opec-plus nations to supply cuts the has few energy stocks on the down day for most sectors, but occidental petroleum up 3.5% at this hour. as we continue to read through to the health of the economy, america's car market was an interesting example. a used car dealers profitability is taking a hit as it sets aside money for potentially bad loans. they did a management change as well, the softness in the market is evidence during the credit bidders as well. we will watch that story and we are also watching some news about a couple of names coming to the s&p 500 later this month including airbnb and investors like that news, a big drop from manchester united's stock in u.s. trading as reports indicated that a family is changing course on a possible move in that team sale of teams based on the offer coming in. investors trying to make sense of that, investors losing a fifth of their value in trade today. jon: fascinating story, let us take a look at the bigger economic picture. matt: markets are watching every comment from the fed and every data point that gets hit on the economy, jeremy grantham spoke

we see names hanging onto marginal advances like occidental petroleum. he also had stories of companies with reasonably strong results like a uniform maker but the stock is down 4%, it feels like the growth outlook seems to be the concern among some analysts. moving along to tech or the future of vehicles, we did see shares of biscuit moving higher today on encouraging delivery news but we have seen amazon moving lower. the market still digesting the latest headlines on the ftc antitrust suit targeting the company specifically its marketplace. and with the president joining uaw workers on the picket line, we are watching what's happening with the automobile stocks. we will look at ford, gm, and stellantis. they are all down for the day. kailey: moments ago, president biden was in michigan alongside uaw workers including the president of the union. here are some of what president biden had to say. pres. biden: you guys saved the automobile industry in 2008 and before. you made a lot of sacrifices, you gave up a lot. the companies were in trouble. now, the

kriti: meanwhile, occidental petroleum's ceo discussed the outlook for crude races. -- crude prices.x steel has that interview. she says the company plans to keep reduction study -- production study. >> we all have an opinion on oil prices, but usually, we're wrong. i would like to say, the fact is that since china, brazil, india, and russia had their gdp spurt back in 2004, real wti prices have averaged more than $80. now that indicates the midcycle price of oil is around $80. the reason the prince has been doing what he has recently is to balance the markets area there was a time of overspend follow by a long period of underspend in the industry. now, to balance the markets is best for all of us. if you wasn't doing that, prices could potentially go over $100 paid in balancing the market, you protect the downside so you have a healthy oil and gas industry but without damaging economies around the world. >> some of the undersupplied was because of you guys, shale players. >> certainly, our industry has gone to the point where we are practicing much more discipline than we used to to

occidental petroleum, for example, are all moving up. that's the real power sector we've seen., it's only 5% of the s&p 500. other sectors are much, much larger. the problem is, you can get oil moving, but it's not necessarily going to move the index. that's the big issue. it used to be better. it's better than it used to be, carl. remember when oil was 3%. energy used to be 3% of the s&p two years ago. now it's closer to 6%. that's an improvement. you need a lot higher in order to move the dial on the index. back to you. >> thanks. talk to you in a while. >>> let's get a new update with pippa stevens. good morning. >> good morning. five americans wrongfully imprisoned in iran are now free, arriving in qatar after they released in a prisoner exchange. the next stop is back home to america. as part of the deal the u.s. is expected to release five iranian nationals in u.s. custody and give iran access to $6 billion in oil revenues frozen under u.s. sanctions. >>> senior politicians in the uk urged police today to investigate sexual assault allegations against british comedian rus

shery: occidental petroleum's ceo says the firm plans to hold oil production study is not a splice hass with bloomberg's alix steel at the american energy summit in oklahoma city. >> i think that we all in the industry have an opinion on oil prices. usually we are wrong. i would like to say that the fact is that sense -- since china, brazil, india, russia had their growth in gdp back in 2024, real wti prices have averaged more than $80. i really think that now, to me, that indicates the midcycle price of oil is around $80. the reason he has been doing what he has been doing recently is to balance the market because there was a time of overspend followed by a long period of overspend in the industry and then the pandemic, so now to balance the markets, it is better for all of us, because if he was not doing that, the prices could potentially go way up to over $100, but in balancing the market, you protect the downside so you have a healthy oil and gas industry but also without damaging the economies around the world. >> some of the under production or supply was because you guys, shale

philip: over the past couple of months, i have been adding to energy, particularly occidental petroleumgy, with short supply, we will continue to see some movement here. it has been a profitable trade overall. commercial real estate has attractive opportunities within permitted there is a lot of distress, continued distress in commercial real estate. a lot of these loans are coming due, the owners of these properties, these rates are being reset at sometimes triple the rate they had before, they are not able to afford it and they are filing bankruptcy. we will be able to get those properties at attractive valuations. i think commercial interest rate in the next few months will be a real value in the u.s. market. vonnie: that is a bold call from and what are we supposed to think about tesla and about ai stoxx, nvidia in particular? philip: as i think about the ai movement, i think it is overhyped. at the end of the day, why are markets or relieve the s&p 500, the magnificent seven stoxx is 70% of the s&p. that every stock is up 3% to 4%. the benefits to ai is that it will increase produc

shares of occidental petroleum higher by 1.3%. roughly 20,000 shares of volume.d a top pick by analysts at bank of america. they think oxy is in a good position to take advantage of nei near term oil price strength. we'll end with a check on denim. analysts at td cowan starting coverage of levi strauss with an outperform rating and $16 target price. they cited amongst other things levi's potential to grow its direct to consumer sales as well as its international footprint and lifestyle products outside of traditional denim. those levi shares up 1.3%, around 3,000 shares of volume. denim, a little oil, also the consumer, back over to you. >> dom, thank you very much. >>> when we come back, from safety concerns at retail stores to companies getting involved in culture wars, harvard lecturer and best buy ceo hubert joly will join us aerft this. and next hour, neel kashkari giving more clues about the fed's next policy move. he will join us in the next hour. we'll be right back. gold isn't merely a commodity. it's an investment in people and communities. at osisko, w

that's lifting the entire energy sector, including exporters and production names like occidental preto petr petroleumer to you. >> leading the way, and dom, thank you very much. bond yields as well, the story today. we had a five-year option top of the hour. let's bring in rick with the latest. >> reporter: it's always difficult, kelly, to handicap an auction when on the fly, the market is selling off to new extremes, pushing yields higher. the one issue market was staircasing to yield heaven, right as the auction buttoned up. so the yield for this $49 billion five-year was 4.659. but the one issued market was at 4.671. that's good. lower yield, higher price, i'm selling if i'm the government. they call that stopping through, that's a positive. but when the market is selling off, we're leaving in our wake some of those bids at lower levels. soy gave it b as in boy, which is still a good grade. the only thing that was light here was the direct bidders. but as the yields continue to move higher, and in many ways they don't to be mostly led by long maturities, we are getting close to some levels, especi