40 mark. the selling continue thanks to weaker stock market and shape contraction in china's manufacturing activity. oil is down half a percent. one industry expert expects it to fall below $40 a barrel. >> it starts with the production here in the u.s. the spectacular success we've seen from the e&p players getting the oil out of the ground. and you mix that together with saudi arabia and iraq producing at record levels because at these lower prices they need every dollar they can grab hold

of, and you mix in a little bit of a slowing chinese economy and the market is simply despite itself with bearishness and keeps pushing itself down. >> andy lipow, that is his expertise, oil. he expects the national average for gasoline to drop to $2 a gallon by end of the year. oil stocks under pressure. s&p energy index, lowest close since june of 2012. >> gas prices falling two cents overnight. 2.63 this morning. hit road everybody. there is this. republican front runter donald trump heading to alabama for a big friday night rally at football stadium. organizers are expecting more than 30,000 people. meanwhile in an interview on fox news's "on the record," former new york city mayor rudy giuliani talking about trump's conservative transformation. >> finally this idea that, you know, he made a transformation. so did ronald reagan. so did i.

so did winston churchill. winston churchill used to say if you're not a liberal at 20 you you have no heart and if you're a, not a conservative by the time you're who you have no brain. >> complete analysis of trump's rally in alabama. lou dobbs live at 7:00 to 8:00 p.m. eastern right here on fox business network. >> we want to catch up on the foreign markets. china released new data showing factory activity sinking to six 1/2-year low. it goes under that 50 mark, right? 50 means expansion. under 50 means contraction. it came in at 47.1. that is the lowest since 2009. japan niece knee cake behind it. down 3%. france, pmi missed, germany did a little better. seeing all down arrows. ftse down half a percent. cac and dax under pressure.

stock u.s. futures, dow and nasdaq under pressure. nasdaq, by the way, tough week on wall street. and, that has been down about 3.3%. >> oh, for the nasdaq. i have commodities for you. here is how oil is shaping up. you have a red arrow. 41.14. gold, some selling pressure. that is your safe haven. prices rose yesterday by $25 for gold yesterday however. dollar trading against other currencies. green foreeuro and canadian dollar and japanese yen at the moment. yield on 10-year treasury. this says, this spells it out for you. this is the lowest level since april. 2.08%. >> people refinanced, did their mortgages looking at this saying, man, i missed it. can't refinance again. tough to do that. breaking this morning u.s. -- suggesting that dozens

of clinton emails were classified from the start. state department is stamping publicly released emails as classified. reuters says new stance indicate some of clinton's emails were filed that the type of information that the department's own regulations automatically deemed classified from the get-go. former new york city mayor rudy giuliani was "on the record" last night and had this to say about hillary's wiped server. >> hand it over to the fbi and apparently it was wiped out. so somebody did something to it before it was handed over to the fbi. the fbi better find out who that was because that person commit ad serious federal crime. >> meanwhile questions remain about the blackberry that clinton used as secretary of state. whether it was government issued. and government encrypted. and clinton maintained that she followed all digital communication rules. >> coming up, we will run down the selloff in global markets overnight.

u.s. stocks index futures clawing their way back. will we see a higher open? we had 100 point drop for dow futures earlier this morning. and crude oil prices they're sliding again. we'll talk to a oil trader in chicago what you can expect for the day ahead. ♪ it's more than the cloud.

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♪ >> let's get you caught up on global market this is friday morning as your fastening your seatbelts. asian markets big losses after china released new data showing factory activity hit a six 1/2-year low. shanghai composite, up more than 11% this week. nikkei right behind that down 3%. over in europe selling pressure as well. footsie down half of 1%. dax is faring the best. here in the u.s., do we see some green on that screen? s&p up almost two points but the dow after a 358-point drop yesterday, steep selling this week. it is down again, 13 points.

nasdaq down more than 6 points, nicole. >> lauren, taking a look at oil, 41.16. pnc economist, bill adams, china weakening economy story, putting pressure on oil, iron ore, steel, other basic materials. we're certainly seeing that again. here is how the dollar is trading against key currencies. euro and canadian dollar higher against the u.s. dollar. 10-year treasury right now which has been so key. right now 2.08%. these treasury yields we're seeing are the lowest since late april, lauren. >> i want to go back to the oil prices because they're still under pressure inning closer to 40 bucks a barrel. phil flynn, senior market analyst and at price futures group, joining us very early from the cme. phil, it is knocking on the door of 40 bucks a barrel. how low will it go or when will

39.99 is coming? >> depends how the markets around the globe react today. look at prices of oil, they're trying to stablize. i really hope they do, lauren. if we don't, signaling bad things about global economy. we know china is slowing. we know that will impact. how bad it is will be determined over the next couple days. if we start to see oil below 40, to me that is a sign that we have big problems in the global economy. >> i mean that is part of the issue, phil. nicole petallides here. you and i chat all the time. big picture here is the global economy. that is what the fed is talking about ultimately. what are some of the guys talk about when they talk commodities and tie it into fed moves overall? do you think the fed looks at that overall? >> think they have to because you have to be worried about inflation and their 2% target for inflation. you will not get a 2% target for inflation, if you have copper

prices tin prices oil prices plummeting. that will create a problem. then they have to determine, is that a good thing for the economy or is it a bag thing for the economy? what markets are saying right now, lower oil prices are not a good thing for economist. they're signaling bad things. we've had biggest drop since 1980s, weekly drop. we haven't seen it since ronald reagan listed price controls on oil. that's concerning to me. >> phil flynn, price futures group, thank you so much. that is the story, lauren, when you talk about the fed. you have federal open market committee and officials there basically looking at health of the economy. if they really thought it was such a great economy they would raise interest rates. but instead you get the hawks and doves battling it out. that is the big picture there and those officials are still a little bit worried. >> all right, coming up questions about the slowing chinese economy slamming global stock prices today. >> i think the real growth in china is something less than 5%.

>> the latest numbers out overnight show a sharp slowdown in chinese manufacturing. we will have the latest numbers for you and the stock reaction. for now u.s. stock index futures suggesting more selling at open on wall street, if you're looking at dow and s&p. both of them slightly lower. global jitters over military tensions between north and south korea, also not sitting well with investors. north korea putting its military on war footing. we'll have the latest on that situation. you're watching "fbn:am," your first look at morning markets and breaking news this friday morning. ♪ two streetlights. the only difference: that little blue thingy.

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>> breaking news this morning. fasten your seatbelt. could be a bumpy ride. global rout in the stock market continues after china released new data showing factory activity hitting six 1/2-year

low. you knew china was unpressure. that sent asian markets reeling and possibly settings up wall street for more selling. shanghai, pmi number coming in at 4.1, lowest contraction obviously. u.s. stocks are under pressure. those are the european markets, ftse and cac under pressure while the dax gains. so we're seeing that right now. lauren. >> after plunging 2% yesterday here in the u.s., people got nervous looking at their 401(k)s. more than a 350 point selloff on the dow. we're selling again. dow futures off 10 points. it could be worse. s&p has the up arrow this morning. it is up two points. a major factor in this stock selloff has been lower price of crude oil. guess what, crude falling again this morning, just above $41 a barrel. the only bright spot has been gold. that is safe haven, gold doing

what it has to do. up tabuks but down slightly this morning. complete coverage of global market selloff. i'm lauren simonetti joined by nicole petallides. hi, nicole. >> welcome, everybody. >> welcome to "fbn:am," your first look what is moving in the market this is friday morning. latest breaking news. what you can expect in day day ahead. >> joining us is kathleen brooks. she joins us live on the telephone from london. kathleen what we have seen is major selling. the nasdaq has a major selloff. we haven't seen that kind of a selloff since october, nasdaq, global markets. kathleen, $2 trillion in global equities are wiped out. where do we go from here? >> we think there is chance to guy higher here, not every market. depends what happens on weekend. china is slowing down. terrible manufacturing pmi today. they have a habit, chinese

policymakers changing policy in the weekend. if they manage to cut liquidity and interest rates i think we would be set up for strong recovery rally come monday. >> kathleen brooks, thank you so much for joining us. we appreciate your insight into these markets. to sour point, whether we see from china more stimulus will help things along. lauren. >> monday morning will be interesting. strong dollar major concern for u.s. economic growth and slamming u.s. exports. take a look at this chart right now. the dollar spiking against the juan, following china's devaluation of its currency. republican presidential candidate donald trump weighing in on issue. in interview on mornings with maria on fox business trump saying strong dollar is hurting the nation. >> strong dollar sound good, it sounds good because we have strong dollar. >> that is what they always say. >> that is where it stops. if you look at it, you could say

we have strong dollar and strong currency and there are certain advantages to that and there are certain huge disadvantages and the disadvantages our companies are really suffering. >> the way he says the word huge. i want to point out as we talk about the china selloff. companies that do business with china, malaysia, indonesia, their currencies at 17-year lows versus the dollar. trump is heading for a big rally in alabama at a football stadium. they're expecting 30,000 people. for complete coverage, "lou dobbs tonight," 7:00 to 8:00 eastern on the fox business network. i'm excited. >> go, lou. we have you covered. breaking this morning, u.s. agencies suggesting that dozens of clinton emails were classified from the start. state department is stamping the a few dozen of the publicly released emails as classified. reuters indicate that the new stamps that some of the clinton emails are filed with the type

of information that the department's own regulations that automatically are deemed classified from the get-go. former new york city mayor rudy giuliani was on the record last night and had this to say about hillary's wiped server. >> it was handed over to the fbi and apparently it was wiped out. somebody did something to it before it was handed over to the fbi. the fbi better find out who that was because that person commit ad serious federal crime. >> great interview with greta last night. questions remain about the blackberry hillary clinton used as secretary of state whether it was government issued and encrypted, right? clinton maintains she followed all communication rules. lauren, this story every single day has been in the way of her campaign. this is what everybody wants to know and get the emails out one by one, what's classified, what's not. we're already hearing tough stuff she has to face. >> it will be tough. final look at global markets.

asian markets huge losses after china's government released new data showing factory activity hitting six 1/2-year low. nikkei down about 3%. the other markets lower as well. in europe, more red arrows. this could be worst week for european stock markets this year. footsie in london down 41 points. dax down 10 point in germany. u.s. stock market futures how is the 401(k) doing? we have dow and s&p 500 negative for 2015. the dow is down 18 points. s&p up one point. nasdaq turning in worst week of the year, down eight 1/2 points, nicole. >> lauren, some investors jumped into commodities. so many energy names are bear market territory. s&p energy index closed at lowest level yesterday more than three years. right now oil 41.05. so under pressure again. we're watching gold. that has been the safe haven but today slight down arrow. euro higher against the u.s.

dollar as is the japanese yen. when we talk about strength of dollar, hewlett-packard, for example, multinational, saying that was problematic for the company. 10-year bond yield, 2.09. >> coming up, traders setting up for another potentially ugly day for the stock market. you saw damage on the screen. we'll check global action for you. u.s. futures, my driver this morning said, lauren, what is going on with my four owe condition k? everybody is nervous. if you want to take your mind off the selloff, let's talk about golf, will you? >> nice to get off to a good start. i have to continue making birdies because everyone else is doing the same thing. >> here is something we haven't said in a while. tiger woods two strokes off the lead after the first round of the windham championship. we'll have highlights ahead. you're watching "fbn:am," your first look at morning markets and breaking news. >> bring out his cute kids.

♪

>> we are getting you set for the trading day. global market check. asian markets unpressure. shanghai down 4.2%. china released new data activity pmi showed contraction. 4.1 was the number, a 77-month loy. we haven't seen that since 2009. ftse is down 3/4 of 1%. right here at home u.s. stock index futures we can see all down arrows. s&p tried to give it a go. selling across the board. twitter, shake shack, disney,

apple, lauren, those names have been hit hard this week. >> media and social media stocks. let's talk about sports. tiger nailed a 54-foot chip shot on the first hole. it was first of his seven birdies. he shot 6 under 64, three strikes behind three players tied for first place. tiger said it was a good day. >> i was starting to feel numbers, hitting ball right number, right shape. holed the ball on the hill with tee shot. i was getting the flow of the round. >> in exhibition football, washington quarterback, robert griffin the third, needs protection, getting sacked three times and fumbling twice. on final play of the night he dropped the ball and was injured buried under a mound of players. there they go, nicole. >> oh, boy. i really do love sports. check out this video.

interesting. >> oy, no. -- oh, no. >> yeah. lightning, right next to your plane, what do you think of that? boeing delta 737 getting slammed by lightning on the taxi way. don't worry, no one was injured bit strike because the plane is designed to allow lightning bolts to pass through the plane into the ground through electric conductivity. it's a technology that all commercial and military aircraft are required to have. this is so they can fly safely. that was some tough video. >> scary. but no big deal, translation? okay. the first of the, this is scary. first hurricane of the atlantic season well underway. hurricane danny continuing to strengthen overnight. fox meteorologist maria molina has been tracking it for us. good morning, maria. >> that's right, lauren. we have the first hurricane of the atlantic season across the

atlantic it is danny. i want to show you what is growing on across the nation. we have a cold front on the move across parts of the eastern u.s. parts of new england i you will deal with areas of rain. that will be something to watch. that will likely produce delays at air ports. -- airports. temperatures rebounding into the 90s. danny, maximum stained winds at 85 miles per hour. it will continue to move westward. it is forecast to weaken. a lost dry air and wind sheer forecast across the caribbean. it will bring strong winds and heavy rain there. >> maria, thank you so much. have a beautiful weekend. we'll be right back, everybody. ♪

>> it's friday morning development. global market check for you. right now the dow is still below the 17,000 mark. selloff of 350 points. tough week on wall street. toss it over to maria. we've seen pressure across the board.

a tough china number. i'm sure you will hit on this morning. great interview with donald trump. maria: thanks, nicole. we have a leading technical analyst on this morning who basically said something has changed in the charts. he is suggesting we have more downside risk. we'll see you in a little while. we'll talk about that. happy friday. friday, august 21. we'll get a first look at "barron's magazine" coming up. markets limping into the last day of trading after brutal day for stocks yesterday. oil price as big story in all of this. investors keeping eye on that $40 a barrel level. a number of analysts are saying this market has yet to bottom out. look at some damage from yesterday's 350-point selloff on the dow jones industrial average. twitter hitting all-time low. netflix down 8%, disney down 6% in crushing for media stocks

overall, slammed on concerns that returns from cable tv are beginning to decline. energy stocks feeling the pain with chevron down 29% so far this year after yesterday's close. of course i mentioned a moment ago, we have technician on this morning, who said there is troubling signs that he is seeing in this market. turning to oil this morning, prices extending the selloff. we're on track for the 8th weekly decline in a row for oil. in today's "wall street journal." , the headline reads no end in site for the oil glut. phil flynn at cme. markets seemed to put downward pressure on the price? >> it really does. that is the biggest debate in the market. is this supply story or is this a growth story? i think it's a little bit of both. more it is a growth story right now, maria. we did see from the american petroleum institute yesterday that american production hit highest level since the s.