new information now on that environmental settlement between the state of new jersey and exxon-mobil. four groups want to appeal governor christie's settlement offer. a state superior court judge ok'd the offer. the state originally sued exxon-mobil for $9 billion for contaminating sites across new jersey. >>> good morning. it's going to be a cool start as we head into your tuesday. expect temperatures similar to yesterday in the 50s and 60s. so pretty cold as you head out for a jog or walk the dog before work. dry start on tap, we do not have a chance of showers in our seven-day forecast. plus, the 80s are back, temperatures today expected to warm back above average. so we had a nice break in the 70s, but now above average temperatures are here to stay for most of this week. for philadelphia right now, 62 degrees, our wind speeds out of the west-southwest at 5 miles per hour, humidity at 62%. in allentown, 51. a bit warmer in cape may at 69. philadelphia in the 60s. a bit of a temperature spread this morning. we're warmer in wildwood at 64, about 10 degrees cooler in mount holly at 5

time that we owned exxon mobil.ht the future was not going to be as good as we were thinking. , we owned no companies that are crude oil producers. was david west speaking to warren buffett. you can get all the days stories and watch wherever you are, get app.loomberg we are headed towards the break, but we are going to be looking at this brand new shanghai skyscraper, and why it could be an omen of economic boom. you are watching "trending business." ♪ rishaad: we are bk with "trending business." we have a look at what has been going on in the asian infrastructure investment bank. they want to start work for the end of the year. they want to have more than 70 members soon. there are a number of countries waiting to join and the door remains open for japan and the united states. they are a china led initiative aimed at funding projects and infrastructure across asia. a former citigroup chief executive is back in the news for his investment in a startup. it is to expose hidden fees financial -- financial engines char

strategics,larger conoco phillips, shell, exxon mobil -- those are the ones better situated to take advantagethe struggling producers in north america. the categoryone in that i just described, independent north american companies, have been loath to sell at the valuations we had seen. we are seeing asset sales as a t-ditch effort. alix: these are the second liens for some of these. now the capital markets are drying up. happynths, everyone was to shuttle cash to these guys. in the last few months, not the case. what brings the money in? is somebrings it in believe on the part of the -- wee-equity investors have reached the inflection point and we are moving towards a recovery. looking at what happened last billion dollars or so of mergers and acquisitions activity compared to year to 12-$18 billion of activity. billion to $18 billion of activity. march, april, july, so when oil goes back to 60, that's when they put private equity to work. alix: thank you for your time. ♪ alix: i am alix steel. joe: i am joe wiesenthal. i think it might be the most hyped watched emi ever. we know the fed is w

i want to go off the charts to see what's next for the largest oil company on earth, exxon mobil. something we're doing with the help of robert marino who is my colleague at real money.com and being the publisher of "right view trading company." he's got a novel view here. he actually thinks's possible -- i know this is just amazing frankly, that exxon with its fabulous balance sheet unlike other oils may have been punished enough. in other words the open wound that's the oil patch might be clotting. something that should have a destabilizing effect. his reasoning? look at the look at the charts. the top one being exxon and the bottom one is s and p500. you see the exxon versus the s&p. for the last month or so, he's noticed a change in the pattern. lately, exxon stopped going down. look at this. it's been consolidated. it's building a base, sideways action. it refuses to go lower. oil has not gone lower it's stuck at 45. bob thinks this can change the short term trend. now, let's drill down into the next -- the daily chart of exxon. because he points out after the vicious decline

look at exxon-mobil, gone sideways. $72 forming that base. i generally don't like to trade counter trend but going into q4 you could get a pop out of here which would be a 15% rise which b.k. will take every day, buy it, twice on sundays. >> i agree. i think you get a leg into them now and it will take more time to flush out. this is more of a first quarter next year play as far as jumping into energy. i think there is a big value and opportunity to make good money and it is coming up fast so you have to be there. >> so in a modest economy, you get to the final fourth quarter and we see a bump to the upside. why wouldn't they agree? >> i don't agree with the modest economy. even if the fed raises about a quarter point that is not enough for financials to make any money. >> but last quarter we got great reports. guy was talking about goldman sachs. we had solid reports from all of the financials and the pullback came as the markets are turning to the down side. >> important to distinguish between the financials, the regionals. >> i'm not on th

exxon mobil says they are not going to sponsor cgi this year. is this because of the funding controversy? pres. clinton: i think they don't want to be involved in politics, they don't think we were political. a more, inever been don't believe, foundation with a prominent political person like me that has been warm nonpolitical. -- more nonpolitical. mitt romney, john mccain, sarah palin came. son haverdoch and his given money to us along with mayor bloomberg. we just saw problems -- solve problems. a lot of people don't like bad press and you cannot be involved in modern american politics without somebody attacking you and i think the fact that there are so many other channels like bloomberg and social media means got, if somebody once to negative, it is richer view to my wife that it all happened now. -- interview to my wife that it happened now. i think, in the end, the foundation will be judged on the work it does. betty: is there anything you would have done differently with the foundation? pres. clinton: there may be a thing or two that i w

exxon mobil said they will not sponsor you this year. is this because of the funding controversy? mr. clinton: i think they don't want to be involved in politics. they don't think we were ever political. there has never been a foundation with a more prominent political person involved. i have had george and laura bush here, mitt romney, john mccain and sarah palin came. rupert murdoch and his son and his foundation giving money to us along with mayor bloomberg. we just solve problems. there are people who just don't like bad press, and you cannot be involved in american politics without somebody attacking you, and i think the fact there are so many other channels like bloomberg and social media, if someone wants to go negative -- it is sort of a tribute to my wife that it all happened now. [laughter] and we have got all this social media and the alternative ways of communicating. in the end, the foundation will stand or fall on the work it does. betty: knowing the outcome now, is there anything you would have done differently with the foundation? mr. clinton: there may be a thing

exxon mobil is looking for shale bargains in texas, meeting with small oil producers about takeovers and oil -- joint ventures. many are forced to shut down rigs or partner with a company that has deep pockets. says the u.s.imon banking system is much safer now than it has been. he says banks have more capital and are more diversified than it used to be. he is concerned about what happens when the economy gets worse. >> what i worry about is what happens when you have a really bad environment. we do not have a bad environment. banks will be much more restricted in its ability to stand against the tide. a lot of that will be made up for with non-banks. it all remains to be seen. betty: he said another of his concerns involves treasuries, saying some traders have never been in an direct -- in an environment where interest rates are rising. ultraluxury may be going out of style in manhattan. we will tell you why one homebuilder is going to focus on lower-priced units. betty: we will get more perspective on the federal reserve with michelle meyer's, the interview coming up at the bottom

exxon mobil said they will not sponsor cgi this year. is this because of the funding controversy?r. clinton: i think they don't want to be involved in politics. they don't think we were ever political. there has never been a foundation with a more prominent political person involved. i have had george and laura bush here, mitt romney, john mccain, and sarah palin came. rupert murdoch and his son and his foundation have given money to us, along with mayor bloomberg. we just solve problems. there are people who just don't like bad press, and you cannot be involved in modern american politics without somebody attacking you, and i think the fact there are so many other channels like bloomberg and social media, if someone wants to go negative -- it is sort of a tribute to my wife that it all happened now. [laughter] mr. clinton: and we have got all this social media and the alternative ways of communicating. and i think in the end, the foundation will stand or fall on the work it does. betty: but knowing some of the optics now, is there anything you would have done differently with the

exxon mobil said they will not sponsor cgi this year. is this because of the funding controversy? mr. clinton: i think they don't want to be involved in politics. they don't think we were ever political. there has never been a foundation with a more prominent political person involved. i have had george and laura bush here, mitt romney, john mccain, and sarah palin came. rupert murdoch and his son and his foundation have given money to us, along with mayor bloomberg. we just solve problems. there are people who just don't like bad press, and you cannot be involved in modern american politics without somebody attacking you, and i think the fact there are so many other channels like bloomberg and social media, if someone wants to go negative -- it is sort of a tribute to my wife that it all happened now. [laughter] mr. clinton: and we have got all this social media and the alternative ways of communicating. and i think in the end, the foundation will stand or fall on the work it does. betty: but knowing some of the optics now, is there anything you would have done differently with t

and exxon-mobil, i think people plan on valuation will get burnt on the trade. gold, however, is rallying. and we'll talk about that. but that is the outlier of the commodities market which might offer something entirely different. there is a lot of cross currents going down here. >> and the ecb was out this afternoon saying we'll not hesitate to act if the shock is not that severe, and responsing to the fed and that god back through the fed. dax, 9400 is a low and that is why you buy because as long as the euro is staying weak and if you listen to brian, right there, i want to own european equities and dax is the best place to be. >> does that make you bullish in europe? >> no. >> why not? >> because european markets are exposed to china, and particularly germany, a big export company. so that head wind will keep me away from it. so buy uup, that is the way to trade a u.s. dollar or sell fxe, that is the euro. i think being short, euro is the trade. for u.s. investors, that is probably the best way to do it. and you don't worry about export headwinds. >> speaki

being cosanis traded in the big major, the halliburton, exxon mobil. how is that next influx of private capital going to come fuel shale 2.0? how does it get kick started when it is in the hands of the big guys? mark: i am not sure it is in the hands of the big dies. there are players that are seeing significant support from companies much smaller than blackrock. prices rebounded slightly which is normal. i slowed down in the production growth. it is very easy to turn the back on. they have a higher velocity on the gas died. when gas prices collapsed with costs and everybody pulled back. -- on the gas side. people rushed in book is a make so much money. profoundly different characteristic that what people have been accustomed to for the last 30 or 40 years where the velocity is so low you have to build billion-dollar projects. cycle.ng now what you have is sort of a fast throttle, prices go up a little. if i can make my money in six months of production, which you can easily do, you really do not care if price collapse two years out. you go back in and

drillers to either shut down their rakes or partner with companies that have deep pockets, such as exxon mobilto the luxury apartment a lot. that is what we are starting to see here in manhattan. zeroingtruction firm is in on smaller apartments with relatively lower prices after seeing expensive units sit on the markets for many weeks. stories of the morning. the markets are closing in europe. .et's go to ryan chilcote brianna: i want to kick it off with the bond market. take a look at a u.k. yields, down 11 basis points. that is the biggest move for yields in nearly three months. this is really a global bond rally. the stoxx 200. this is the european benchmark it. the equity market down close to this is where janet spoke after the close. basically what you had in europe was equities opening down. decided it may have been a little overdone at the end of the day. the dax down by 3%. only greece was up. nearly 1%. look at those greek banks. hard to say they are on fire. up 14.3%. investors are really optimistic because all of the parties are promising to implement just stare to deal. -- not exac

mark: exxon mobil looking for shale bargains in west texas. exxon is meeting with small oil producers in the permian basin about takeovers and joint ventures. the collapse in oil prices is forced many drillers to either shut down rigs or partner with a company that has deep pockets like exxon. a touching moment during the atlanta braves toronto blue jays game. former president jimmy carter scored a kiss from his wife of nearly 70 years. thesmooch was caught on braves kiss cam. the 90-year-old carter recently announced the cancer has spread to his brain. he says he's not a good life. mark: he was very optimistic about it. he spoke about it in very religious terms. he has led a very full life. they are devoted atlanta braves fans. at most of the games, they are sitting on the braves dugout. matt: there's the top stories we are following this hour. mark: the federal reserve decision to delay raising interest rates keeps the debate about timing alive as u.s. stocks attempt to hold on to earlier games this week. of thearon klein bipartisan policy ce

exxon mobil was one of the biggest losers on the dow. xon and chevron, both of them down big. -- it does not seem when you see the pullback. there is still a drop of more dollars per barrel. as far as a couple individual movers --ere were dollar tree came out with revenue that mr. the street from less to miss down 6.5%. 15.3orecast revenue of billion dollars. analysts were looking for $15.6 billion. it also said is not going to forecast profit because it's trying to integrate family dollar stores and as a result, he can't tell you when it's going to earn money. that's the kind of uncertainty the street does not like. freeport mac in rent, also a loser today. adding insult to injury. -- freeport matcmoran. as copper drops -- if you did grasp the 2 -- actually, the receive i can pull this off. here is a graph -- can you go back into my terminal? i will show you freeport-mcmoran over the last year and white, copper, and orange. they are moving in tandem almost the entire time. you see the problem. the analyst over at citi does not think that

you have exxon mobil only for a couple of years. pretty short. different kind of company. how much of those decisions is averned by your view on long-term oil prices as opposed to something else? mr. buffett: i do not have strong views on that but i did aboutss enthusiastic crude oil prices. felt the future was not going to be as good as people would think it would be. >> your anticipation, what might happen a crude was part of the decision. how much of that is driven by possible connections with northern santa fe? warren: none. question, breaking bad. you are a big fan. is anything there to replace it for you? "better call saul" is a great program. -- theg bad will go down writing, i wonder how in the world you could end this thing right and they ended it right where the talent that was on there. there were half a dozen really outstanding actors and actresses. i do not think the world will see anything better than that. vince gilligan got four stars in my book. >> ok, great. thank you very much, warren. back to you. tim: you have been listening

exxon mobil is one of the biggest losers of the day. the companies that are dragging down the indexes and financials. oil companies and financials the big losers, but every company on the dow jones industrial average is down right now. actually, we are doing a bit better. now, we have 10 winners. not all of them are losers right now. nine winners and one unchanged. let's take a look at the yield on the 10 year. people are going to gold a little bit. has not gained that much. saw five basis point gain on the yield earlier. now, the yield is down three basis points. selling out of the 10 year as well, very interesting to watch who is doing that. the chinese government has been telling its treasuries to try to .aise money a very interesting story. #get i can just imagine out of my terminal. nasdaq is now down for 2015 as well. let's get a look at the european market close. mark barton has those details. china.ive letters, continuing to dictate how every singleets -- group fell today. look at the color on the screen. last month, the biggest

historical data and also you could look at it and say well a lot of the companies like chevron or exxon mobil yes they're off by 10 or 15% but it's nothing to what oil is off and you have to ask the question why. it's a tirges in opinion. why is oil dropping and is it going to last or not and does it do anything to valuations as well? commodity traders look at the short-term move but if you're going to be investing in the next round you're thinking long-term and they have reserves enough to last them for decades. >> the price in oil prices over the last five trading sessions very interesting to say the least. yesterday oil prices were down 8% following a 25% rally over the previous three trading sessions so some really interesting moves. a combination of fundamental and technical factors at play. >> one hedgefund manager is betting on the price of wti falling as low as $25 for at least a month this year. he predicted the 2008 oil crash and told the ft that there was an overreaction to comments from opec and signs of slowing u.s. crude output. the market will remain oversupplied in 2016 and 20

investor when looking at investing commodities versus the underlying stocks like the chevrons or exxon mobilsere's a big difference. >> big question is will they be able to pay out their dividend going forward if oil prices reach below the 30 or at 25 at one analyst is promising today. >> many are promising they will while some are saying think twice before you stop investing in everything but there's a difference between investing in oil services sector. >> integrated oil companies. >> exactly. but one hedge fund manager is betting on the price of wti falling as low as $25 for at least a month this year. he predicted the 2008 oil crash and said there's signs of slowing u.s. crude output. he says the market will remain oversupplied in 2016 and 2017 with wti trading at a range of 25 to $50 barrel. we're also getting flashes through the saudi market. speaking of opec and speaking of oil t saudi stock index falling on crude on the pull back that we have seen and showing you here, the saudi market off by 2.5%. it might also have to do with repositioning and overall market volatility. europe has t

strong balance sheets producers out there like exxon-mobil and chevy von chevron we don't see makinggoing to be in the higher cost players. one thing about the integrated oils, they have strong balance sheets but they have some of the higher cost production out there, the lower quality assets. the weaker balance sheets on the other hand have the higher quality assets like the shale plays. that takes out the non-linearity that exists and reinforcing this idea lower for longer. it took us a year-and-a-half to go through those stronger balance sheets which is going to take a lot longer before you actually get to the lower cost, weaker balance sheets that like u -- u.s. e and ps. in '96 when we came off, it was '86 to '98s with the super mar juro -- majors. it will take some time until we see a rebalancing of into es capital markets. >> earlier in the show we had a segment on defense sales. there is a rearmament going on in the middle east. yemen. saudi arabia. the iran deal is a flash point. could you be wrong in your thesis if something goes wrong there? is that the biggest sort of bla

>> we have new information on that environmental settlement between the state of new jersey and exxon-mobilfour groups want to appeal governor christie tess $225 million settlement. a judge ok'd the deal last month. the state sued for nearly $9 billion for contaminating sites. some of bill cosby's accusers will tell their story in a tv special. more than a dozen on thursday night, they accuse cosby of sexually assaulting them, sometimes after they had been drugged. cosby has never been charged with a crime. >>> the kentucky clerk jailed for refusing to issue same-sex marriage licenses she is she won't interfere with the process. she is being forced to choose between her conscience and her freedom but agreed not to stand in the way of her deputy clerks who began issuing same-sex marriage licenses in her absence. she spoke before walking back in the office yesterday morning. >> i am no hero. i'm just a person who has been transformed by the grace of god, who wants to work, be with my family. >> davis also said she wants her name and title removed from the same-sex marriage licenses issued by

>> not exxon mobile, not chevron. for them to regain footing, oil has to be significantly higher i don't think any of us anticipate that any time soon refiners finally regain that $95 level. if you trade against something, trade to the long side that gets 95 and that's been a pivot point. >> everybody wants to know the answer are we closer to the hedge fund and you want to listen him because five years ago when it was up $5 he correctly predicted prices would collapse and they did. he joins us on the fast line. rob, a pleasure to speak with you. where are we in this oil correction in your view? >> well, so i appreciate the time and opportunity. i think the way we look at this is i think we're going into what we would characterize as the final phase of the down cycle of the oil market here and so we went through a period of time right, if i go back and look at 2014 to 2015 where it grew while demand grew by 2.3 and that resulted in a very over sup piped market. we're now looking at a verse l, if you will where we're se

. >> exxon mobile. >> i bought it last weak on monday.ill be holding it here even though it gave up some of those gains. i've about now written calls against it. weatherford is one. wft, watch that one. that's a pretty decent drop. i'm watching that one. >> coming up, football fans rejoice. cbs sports embracing the streaming culture. there are a few more games you'll now be able to see on your smartphone, plus, josh brown, there's one less thing for you to worry about. >> there is? >> that's what they say. >> okay. >> we stop serving breakfast at 11:30. >> rick, have you ever heard the expression the customer's always right? >> there's a slight resemblance in the hair cut. >> the watch? >> mcdonald's serving breakfast all day. >> i'll try not to have a falling down moment right here on the set. here at td ameritrade, they work hard. wow, that was random. random? no it's all about understanding patterns like the mail guy at 3:12 every day or jerry, getting dumped every third tuesday. this happens every third tuesday. we have pattern recogn

judging from volatility in the stockmarket and especially in the energy sector, do you think that exxon mobile be a good stock to own for the long run? >> frankly, i would rather see you in a stock that has more growth to it than i think has more optionality so to speak. my charitable trust owns occidental. it has a lot of things going for it including it has a good blanls sheet like exxon. it has better growth. it yields 4.5 almost as slow, where exxon if you look at it. it has already bounced off its low. i want them lower with more yield. let's go to roy in arizona, please, roy! >> caller: hey, jim, how are you doing? >> i'm okay caller thank you for taking my call. i want to thank you on your wonderful staff and guidance you give us and your sense of humor. >> thank you. my staff outdid us last week in san francisco. i can't praise them enough. i have been telling everybody, what you see on air is because of the staff. not because of me, please. how can i help? caller carl i have a position at iep, i had it several years ago, icahn enterprises. i have been watching it go downhill, buy, sel

court named standard oil a monopoly and split it up into dozens of smaller companies, including exxon mobilend chevron. rockefeller kept part ownership of the new companies making him the first member of the billionaires club 99 years ago today. >>> breaking news changing everything on fox news channel. the dow is up. neil is on deck. >>> you know the drill with the markets. every other day they are up and in between they tank. i can't figure it out. we will get to the bottom of that in a second. getting to the bottom of avoiding a government shutdown over planned parenthood. it looked like they have toggled together a measure that would include a clean budget bill that would get us limping along until the middle of december, maybe later, depending on how these guys, you know, borrow perfect peter to pay paul. the markets were relieved when they got word earlier today the white house thought they could -- or congress could avoid a government shutdown. planned parenthood is very much in focus. a hearing today talking about w

a new report by inside climate news reveals how oil giant exxon mobil's own research confirmed the role of fossil fuels in global warming decades ago. by 1977, exxon's own senior experts had begun to warn the burning of fossil fuels could pose a threat to humanity. at first, exxon launched an ambitious research program, outfitting a supertanker with instruments to study carbon dioxide in the air and ocean. but toward the end of the 1980's, exxon changed course, and shifted to the forefront of climate change denial. since the 1990's, it has spent millions of dollars funding efforts to reject the science its own experts knew of decades ago. scientist richard werthamer worked at exxon from 1978 to 1983, where he supervised exxon's carbon dioxide program. >> the implications of increasing carbon dioxide were not that significant for exxon perse, they were significant because they implied dramatic changes in climate and that could provoke very substantial legislative consequences that would impact exxon's business. you know, if you think that burning fossil fuels is going to flood your citie

blackrock -- so a lot of it is being concentrated in the big majors, halliburton, exxon mobil, shell, et cetera. how is that next influx of private capital going to come to fuel shale 2.0? how does it get kick started when it's all just big as the? >> i'm not sure it's true it's all enhanced by the big guys. there's a lot of midsize players which are seeing significant capital support from congress much more than blackrock. the trigger is a complicated. as prices rebound slightly which is normal as there's a slowdown in the production growth, it's very easy to turn the frog feels back on. a much high velocity as we discovered on the gas site. as you will know when gas prices collapsed google operating and production costs, everybody pulled about it as soon as prices recovered modestly, people rushing because they can make so much money. the oil fields now and she'll have that characteristic. the velocity of production is civil because you to build million dollar projects, single decisions and exxon, very long cycle. now which of the sort of like a fast throttle, prices go up a little

the move lower in energy being led noble energy, exxon mobile and valero. more, let's head over to jackie de angelis on the floor of the nymex. we thought it was dizzying here watching stocks, it's been crazy to watch oil. >> a 24% gain or 27%. sorry in the last three days. very volume tiff swings in crude oil. what's your take on what's impacting it. it appears to be that every day it's something different. >> you know, yesterday it rallied on really jaw-boning and rhetoric from opec and i didn't expect that to last at all. it was definitely overdone to the upside. the bottom line is there's too much oil in the world. and unless that changed, i know the u.s. dropped a little bit. unless that changes by a million barrel as day, oil is going to be pressured to the down side. that's probably why we're seeing a reversal, scott nation's volatility. how much longer can it go on? >> given what we're seeing in oil, we saw shorts get squeezed almost to death, i think we're going to see more volatility. we're going to see it to the down side as people start realizin

mine is exxon-mobil. >> oh, look. >> he made it. >> 4% dividend yield. and this stock obviously has been taken down with the rest of the space. so i think valuation here, roughly 15.5 to 16 times federal earnings and i think this stock will work out long-term. own it perpetually. right. and do they continue doing well. >> dust to dust. >> you need to learn the new harp song. >> can you play just about anything on the harp. i was playing zeppelin on the harp just last night. rocking. >> nothing like a little zeppelin on the harp. >> coming up. guy is going on a virtual tour of one of the fastest growing areas, tech and could make for some real cash. we'll explain. >>> and oil falling today but one trader bet $5 million it will return. and you're watching cnbc first in business worldwide. we'll explain. i just had a horrible nightmare. my company's entire network went down, and i was home in bed, unaware. but that would never happen. comcast business monitors my company's network 24 hours a day and calls and e-mails me if something, like this scary storm,

exxon mobile, disney, apple. when they're leaving those, as they are today.t's probably because they're looking for other places that they think are battered, not so much that those are broken. >> so greenhouse, let's talk tesla. the model 3, this is a new car, it's going to be $35,000. preorders in march. they do have a crossover vehicle that's going to be like $140,000. >> either on your shopping list? >> i would buy the car. i don't take a view on the stock. we don't follow it and i tend to not want to talk single stocks. but you know in light of what we just talked about, i will say tesla is right in there with netflix and the f.a.n.g. stocks. >> are you sweating when i went to you? >> i am sweating. you know who is sweating? my compliance department. >> it says dan on my script. >> that's for another conversation. >> do you want to phone a friend? is there somebody that you can call? >> i can see the beads of sweat. >>> doc, elle brands, same-store sales up 6%. >> cool as a cue couple birr. whenever i talk about victoria's secret stocks, i always am. tha

we've been talking about energy sector stocks, watching all week long b p, exxon mobile and conocophillipske a look at rig. transocean is up today over 1% and then finally who doesn't like a good cuof joe? greemounin cfee. theyre utodaalmo 2%. ri. ri: l rit, am, tnks so muc i want to remind everyone dow is up 200 off the worst levels. a lot of action as we approach the closing bell. we are now joined by global managing director patrick, mark and brad. gentlemen, thank you so much for joining us. patrick, to you first. what do yottle bit. why so much action here as we wrap up this very tough week? >> you know, why so much action right now? i really have no idea. there's people out there thank they can add value through trading at different points in the day and good for them. the data doesn't support they can do well with that. the data says you need to be a long term perspective. so people are going to do what they're going to do. that creates an opportunity for longer term investors many cases. get prices from other people doing foolish thing. lori: i get what you're saying. you have to b

and the same thing is happening, exxon mobile, stuart, is backing off of what it was performing.have a feeling that there's a correlation between that inventory number and what we're seeing with the dow. stuart: okay. that's new, by the way. you press one of the panels and up it comes full screen. that's new. >> i've been hiding that from you until i needed it. stuart: well, i'm glad you got it fixed. excellent stuff. coming up europe is facing a wage of refugees and now isis supporters are being caught within that refugee wave. like that pope expected to make a heavy push for immigration during his visit to the united states. we're on that story many people clean their dentures with toothpaste or plain water. and even though their dentures look clean, in reality they're not. if a denture were to be put under a microscope, we can see all the bacteria that still exists on the denture, and that bacteria multiplies very rapidly. that's why dentists recommend cleaning with polident everyday. polident's unique micro clean formula works in just 3 minutes, killing 99.99% of odor causing

they're fighting against exxon mobile. these are billion, billion, billion dollar companies. so that's a very, very difficult fight. and so, you know, part of what's happening here is that out of sight really means separating consumers from the impact of production so that when you go to the store, the heat, it just -- the meat, it just appears in a package. the clothes? they're just on the shelf. how to they get there? you don't want to know, and nobody's going the make you know, right? [laughter] nobody's going to make you know. so whether that's happening in alabama or it's happening in honduras, so long as you, the consumer, don't know, you're not going to do anything about it, right? and so that can often be be here in the united states. and certainly a lot of that is foreign outsourcing, but companies are very conscious of where people have power and where they don't in this country, and they're siting factories specifically to take advantage of that. >> so you mentioned the meat showing up in the grocery stores. one of the chapters that -- well, the chapter that struck

shell, chevron, exxon mobil will say yes, we have seen up-and-down so for and we have to keep investingshore oil project because that is effectively how we built the company to survive over not just a couple of years with decades. well they sacrifice those opportunities medium-term ve to meet thead demands of shareholders? andrew: i think you will see the migrate to projects with greater operating visibility. those longer be time projects largeare "offshore", capital outlays, the capital is migrating orton there. they are trying to turn that tide. bundle these low-cost solutions together and reignite the investment wave that was migrating towards deepwater when we had high oil prices and we've reset the balance now. erik: great insight to what these ceos are going through and thinking. andrew cost growth. sfrove. police requested data searching a village north of chicago. schools and fox lake are closed and people are being asked to stay indoors. the officer was shot while chasing three men on foot. he was the fourth u.s. police officer killed in less than two weeks. amazon as a feature

being cosanis traded in the big major, the halliburton, exxon mobil. how is that next influx of private capital going to come fuel shale 2.0? how does it get kick started when it is in the hands of the big guys? mark: i am not sure it is in the hands of the big dies. there are players that are seeing significant support from companies much smaller than blackrock. prices rebounded slightly which is normal. i slowed down in the production growth. it is very easy to turn the back on. they have a higher velocity on the gas died. when gas prices collapsed with costs and everybody pulled back. -- on the gas side. people rushed in book is a make so much money. profoundly different characteristic that what people have been accustomed to for the last 30 or 40 years where the velocity is so low you have to build billion-dollar projects. cycle.ng now what you have is sort of a fast throttle, prices go up a little. if i can make my money in six months of production, which you can easily do, you really do not care if price collapse two years out. you go back in and

stocks, commodities themselves fall, but these energy stocks, bp down the list to conoco, chevron, exxon mobile in the red today so that is the theme, we are not blaming the pope, will down 1%, global growth, a visit of the chinese president has nothing to do with it. stuart: the pope is about to leave cuba and is arriving in the united states and will be here close to the next week but it has been a visit where the you get the company, in the united states already stirring up some controversy with whatever his remarks will be to congress. stuart varney interviewed a congressman who is not too to attend in the will of the house. be that as it may the sell-off continues. where is the money going? for the time being it is going to the safety and security of treasurys, ten year treasury. the yield collapse 2.13% so there's a great deal of things like treasury bills, bonds, not in anything that even hints of stock or commodity so if you are gold or platinum or any of the agriculture commodities to say nothing of oil which is 22% today, you are not having a good day and this is the purview of terry

arestors in town definitely the hunt family, the boone pickens, the exxon mobil corporate headquarters we have to watch out for that. because of the growth in technology, the growth in automotive, the growth in aviation, and so many different industries, there's a positive side to this as well. you have diversification, perhaps more of that going for you that place like houston does. but i have to imagine with oil at $46 today, just a few days ago, at $38, we see happening in west texas and elsewhere in the state has to have an impact on dallas-fort worth. it does. oil prices for dallas-fort worth are a slight wind in the back were a slight wind in the face. is no question that wind is in our face right now. from a pure jobs standpoint, energy is really a small sector in jobs, from economic standpoint, investors standpoint, it's a huge part of this. i was with a ceo of american airlines yesterday, this has been a very positive wind at their back. their prices are going up, they are hiring more people and they have ever hired before. so many industries like that are multinational here i

walmart down about 1%, down to exxon mobile down 4%, the worst performing stock so far in the dow industrialsout to the s&p 500, very much the same picture as well. red across the board for the s&p 500 heat map. you can see about seven or eight stocks in the green run changed so far. and then sectorwise, we've been pointing it out. energy continues to be the big laggard so far today. you take your energy consumer staples, health care and those guys relatively outperforming, but energy, financials, materials, down 2.5% to 3.5%. the s&p 500 down 2%, the 40 points, the level now, 1942.43. a down day for the overall markets. >>> our next guest thinks a rate rise from the fed would be good for the markets, she has $7 billion under management. she is from the tcw group, senior portfolio manager diane jaffe. good morning. >> if you can argue this, this becomes the holy grail for people selling stock market products for the next 12 sessions, for so off you go. >> we have decades of proof that shows that the fed usually raises rates at the right point in time and the economy is continuing to expand an

coca-cola the least worse, down 1.3% and exxon mobil the worse following on the back of the oil conversation and here's what's moving at the nyse right now. bank of america, very widely owned name and getting sold off as well. a little less widely owned. that stock down about 4%. we're going to head to break, but don't you go anywhere. we're back right after this. >>> here is this hour's power points. august anxiety carrying over into september. we begin this month with a huge selloff and stocks have their worst quarter since the first quarter of 2011. tiffany, jp hunt, transport, plum creek timber and duke energy and bright spots out there if you know where to look. sun edison up about 10% and retailer cabella's is up about 2% as well. if you missed any of the big stories in the past hour go visit our site at powerlunch.cnbc.com. brian? >> crude oil continuing its recent series of wild swings. take a look at these moves over the past week, or listen to me tell you them. yesterday we were up nearly 9%. friday we were up about 6.25%. thursday, a big day, up more than 10% and today down 7%. wh

and we went positive in oil and stocks like exxon mobil. and that was a major factor in the rally. for you. note the vix here below 30, narrow trading range. we're going to need days like this to get below 20 before any traders are convinced this volatility has suddenly stopped. we're moving in that direction, but not there yet. kelly? >> bob, that's a point, bear is that. and that nasdaq, it turned into one of the stronger sessions up 2.5%. >> it did turn into one of the stronger sessions, and we've also seen the nasdaq here looks like to me go positive year-to-date. a big reason why is apple. apple today, although not on as much volume as we have seen over these last volatile days. today, really closing up strongly and helping to lead this move up up quite a bit of point impact to the upside. and you take a look at the stocks that have been leading up until the last few sessions when we started seeing this big selloff. the so-called fang stocks. facebook, amazon, netflix and google. all of them also moving up sharply today. still in correction territory. but netflix, sitting out

you mention exxon mobil land the energy sector is the absolute worst performing sector in the s&p 500ar because of a sell-off in oil, energy stocks decline. if you were to look at a group of stocks exxon, the big oil giants are a good place to look. >> they have been the best performers since stocks performed the best but i go back to why we're going down, the factors of deflation continue to be a main concern. i would not buy oil stocks here. >> we will talk about hillary's classified conversations with top aides on it e-mail server having president obama's state department playing catch-up. scott brown was in the e-mails, we will find out what they said about the senator be u.s. attorney general michael casey whether or not hillary broke the law, that is next. can a business have a mind? a subconscious. a knack for predicting the future. reflexes faster than the speed of thought. can a business have a spirit? can a business have a soul? can a business be...alive? so jill, i know the markets have taken a hit lately. mm hmm. just wanted to touch base. how did edward jones come to mana

general motors, ford, exxon mobil, walmart, general electric and ibm.t was a great time because most millennials were 3 and they couldn't talk. ♪ no student's ever been the king of the campus on day one. but you're armed with a roomy new jansport backpack, a powerful new dell 2-in-1 laptop, and durable new stellar notebooks, so you're walking the halls with varsity level swagger. that's what we call that new gear feeling. you left this on the bus... get it at the place with the experts to get you the right gear. office depot officemax. gear up for school. gear up for great. >>> welcome back. new out this morning fannie mae is releasing it's home purchase sentiment index. it's a measure of home buying confidence. it came in at a reading of 80.8. that's a slight decline from july but since it's inception four years ago the index is higher. joining us is doug duncan. he's the chief economist at fannie mae. >> good morning. glad to be here. we have been doing a survey of a thousand households a month for 4.5 years so we were trying to boil all of that senti