michelle ka caruso-cabrera at the newsdesk, scott wapner, with us, the half you'd see at this time. phil lebeau covering the aviation front. michelle, tell me if there'sing in i don't know that you might? >> i can give you more details what the ukrainian interior minister adviser is saying. appears he's talking somewhere. we are seeing flashes hit the wires. he's saying, things we already know. a passenger jet. that there were more than 280 people onboard. gives more details about where he thinks it happened. torres, the city of torres, on the ukrainian/russian border in an area that has been a subject of strife. the d d d donnets region, say the that the plane was shot down. we don't know in that's true at this point and not able to trust everything that's come out of the ukrainian government in the past. interfax, russian news agency, also saying it was shot down. again, another questionable source at this point. he's saying it was shot down at roughly 33,000 feet, or 10,000 meters. by beuke missile. seen a missile like that in that region, or that kind of a facility in that region

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we start with chief international correspondent michelle caruso-cabrera. michelle, we want to get to the latest from you, but nbc news is reporting that u.s. commercial flights have been prohibit from flying in that air space for fear something like this could happen. the faa apparently issued a notice in april about this. what else do we know about this region and what some of the response has been? >> that notice was specifically about the crimea region. they were concerned about that. two new things to show and tell you as well. we'll show you some photos that reuters has sent over, but they have taken them directly from russian 24. this is a network in russia. it appeared to show photos of debris of the plane on the ground. this is from russia 24. in addition, we have now also heard from the pentagon as well. pentagon spokesperson rear admiral john kirby says that secretary hagel has been briefed on the malaysian plane crash -- "we do not have any indications of what brought it down," adding, "we cannot confirm it was shot down." that is the question th

michelle caruso-cabrera spans the globe for hot 1309s that could have an impact in the second half of the year. >> here is what to watch for internationally in the second half of the year. first, how the situation unfolds in iraq, which of course drives the oil markets. second, china and the state of the chinese economy. can the country maintain a growth rate of at least 7% of gdp? third, in europe, the outcome of the banking stress tests. these are important because it's a crucial step for a banking union. and also in europe, whether or not the central bank there finally undertakes some kind of quantitative easing to combat its fear of deflation. finally, there are crucial elections to watch for as well. turkey in early august, brazil in october. that's your second half international outlook for "nightly business report." i'm michelle caruso-cabrera. >>> our next guest says that american investors need to get used to political and security risks. he is paul christopher, chief international strategist at wells fargo. paul, welcome back to "nightly business report." you heard michelle'

michelle caruso-cabrera. bertha coombs with a market flash. >> this is another story that michelle has had her eye on. a government delegation from argentina set to meet with mediators in new york tomorrow. argentina securities are getting hit. the benchmark index there you can see down over 2% on the day. a number of companies getting hit feeling the pain. electricity company is down. oil giant ypf has also seen significant losses along with financial services company. not sure we have those charts at the moment. there you go. you can see them. they're all down over 3% on the day. kayla? >> all right. thanks so much for that, bertha. a big week as we mentioned for the economy. we're awaiting the latest jobs report on friday and gdp numbers on wednesday. michael is president at permanent portfolio funds and kevin is president and cio at asset management. good afternoon to both of you. we've had half of the s&p report so far. 8.3% earnings growth. revenue growth too. when you think about what that means for gdp

michelle caruso-cabrera with us now. what are we sure of at this hour, michelle? >> so you focused in on the key question, why did this plane go down, and we don't know. and that is why you've seen the reaction in the markets, the uncertainty about whether it was deliberately brought down, brian, or not. as you have said, there are reports it was sht down, but they come from both russia and from ukrainian sources. we do not have that from a source that we trust at this point. two sides in this conflict, these have been ongoing at the russia/ukrainian border where we have gotten conflicting information in the past on many different occasions. i would add one more layer to what you brought, a nuance that bob pisani highlighted earlier, if the plane was deliberately brought down as we have seen russian separatists do with other ukrainian planes over the last week, for example, did they think, if that's what happened, was it a -- did they think it was a ukrainian plane? is this a mistake on top of that? that's what we're trying to figure out. we also don't know if the

. >> michelle caruso-cabrera joins our panel as well. we are still trying to ferret out exactly what happened here, michelle. as all market watchers will do, they wait to see, i guess, before they try and commit some new money here. right? >> sure. we definitely saw the market react. what people are waiting to see is was this plane shot down. we have the ukrainians saying it was shot down. russians saying it was shot down. separatists all say it was shot down. everyone points the finger at everybody else. as pete williams says, we have no hard evidence actually that it was shot down. i think one of the key questions facing the market is we just saw the u.s. impose sanctions last night. we're waiting to see whether or not the europeans are going to be as strong. they did impose additional sanctions as well. as we watch the facts of this case unfold, is this going to push the europeans to a place they didn't want to go when it comes to sanctions on russia, a very large economy. and it would have implications for international markets in a b

bill griffeth, michelle caruso-cabrera, coming up on "closing bell." >> a lot of the are still aroundy. we're just trying to assess the risk element in all of this and what the market is likely to do with it. and it's expiration day here. so that's going to complicate things. >> when you look at what's happening in today's market. every gee on political event, one day, maybe two, this is the move along nothing to see here market keeping on going. >> can it last? we'll see. we'll see you at the top of the hour. >> can we just point out, by the way, that despite all this, the s&p 500, unless it turns around is going to end the week higher? >> to my point, exactly. >> it is amazing. we'll look forward to it. >> see you. >>> "closing bell" will have a big discusses about the stock market, but let's tack about a different vetible ideas. commodities, are they generally a good place to be? it's been a while since i've talked with jack. but i'm happy to do it now. commodities is a big words. it encompasses a lot of things. what specifically in that big wording of investing do you like right n

joining us now is michelle caruso-cabrera.t say you. >> it's completely unpatriotic of congress that corporations are put in this position where they feel they have to move overseas because they have been put in such an uncompetitive position. i define patriotism as having a great country and every day they make our country less great by maintaining the positions that they do and i see what happens overseas when countries allow themselves to become uncompetitive and if you want to push this notion that these companies aren't allowed to do what they do, then you can push for higher unemployment, push for these companies to be taken by overseas corporations that will have more money because their taxation structure is better and we'll lose more jobs. it's his position that's unpatriotic. >> here's the argument on the other side i suppose which is this. these companies have availed themselves of the fda regulating drugs, patent protection, our contract law. that they are gaining a benefit from being in this country and how dare t

john harwood joins us from washington, michelle caruso-cabrera is here as well.'t we start with you this morning. the reaction in washington. >> look i talked yesterday to the israeli ambassador to the united states about the ground invasion of gaza. and the situation which, of course, comes as we have a simultaneous crisis in ukraine with this downed airliner and i started off by asking him why so much force for israel, and why now? >> the prime minister and the security cabinet thought that now he had to take action against these terrorist tunnels. it's a limited activity. but we have to be prepared for any contingencies, and it might expand. but we have to take the action to protect our population. >> how do you respond to the charge that israel has used vastly disproportionate force to the nature of the threat, to the point that four young children were killed on a beach yesterday? >> well, i just don't think it's true. and i think imagine that you would have over 200 million americans who would be in bomb shelters, and they would have 1,000 rockets fired at

. >> and the michelle caruso-cabrera, maybe a president trying to speak in some respects more to the europeans on what their role in all of this should be, as it relates to the sanctions and where the situation goes from here? >> definitively, yes. he brought that up several times, talking about the death toll in particular, that the unt can, the netherlands suffered. i highlight probably the biggest news he announced there was an american onboard that flight. we didn't know that until now. we knew there were four unverified, four individuals with unverified nationalities, and thus far up to this moment we didn't know of any americans onboard. so one american onboard, and as he pointed out, the fact there weren't as many americans onboard as europeans does not lessen the heartache or his resolve, as he mentioned. as john pointsous, will we see more sanctions? he says the sanctions thus far are hurting the russian economy. indeed they are. not necessarily hurting the united states. what's not convincing at this point, that they are changing vladimir putin's calculus and is there more

i'm michelle caruso-cabrera at the news desk. we want to tell you about the libyan government right now appealing for international help in dealing with a massive fuel tank fire which, if you were in tripoli, the capital, you would be able to see it billowing across the sky. here it is. a massive fuel tank fire that began yesterday because of fighting between militias. now they're worried that it's burning out of control and could light nearby liquid natural gas tanks which they say would cause a humanitarian and environmental disaster. once again, video coming in from libya of this massive fuel tank fire, guys. i don't know about you, carl, but does it seem like the whole world is on fire at this point? >> i was just going to say, one more hotspot, michelle, that we have to look after. thank you for that, michelle caruso-cabrera back at hq. >>> looks like amazon's looking for a competitor, rolling out its own mobile credit card reader. the store is preparing to stock a new product called the amazon card reader. alongside existin

michelle caruso-cabrera. >>> meantime, netflix set to report earnings after the bell.he stock up more than 20% so far this year but has pulled back from its highs. should you buy or has the streaming giant jumped the shark? remembering on remember, log on and vote. murph and steph. you know how it goes. 1:30 is on the case. better make your case quick. >> even though it's up a high price and a high multiple, but up here at $450 a share, the key on the earnings, steph, is that they more than doubled their eps. and they're expected to have add reed hastings would get 1.5 million new subs, 500,000 coming out of the u.s. the rest from their european expansion. then you have the china expansion which will be coming. here's the key. if you look at the recent time warning news, it values hbo at roughly $20 billion. market cap on netflix currently $27 billion. so the valuation here is not out of whack. couple the fact that you've got "orange is the new black," all their content that they own and the emmy awards that go with them, i think the stock can go a lot higher from here

our correspondent, michelle caruso-cabrera, has more on that.le sm. >> dofficials believe pro-russin mill standpoints shot it down, and before that was it just a surface to air missile, but not by who. if this was true, how did the rebels get the equipment? the fbi and national transportation safety board is going to ukraine in attempt to investigate the crash site according to nbc quoting two senior administrative officials. malaysia airlines verified nationalities of all but four of the 29 5 people on board, and by far, largest are from the netherlands, 189. speaking of which, indiana university says one of their ph.d. students died in the flight, 25 years old, a member of the rowing team, she was from the netherlands. there were a large number of aids researchers and activists on the plane traveling to a conference set to begin in australia in two days. not the conference organizers stated in recognition of our colleagues' dedication to the fight against aids, the conference will go ahead as planned and will include opportunities to reflect a

i'm with sarah eisen and michelle caruso-cabrera. wells fargo right in line with what the company just reported. the revenue estimate was 20.83. and it looks better. it's 21. a little bit better. because 20.8, if you round it up, it's 21. 21.07. the net income number is 5.73 billion. there's a provision for some credit losses. that came in at $217 million. net chargeoffs in the period, $717 million. stock is already trading a little bit higher on this news. closed yesterday at 51.81. bidding 51.99 now. bidding 52. do i have 52.05? bidding 52 even and 52.25 is where the ask is. 52.02 now. the yearly high, we're getting close, setting a new high. i believe a new 52-week high would be a new all-time high. >> 53 would be -- >> that would be a new all-time high. >> it has outperformed the xlf financially up about 15% this year. >> i don't think it's ever been up here. it is still even though not in terms of assets i don't think it's the biggest, in terms of market company it is by far the biggest. worth a lot more than jpmorgan. worth $27

i'm joe kernen along with michelle caruso-cabrera and wapner. above 17,000 on the dow but we're indicated down about 18 or so points. that could change before we do see the open and the ten-year still worth watching, as we live in this weird, never-never-land of central bank action around the world. especially here, 2.59. how that makes sense with where a lot of other things are, well we know that makes sense because the fed is buying everything that they can get their hands on most of the time. so 2.59 you just wonder where all these markets would be -- >> i feel like they outlawed recessions. nobody's allowed to suffer any pain anymore. >> you know what grant says, the fed can make things appear to look better. they just can't make things actually better. sooner or later you just wonder. you like volatility. goldman sachs -- >> we all like volatility. >> citigroup can't make any money trading. >> they're all talking about it. >> i know. your show is called fast money. half hour report and the money -- molasses. fast money and when it's going l

i'm becky quick along with andrew ross sorkin and michelle caruso cabrera. we've been watching to u.s. equity futures and they are pointing to a rough start on wall street. there are a lot of major global market stories that have been impacting things. you'll see right now dow futures are down by about 90 points below fair value. s&p 500 futures are off by 12 points and the nasdaq is down by 26. among those stories influencing the markets this morning, argentina has defaulted for the second time in 12 years. the can you know has been in a long legal battle regarding hedge funds. kate kelly will be joining us in just a moment with the full story. she'll be checking out the implications, what this means for global markets. that's coming up in just a few minutes. in the meantime, in early european trading, you're going to see right now that italy is down by 1.6%. the dax in germany, off by 0.5%. the ftse is down by 0.25% the right now. take a look at what happened in asia overnight, as well. a lot of these headlines hitting as japan's market was opening there.

i'm michelle caruso cabrera along with joe kernen and scott wapner. becky and andrew are off today. stocks are coming off a second straight down session. the s&p logged in its biggest drop in nearly one month. however, the futures this morning are suggesting a positive open, albeit a slightly positive one. the dow would open higher by roughly 20 points. no economic data on the docket today. however, we will get minutes from last month's fomc meeting. that release set for 2:00 this afternoon. some economists are cautioning investors to remember that this fed meeting we're going to hear about took place before june jobs numbers were out. meantime, the start of earnings season is always a driving force for the market, as well. scott has the details on some of the first reports. >> alcoa beating the street on the top and bottom line. the company says it saw strong results in its engineered products business. meantime, it's looking to cut costs. shares are up nearly 40% so far this year and out after the dow last night, results from the container stores. the company posting a better than

michelle caruso-cabrera with the latest. >>> back to competition. joe may be in the number one position now, but mike murphy has the best trade of the year. so far. he added micron to his portfolio on the very first day of competition, that stock has more than doubled. murph, a great one. >> it has. a lot more room for micron. an earnings report a couple weeks ago that looked good on the surface. some poked holes in it. when you look at micron, breaks down easy. they're going to earn over $4 a share this year. so they're trading now at about eight times earnings. so right now, the investing community isn't giving them enough credibility to be able to sustain this rally. another good quarter and a follow-up good quarter to that, i think by the end of the year, micron will trade somewhere between 12 and 15 times earnings. i think a lot more up side there. >> joe, second most profitable trade. eog. mike santoli said, given what energy's done, whoever's doing well must have energy there and you do. >> incredibly well positioned both on the oil and gas s

michelle caruso cabrera is with us today because joe is off this week.ll tell but some of the headlines this morning. shares of humana rising with market trading. $2.19 per share. revenue was higher than expected. humana saw a sizable jump in membership, thank in large part to participation in health care exchanges. we should tell you about carl icahn because he's cutting his stake in family dollar stores a day after the company agreed to be bought by chain rival dollar tree. icahn says he's, quote, determined to dispose part of his stake rather than wait for the deal to close or for higher fees to emerge. and facebook is shutting down its gift service. two years after it was launched wbl i remember getting a gift early on, a birthday gift, a thing of jam. anyway, the company testing our ways to allow consumers to try products on their website including a special buy button. >>> in the markets, futures are suggesting that we would get higher by nearly 5 points. the s&p higher by a little more than 3 and the nasdaq a lot more than 13. what's going on in e

michelle caruso-cabrera at hq. >>> dow down 31. bob is on the floor. microsoft, and apple, not big market movers, but earnings stocks today, boeing raised guidance, and people asked, boeing was down initially, what was going on? i think they did not raise the cash flow guidance. they are conservative in that, maintaining that, and conservatives think they'll raise it later in the year. there was an extra 400 million in tax payments, and backlogs fell quarter over quarter. a couple things floating around in boeing. elsewhere, the earnings, i love the big industrial material companies that reported. wrighter traded down here at the open. dow chemical, norfolk southern beat generally the numbers coming in better than expected. once again, that's why we see the overall numbers starting to come up. the big issues, what the heck happened to whirlpool? you talked about this, but not only did they miss earnings and revenue expectations by a surprisingly large number, part of which they blame on china, but they also lower their full year guidance, again, partly

i'm michelle caruso cabrera along with joe kernen and steve liesman. becky and andrew are off today. u.s. investors are waking up to a lot of red arrows this morning. european stocks are down sharply in early trading. among the reasons being cited, weaker than expected trade data out of china. disappointing trade numbers out of italy and now there are requests for help. portugal is now down more than 4 had%. u.s. equity futures are responding in time the. take a look. right now, the dow would open lower by 126 points, the s&p lower by 14 and the nasdaq lower by 29. yesterday, though, stocks did get a boost from last month's federal reserve meeting. the notes are suggesting quantitative easing will likely end in october. the central bank will move slowly to raise rates after that. today, the focus turns to the other side of the pond. we're waiting for a position decision from the bank of england. that's going to happen around 7:00 a.m. eastern time. bank of england expected to leave its key rate on hold at a record low 0.5%. as for the u.s. economic cal

i'm joe kernen along with michelle caruso-cabrera, and andrew ross sorkin.you're out. you need a third name. >> joseph richard kernen. >> jrk. >> joseph richard robert kernen. i have a confirmation name. checking the futures -- i have four names. >> well i also have a confirmation name. >> you have about six. >> anyway down 44. >> you don't have a confirmation -- >> well, el haron would be my -- >> it's not a confirmation. >> well i was confirmed, though, but that's a different thing. you can be confirmed when you're jewish after you have the bar mitzvah. >> i didn't know that. >> but it's a different type of confirmation. >> okay. >> you see the futures are down after that big -- >> after the sell-off the day before. >> yeah. >> all right we're going to get to the latest on the situation in gaza and ukraine. but first here's some of the top business stories. mcdonald's and kfc in china are facing a new food safety share. a shanghai tv station reported they sold expired beef and chicken. the company said they immediately stopped using meet from the company.

chief international kpoernt michelle caruso-cabrera and steve liesman. michelle, to you first. you can take this, i guess in any way, shape or form. rates first. however, a lot of talk in the market today increased sanctions against russia and the fallout for these multi-nationals is going to be more dramatic than people think. that's weighing on the market. >> yes, because we've heard from some companies already today that suggests there could be more to come. for example, adidas, have you seen that stock today? getting hammered. reduced expectations for august earnings report sharply saying partly golf. also because of the situation in russia, leadsing to weaker consumer sentiment and spending reducing the amount of stores they'll have here. anheuser-busch, they came out and said their russian beer volumes are down 10%. europe was 5%. because ukraine was down 27%. if you exclude ukraine, only a decline of half a percent and the cfo said on the call, geopolitical risks were having an impact on beer consumption in a being way. used that phrase. and exxon, last hour, waiting to

. >> michelle caruso cabrera, thank you.arlier, i spoke with david rice, ceo for stratus, i asked him whether they had a patent effect on the company's operations. stratasys. >> the airlines will have the last two weeks since this conflict starts. i don't think there is, you notice, any increased risk in the last 24 hours. >> do you have a contingency plan? ? should the situation get worse? >> there is a lot of things planned the company is global. most of our employees are not based in israeli, so, really, business as usual and i don't anticipate any problems in the coming months or weeks. hopefully, by the way this conflict will resolve itself in the next few days. >> i asked david rice about the competition and the growth opportunity he sees in the consumer and industrial sectors. >> with the commercial part, agree is a great potential t. consumer market is also very, very big. usually, when i refer to the consumer mark, i prefer to use the word consumer. it's the consumer that produces something. i think you know the col

our international correspondent michelle caruso-cabrera has more. >> we're awaiting details and also expecting to hear from president obama who may announce additional u.s. sanctions. the eu has imposed new sanctions after an am bass endorse meeting today, the most widespread they have done so far, what think call sectoral sanctions, no longer just individuals, but now bigger entities, and you named it, the financial sector, defense, also what they call dual-use technology. what we don't know is what are the specific companies they will target. they will name specifics. we expect five different banks to get named, but we don't know the specifics. when you look at the russian etfs that trade here in the united states, look at that. they're all higher. that may be a kay of people selling ahead of selling on the rumor and then buying on the news. take a look at the one-week chart. this is the most actively trade ed the rsx shot up on the news but traded lower as we awaited what's happening. when you look at the one-week chart, these sanctions had been signaled that they were coming, so

these hotspots around the globe continuing to heat up, we want to bring into the conversation michelle caruso-cabrera flashpoints for us around the world. michelle, when it comes to the activity today, i mean, is it israel and gaza that should be occupying our attention? is it the situation in ukraine? is it syria? is it all of the above? >> reporter: i think it might be all of the above because there's just so much volume, kelly. let me show you. we're going to start first in the middle east. there was a massive explosion at the main hospital in gaza. the israeli army says it wasn't operating in the area and they claim the explosion was caused by two hamas missiles that were misfired. hamas leaders deny this. several people were injured and killed and now benjamin netanyahu says israel must be ready for a prolonged military operation. it's sounding longer than initially. also, u.s. embassy personnel have been evacuated from libya, as tripoli is turned into a battleground. artillery fire slamming into a huge fuel oil depot near the airport. it caused a massive explosion and a fire that could be seen

. >> i'm michelle caruso-cabrera in today for kelly evans. international events are dominating the headlines, but wow, look at the markets today. they're having a decidedly different reaction. dow jones industrial average hasn't gotten back everything, but it's up more than 100 points, and the -- >> nasdaq -- >> -- nasdaq's gotten back everything. and the s&p about three-quarters of the way from yesterday's losses. >> and this is an expiration day, so some options and futures expiring on the close, may get some volatility. we'll definitely get some heavier volume on the close, so we'll watch for that in this last hour. here's the question we're still asking today. just why was that malaysia air flight flying over such a dangerous area and what has been the policy of all airlines that fly internationally with so many hotspots across the globe? we have phil lebeau standing by. he's been looking into that. and for anyone who travels, you may be surprised about where airlines have been willing to go, at least until yesterday's tragedy. >>> then b

let's bring in peter brooks and our own michelle caruso-cabrera. peter, we want to start off with you. is this flight ban really about safety? or is it meant to put pressure on israel and hamas to reach a cease-fire? >> i hope it's not political. i hope it's about safety. of course, we have to put in in the context of what happened in ukraine just recently. everybody is a little nervous about the safety of civil aviation at this point. i hope it's about safety of flight. >> it may not be political per se, but the message as michael bloomberg tweeted, when he went on to an el al flight into tel aviv, this hands hamas an undeserved victory. >> terrorists want to disrupt a daily pattern of life. they effectively managed to do that. i spoke with elliott abrams, he worked for the bush administration, he says there's no evidence that this was political, but the longer they keep it in place when there's a second airport open, when there aren't any more rockets so far in the area, then the conspiracy theorists can start to build and maybe this is a politic

. >> let's bring in cnbc's chief international correspondent, michelle caruso-cabrera to jump into thisible sanctions on the part of europe, especially toward russia, the impact that we might be looking at. >> so if you saw the ft this morning, the euro has wimped out yesterday completely at this meeting in brussels, that there were rifts that scufferred new possible sanctions. and then this morning, the breaking news you've been talking about all morning relating to the downing of two more planes possibly, and the fact that russia continued to help the separatists allegedly. and now today that's pushing the euro lower, that's the currency of europe for fears that it may bring on finally a round of sanctions. now, the euro isn't moving that much. it's broken but low $1.35. i know two cents doesn't sound like a lot but in international currency markets, a two-cent move is actually a very big move and reflects a collective anxiety. that being said, if they really thought there were going to be strong sanctions that were meaningful to hurt russia, i think the euro would be even lower. here

michelle caruso cabrera is joining us. becky is enjoying some time off today. earnings season hitting feefer pitch today. we're going to hear from a lot of people starting with dupont, then we have verizon, travelers, coca-cola, other earnings include lockheed martin, kim ler by clark, hardly david son and comcast. we're going to hear from apple, microsoft and electronic arts after the bell. that's what's going on in earnings central. we are going be talking about it literally almost every 15 minutes over the next thee hours. keep your eyes on attention on inflation. and the june consumer price index, economists say headline cpi likely rose 0.3%. also worth watching, existing home sales for june coming out at 10:00 a.m. eastern time and sales expected to rise by 2.2% there. a dip from jumps that we had seen the previous month. joseph kernen, i see you staring at a screen. what do you see? >> dupont. it's a couple of cents shy. $11.17 was the estimate.it's posting $1.15, but the revenue number is above, which will be interesting if they miss on -- no, it's opera

michelle caruso cabrera is joining us. becky is enjoying some time off today.ings season hitting feefer pitch today. we're going to hear from a lot of people starting with dupont, then we have verizon, travelers, coca-cola, other earnings include lockheed martin, kim ler by clark, hardly david son and comcast. we're going to hear from apple, microsoft and electronic arts after the bell. that's what's going on in

i'm michelle caruso cabrera along with joe kernen and sara eisen. yes, two ladies today. fist, the portugal bank and shock waves has been absorbed and now european are higher on the week. the futures are higher, the dow would open higher by roughly 37, 36 points. the s&p is higher by 3 points and nasdaq higher by 11 points. dow futures were down nearly 125 points. the dow did drop as much as 1830 points in the early trading and clawed its way back to finish down only 70 points. the s&p 500 fell briefly prosecute rebounding.

i'm michelle caruso cabrera along with joe kernen and scott wapner. becky and andrew are off today. stocks take a run after yesterday. on the corporate front, we're going to hear from alcoa, bob evans and the container store. as is for the economy, 7:15 eastern time, the survey of small bus sentiment. at 10:00 a.m., the labor department releases labor turnover survey. this afternoon, the consumer credit data comes out. we're going to have more on the markets in the next half hour. deutsche bank's david vianco and jim russell of u.s. bank wealth management.. first, though, skos scott has some of the morning's top stories. >>> the ceo of walmart says the improving employment picture

i'm andrew ross-sorkin along with joe kernan and michelle caruso-cabrera is here in for becky quick.ukraine is looking to hand over the investigation of the crash to international partners. the bodies were loaded into refrigerator crews. people wearing gas masks and gloves moved bodies in body bags into train cars in a town near the crash site. international outrage of course is growing. this australian prime minister tony abbott had this to say about it. >> it is an absolute shambolic situation. it does look more like a garden cleanu

i'm becky quick along with andrew ross sorkin and michelle caruso cabrera.n watching to u.s. equity futures and they are pointing to a rough start on wall street. there are a lot of major global market stories that have been impacting things. you'll see right now dow futures are down by about 90 points below fair value. s&p 500 futures are off by 12 points and the nasdaq is down by 26. among those stories influencing the markets this morning, argentina has defaulted for the second time in 12 years. the can you know has been in a long legal battle regarding hedge funds. kate kelly will be joining us in just a moment with the full story. she'll be checking out the implications, what this means for global markets. that's coming up in just a few minutes. in the meantime, in early european trading, you're going to see right now that italy is down by 1.6%. the dax in germany, off by 0.5%. the ftse is down b

i'm michelle caruso cabrera along with joe kernen and scott wapner. becky and andrew are off today.cks are coming off a second straight down session. the s&p logged in its biggest drop in nearly one month. however, the futures this morning are suggesting a positive open, albeit a slightly positive one. the dow would open higher by roughly 20 points. no economic data on the docket today. however, we will get minutes from last month's fomc meeting. that release set

i'm becky quick along with andrew ross sorkin and michelle caruso cabrera. joe is off this week.jor economic event owes today's agenda. we get the july adp employment report. 15 minutes later, a read on second quarter gdp. this afternoon, a policy statement from the fomc. let's talk expectations. polled economists say the adp report is likely to show 280,000 jobs this month. the second quarter gdp figures are likely to be the market's main focus today. growth probably regained speed in the second quarter to the tune of a 3% growth rate. gdp shrank at a

i'm michelle caruso cabrera along with joe kernen and steve liesman. becky and andrew are off today. u.s. investors are waking up to a lot of red arrows this morning. european stocks are down sharply in early trading. among the reasons being cited, weaker than expected trade data out of china. disappointing trade numbers out of italy and now there are requests for help. portugal is now down more than 4 had%. u.s. equity futures are responding in time the. take a look.

. >>> welcome back to cnbc, i'm michelle caruso-cabrera, and the mexican congress has final approvalking all night on their telecom reform bill affecting two publicly traded stocks, amx and the big tv company in mexico as well, and when we see amx open today, where the -- the reason the stock is going to trade actively is because in anticipation of the announcement or decision by congress, the company announced last night they are going to do a breakup. they are going to change their structure completely in order to have less than 50% market share in mexico in order to avoid the worst of the possible regulations. expect amx active and televisa as well. >> thank you. let's get to the mad dash on wednesday. talking amazon. >> all right. i had the great privilege, celebrated my father's 92nd birthday, today is the day, and the documentary was riveting and great thing to talk with father, something not political, and i loved it. at the end, you talked about this fight, and i'm still trying to understand, david, now they approach authors directly. i mean, amazon in the piece is not necess

our correspondent michelle caruso-cabrera's stepping in with a preview of that statement. >> reuters is reporting right now that the u.s. is going to slap sanctions on several large russian banks that are state-owned. vtb, the bank of moscow, the russian agriculture bank, and also a shipbuilding corporation. they are not specifically including spare bank, the largest state-owned bank. it's not clear why. hopefully, we will get some answers to that later. the sanctions are very similar to what europe did earlier. they prohibit u.s. citizens or companies from dealing with debt maturities -- debt carrying maturities longer than 90 days. so, only short-term debt, also no new equity. when it comes to the shipbuilding company, they're going to freeze any assets they have in the united states and prohibit all u.s. transactions with it. that's a much more standard kind of sanction regime that we've seen in the past when it comes to certain companies. so, sanctions on banks, but it's not that you can't do business with the bank at all, it's just that you cannot deal with their debt or their e

exchange, doug cote, jim lowell, charlie blel, quincy krosby from prudential and we have michelle caruso-cabrera and rick santelli. michelle, when we all got up this morning, things looked bleak. there were concerns about this big portuguese bank, but now things look like they're settling down a little bit. what was the story? >> yeah, so the story is, there's a very large bank named after the espididusanto family. and a holder of the bank was starting to get into trouble and it looks like it's starting to have some impact on the underlying bank. it led to a huge sell-off in the shares of the bank, the shares of the portuguese index. and here was the big question that the market was asking -- what's going on with this bank? is this an isolated situation or is this once again symptomatic of something more widespread in the european financial and banking system? in other words, are we going back to some kind of crisis situation? as the day has gone on, the bank of portugal has come out and said the bank has recently raised capital, we believe it is solvent, and we've also gotten to know more about

michelle caruso-cabrera back at hq. >> the tanker likely to struggle to unload the kurdish crude oil in it. talking about -- near the port of galveston, they have been trying to unload 1 million barrels of crude oil. we're in possession of a letter from lawyers hired by the iraqi government saying that, if companies help this tanker unload this oil, they will be in possession of stolen property. they don't say they'll be sued but it certainly reads like the companies will likely be sued. we've spoken with one company, the lightering company, how you unload oil from a ship out at sea and bring to shore, it's called lightering, literally make the ship lighter. lightering companies have been warned, if they assist in the process, they will be in possession of stolen property. remember, kurdistan is a region, semi autonomous in the northern part of iraq, it has its own oil. trying to ship its own oil. the iraqi government in baghdad is against this, they say that all oil in iraq belongs to the iraqi people and should go through the central government of baghdad. the state department is o

let's go to michelle caruso-cabrera. >> reporter: to follow-up, the regulator in portugal announced they would suspend trading in the shares of the problematic bank talked about tonight pending material information. so we are waiting to see new news about anything to find out. remember, it's initially the problems with the holding company that art was referring to, but the bank has investments in the holding company, and they have clients with exposure to the company and, hence, the dramatic decline seen today and several dayings as we wait to see whais gone on there, and there's concerns with the bank over the last couple months as welcoming to the headlines. carl, back to you. >> michelle, thank you very much. with all that in mind, art, i mean, futures are weak, but they are -- the rustsell will be smacked the worst today. >> the russell, social media groups, feeling on wall street those positions are heavily levered, one of the reasons why you saw an 8% drop in a dozen stocks without any specific company sensitive news. >> art, trying to gauge the sort of level of worry right now. po

meantime, our michelle caru caruso-cabrera at the news desk. >> to echo what eamon was talking about earlier, david cameron coming out just in the last couple of hours and calling for even tougher sanctions on russia when the president was asked about that on friday, he talked about the fact that they had just put some in place the night before the crash. so the question is now, based on all of the statements that we've heard over the weekend where the white house is now clearly willing to say that they believe that the russian separatists or the pro-russian separatists were sponsored by russia and likely got this equipment from there, are they willing to go even farther? the conundrum, of course, carl is that any sanctions that are truly meaningful will also be detrimental to the countries that impose them, right? if germany is going to impose harsh sanctions, the german business industry will suffer likely as a result. if the united states were to put on sectoral sanctions on a certain sector like oil or banking, we have many u.s. and european-based oil companies that are doing wor

also with us, michelle caruso-cabrera our chief international correspondent.love hillary like -- who do you think loves hillary more you or -- >> he does. >> probably you. >> i'm a great admirer. >> and you are -- >> i admire her, as well. >> you do? >> i have different issues on policy. >> if she is elected, where am i going to be sending my postmark date? where will you end up being ambassador? what's your job? >> i have no idea. >> what do you want? >> i'm not lobbying. i'm not asking. i just want her to be elected. good for the country and good for the world. >> and good for hormats, you're not going to say anything. you like to go to malta? >> you and i will consult when the time arrives. >> the "journal's" piece, an arc of instability, unseen since the '70s. it was like david lenhart's piece last week, andrew. the president unfortunately, through no fault of his own, has got this economy that's not cooperating. and, through no fault of his own, has got this arc of instability. he got in at the wrong time, and a lot of things just started going wrong thro

michelle caruso-cabrera joins us with more. this when you were in the kurdistan region. >> there's an international mystery brewing off the coast of texas. there is a tanker sitting there, with 100 million barrels worth of crude oil. the coast guard took photos, did an inspection yesterday and provided us with two of them. they applied for the ability to unload. the right to unload. we are told it could very well happen today. this is a very big deal, because this is something that could ultimately lead to the breakup of iraq. even though we are so focused on the sunni insurgency, when you really look at the situation in iraq, whether or not kurds can sell oil is a big deal. let's remind everybody where kurdistan is. we have a map on the wall. kurdistan is the northeast region of iraq, a semiautonomous region. the kurds have long wanted to be an independent country. there are kurds in turkey, in iran, et cetera. they have not been allowed to sell their own crude oil. >> by baghdad. >> by baghdad, exactly. and baghdad is furious