phil flynn at the cme to explain a check on oil after the big inventory data at.etallides on the floor of the nyse. apple taking a tumble. going on. let's look at the dow jones industrials. we are down most of the day. and the 6 points morgan 1/2%. the nasdaq not without, apple's component. 8% of the nasdaq, also the s&p 500. today after the iphones are releasing it, and the lows of the day loving what they put out. what is to come for apple? you get a knee-jerk reaction tumbling forward. cheryl: fox business network exclusive, citigroup is in talks to lay off 2200 mortgage workers by next year. rising rates for the job done and new data may show why. mortgage applications 13.5% to a five year low. liz macdonald broke the news on the last claim this morning and is here with more details. liz: important point to point out, the rates have spiked dramatically higher. so quickly, that is the issue and revise in june 2009 levels, citigroup, insider selling fox business 2200 mortgage workers could be laid off by early next year following cast on the heels of banc of ame

thanks, liz macdonald and phil flynn.ear-old rolling stone and he has come of with a novel way to do is web site, the creator of mother nature network, joining us coming up. dennis: cheryl: congress, think the situation. the company will now of the molasses is doing, it is a big fitness story. coming up. [ shapiro ] at legalzoom, you can take care of virtually all your imptant legal matters in just minutes. protect youramily... and launch your dreams. at legalzoom.com we put the law on your side. >> consumer prices, the cost of energy fell, and increased by 1 tenth%, the restaurant for a rise of 2.1%. and foresee the weakest holiday sales since 2009. and forecasting a rise to 2.4% in november and december sales and in 2011 and china will become starbucks had second-biggest market by the end of this year. and canada is the number 2 spot. and 4,000 locations across china and the asia-pacific region. the latest in a fox business network giving you the power to prosper. nascar is about excitement. but tracking all the action

phil flynn live at the cme watching cocoa prices. maybe we can make money on that as well.r treasury. we'll be right back. ♪ ♪ >> this is your fox business brief. neiman has new ownership. the luxury retailer sold to a team of management in the canadian pension plan investment board for $6 billion. the group operates 79 stores including 41neiman stores, two locations, and 36 last call outlet stores. coke industries, by the way, run by charles and david, is buying molex, maker of electronics components for $7.2 billion in cash. google is offering to make additional concessions to european union regulators to settle an e.u. antitrust probe to avoid a possible multibillion dollar fine. now, the e.u. has been investigating since 2010. allegations google blocked competitors and gave tough failing web searches its own products like google maps. that's the latest from the fox business network. ♪ spring break thanks to her double miles from the capital one venture card. now what was mrs. davis teaching? spelling. that's not a subject, right? i mean, spell check. that's a program. a

she is in the pits of the cme and phil flynn of the price futures group.ee you both, folks. a lot of move of oil and gold was because of lack of fear, the idea perhaps we would not be hitting syria anytime soon but the fact is we just had the congress essentially give their stamp of approval to the president's actions in syria if they want to be. will we see the opposite move tomorrow, sandy? >> hey, right now the oil market, goldmarkket, there is a lot of bearish momentum there. there was such a premium built up in the price of oil that topped 112 last week. gold prices as you said, liz, topped 1400. david: sandy, let me stop you there for a second because if tomorrow we see some concerted action in syria, because of the fact that the president get as stamp of approval from congress, won't that send oil and gold back up? >> the feeling that i get on the floor from talking to traders is that the action over there is limited, that we could actually see a significant selloff from where we are at these levels today. david: wow. >> the reason being is, there's

with under 20 minutes until the fomc decision is released, fox business contributor's phil flynn is ine group. hi, phil. >> thank you very much. i don't know if i'm looking at gold or interest rate futures that is the way the goldmarkket has been acting. if there was one market other than interest rate futures really fearful of the fed the goldmarkket really has been it. right best big fed announcement today, will they taper, how much will it be? gold futures dipped below $1300 an ounce but it didn't stay there very long. a lot of people think perhaps this fed meeting could be the bottom. if the fed, if we price in all the tapering already maybe we've already made our move. some traders are looking for a big rebound. the other big rebound in the metals department is copper. copper had a big rebound. it too was hurt by taper fears. but that created very, very strong demand. big talk of chinese orders into the copper market brought us back up. how about that oil? oil is one of the markets that really didn't get impacted by the tapering. they were more focused about what was happening on

phil flynn is in the pits of the cme with more on that sweet story. phil?ws for this coming holiday season because the odds are very high that the costs of your candy bar and all your holiday chocolates are going to cost more. the cost of cocoa butter has actually almost doubled in asian countries. going from 4,000 to $7,000 a metrics ton. add to that cocoa futures on the nymex hit a one-year high last week. they pulled back a little bit but closed again higher today. the big problem, demand is exploding at a time where the supplies are tightening. a lot of concern in the ivory coast where they produce about 70% of the all the cocoa in the world was a very hot and dry area. they got a little rain but not enough to make the market lower. back to you, dennis. dennis: 70% of all the cocoa in the world on ivory coast. wow, thanks a lot. phil flynn. cheryl: thanks, phil. new 100-dollars bills are due out nix month. we'll tell you why some of them could be worth $1,000. dennis: wow. plus social media, the focus as ad execs gather together for a big industry confa

let's head to the trading pits of the cme and phil flynn.r just basically trading on the news you have got right now. jeff: i think it is. it is almost like the miraculous turnaround. look at what the market has done. when the market was convinced a week ago that we were going to have a war with syria the price of oil was flying, price of gasoline is up. look how much we saw, the price of brent crude since the john kerry speech has fallen almost $7 a barrel. take a look at the price of our gasoline futures, they have fallen almost $0.23 a gallon. that is a pretty incredible drop in a short period of time because of these expectations. look at the gold market down 22.10, under a lot of pressure with the rallying dollar but we're taking a lot of that risk premium out and the markets are reacting. cheryl: phil flynn, thanks. dennis: a sex change operation for a cable channel. nbc universal will read brand the style channel aimed at women as the esquire network aimed at men. steve birth, the comcast guy who runs comcast for nbc universal backed

let's head to the trading pits of the cme and phil flynn.ne up on a sphere. >> the debate about syria seems to suggest it will not happen anytime soon. traders can focus on other fundamentals. what we are hearing right now is that the workers are starting to give in a little bit. yesterday they were asking for a 60% raise. today they have lowered that down to a 15% rate. the mining companies are offering six-6.5%. the copper force is moving down after the big run-up yesterday. dennis: thank you very much, phil flynn. >> thank you. cheryl: time for your west coast minute. a $6 billion section of the paper urge and san francisco is open today. 280,000 commuters cross that bridge daily. it is not the biggest bridge in the world. hawaii continues to see bankruptcy filings trend downward. for the month of august, filing still 19%. remember, this is all businesses that are using those filings. voter registration is on the rise for the month of august. according to figures from the state secretary of august, they signed up 300 dirty one new voters.

phil flynn has the latest. t the government shu shutdo, but weakening demand in china at a time we see oil production coming back online. you name it, very, very heavy for oil. a bit of a boost after the chicago pmi stronger-than-expected and the market has been oversold because we are a 12 week low. gasoline getting hammered today down $0.04 today. aaa says we can fall $0.30 by christmas. the same lesson $3 gasoline was gone the way of the eight track tape. gold today down 8.90 now. the dollar turning up a little bit. back down on the gold. last time we had the budget debate gold hit an all-time high. not so today. tracy: i remember those eight track tapes. i tell you. dennis: so what took so long? tv ratings with people on the tablet and smart phones. a special "neil on media" is ahead. tracy: and the ipo. should you get in? that story straight ahead. don't go anywhere. so i can reach ally bank 24/7, but there are no branches? 24/7. i'm sorry, i'm just really reluctant to try new things. really? what's wrong w

dennis: thank you, phil flynn. cheryl: the battle of the empire state building.oming up in a couple of minutes. dennis: bashing the rich. is the rise of the rich what is making people poor? ♪ @?? ♪ >> 23 minutes past the hour. i have your fox news minute. china is calling for joint effort to stop. north korea is restarting a facility that was closed in 2007. the image from the wildfire in california continues to grow. sixty-eight homes have been destroyed. fires are also responsible for one death. michelle obama has encouraged americans to eat better and get more exercise. now, she wants people to drink more water. mrs. obama is its honorary chairwoman. those are your news headlines on the fox business network. my mom tells me every single day to drink more water. cheryl: all right. this is a great new york story. it has become a big battle for the empire state building. the company rejecting skyhigh bids. we are joined by vice president jason meiser. why do you think that the owner does not want to give up control of the empire state building? >> that is a grea

phil flynn is in the trading pits of the cme.e petallides on the floor of the new york stock exchange. nicole: we are kicking off september in a new fashion. some of the traders have been watching the ten year very closely. we still remain with arrows. the dollar is stronger. oil and gold are gaming. we have seen financials and insurers doing very well. package foods have come under pressure. telecom has been among the worst. we have seen a mixed bag of what we are seeing on wall street as far as economic news. friday waived for the all-important monthly jobs report. that will be key, as well. >> these markets, especially oil, are moving with every headline. over the weekend when president obama said he would put off an attack on syria, prices sold off dramatically. just recently when house speaker john boehner said he was on board voted for an attack on syria saying we have to send a message, on the gold market. look at the gold. the dollar is higher. gold and silver are rallying. a possible strike in south america. a lot of the

yesterday, the freshest metal down 2%, silver closing 8%, down 5.5%, wednesday afternoon banner day, phil flynnrecious-metals was really the fed story this week. >> why we buying of a story, and silver and gold get whacked on those comments, gold and silver were a little weak on news india raised their interest rates but a lot of traders were saying what is going on? we saw a major head bank from the federal reserve. and who are we going to believe. he made it seem like stronger economic data. cheryl: peter barnes will be sitting down on fox business. thank you, appreciate it. dennis: friday media minute, someone's leg had to roll. when a film loses $200 million so disney has bid farewell to its longstanding first look deal with superstar producers jerry bruckheimer who has been a blockbuster machine for disney, 27 films in 20 years raking in $8 billion worldwide including parts of the caribbean, the franchise hauling in $3 billion on four films. looked like a great idea when they teamed up for loan ranger but it wasn't. the nielsen ratings service next fall will begin tracking viewing on smart

dagen: phil flynn, thank you. thank you, nicole petallides. many in this country that that this economy and financial system as we know would collapse. lehman brothers going into bankruptcy. i am joined right now by two people that were at the white house with president bush. both of you, welcome. >> president bush was gathering all of the information from his advisers on the policy side. it was not just that day. it helps to focus the mind go back. they said okay. i want to know, what do you think will happen if we do not go forward with this plan. both of them said it is our estimation that it could be worse than the great depression. president bush said okay. i will give you my decision soon. he went into the oval office. that is when he made the decision. it was go time. it was very difficult to get the legislation passed. having been there and watching him, his biggest concern for people like my mom and dad. this country is in crisis. p6 what did you say to the president? >> we were worried about the moral hazards. when you say did you no

we have phil flynn in the trading pits of the cme. >> you would expect oil to be of. that is not happening. it is flooding the global market with oil at a time where demand is weaker. it is a bonanza to the downside. lori: to bearish calls on gold. how is that being received on the floor? >> gold cannot get any respect. it has not been acting very good. you have to have -- if you believe the fed will not paper, i personally believe that the market is going back up. it is not such a bad thing. a big thing about physical demand versus investment demand. when will the investment demand, back? gold does look like a better investment. i think that they are misreading it a little bit. lori: thank you. adam: shares of netflix are backing off. this is a first victory in a major category for an online distributor. netflix received 14 nominations. lori: move over, hollywood. lori: william dudley taking it off. we will hear how dallas federal reserve president feels about the tapered talk. should we be worried about bernanke is driving? we will find out next. ♪ nascar is about e

phil flynn from price futures group in the trading pits of the cme, traders are waiting and tomorrow's inventories. >> they sure are. that could be a big report. as we know supplies are well above normal in the united states but not so much in europe. in europe right now they are basically closing refineries because they can't get their hands on that high-quality brent crude. what does that mean in the united states? we will produce more gasoline, probably exported to europe instead of imported which is why it is up today. if you look it krutch they are down today, the risk of an immediate attack has gone away. dennis: gold is losing its luster, investors cashing in before we get the unemployment numbers. is that a wise move? >> too worthy to tell. there were a lot of reasons people were buying gold. the risk of war, concerns about capering being put back a little bit and the possibility of a strike that actually happened. if you look at the strike in south america of the odds of that getting settled are better today and with talk of tapir we're back down. adam: thank you very much. we