as hampton pearson reports, you might see big price hikes as early as this weekend. >> reporter: pain at the pump is coming back with a vengeance. gasoline up in the last few days and could be up 20 cent ps in the next few weeks. motorists nationwide feel blind sided. >> it would suck. it would make everything more uncou uncomfortable. >> it will lesson the driving i do. >> i'm going through $200 a month, $250 a month in gas. >> you have to pay it, home, work, grocery store, that's it. >> reporter: and in california where gasoline prices are hoovering around $4 a gollon and motorists pay the highest gasoline taxes in the country, 27 cents a gallon. >> they are milking us for everything they can, because they can. >> reporter: 3.63 a month ago before falling to 3.47 currently according to aaa. the coming price spike is creating a not so perfect storm for consumers as the summer driving season moves into high gear. >> they will get sticker shock over the next couple weeks. i think you'll see the impact really after the summer. i don't expect anyone to change their vacation plans now. >>

for "nightly business report," i'm hampton pearson in washington. >>> the rising yield on the ten-year treasury created winners and losers today and that's where we begin the market focus tonight. investors took a second look at the regional banks today and zions bank upgraded to buy, one of several winners. citi group raised 2014 and 2015 east mitts and zions up more than 4% on higher than usual volume. the other end of the market dial, lenar led home builders lower as they were concerned rising treasury yields would impact the affordability of new homes closing at $33.93. >>> lemon shares fell as dennis wilson plans to sell 3.4 million shares. wilson held 10 million shares, about 9% of the company. shares of lululemon closing at $63.55 but the shares down more than 16% year to date after the yoga pants problem. >>> buffalo wild wings touched a new high as the stock was up graded to buy from hold. raising the price target to $117 a share. why you ask? lower corn prices and record supplies of wings. buffalo wild wings closed at $101.24, up almost 2%. >>> the market monotomorrow says it

for nightly business report, i'm hampton pearson in washington. >> here's something lawmakers probably won't argue about. the federal budget deficit for the current fiscal year is shrinking. before you start celebrating, the white house also said there's still a shortfall of $759 billion. credit goes to the improving economy and those across the board, federal spending cuts in the sequester legislation. >>> uncle sam may have been spending less money, but the rest of us did a lot more borrowing during the month of may. the americans increased their debt that month. the fastest pace in a year with total borrows reaching a record $2.84 trillion. credit card use or its biggest gain in a year while borrowing for new cars and student loans also saw big increases. >>> no more special treatment for high priced clients. that's the word from reuters today. the financial information giant has agreed to end the practice of providing high speed traders early access to its important consumer sentiment data. the company allowed those traders to get the information two seconds before it was distribut

hampton pearson has more on the testimony. federal reserve chairman ben bernanke said markets are more stable now that investors understand the central bank is in no rush to take respond buying program or raise key short-term interest rates. >> we are very focused on main street. we're trying to create jobs. we're trying to ever housing affordable. we're -- our low interest rates creates a lot of ability to buy automobiles. >> reporter: persistent microphone problems in the hearing room did not stop the chairman from fine tuning. policy makers agree 7% unemployment is a good threshold to begin thinking about tapering the bond purchases. now at $85 billion per month. key rates at historic lows as long as the unemployment rate remains well above 6.5%. >> the phrase at least as long as is a key component. these words say the specific numbers for unemployment are thresholds, not triggers. once they begin are likely to be gradual. >> reporter: the fed is closely watching the impact of rising mortgage rates on the housing recovery.

for "nightly business report," i'm hampton pearson in washington. >> despite that forecast, there is good news about american boarers. more americans are able to pay down debt. late payments on u.s. credit cards fell to a 22 -year low in the first quarter of this year. >>> if you pay off those cards and are saving more money in a credit union be careful. credit unions have been raising fees on things like atm withdrawals and more. the reason, credit unions are looking to offset a decline in overdraft fees. >>> federal regulators are proposing strict new rules for the nation's biggest banks. the federal reserve, the fdic and office of the comptroller are all teaming up to make sure banks increase the ratio of equity to loans from the current 3% to 5% and set aside higher reserves for deposit holding units. kayla joins us no we more on what this means for the nation's biggest lenders. you know, kayla, people are always worried to all of the financial crisis, are the banks safe? do these new rules mean we can sit back and say the banks are not safer? >> it would appear to be so, suzy. t

hampton pearson explains. >> reporter: the latest indicated the global economic recovery has a long way to go comes from united parcel service. ups says there is an over capacity in the global air freight market and they are looking for cheaper solutions, even if they take more time. economists say it is bellwethers for the global economy. >> i do think that the slow down that we seen across the globe coming into the summer was more than anyone anticipated. i think most of the transportation companies, delivery companies expected better, more and had access capacity. so, you know, i think they were surprised by this. >> reporter: ups says it's expecting profits this year to be higher than 2012, including solid growth in the second half of the year. on going labor negotiations is another factor impacting package volume growth but retail analysts view that as a short-term problem. >> i think ups will rebound and will regain some -- or rebuild and ramp up on new customer acre session again but that was a probably soft spot in the second quarter, as well, while as shippers maybe chose fedex

hampton pearson has the story. >> reporter: from boston to washington d.c. the hottest week of the summer has made for utility companies predicting near record air conditioning use and fuel demand from gas fired electricity but no plans for discounts on customer utility bills. ever no mistake when a heat wave hits, there are winners and losers. dining al fresco along the river or any waterfront not a high priority. ditto for those curb side food trucks. >> a lot of people don't want to go out and stand in line out a food truck, stand in the hot sun. it just not the best thing to do for them. especially when it gets with the heat index over 100 they want to stay inside. >> reporter: if you're in the ice cream or frozen yogurt business, this is your time. >> actually, i have an ice cream shop and we sell cold drinks like smoothties and everything. >> reporter: coca-cola blamed cool weather worldwide for less consumption of it's soft drinks and shrinking products. nothing like a heat wave to boost the bottom line. >> a correlation between weather and coke's vol

for "nightly business report," i'm hampton pearson in washington. >> here to talk more about the fed and economy is david kelly, chief global strategist at jp morgan funds. we come. you heard vince ryan heart say he thinks the fed wants to get out of the stimulus business and begin tapering. i was talking about a half hour ago to a former policy maker who said i don't really think they want to start tapering and probably not until the end of the year at the soonest. what do you think? >> i think they do want to get out of tapering but what they are trying to do is quietly move an elephant out of a room and you can't do that. i was frustrated by the fact they didn't put this timetable, which ben bern fan key announced in june. they didn't put that in the statement so we're wondering are they continuing to remove qes at the end of this year. i think they want to because they have to. people don't talk about enough is the problems they are billing. it's not just status quo. they are adding a trillion dollars a year and those are chickens that will come home to roost. so they do need to

a check of the markets with hampton pearson live at cnbc's washington bureau this morning. morning, hampton. >> how are you doing scott in checking futures, they are higher after stocks closed lower on monday. the fed begins a two-day meeting in a few hours with investors looking for more clarity on when interest rates may go up. we also get data on home prices and consumer confidence and earnings from merck. the dow closed at 15,522, the nasdaq slipped 15 points to 3,599. back to that rental story, you mean i can drive the family maserati from somebody in silicon valley that's off in a private island. >> you can take my maserati. it goes 185, hampton. it should be pretty cool for you. >> sign me up. have a great one. >> hampton pearson in washington. we're getting closer and close ir to a new fed chairman or chairwoman. "the new york times" editorial board has weighed in. they are in favor of chairwoman. janet yellen, berkeley economist currently the vice chairwoman of the board of governors. the other madger candidate is former harvard chief and former treasury secretary

. >>> turning now to business, we look at cnbc's hampton pearson. >> stocks did close lower on monday. the fed begins a meeting today with investors looking for clarity on when interest rates may go up and we get data on home prices and consumer confidence. if you blinked, you probably missed it. time warner cable pulled cbs from its lineup and reversed the decision. the two sides are continuing talks to resolve the dispute over programming fees. >>> and twitter may be inching closer to an ipo. "u.s.a. today" reports the microbloging service is posting an opening for a financial reporting manager, who would file documents for a possible ipo. market-watchers expect twitter to go public early next year. richard? >>> thank you, fewer young adults are holding full-time jobs this year compared to last year. across all education levels. a gallup poll finds 43.6% of americans between the ages of 18-29 had a full-time job in june of this year. but last year, 47% were employed. the figure is at its lowest since at least 2010. >>> and willie wonka reincarnated? billionaire warren buffett is act

. >>> for an early look at business we turn to hampton pearson. >> good morning. stokd posted small gains wednesday following comments by ben bernanke that while the fed may start cutting back, an interest rate hike isn't coming in the near future. intel and ebay reported disappointing earns. microsoft, google, yahoo! and facebook sending a letter to president obama and congress today. they are urging the government to be more transparent on its secret surveillance programs. >>> the economy it turns out may impact how much families spend on back-to-school shopping this year. the national retail federation estimates people will spend an average of $635 on clothes and supplies, down from $688 last year. an early look at some business headlines. back to you. >> thank you hampton. >>> cvs and walgreens are among at least five retailers dropping "rolling stone's" latest issue. that's amid outrage over boston bombing suspect dzhokhar tsarnaev appearing on the cover. exactly how much is 92 quadrillion? take a look. you may never see it again because it's enough to make t

president, a very feisty, fiery "street signs" straight ahead and all kicks off with the fed and hampton pearson right now. >> reporter: brian, the absolute must-read portions of this minutes is all about the discussion on how to communicate and what fed chairman ben bernanke should say about the strategy and guidelines for easing the fed stimulus program. here are the highlights. participants discussed what bernanke should say at the news conference, that the fed chairman should describe the asset purchase bath during that news conference and should emphasize all that going forward would be dependent on the economic outlook. also discussed, how to communicate decisions on asset purchases going forward. there was concern that forward guidance might constrain actual fed monetary policy decision making. the fed should provide more guidance soon. some felt that the discussion of normalization was premature. however, normalization details should depend on economic and financial developments as well. as an additional discussion of policy normalization should be deferred, and as monetary policy-makers

hampton pearson live at cnbc's washington bureau are details on that and a look at how futures are trading. good morning, hampton. >> hi, laura. it looks like twitter may be inching ever closer to an ipo. "usa today" reporting the private micro blogging service is posting a job opening for financial reporting manager. duties would include filing what's commonly known as an s-1 document or preliminary prospectus when the company is ready to go public. twitter ceo says management isn't focused on an ipo. market value reportedly swelled to $10 billion. market watchers expect an ipo early next year. >>> stocks closed lower in light trading oven monday. the fed begins a two-day meeting in a couple hours with investors looking for more clarity on when interest rates may go up. we also get data on home prices and consumer confidence and earnings from drug giant merck, the dow falling 37 points to close at 15,532, the nasdaq slipping 15 points closing at 3,599. >>> if you blink, you probably missed it. time warner cable pulled cbs from its lineup in new york, l.a. and dallas then quickly reversed

. >>> and now for your "first look" at business, we turn to hampton pearson. >> futures are lower across board after friday. the nasdaq seeing three straight days of gains. the dow also closed higher for the fifth straight week. we do get data on pending home sales for june. sales are expected to increase 2% last month. >>> and the earnings parade continu continues. we'll get results from a variety of companies today including express strips, hartford financial and herbal life. back to you. >> thank you, hampton. >>> all eyes are on the state of the job market this week as the labor department releases its monthly jobs report and unemployment rate on friday. the latest survey finds the average price of a gallon of gas has jumped 8 cents to $3.67 for regular. >>> a new survey finds 4 out of 5 adults struggle with j joblessness for welfare for a part of their lives. hardship particularly on the rise among caucasians. >>> a new report says tennessee is the worst state to be unemployed based on unemployment insurance benefits and employment statistics. rounding out the top five, louisiana, i

hampton pearson is live at cnbc's washington, d.c. bureau with be tails on that. good to see you, hampton. we've missed you. >> well, thank you. hello, laura. let's get right to that story. weave got a coalition of tech companies including microsoft, facebook and google as well as civil bib berities groups that will send a letter to president obama and congress urging the government to shed more light on the nsa's secret surveillance program. they want to be able to release more information on the requests they get from the government about user's e-mail and phone conversations. the senate appearly struck a deal to lower rates on student loans which doubled earlier this month. the deal would lower rates on government-backed stafford loans to 3.85% through the 2015 school year. rates would be linked to the bond market. so they're expected to climb eventually as the economy is improved. senate is expected to vote on that measure today. meanwhile futures are mixed after stocks posted small gains on wednesday following comments by ben bernanke that while the fed may st

hampton pearson live at cnbc's washington bureau with a look at how the markets will open this morning. good monday morning to you, hampton. >> how are you doing, laura. futures are lower after stocks posted modest gains on friday. the nasdaq seeing three straight days of gains after better-than-expected earnings in the tech sector. the dow closed higher. we get data today on pending home sales. treasury secretary jack lew saying there would be no bailout for detroit. he told analysts that bankruptcy is something detroit will have to work out with its creditors without the them of the federal government. as the summer vacation season charges ahead, drivers should be bracing for more pain at the pump. according to the lund burg survey, gas prices jumping eight cents a gallon in the last two weeks. the average regular price of gasoline $3.67 a gallon, 17 cents more for the price of gas during the same period a year ago. you guys are in the $4.00 a gallon range? >> yes, lucky us. >> painful. >> very painful out here. >> pain! pain! >> but we do have the nice weather. have a great monday.

hampton pearson live at cnbc headquarters along with a friday morning look at how futures are trading. good morning to you, my man. >> the same to you, jon. futures, however, are low flat after stocks posted small gains on thursday. the nasdaq had its best day in two weeks thanks to strong facebook earnings report. the dow and s&p 500 are heading for their fifth straight weekly gain. we get data on consumer sentiment. the dow closing at 15,556 the nasdaq closing at 3,605. toyota holds on to the global sales crown, the japanese automaker selling 4.9 million vehicles in the first half of the year, outpacing gm and volkswagen. toyota lost the top sales title in 2011. jon, as you mentioned, if you planned on buying a new google chrome cast device to get three free months of netflix, you're too late. google says due to the offer the chrome cast sold off on amazon and bestbuy.com. the wait time to get one from the google play store is three to four weeks. google pulled the plug on the promotion. if you haven't heard of chrome cast, it costs $35 and let's users send ought i don't and video f

check in with cnbc's hampton pearson. >> stocks in a sweet spot, if you will, positive territory after alcoa kicked up start of the season with better than expected results. looking at the average, dow up 71 points, nasdaq up 17, s&p up 10. alcoa reported better than expected second quarter earnings monday based on strong demand for aluminum in autos and airplanes of the firm is often seen as a bellwether for overall economy. the stock is up more than 8% topping $1 now fallen back a little bit. wall street is looking back to earnings later this week from the big banks, jpmorgan chase and wells fargo both report on friday. here in washington, the international monetary fund has just issued its latest economic forecast. it predicts a slowdown in global growth because china, india, brazil, and russia are experiencing slower growth while the recession continues in europe. the imf economists also said the world is watching how our federal reserve exits from its economic stimulus measures. there was also news from greece that it will get its next batch of bailout cash, $3.2 billion because p

let's get to hampton pearson live in washington with more. what should we be focusing on?ll speak three times this week about the economy, starting this afternoon in his home state of illinois. he heads to the town of galesburg where he gave his first major address as a newly elected u.s. senator back in 2005, speaking to a small group of donors on monday, the president said he plans to focus squarely on the challenges facing the middle class. this speech comes ahead two of looming deadlines this fall. congress must pass a spending bill by october to keep the u.s. government running, and strike a deal by november to raise the debt ceiling. the partisan bigering in washington is taking its toll on the american people, in the latest nbc wall street journal polt, 61% of the u.s. say the u.s. is headed on the wrong track versus 29% who say things are getting better. the president's approval rating has dropped from 53% after last year's election to 45%, but they still like him better than congress, whose approval rating has dropped to 12%, the worst score in the poll's history.

hampton pearson is live at cnbc's washington, d.c. bureau. morning, hampton. >> how are you doing, scott? about an hour and 15 until markets open. we have futures mixed after stocks closed with small gains following comments by ben bernanke that while the fed may cut back on the stimulus program, an interest rate hike is not coming in the near future. tech stocks could come under pressure today. intel and ebay reporting disappointing earnings although ibm was a bright spot. we get data this morning on unemployment and manufacturing as well as earnings from verizon and morgan stanley. the dow rising 18 points yesterday to close at 15470, the nasdaq adding 11 points closing at 3,610. quick look at the markets opening. scott, back to you. >> marla and laura, we've got google and microsoft today reporting its profits. we're in that reporting season where we get to get some idea as to how business is going. >> always interesting to see. thanks. >> let's see what the forecast has in store for us. mother nature cranking up the heat. >> she is. you k

hampton pearson is live at cnbc world headquarters with a look at the markets today. good morning, hampton. >> how are you doing, scott? not so great news as we look to market opening. futures right now are flat. after stocks posted small gains on thursday, the nasdaq had its best day in two weeks thanks to facebook. the dow and s&p 500 are aiming for their fifth straight weekly gain. we do get dait data later today on consumer sentiment. the dow closing at 15,556 and the nads dak adding 25 to close at 3,605 yesterday. scott, back to you and have a great weekend. >> thank you, hampton. hampton in washington, not in new jersey. >>> a lab in san francisco trying to replace the egg. egg are used in all kind of ways in the food industry. they're hard to transport. they spoil, they break. add to that the environmental costs of 8 billion chickens in america and it's a problem worth solving. this sunday on "press here" we'll talk to josh petrick, he is from hampton creek foods. they're looking the the plant world to replace the egg. >> 92% of the world's plants have not been

president, a very feisty, fiery "street signs" straight ahead and all kicks off with the fed and hampton pearsonlute must-read portions of this minutes is all about the discussion on how to communicate and what fed chairman ben bernanke should say about the strategy and guidelines for easing the fed stimulus program. here are the highlights. participants discussed what bernanke should say at the news conference, that the fed chairman should describe the asset purchase bath during that news conference and should emphasize all that going forward would be dependent on the economic outlook. also discussed, how to communicate decisions on asset purchases going forward.

>>> i'm hampton pearson with your march get report. the nasdaq gaining 21 points.s americans become less optimistic about the economy. boeing shares drop after a 787 caught fire at heathrow airport. twingsys return to the markets. now back to "hardball." >>> welcome back to "hardball." we're rejoined by our panel, lisa bloom, tad nelson and karen desoto. something that surprised me today was the lack of argument by either side, differentiating in their closings between second degree murder and manslaughter. i really think that's an important part of the case, and yet both seemed to stay away from it. what what's your read on that? >> i wanted to hear more on those differentiations. obviously the issue with the second degree murder is the intent. but beyond that, i think the bigger issue is the self-defense. and i really wish both parties had spent more time ar particular rating why the self-defense is successful or why it fails. i brief that's the real legal issue. and that's what i brief the jury is in that room now trying to discuss and trying to figure out wheth

. >>> i'm hampton pearson with your cnbc mark wrap. the dow up 19 points. the s&p adding two.he nasdaq gaining seven points. modest gains if retail sales last month as americans spent more on cars but cut back on other goods. retail sales edging up .4% in june. citigroup posting big gains in the second quarter. profits jumping 42% from a year ago. feeling the pinch at the pump? the average price for a gallon of gas up 14 cents from last week to $3.61. that's it from cnbc, first in business worldwide. now back to "hardball." >>> a little comic relief. last week, tine idol justin bieber apologized to bill clinton after tmz released a video of the way ward youth bad mouthing a photograph of the former president. well, saturday night late night's jimmy fallon, fallon weighed in on that with a re-enactment of their phone sfrgs. here's the real reason that clinton was so forgiving of bieber's wild boy tactics. >> hello. >> hey, president clinton, this is justin bieber, yo. >> what's up my man. >> i'm actually just calling to say i'm sorry for is saying f bill clinton and spraying bl

. >>> i'm hampton pearson with your cnbc market wrap.he dow lost eight points, the s&p 500 added less than a point and nasdaq up by 16. politics for home mortgages fell 4% last week, this as interest rates on 30-year fixed rate mortgages hit their highest level in two years. share of apple edged down after a judge ruled the company conspired with five publishers to raise ebook prices. a trial only damaged is expected to follow. apple denies any wrong doing. that's it from cnbc, first in business worldwide. back to "hardball." >>> welcome back to "hardball." it's a battle of wills in the nation's capitol and it doesn't have anything to do with congress. the retail giant walmart had planned on opening six new stored in washington, but it's now saying they may back out at least some of them and that's because late this afternoon, the city council passed a bill that would force walmart to pay its workers more money. the minimum wage in d.c. $8.25. legislation forces large retailers like walmart to pay i minimum of $12.50 an hour. legislation

. >>> i'm hampton pearson with your cnbc market wrap. dow losing 32 points, the s&p 500 down six. the nasdaq off eight points. "uss home builders are more optimistic about future home sales. builders' confidence surged six points in july to its highest level since january 2006. industrial output up. 3% in june. manufacturing got a boost as assemble lines turned out more cars. profits doubled at goldman sachs in the second quarter to $1.93 billion. that's it from cnbc, first in business worldwide. now back to "hardball." >>> back to politics and welcome back to "hardball." there are two marquee races in this country this year. new jersey and virginia governor. in virginia the consequences of a swing state going democratic makes the stakes in this contest even higher. that's why the investigation of current governor bob mcdonald for accepting lavish gifts from a donor is being watched closely for ripple effect into the governor's race this november. candidate and current attorney general ken cuccinelli a real right winger who has had inter