thank you for the stock of the hour come abigail doolittle.ine: a special edition of real yields, live from jpmorgan trading floor in new york city, 1:00 p.m. eastern at 6:00 p.m. in london. on a day we have seen european markets heading lower. let's look at how we move. came off of lows. autos hit hard and that is the case in the united states. a meeting next week between jean-claude juncker of european commission and donald trump trying to ease away from tariffs being hit on the sector. dax hit hard. this is bloomberg. ♪ shery: noon in washington at 5:00 in london and midnight in hong kong. from new york, i am shery ahn kevin: i am kevin cirilli in for david westin and we have a focus on geopolitics. shery: president trump last china, the eu, and the u.s. federal reserve, his message on rates and currencies. playing nice with vladimir putin, president trump intensifies the uproar over his meeting with the russian president by extending an invitation for a second summit. can democrats take the house? we will hear from a democratic candidate i

minutes into the trading day in the u.s., his abigail doolittle. -- here is abigail doolittle.bigail: the bulls are in control. we have gains for the major averages after a mixed and muddled start. you can see that the dow, the s&p 500, and the nasdaq are all higher. they are for a fifth day out of the last six. each of the major averages on pace for a weekly gain, the first time that will happen in two weeks, breaking a weekly declining street. there is a trade war starting and a mixed jobs report, you can see it's a broad-based rally. only one sector is lower, but i would like to take a look at the first 10 higher with health care being helped out by biogen. as for the one sector lower out fractionallytors, the industrial sector lower so there is an influence by the trade war being felt. let's dig into some of those industrial movers starting off with fedex and ups. the shares trading lower. demand could be heard for products. if that were the case, could cut into the top line for the delivery companies. we are seeing the u.s. manufacturers was shares declining on the day inc

abigail doolittle is here with more. igail: despite the trade war starting in the mix jobs picture, we have some gains. the dow and s&p 500 have been flipping between small gains and losses. at this point, little bit of green. once again, the tech heavy nasdaq outperforming 5/10 of 1%. for all three major averages right now, we're looking at weekly games for the first time in at least two weeks. the bulls to some degree are in charge. in relative to that out performance, it has to do with biotech. the big biotech winners on the day and biogen truly soaring come up 18% right day since 2007. this is on the copies else alzheimer's drug. it's giving a tale and to the entire state. it's really been a big march higher over the last six days. a very nice game, the longest gain since the beginning of march. as we happen to the bloomberg technicalsut the on the index, this is a roughly to your chart and you can see an uptrend. we have this very swift sideways range here signaling lots of uncertainty. when i would like to point out

let's check on the markets with abigail doolittle. abigail: not a lot of conviction on the part of investors. earlier, we had free major averages at the highs. up a fraction, similar to the s&p 500 and the tech heavy nasdaq down more than .2. bonds are rallying, so it will be interesting to see with less than 60 minutes left to the holiday shortened trading date to how the markets close out. not a lot of conviction considering what investors have to think about. one small weakness, the big three automakers, just modestly down after they reported numbers for june sales and in the case of gm for the second quarter, and fiat chrysler beat it nicely, but investors looking past that to the potential of what tariffs on foreign cars could do to the companies. gm has said if it happens, they may have to lay off american workers. the airlines are also weak, downgraded, american airlines, delta, and united continental all lower on the downgrade from hold to buy with not a lot of near-term catalysts. oil earlier today was back above $75 a barrel.

abigail doolittle here with us. we continue to trade around session highs after fed chair powell's testimony. have solid gains for the major averages. the best day for the dow and the nasdaq and the s&p 500 since last thursday. it really does seem to follow fed chair powell's comments particularly around trade. the idea that the fed is not certain what the effects will be. that ambiguity leaving investors with some hope to hear we have these gains for the major averages. it's take a look at an intraday chart of the nasdaq. the majors had been lower earlier. around the time fed chair powell was testifying, a record high for the nasdaq. finish at on pace to a record closing high as well and a big piece of this has to do with the faang trades. netflix shares are down 5.3%. that's the lowest netflix had been down. on paper its worst day since 2014 after subscriber miss of about one million subscribers short of estimates. weighing on the entire faang trade. all of these stocks have been lower. solid gains for facebook, a

abigail doolittle joint is with the latest. one million subscribers less than expected. happened? abigail: the amazing but let's put it in context. 150%, upe up huge, up 300% over the last two years, so this company performs. add onerter they million more subscriber users than expected, so this quarter, when million less, so there is lots of lumpiness and this happened two years ago. it seemed sort of subscriber miss. bloomberg,n to the we can see what happens, this can be viewed in the gtv library, white is netflix's share price, and it is 300%. in blue, we look at subscriber additions for each quarter, and we see yellow is the expectation and blue was were it came in. we are looking at three down quarters and their most recent quarter about flat to a year ago, so investors disappointed by that. behind this, sharing content. some say it could do with the world cup, that a lot of subscribers were going that way that they have not had a lot of new hit shows, like cost of cards -- like house of cards. shery: i am watching grayson frankie. i love -- grace and frankie. i lov

let's get a check on where stocks are trading with abigail doolittle. the nasdaq and the green.ope we have had to selling action. we still have declines for both the dow and the s&p 500. slightly higher. up nearly 2/10 of 1%. of 1% onq down 9/10 those uncertainties. those fears around uncertainties including the possibility of a trade war that investors continue to weigh. major averagese down week after week in a bearish way. the longest weekly declining streak since 2016. right now, there is a little ray of hope. when we take a look at this five-day chart of the s&p 500, over the loss four days, we have had a pattern of the late day selloff. friday, a notable late day selloff. if i were to happen today, perhaps we would go down toward the lows for the s&p 500, down 7/10 of 1% earlier this morning. that could face technical damage. let's take a look at a chart. you can do this chart using the gtv function. it is a one-year chart of the s&p 500. last year's beautiful uptrend but the index above its 100 day moving average telling you buyers are in control. this year's volatility,

it is time for our stock of the hour with abigail doolittle. ng a look at the xl k, or the sector spider up 1.4%. really a rally we are seeing here for technology. you can see this when we happen to the bloomberg and use the imap function. most of these sectors, eight of the 11 s&p 500 sectors are higher. up top, tech by a wide margin, 1.6%, as investors are buying yesterday's dip. but there is one special stop behind today's big rally for technology, and that is ca. enterprise software shares up 18%, on pace for the best day since 2008. is down 14%,com buying the company for $18.9 billion. some analysts are wondering how they are going to fit the enterprise software into their chips business, and the reason why broadcom is down so sharply. at the purchase is providing deal and for other software companies, including microsoft and red hat. and the faang stocks are rallying as well. if we take a look at the faang index over the past few days, up 1.4%. it is also worth noticing yesterday on the pullback, the faang stocks were higher. today we have

abigail doolittle, i look at this and i inc., what concerns? point, we went down toward the lows of one point -- on confirmation they will be putting tariffs on 34 billion dollars of chinese goods. to scarlet's point, you're on pace for the best of major averages at the beginning of june and the nasdaq is up about 1%. highs aftersession fed minutes. .ook at the index up 2.3% you would not be surprised to know when you look considering outperformance, up 1.3%. these sectors higher so it is a broad-based s&p 500 as well. r.g. down about one -- .1%. it will have to do with the chip. apple about 1%. pullback and we have an keybank citing healthy smart phone trends. this helps to explain technology . take a look at oil down 1.6%, its worst day in 2-3 weeks. we are between that area. a bearish department of energy she import. bitare pulling off a little and oil rose from roughly $65 per barrel to $75 per barrel in a short time recently. offstors taking some chips table at this point. finally real strength taking a look and we see the chrysler gains a

lisa: thank you so much, abigail doolittle. let's go to kevin cirilli. he is standing by with a top democratic lawmaker. kevin: we are here with senator elizabeth warren, democrat from massachusetts. dizzying day on capitol hill. the white house saying they are not going to allow a former ambassador to be interviewed. senator cornyn saying this resolution, nonbinding resolution will not get a vote, rebuking that. what's going on, senator? senator warren: i don't think anybody knows what's going on. we are clearly in a place where donald trump is in full protect donald trump mode. and whatever he has to say, do, break arms, whatever is necessary, he cares about exactly one thing and that is protecting donald trump. he has now found out that, no, it is not a great deal to offer an american ambassador to be interrogated by the russians for doing the things that america stands for, for speaking up in terms of -- to support freedom, to support transparency in government, to support accountability. no, we don't ship our ambassadors back over to russia to let t

it is time for the weekly segment smartcards with abigail doolittle where he look at timely topics throughf charts. abigail? >> joining me today is the chief market strategist over at partners. one thing really a call me i -- my eye is volatility for oils. we're down more than 1% close and it is up and down. if you look at the down lake looking at today aside, i'd you connect that to the s&p 500? >> oil has been volatile. it has been up more than 45%, but what has caught our eye is the separation of oil and oil stocks. when we look at the oil stocks, we look at the s&p 500 energy sector. this is the one your chart. on the top line, we have oil and we make higher highs. you have another new high in may and january. give a final high earlier this month. -- you have a final high earlier this month. highs andto see new oil was making a new high in may and july. to us, that is a little concerning. we ask is, does oil pullback or do energy stocks push higher? abigail: what is the answer for that? i would wondering that myself -- i was wondering that myself. >> the way the index is calculated, we

i'm abigail doolittle and time for charting futures. today is all about gold. multi-day chart of gold down five out of the last six sessions. on the year, they lost about 6% on pace for the first annual decline since 2015. this may signifies the lack of a haven bid, and perhaps that is true to some degree, but the bigger culprit is likely dollar strength. datea look at this year to chart of both gold and the dollar. in yellow, we take a look at gold. the dollar in white had been lower and gold had been higher. the dollar pushed up on the year, taking gold down. the dollar is up about 1.8% and gold down about 6% on the year. how do you trade this? what is next? taking thek you for time. you have been trading gold for decades. >> yes. i thought the key to trading gold, the only way i found to be somewhat successful at it is to be agnostic about it. each of them have their moments but if you want to be a real trader, you can't have that wedded of the view. and look at it from the positive and the negative side. look for opportunities. atgail: let's take a look the

here's abigail doolittle. abigail: facebook is the big story of the day. take a look at the action for the major averages, mixed. the dow is up for a third day in a row. the nasdaq and the nasdaq 100 down sharply off of the lows. both of those indexes are on pace for their worst day in almost a month. the difference really is facebook. , let's look report at the shares. day,ook plunging on the its worst day ever, losing more than $100 billion in market cap. otherdown 18%, taking two social media companies down, twitter and snap. sales for the second quarter and facebook missed. they are talking about the third and fourth quarter will be weak as well. the law of large numbers. trade, weo the bank had outlet put up a big quarter. but now facebook and netflix have put up headquarters -- bad quarters. which way will amazon go? we have a little bit of volatility in oil. here is an intraday chart on oil, just around even for most of the day. it is up for a third day in a row based on a report that saudi arabia has suspended shipment after a tanker attack, giving

let's get to abigail doolittle on factory orders. abigail: looking at factory orders coming in up versus the survey at lad versus april down .8%. that is a strong number. it is consistent with the manufacturing data that came out yesterday for the month of june. the idea of economic strength. relative movement on the major for both the down the us 500, lightly greater at this point and a slightly greater, smaller decline for the nasdaq. mixed trading action at the recovery scarlet was talking about yesterday. oil this is a four-year chart. on the year, oil is now up 24% h amend us boost. energy -- energy is one of the top sectors for the us 500. let's look at the movers for the s&p 500. in interesting divergence. the energy sector us 4%. the airlines deutsche bank to hold on headline risk. think, the fact that oil is back about $75 per barrel for the first time in about four years, that is hurting airlines as well. mark: all stocks pulling the benchmark, stoxx 600 high today. along with telecom and utilities, oil is the best performin

lisa: abigail doolittle, thank you. judiciary committee is demanding answers from federal immigration officials about the trump administration separation of migrant children from their families. as it struggled to reunite them. lawmakers from both parties criticized the practice. illinois democrat richard durbin called for homeland security secretary kirsten nielsen to resign. >> the family separation policy is more than a bureaucratic lapse in judgment. ,t is and was a cruel policy inconsistent with the bedrock values of this nation. administration has to accept responsibility. and executive associate director for immigrations and customs enforcement told senator durbin the ice has records documenting decisions by hundreds of migrant parents to leave the u.s. without their children. senators have expressed doubt that many parents willingly left the kids behind. president trump has given chief of staff john kelly a vote of confidence. bloomberg west the president has asked kelly to stay through the 2020 election. the re

abigail doolittle is here to talk a lot about the bloodbath basically we have seen in commodities. >>than 70% of the revenue comes from copper. at a two-dayk chart of copper and we will see them down two days in a row, to damp pace for its worst day of the year and all of this of course has to do with renewed fears around a trade were, the extra possibility of tariffs and $2 billion worth of chinese goods, and investors just not theng that it could affect demand picture enacted hit the commodity complex, and it is also oil, it goes red across the border. here, commodity functions you can see the screen of red. the energy complex lower, agricultural lower, when we have a natural gas slightly higher, , times arehe warmth off the charts. so it's a really out in force. >> one thing is it appears they will sign a deal and there is .nvironmental issues >> the stocks are up about 38%, down about 78%. that could be a real risk to the company. they are doing a lot of things to turnaround in terms of strengthening the balance sheet and reducing the cost of the debt and they are focusing on deli

abigail doolittle. igail: we are looking at job openings for the month of may and a small beat coming in versus a survey of six to out. -- we saw last friday, that of course was for the month of june. this was made. major markets, not much on the dow. the nasdaq, we continue to look at a rally, we have major averages up seven of the last eight days. the dow up four days in a row. that is true for the s&p 500 and the nasdaq for the dow, we have -- it is the first time we have seen that in about a month. look at the s&p 500. we will see that strength just tuesday. was -- we hady investors break -- saying it is less bad plus earnings season is kicked off. pepsico shares rallying in a big way. the s&p 500 and the nasdaq up 4.2%. they beat earnings estimates and revenues were in line. snacks once again lining the results. to buy on an upgrade valuation, making a valuation call. and then tesla up 1% of the little more than 1% based on the news that the company will build a plant in china of 500,000 cars per ye

markets now, here is abigail doolittle. abigail: i would like to take a look at the wholesale inventories change for the month of may. the final reading of 6/10 of 1%, slightly higher than the survey calling over half of a percent. not reallyarish but having much of an impact on the major averages. session highs come in your session highs despite that we've seen decline. this is the first down day for the major averages in five days and out of the last nine sessions, we now have seven lower. the rally we've been seeing more recently on pause right now as the trade were between's the u.s. and china heats up. investors not liking that. we can see the effects for the s&p 500. the bloombergs it really get a snapchat of was have a great for the s&p 500 we see 10 of the 11 sectors are trading lower. investors going towards defense today. on bottom though the industrials , all the sectors most sensitive to the possibility a trade war could be a negative for the economy. investors selling those shares on the day. if we take a look a

let's get a check on the markets with abigail doolittle. indeed. oing to be down to the wire what happens on the week. if it finishes lower ill be the first two down days in a row since june. take a look at the clear mover. down 7/10 of one perspective -- 7/10 of 1%. president trump talking down the dollar and criticizing the fed. tailwindbeen getting a to stocks earlier when we had modest gains. now not so much. thatr the movers below relatively flat surface, ge and exxon mobil, they did beat estimates. there iswer units, weakness there. free cashevise their flow guidance down. exxon mobil down. microsoft up 2% at a record high after posting a strong fiscal fourth quarter. their cloud business helped out. up 3.9% when they reported yesterday the report was ok. the record -- the forecast at a number of downgrades. investors not caring. let's take a look at what could happen. these arethe meek -- the weekly moves. january, a big rally. volatility to the downside. smaller move into the spring and summer. we are on pace for a third up week in a row. it

here's abigail doolittle. abigail: facebook is the big story of the day.

more in a moment but first, abigail doolittle. igail: i'm just waiting and here it is, consumer confidence for the month of july coming in at a small beat at 127.4 versus the survey calling for a reading of126, versus 120 6.4, all these numbers near all-time highs. despite the trade war, the fed is raising rates and consumers remain confident. relative to major averages, not much we are looking at going into the consumer confidence, the dow and the s&p 500 have an up more than half of 1%. it is true of the nasdaq which has been up nearly .8%. will be interesting to see how the day plays out considering the reason selling for the tech sector, plus, while stocks are higher, we have bonds aller, telling us not investors are trusting the small gains that we have on the open. let's look at the s&p 500 in the last four days to take a look at the volatility. flate much of last week and then a big dip on friday and lower yesterday, up just a little bit today but down 1%, and of course, the big drag is the technology shares i was mentioning

here's abigail doolittle. e looking at decent declines for the major averages we have the dow, s&p 500, nasdaq, all lower. the nasdaq slipped higher. at the lows can all three major averages down 7/10 of 1% or more. we are off the lows. investors remained concerned about the possibility of a trade war. this is weighed on a weekly basis. let's hop into the bloomberg and whatit -- take a look at is happening or these are the moves up or down for the three major averages. this year, big moves in january, february, march. january to the upside. february and march, we had big moves to the downside. out,i would like to point the dow is on pace for its first four-week decline. the week is young. since may ofay 2016, both the s&p 500, and nasdaq on pace for a third week down. for the s&p 500, that would be the first to climb for the s&p 500 since june of 2016 since the time of the brexit. that speaks to the dirt -- to the degree of uncertainty. let's look at a bright spot we have shares of vmware and del technologies.

here is abigail doolittle. abigail: they are rallying, david. and months of thetility, rumors, industrials and the dow transport areas have been hit hard by the possibility of a trade war, but now that it has happened, investors are buying. confirming the rally that we do see, stocks are up six out of the last seven days. the 10 year yield, up three basis points. the first time really in five days. bonds are pulling back. a bigare selling off, and piece of it has to be the financial sector. it is the best sector on the day. euro trading higher, the best since the middle of may. that if the euro continues to rise back above 2.5% for the 10 year yield, perhaps it will in fact healthy net interest margin for the banks. thes take a look at intraday chart of twitter. we see some real weakness here. the end of march. this has to do with the company's announcement that it will be suspending one million fake accounts per day. investors and analysts are worried this will hurt the active user growth. david: active users. [laughs] abigail: some are saying

let's gets abigail doolittle. abigail: the rally continues. each of the major averages up for a fourth day in the row, the dow up .6, leading the way up, seven out of the last trading session. the strength continues to charge forward, except for the dow transports, down .8, its first down day in four days. last friday, a trade war officially started between the u.s. and china. we happen to the bloomberg and investors outside of the transport today buying that news. this is a busy chart of many of the averages on the year. we see lots of volatility. at this point, we have the nasdaq technology up top and white, the russell 2000, and the s&p 500 in the last days with the dow turning positive on the year. the transports were also higher on the year fractionally but on the recent turn down, a little bit lower at this point. just flirting but it is interesting to see the turnaround. investors are buying the actual news of that trade war. the transports may be week but let's look at stocks and the philadelphia semiconductor index, up four days in a

abigail doolittle is keeping an eye on everything. abigail: we have a mixed bag at this point.ancials earlier h been a big drag, but the s&p in the dow now are modestly higher. the tech heavy nasdaq is down a little bit. we will take a look at the chart in a moment, but on the week, ace forverages on p the second week of in a row. a small bit for haven bonds is supporting the mixed picture we are seeing for stocks. not a huge move up for stocks, and for the commodity complexes, although we have gains on the week for stocks, it has been a topsy-turvy week. the same thing for the commodity index at this point, down about 1/10 of 1%. oneis a nice recovery, up .17% -- 1.17%. fractionally, about flat, and gold down 1/10 of 1%. this is all having an influence on some of the big movers for the s&p 500. if we look at the big winners and the loser on this and the -- the s&p 500, we will see devon energy, one of the top performers for the index on that move up in oil. copper is downak 1.6% 3.6%. -- 3.6%. it now has a 49% stake in a mine in indonesia. over the long term, many of us think

we get breaking data, here is abigail doolittle. >> taking a look at existing home sales, the number came at 5.3 million homes sold in the month of june. the survey have been calling for 5.4 4 million homes. this is the second miss in a row. number came in at 5.4 3 million homes sold, lest than expected on inventory loads -- less than expected on inventory loads and rates rising. a bit of a disappointment there for existing home sales. not much of an effect on the major averages. we were looking at fractional declines for the dow and the s&p 500, there third down day in a row. let's see if those hold. nasdaq, down .5%, on paper its worst day in two weeks. area take a look at one that is taking a hit, the auto sector. fiat chrysler down two point 5% on the news that sergio marchionne is leaving earlier on health issues. investors worried what this means for leadership. mike manley is taking over. the european head has left. shares of ferrari down 4.7%. there had been a plan for marchionne to leave. he was expected to help out at ferrari for another five years. this will create more tu

first we want to get to abigail doolittle. we are halfway into the trading day. it looks like investors are looking to earnings season. abigail: averages higher. up six over seven days. doubt on pace for the best day in a month. -- the dow on pace for the best state in a month. investors appear to be lying and bonds trading lower, confirming the risk on picture. take a look at the sector composition. it points to a risk on picture. seven of the 11's s&p -- 11 s&p sectors are higher. dividends look less attractive. let's take a look at a few numbers. the top percentage of the s&p 500 is global energy. and deer down. capital one up 3.8%. we have one losing area from the trade war, soybeans. you will see a decline, 2.8%, the worst since august of last year as china is said to reimburse tariffs plus encourage imports from anywhere but the u.s.. it is hitting soybeans today. vonnie: thank you for that. >> earnings on tap. is peters with more chung. there has been a lot of anticipation that we would get commentary on trade in the earnings call. what is your team expecti

abigail doolittle is here. igail: nice games for the major averages and even record highs for the nasdaq and the nasdaq 100. really pretty impressive considering we have had some trading in more recent days per a lot of the clients yesterday and today, solid gains. in nearly two weeks and again, record highs for the nasdaq 100.he not surprisingly, it is all about tech. the sector for the s&p 500. behind the strength for the nasdaq in particular but also the s&p 500, let's take a look at facebook, amazon, and netflix. going ever so slightly lower, earlier they had been higher. the big story of the day also at a record high as they put up a blowout second quarter beating all metrics right across the board. revenues growing more than 25%. the numbers, really quite impressive. a lot of price targets taken higher, all of which in the context of eu fines. investors are gaining some confidence from the quarter and really helping facebook with shares at an all-time high as well. the tech strength it -- a strength is on

and abigail doolittle has more. abigail: bulls tiptoeing back out.olid gains for the major averages, all higher after yesterday's pullback, but off of the highs. the nasdaq was up 8/10 of 1%, now up 3/10 of 1% and we will take a look at one of the drags. helping the other major averages, the chip factor. take a look at this my conductor index, up 1%. and take a look at this today chart. -- two day chart. the best day for them since 2015 after they put up a solid quarter. this is a cap equipment company. investors liking that they did not go down. -- guide down. ngswill see that the faa are lower as we get into the bloomberg. over the last four days, the worst four since 2016, down half a percent today, so not getting the reprieve that we had earlier. and it is bleeding and two other names. amazon, just by putting up a strong quarter, those shares are down 7/10 of 1%, and pandora had been down sharply earlier, they report after the bell, as does square, down 1.8%. the big one, apple. let's take a look. we will see earlier, higher. investors wondering

abigail doolittle is here. >> the intraday chart of cbs

abigail doolittle is here with the latest. mixedl: we are looking at markets for the major averages. the dow is down slightly, on pace for its third down day in a row. the nasdaq had also been lower. we are seeing a little moved to the upside. small moves. that reversal is not surprising. take a look at the 10-year yield , it is up six basis points. there is not any sort of haven bid, suggesting maybe money flows will go into stocks. because we have yields higher, that is affecting sector compositions. up.s&p 500 is on bottom we have two of the bigger banks. investors hopeful that as yields rise, that could help interest .arkets for these banks margin yields helping the dollar. take a look at this cha using the gtbrt function. -- gtv function. in white is the dollar index. this goes back to february of 2017. ink up to levels we saw february 2017 as the dollar recovers. that may suggest dollar strength continues. we are seeing strength in shares of paypal. it is up 0.3%. it is up more than 2% from lows. taken the stake in paypa

first we want to get to abigail doolittle. the prints for the month of june, the actual number came in at the point to versus the survey of 58.5, that is up from may. anything above 50 signifies economic expansion. this number suggests the economy is doing well. a pretty significant fee. it is starting to moderate. , going in it had been down about half a percent. as vonnie was mentioning, we are looking at losses on this monday following weekly declines last week. for the doubtless -- for the dow it was the third week in a row. let's hop into the bloomberg and look at the technicals. you can view this using bgg the function. -- gtv function. what i would like to point out, the dow has gapped below the 200 day moving average. it is below for the longest amount of time over the last year. the near-term and longer-term buyers are a little bit uncertainty about what's next. could also have significance for the s&p 500 and the nasdaq. both above that moving average. this could be their signal. behind the weakness for the dow , che

abigail doolittle is here with news. abigail: it is interesting because we are looking at deep declines. the first down day for the dow in the last six trading days, so a bearish street gap are lots of small games more recently this week, but the bears are trying to take control on the day and flipping whether or not we will be looking at gains for the major averages but one of the big stories is the media idea with comcast -- media deal with comcast, cox, and disney. bid,st is dropping their and their shares are 2.9% up. disney gained on the big idea billion bid is $71.3 and will be approved at the july 27 shareholder meeting. shares upry fox with 90% since this first began last november, so really the winner in all of this. let's look at the bloomberg dollar index because that is a pressure on stocks. we see over the last three days, powella .6 after jerome indicated the economy is strong and the fed is on the path for gradual rate hikes, which supports the dollar. that is weighing on the commodity complex. let's look a

scarlet: thank you, abigail doolittle. let's get the first word news with mark crumpton.peaker paul ryan says the house will take up a resolution backing nato, which he describes today as "indispensable." that's after president trump criticized the alliance today in brussels. the president reiterated his belief that nato members aren't paying their fair share for defense. speaker ryan added that the president is right in pushing other countries to pay more, but in the meantime, the senate voted 97-2 on tuesday for a nonbinding resolution supporting the aligned in -- alliance. meanwhile, british prime minister theresa may is also defending the importance of nato. she spoke to supporters on the sidelines of today's summit. >> nato is as vital to our work today as it ever has been, and the uk's commitment remains as steadfast as ever. we lead by example and not only spending 2% of our gdp on defense, but 20% of our defense budget on equipment and the way in which we deploy thousands of armed forces for nato operations around the world. days,over the next two leaders are expe

for that, we turn to abigail doolittle. the dow, s&p 500 and the nasdaq, the dow, s&p 500, higher. earlier, the nasdaq had been up. well off the highs. the materials, industrials, energy sectors are leading. tech has cooled off. the nasdaq did put in an all-time high. take a look at underperformance. we will be digging into that in a moment. let's take a look at where we had outperformance for the s&p 500. these are up 4.4%, one of the 500.tocks for the s&p on pace for its best day in two months. for expectation that billions of dollars of aid will be given to farmers for relief in the trade war. .t is not just deere let's take a look at agriculture and fertilizer stocks. revenuent, 18% of their is the agriculture sector and we have the fertilizer sector as we have a rally as investors hope that aid will flow through. since trump was elected, we are going to see this aid may make sense. timegoes back to the president trump was elected. energy is in blue, white is industrial medals. there is divergence here in the commodity complex with energy and industrial up top. the grains down

abigail doolittle with the latest. >> thanks so much.cks, major averages, more than half a percent, the worst day in two weeks. it is not the stocks that are lower. it is also the commodities complex. 1.8%. 2.5% in the middle of june and all of the weakness , theming on the trade were ansibility the u.s. -- under additional pair, this is a chart of oil. we have seen this over the last trading reliably in this range. this may suggest a weakness for oil and continues to back down into that range. let's look at the stock to clients because here we have major averages trading lower. the dow down off of the lows to some degree, even so, this is some of the first down day i should say in five days. we've had a little bit of a relief rally heading into only twoseason where of the last nine sessions down, today is one of those bearish days. it will be interesting to see whether or not it continues. >> ok, thank you so much, abigail. coming up, president trump reason to defense spending calls up four percent of gdp. how feasible is that? we will

abigail doolittle is here. >> the intraday chart of cbs, shares down 4.8% and on pace for the worst dayince february on a report that the new yorker has a story they will pull this today accusing ceo les moonves of sexual misconduct. investors not liking this report, down 5%, down 7% on the year, they get 47 -- 40% of their revenue through advertising. down from a year ago -- years ago. we will be digging into the story more as the day goes on. major averages, mixed trading action, all down actually, earlier than higher -- the steepest decline for the nasdaq is down 20%. -- pointed percent. -- .8%. the nasdaq hit again on the week. now on pace for a weekly decline. a five day chart of the nasdaq, earlier this week, it was higher but the big drop yesterday on the facebook fiasco. today, down .4% and on pace for a second down week in a row, first time we have seen that since june. -- big rack on the nasdaq downon the nasdaq, intel, 8.4% after they beat second-quarter estimates but the revenue guidance for the year suggest a slowdown in the fourth quarter and a big chip release delayed to

abigail doolittle has the details. day.il: an extraordinary take a look at the divergence we have. the s&p 500 is down slightly. the nasdaq is plunging. five hundred as well. on pace for one of the worst days since the end of june. and the big piece of the story you are mentioning is facebook. the s&p 500 and the nasdaq is overweight. let's go look at a chart on facebook to see the plunge. there it is. down 17.6%. ae worst day ever on disappointing quarter relative to sales and the company missing user numbers. really are absolutely disappointed by this. fearful about the privacy scandal issue. let's see what has happened to the market cap for this. we are going to see an absolute massive amount of market cap value wiped out for facebook. $100 billion. the last largest was intel in 2000 when $91 million of market ap was wiped out but this is deformation of wealth. there is fallout from facebook and other social media companies. including snap, twitter, weibo -- expecting to see this weakness that investors will be fearful of and other users will perhaps go away from these platforms

trading session, abigail doolittle is here. igail: the polls are back in charge, we have solid gains after yesterdays pullback. over the last 10 sessions the major averages up 10 of those sessions. it was a little bit rocky on trade warfare, but investors are looking past that into earnings season kicking off tomorrow with a big bank. and we see solid gains. over the last few days that's stake a look at the small amount of damage that was done by taking a look at the s&p 500. there's yesterdays decline, the worst day in about two weeks, today, up, but over the last two days down 2/10 of 1%. bonds right now may suggest that the stock rally will stay in place. really helping the s&p 500, let's take a look at the shares of ca, up 18%, the best 2008. broadcom is down 17%, its worst day ever going back to 2009 on the news that broadcom would be up $2.9 billion, putting them in a different area of technology into enterprise software. it's unclear to analyst how that will fit into the chips is this. the worst day ever on record for bro

abigail doolittle is here with a check on markets. abigail: we are seeing a rebound. take a look at major averages all rallying. nicely higher at session highs. the dow and the s&p 500 up more than .7%. it's the tech heavy nasdaq leading the way of more than 1%. the major averages of eight of the last 10 sessions. yesterday hit by trade war affairs. today stock investors looking pass those fears. are still worried about the possibility of a trade war. what it could mean for the global demand picture and if we take a look at this chart of oil we see the real fears that came out yesterday when oil was down 5%. yesterday's 5% decline was the worst since june of 2017. that was overall commodity complex. now we have oil on pace for its worst day since march of 2017. anyway you look at it investors worried that a trade war could cut into the demand for oil. china is the largest consumer of natural resources. that hit the commodity. take a look at the commodity index. take a look this rally for the greens. not so long ago both wheat and corn slightly higher. soybeans have be

let's get to abigail doolittle who will tell us what is going on. >>. much influence from the fed monetary policy report on the major averages. very small gains before it was released and after flipping between gains and losses, still looking at the small gains. nine --rages now up major averages now up 11. up two weeks in a row and the bulls are in control. not a lot of influence from the fed monetary policy report. down slightly, representing haven bonds are rallying which may suggest on a friday, quiet friday in the summer, perhaps the last hour could be interesting if there is a small haven bid, maybe a stock will flip-flop. this is not helping the financial sector but looking at the financial sector more, looking at the big banks, a bit of a recovery earlier -- earlier they were down more than 1% and now down 1/10 of 1%. for the second quarter of jp morgan, citigroup, wells fargo. a bit of a mess on the trading revenue, shares lower. wells fargo down 1%. disappointment around their mortgage business. helping the s&p 500, a top performer, this is a

let's check the markets with abigail doolittle. >> the bulls are out. take a look at the gains for the dow and the s&p 500, the s&p and bestq on pace for their day since june 1. investors not caring about the uncertainty. it's usually the reverse. investors appear to be buying selling theter rumor of the volatility for the last few months. as we look at the sector composition, we will see it is very strong. all 11 sectors up, even the industrials. earlier, the industrials have uncertaintyket of on the trade war, but we are looking at health care, technology, and energy. let's take a look at what is really boosting the health-care sector. the nasdaq and s&p 500 more so .- biogen it is on pace for its best day since 1999, on paper, right now, it's best day since 2007. this is because of the company's alzheimer's drug, a potential $30 billion market. as for tech strength, a lot of andstors cheered amg twitter. amd may be in sympathy with bitcoin, up 10%. twitter, look at this. a $17 stock. easy comps for the year. investors like it. the shares of today as

abigail doolittle. >> we are looking at the month of june for the ism nonmanufacturing composite, 59.1, the survey calling for 58.3. all of this relative tim may at 58.6. so is strong reading here. anything above 50 shows us that there is economic expansion. this is similar to what we saw for the manufacturing print earlier this week, 60.2. but of these numbers suggest the economy is moving along nicely. and the influence on the major averages, not much. we are looking at solid gains by the dow, s&p 500 and the nasdaq, going into that ism services print. and this is the fourth update for the major averages after the last five days. and a recovery bounced back from the late a pullback for those stocks we saw on the shortened trading day on tuesday. you can see it is a broad-based rally as well in the bloomberg, this is the imap. we see 10 of the 11 sectors are trading higher. telecom is up top, tech is up 8/10 of 1%. and another area of strength, take a look at the big automakers here in the u.s., along with two european automakers. a nice rally. in the u.s., jim, fiat chrysler -- gm, f

here is abigail doolittle. the dow and s&p 500 down modestly but solidly. the nasdaq information and technology index both down more than 1%. take a look at the s&p 500 tech index, down for a third day in a row, more than 5% over that time. the worst three days since the end of march. technology continues to decline. let's take a look at the source of all this, facebook. this chart says it all. into the earnings report, up more than 1% last wednesday and this massive three-day slide, down 23%. investors are taking stock into what it means that the data privacy scandal is hitting the company. taking a wait and see guidelines approach. that is having a contagion approach -- a contagion effect. we will see the likes of twitter and snap and other social media platforms down sharply as investors wonder whether consumers and american people overall will change their social media habits. down --ow than 1% -- amazon down more than 1%, but they have had a strong corner. down one point 3%, now in a bear market after putting up a disappointing report themselves. as we

vonnie: abigail doolittle, thank you. shery: wall street kicks earnings season into high gear with reports from citigroup, wells fargo, jpmorgan and pianist the financials. nick.g us now is brian will earnings offset the downside risks of a trade war? >> that seems to be the pattern this year. during this vacuum period where stocks have been struggling to find some legs. we saw the optimism related to corporate profits, corporate guidance really pick up the rally where it has been faltering when trade was the dominant theme in the headlines. coming into this earnings season expectations are already pretty high. were revised up for the current quarter during the time period. there is less of a low bar to clear. vonnie: we are looking for a 9% revenue growth number. where does that come from? >> consumer spending was that strong in the united states during the quarter. coming from overseas despite seeing somewhat softer growth in the eurozone we are still talking about much stronger demand than we were getting one or two ye

abigail doolittle is here. what are we seeing? move, theery small mixed market moving up and down after last weeks weekly gains. two up weeks in a row, but today not a lot of conviction. stocksake a look at two moving on earnings today, bank of america up 1.9%, beating right across the board. investors cheering. blackrock down 1.5%. etf inflows for the second flow down on the euro for year basis. ceo larry fink talking about the idea the market could drop 10% to 15% entree concerns. another drag on the market, energy. take a look at oil. we will see a big decline, down 2.8%. oil down about 7% on those trade war concerns. perhaps have the saudis increasing supply. this is the worst sector energy on the s&p. if we hop quickly to the bloomberg of see what is happening for the commodity complex, we have a breakdown. this last week we had the bloomberg commodity index down 2.8 percent, the worst week since february. take a look at the commodity index. sometimes that is an early tell what could happen for stocks. risk asset. it will be

abigail doolittle is here to tell us why. l, what is wrong with wearable exercise devise trackers? abigail: it goes back to president trump and his comments on trade. there was a report the fitbit unders, they could come 10% tariffs. that is the fear. this is a nifty product that could be terror left. , the revenueoblem picture, for revenues coming in the not right direction, $2.2 billion, there is the year-over-year growth. -- seems relatively strong. julie: right after apple incidentally. apple is on the july 31. abigail: apple smart watch was on this list of possible tariffs as well. those shares lower 7/10 of 1%. parallel. interesting a smaller part of apple. joe: you mentioned it is not about and the mental so much as risk. it is not like people are particularly excited about fitbit. it is down 90%. >> i have a chart to show to illustrate your point. 'ed in 2015.po joe: there was no way you would see that rally. >> it makes perfect sense, to buy an entire devise to track your movements when every smart devices aiming to d

abigail doolittle is taking a look. abigail: this is stunning. with a treat saying it is the next great drug short. a $60 price target. this is a $90 stock. a 30% drop in the next 12 months head --king on the fda and a drugmaker's are not as competitive as they need to be. andrew is saying the severe 60% ofhit on him era, their revenue. want to bring us into the bloomberg to take a look at what is happening for revenue growth because this is extraordinary over the next few years. is on patent until 2023. it does not even go to 2023. so, a direct hit, it is hard to see how he believes that will be the case. and the fdaected cannot really mess with that. joe: there is no obvious reason at least in the next five years, why and expanded market -- >> yes. absolutely it is protected. the knowledge meant that this will come up in 2023, there is that perception. thing, having a market moving impact, there is something that, he was actually the second person to make the call. i was putting together this other chart of things he has done more recently. ano

joining us now, abigail doolittle.is always the subscriber addition. >> it doesn't come down to revenue. we talked about the stock. story, valuation. analysts are out there with positive comets going to this earnings report but the negatives are getting the attention here. it has to do with how much the stock is up, more than 100%. if we hop into the bloomberg this is interesting. here,e are looking at last quarter it was a blowout quarter. 7.2 million subscribers. almost a million more than expected. this is the estimate for this quarter. 6.3. , he waskely this number talking about the possibility of a big miss. look at this trend in the stock. going in the wrong direction here. that could be pressure. >> going into monday, the short interest of the stock. for a stock of this size it is not tiny. >> that is interesting. huge. investors did not believe in this in terms of valuation. rising cost we were talking about. a point.yst might have this is a longer-term chart. above its is 44% moving average. you see it tends t

you so much, abigail doolittle with the latest. can see big new -- big moves for a lot of these companies. up by almost 80%. on to the bloomberg scoop or u.s. and mexico in the final stages of negotiating a deal on rural cars sold under nafta according to five people familiar with the talks. we want to bring in randy with the latest. how long have the talks gone on? how close are we when we say they're close to some kind of a deal? foralks have been going on a most a year, they started in august 2017. trump has said we are close to a deal but we have heard that before when talks started, they did not expect them to last longer than that calendar year. they continued to extend the deadline. there are reports that we are close now, but it still remains to be seen whether they are at a deal. >> i'm a little confused. what does it mean for the u.s. and mexico to be near a deal on cars when nafta is a trade agreement with free parties? >> it is a little confusing but trump has long said he prefers to negotiate deals on a bilateral basis