if you allow exports, you narrow wti and brent.don't allow them, you potentially blow them out. it's pressure on wti today because of that announcement last night. it's wage affecting prices. >> paul, thanks for coming by. paul sankey of world research. where are you trading these days in oil? >> first i like ln gvm i'm launching 12-and-a-half dollars, it's a once in a lifetime trade. i'm staying long lng. i think the benefit is to be in that space. i think if you want to buy the oil space or energy space, you should be in the service fames. i think refineers, as paul said, football versus to come down. you will see a lot of bearish sentiment on that space. >> i am long, brent. you saw last night, there is also a fire in kansas city. you saw wti prices come in. so it is all about these refiners. when you see wti going further, i think brent can stay where it is. >> his coverage universe, a couple names we talked ability. conoco tlil philips stalled as has e ps. psx around 82, 82.5 these stocks to me sell upside. >> big movers, we c

is wti. maybe on east coast it is brent? why is that crucial?s that play into the margin game? >> sure. think of it this way, the price of fuel we buy at the pump, gasoline, diesel, et cetera, is set by brent. it is set by global prices. but the price of the crude that refiners have to pay is set in most cases, domestically by wti. adam: got it. >> so the refiner gets to capture the discount, wti discount in their higher margins. adam: bingo. >> if it is 25 bucks, that is -- adam: they're cheering you listening to the call for$5 a barrel wti. >> yeah. cheryl: what about -- go ahead. >> i was going to say that it's pure profit. in europe refining margins right now are less than a quarter of what they are in the united states because they have to buy brent, which again is significantly more expensive. cheryl: i was looking at names like valero and phillips 66 and these stocks are well up in double-digit percentage territories over the last year, last 52 weeks. when you talk about specific names, whether it is exxon or phillips 66 or valero, are th

the oil spike has come to a screeching halt, fin straight days for wti sending it the low 50-day moving average. oil, in fact, seeing its worst nine-day losing streak. tonight we're is asking the question, have we seen the peak in oil for 2014? what do you say? >> to call the top is difficult. i think we are at a place, there is some demand. pe with in a staggering economy. you saw china 7-and-a-half on a gdp. indicating there might be weakness there. we have libya ports come back on. to me, i'm short oil. i think it's telling you something about the broader market i think it's telling you the economy is not as strong as everyone might think. >> the iraqi premium is out of wti. intrent at a one-month low at this point. >> yet, if you look at the energy sector, that continues to be hot. few look through the entire year, it's been a mostly consistent sector we have been seeing outside activity in. to go down a notches and take the derivative side of that, take a look at what the rails have been doing, canadian pacific, unb, csx lags. you look at these rails into the energy space, it's not

wti here and brent crude trading up. remember, we were below $100 per barrel just a couple days ago. wti up to $103.86, and we will get a full refort from jackie deangelis coming up. stay with us. [ male announcer ] the mercedes-benz summer event is here. now get the unmistakable thrill... and the incredible rush... of the mercedes-benz you've always wanted. ♪ [ tires screech ] but you better get here fast... [ daughter ] yay, daddy's here! here you go, honey. thank you. [ male announcer ] ...because a good thing like this... phew! [ male announcer ] ...won't last forever. see your authorized dealer for an incredible offer on the exhilarating c250 sport sedan. but hurry, offers end july 31st. share your summer moments in your mercedes-benz with us. but hurry, offers end july 31st. my motheit's delicious. toffee in the world. so now we've turned her toffee into a business. my goal was to take an idea and make it happen. i'm janet long and i formed my toffee company through legalzoom. i never really thought i would make mo

. >> where do you stand on wti now it's below 99 or so? >> oh, i think as i'd like the say, with the advent of fracking, what's going on out there, this is very esoterric. there is a gob of hundred crude oil out there. i think we will find out how much 85 or $80 crude is out there. take a look at what the term structures are doing. the front end of the futures has been even on up day is losing relative to the backs. brent has gone into a contango, there is a sur-fight, a surplus of crude oil in the world. tankers are moving umm. they're moving around. there is a lot of crude to be found. there is gob. a very eso12er terric statement. we will see how much $80 crude is up there. >> dennis, thank you for your time. dennis gartman of the gartman letter. let's trade ahead of tomorrow's jobs report. >> is this your own adventure? >> stronger number? weaker number? blps to the market? you choose the. >> i like that. a stronger meaning the employment situation seems to be -- >> better, yes. >> i think the s&p bounces. i think to beak's point, it's

and i think crude or wti is about 105. be true largely because of shale oil flowing in the u.s. >> thank you so much for that, john stephenson, president and ceo at stephenson & company capital management. >>> now, u.s. futures called open weaker after soft inflation this side. but coming up to jobless claims stateside. thanks for watching "worldwide exchange." i'm karen cho. thank you daddy for defending our country. thank you for your sacrifice and thank you for your bravery. thank you colonel. thank you daddy. military families are uniquely thankful for many things, the legacy of usaa auto insurance can be one of them. if you're a current or former military member or their family, get an auto insurance quote and see why 92% of our members plan to stay for life. >>> good morning. argentina failing to reach a debt default deal. >>> target may have found its new leader from the ranks of pepsico. kraft, whole foods and yelp with oil giant exxon mobil and conco philips on the way. "squawk box" begins right now. it's thursday

. >> pressure on wti and on brent. wti down for the 11th day in a row.international benchmark, also lower, down by 0.5% from shaking off the geopolitical concerns there. and there is your market, michelle. >> markets ending to the down side, well above session lows in portugal's banking problems, initially rattled investors. those fears seem to be contained at least for now. carl icahn says it's time to be cautious about u.s. markets. is he right? joining us right now, bruce kasman in new york city and patrick. it's great to have you guys here. patrick, you agree with carl icahn, i understand. >> yes. there are two things to drive this market forward. there's valuation momentum and earnings performance. last year, two-thirds of the gains from last year came from multiple expansion. that's fine. there are years where people expect it to get better. but usually consequence years performance is about delivering on that. and so this is why second quarter earnings season is going to be critical. we need to see whether the actual performance is going to put so

wti up 2%. experts tell me you have got to ignore part of this move today. u.s. is not going to move on any incidents we are going to see from ukraine, because of large refinery runs at the highest levels since 2005. pivoting to branch, where you will see much more impact, it is much more muted than you would have thought, by half a percent today. overall analysts say that there is capacity and opec will step up with exports of oil is lost. we have oil coming online from libya, supposedly. the issue will be if the companies in russia are ever affected like exxon, slumber j, halliburton. rounding it out, you have to take a look at u.k. natural gas. that rose to the highest level in the 2 weeks on not only the sanctions, but the jet crash we heard about earlier today. russia provides europe with about half of its gas imports and half of that goes through ukraine. i have energy experts saying that all in all this is not going to be a big deal for the commodities market partly because europe has a tremendous supply of natural gas right now. inventories are the highes

, obviously, a lot of fear in the market, but the fear is now shifting from the brent market to the wtieah. exxonmobil right now is moving higher, i'm just looking at some of the names involved here, chevron is up just, again, two-thirds or half a percent, but some of these names on the screen are doing pretty well x conocophillips at the moment. good to see you, gentlemen, thank you very much. the closing bell is about 49 minutes away. alibaba's massive ipo is coming. now questions, though, are being asked about who actually owns the company's shares and what are these people's connections to the chinese government? does that matter if you want in on the original initial shares of this ipo? and conversely, you know, we also have some high profile figures on china's state-run tv. that man right there is a famous business news network anchor that we interviewed during davos a couple of years ago. he's been arrested. the chinese are calling it detained. he's not the only one. it's being called a crackdown on corruption. but is there really a corruption problem when it comes to reporters a

. >> reporter: no wti. the trai a h >> stay with "toy"s the silver line i fs commute. tomorrow mornin i'll be live from the silver line telling you what you need to know. that starts at 4:26. >>> bargain shoppers, we break down the deals at costco. what saves you money and what doesn't. >> and making your home safer when disaster strikes. we go inside a hurricane force wind test. you don't wantoit. >>> are you looking to load up on bargains at a warehouse store? >> of course. >> costco is the largest national warehouse chain known for good quality and prices. >> but what's worth buying and skipping when you' buying in bulk? that's the question. "consumer report rated dozens of items and erika gonzalez has the results you tkno >> reporter: in a bottom line you need to shop strategically or that oversized shoppi cart can fill up with things that might not be of good value, so here are some things consumer reports says are worth buying and here's a few that they say are worth skipping on your next trip to costco. joining costco can lead to big savings in your household bu

slightly lower on wti, slightly higher on brept price, wti hovering over $103, and brent at $108 a barrele locked on geopolitics, watching the plane crash over ukraine, seeing developments as headlines come out, but they are focused on the conflict in gaza. one trader watching iraq as well, while it's burning over there, no one is talking about it. a lot of flash points to keep an eye on. we saw prices this week under $100 a barrel, so a big spike here. seeing a little profit taking probably today, but traders say they don't want to be short going into the weekends. the new levels to watch while we were talking about $98 a few days ago, now we're talking about $105 a barrel so that is the next point to keep an eye on. i just want to point out that gold prices down ten bucks as well. what we did see yesterday is short covering, not necessarily new safe haven buying, and that's why gold prices are not muching move, but still over 1300. back to you. >> thank you very much, jackie. straight ahead, the chairman, ed royce, of the house foreign affairs committee weighing in on the flight and the

that does pull wti along with it.oline, what you do -- you introduce another fuel into it. you introduce natural gas as a competing fuel for gasoline and diesel. you see what germany did this weekend. they cut out not going to drill any frac any wells in germany. and my response to that is, hey, look you guys have resources in germany. you develop yours, why are we going to develop ours and send them over to you? so there's, you know, let germany work on their own deal. they're the smartest people in the world. so they can fix it. >> boone it's always great talking to you. we really appreciate you coming on today and we hope to see you back here in studio again soon, too. >> good. thank you. >> thank you. >> there's no way that a sorkin air wide body in your fleet is going to run on a battery, andrew. just certain >> in my lifetime it might. you hate kids on flights. >> that's not true. i'm taking my own children on a plane today. >> first class? >> so he's launched an airline -- >> too small to fly. >> no kids -- >>

this is wti crude. 10 days, the longest losing streak on record. currently off by 0.6%.see it 101.68. let's have a look. i will leave you with the british pound. off currently, just trading lower. 1.71 for the pound. burberry, they are going to be liking that the pound is weaker. >> caroline, thanks. also coming up, bailey's big bucks. is he worth his pay packages? sales are surging but the stock is stalling. ♪ >> welcome back. you are watching "the pulse." we are live from bloomberg's european headquarters in london. >> here are the bloomberg top headlines. espirito santo is one of the biggest losers on the stoxx 600 after its parent company missed debt payments. fellgal's government bonds further as concern over the future of the thanks owner. >> concerns that oil and food prices will rise. narendra modi's first budget after being elected prime minister took place this morning. >> more than one million public-sector workers are striking in the u.k. today to protest over pay, pensions and job cuts. and tax libraries offices will be affected. the government says 75% of c

. >> i agree, the difference between present and wti is clear. a lot of the issues, supply dropped. you had technical factors before all of these events some of the intig i big innovative names have been fading this big energy move. i talked about chevron, i like the play on the production growth and the dividend yields. i would take weakness and total and chevron and be buying this. >> another, gold up more than doctor 20 today. let's bring in the president and features contributor. anthony, good to see you. where does gold go from here in. >> i can see it higher. one thing i noticed ability gold i talked to the traders and the hedge funds, you didn't see a lot of new buying, what you did see what a lot of short covering. shorts have accumulated over the last couple weeks and few days when janet yellin started about the qe in april. the gold was looking like a decent short play up until this morning, up until last night. so i didn't see a whole lot of new buyers come in certainlily that can change. >> hey, anthony, it's bk. if you came in this morning and somebody told you there wa

wti at a two-month low. we've got brent under 106. you see that spread is tightening between the two of them as well. there's a couple reasons for this. first off, some profit taking, but also bay geopolitical risks are not what they once were, not really worries traders too much, supply in the global market looks pretty good. we have some libyan production coming back online and domestic supply is good here. in the serbs this has reduced some of the fears out there in terms of the consumer. we have gas prices coming off the aaa fuel gauge report says we've seen retail gas prices, at six cents in a month, a national average for rae already 3.60. let me quantify this for you. deutsche bank says for every penny increase we see in gas prices, it's about a billion in energy consumption. so a lot of people asking now that we're going the other way, can we assume that's more money that's going to flow back into the economy? of course that's the big question at this point. back to you. >>> jackie, thank you very much. speaking of oil and thu

today, they were expecting a draw of around half a million and ended up being four million, so the wtireacted off of that. but the big news today was a big build in gasoline, and it really reacted off that. gasoline took a really hard hit at the end of the day, and with the brent market higher, that doesn't usually happen. liz: well, we're watching it very closely and gasoline at the moment pulling down for arbob, well below the wholesale price. good to see all of you. busy day on countdown to the closing bell. 45 minutes from the closing bell ringing. facebook earnings after the bell. lately, it's been all about mobile ad revenue and mobile active users, mau, right? but now ceo mark zuckerberg may have another trick up his sleeve. we'll tell you what that is and how it's already working for them and why you need to get to know royal gold. this is the company that's flying high thanks to some wise investments and a unique strategy. its shares are up 68% so far this year. this is day two of our names that other business networks might ignore but not us. could make you money. ♪ ♪ really.

nat gas and wti oil are also down 5% or more. metals, gold and silver, they're making a bit of a comeback, but they are down so far this month. let's bring in cnbc director jim iuorio. this is an interesting thing. a lot of these different commodities have their own summer/demand stories. why the coincidence, that they're all going down? >> i think it is a coincidence. no one more than me would like to find an overriding theme and blake it on that, but the dollar has relatively stagnant. it's not like we're increasing qe. a couple years ago they all were very correlated. from the virus in pigs, to the cold winter for natural gas, i went out and visited corn fields yesterday, not on purpose. i was drew i have my daughter to a softball game, but they fantastic, better than i've seen in years. it's a story about the rain and the great growing season. >> what are the trades we can make? what are the bets in terms of where -- which ones go up, which ones go down? >> if i had to pick one thing out of this, remember, the pig virus is a

under $10 a birr, brend crude now under 107, both wti and brent seeing weekly losses. traders are scaling there's a couple things happens here. the geopolitical rick, they are coming off the table, they are not worried aboutfully issues in the middle east as they once were, but also losses in energy are mirrors something weakness we're seeing in u.s. equities. now energy the worst performing sector on the s&p 500 today, down about 1%. i want to point out some of the names that are losing ground as well. names like exxon mobil, chef rho and his also watching the xle. a lot of commodities have been deflating. let's get over to meg tirrell. >> check out shire, the company issuing the statement confirms it's held a meeting of representatives. it was up earlier on reports that these meetings had taken place, and the company has made four offers, just raised it against on monday. it's about a $51.5 billion deal, so confirming that they're taking place. it is also trading up earlier, now is about flat. back to you guys. >> meg, thank you very much. >>> still ahead, a big busi

take a look at the charts for wti.ough we are up about 2.5% year to date it's down about 1.5% in a week, so we have come down quite quickly. i want to point out this is good news for consumers. gas prices have come down. aaa reporting the national average is $3.51. that down 16 cents in the last month alone. guys, back to you. >> jackie, appreciate it. thank you. >>> "consumer reports" quaulg for toyota to recall certain years of the camry hybrid, but something unusual happened when our phil lebeau checked in. you can tell them what that was. >> i'm not sure if something unusual happened. toyota acknowledged there's a problem with the power brakes with some cam are is. camry says. "consumer reports" quam out with a piece say toyota so recall the camry hybrids, 2007 to 2011 models that have a couple issues with their power brakes. in issuing the recall, they wrote that "consumer reports" believes that toyota should recall the calls, what is at sure is acknowledged defects in a crucial safety system. toyota says we belie

. >> wti is something i study reentlessly. we're still within 5% of all-time supply highs.y reason we are as high as we are is based strictly off of fear from iraq, iran and even ukraine. >> i see you're also short gold. i was wondering if that ties in to what you are about to say. >> i'm sorry, i was going to elaborate a little bit more. i was going to say on wti itself we're actually taking half off because we had such a good day shorting oil. but gold i'm not shorting it currently. it is something i have in the past and have been in and out of it. i think we're kind of at a point where it is no longer a fear trade. people love to play the vix instead. >> liz, a lot of talk this year about the level playing field relative, wall street versus main street, maybe the individual guy, the little guy is not in this market for the most part because they can't get a square deal from the stock market. you are in the stock market. do you think it is rigged? >> i personally don't think so. >> i was asking liz. >> sorry. >> no problem. >> i don't think it is rigged. i have faith in t

wti, somewhere, 120, 125. the airlines have done a mofterful job, reducing capacity, focusing on costs, revenues with new fees. many in the space, pete's talked about it for years. also a trade-off of all this i think. inclusion in the s&p, weighting is going to increase. i still think united states airlines is a prime candidate. >> you stick with what had been working in terms of the airline? so many working, or stick with the, go to the underperformers? laggards within the airline space? >> i like the bigger names. consolidation is the reason behind it. joe mentioned. talking how many -- delta, what they've done. united, what they've done. synergies. it's taken longer for united to get this piece together as well as i expected. i thought that do it tat a better pace and that the outperformer. has not been. it's been delta and southwest are and other names that are actually outperforming now. but i still like all the airlines absolutely upside. >> quickly. gm. what a surprise. that deline 8.5% phil said peopl

. >> we had wti down ten straight sessions. yet, we still made record highs on the din i indices during that time frame. isn't that an example of crude being down and equities not following? >> i'm sorry. the oil related equities, if you see the subsector, you don't see them following oil where they normally would follow oil, which means that people are totally under invested. so you get to see this rotation. they're still locking to buy the unloved names, which are the energy names and they're still looking for yield, which are the utilities. >> it feels like there's fear of missing the upside at this point. people are holding on. >> i think there has been pure missing the upside for a year-and-a-half. the money hasn't been missing. i do mean hedge funds, if you are any type of a long short player for the macroguy, they do not take part a. lot of these guys are fantastic and do their job every day. if you look at the world we are in right now. there is a dispute on this desk. i actually think the world is just fine. even the c

parallels involved, that's what i start to see brent crude turnaround first and catch this bid versus wtiwant to reference the fact that the spread between the two different contracts is almost narrowed an in half. we watch that spread closely. you should see the snap back in brent crude first. because the refining scenario is holding in the u.s. come i think that's what you start to see the market sell off. i like eying these dips. let's take more weakness which is a great indicator area every time you have seen the selloffs in the snp, the u.s. dollar is one way and that is week. long-termline up for scenarios you just have to be careful as of when you come into the market. that brings to the word of the week which is convergence. >> there are two parts to any commodity market and one is physical. the farm takes his corn to a company and sells his corn for a price. then there are financial futures that i play3 we discover a price in trading. what happens over time as those prices are supposed to converge. that is the basis of our future market work. it does not always work that way but

up 14 cents for wti, the 101.11. yesterday, the treasury ten-year yeel was ticking lower. it was sitting at a two-month low of 2.46%. yields a little higher this morning at 2.473%. also, let's see what's been happening with the dollar. it is up across the board. picking up on strengths from yesterday against the euro. right now, sitting at 1.3401. the dollar/yen sitting up up at 102.22. if you've been watching gold prices this morning, you'll see they're down, but just barely. 1,298 an ounce. >> let's talk about the roller coaster ride that is twitter. twitter shares surging after hours as michelle was talking about earlier. earnings and revenue both beating estimates for the second quarter and the ceo of costco was on cnbc's closing bell talking about the quarter right as earnings were being released. >> we had a great quarter across the board, i'd say. revenue up 124%. that's great acceleration year over year for us. again, on fourth quarter of revenue acceleration. monthly active users, as you mentioned, up to 271 million. that was a net add of 16 million. that leaves u

wti. this morning falling below $100 a barrel for the first time since may.nce late june continues. we will continue to keep an eye on that and the markets. >> let's count down to the top 10. he only stocks you need to know today. julie hyman joins us. let's start with number 10 and apollo education. the department of education will review financial aid programs. the review will begin on august 4 and comes amid industry scrutiny. number nine is twitter. raised to neutral. for a price target of $36 a share. it sees limited downside because of user growth as well as strong fundamentals. >> number eight is novartis. teaming up with google to create smart contact lenses. embeddeds will have electronics that will improve vision and monitor health. novartis expects to get prototypes by next year. >> number seven is wolverine. the maker of hush puppies. posted a 54% jump, beating estimates. it announced plans to close 140 stores in an attempt to boost its bottom line. hush puppies. valero., a joint preliminary second quarter results. valero will announce quarterly r

factors what you find were it not for the middle east problem, i think crude oil prices, either brent or wti15 to $20 a barrel from where it is. but clearly, that is not the case. case is basically that there is an essential premium in the market, which i don't know or $20 or not it is $10 a barrel, but it is significant. and that is the issue of whether priceslong-term crude and long-term crude supplies are secure. and here is an issue that i have very much been concerned about for years. that is, starting with saddam when he moved into kuwait and was on the border of saudi arabia, i had no doubt as to where he wanted to go, and that was to get into saudi arabia and then be in a position where he could control the , which is aormuz very critical 20 mile gap. moves 18 million to 20 million barrels a day. if you could control that, you would have a stranglehold on global industrial activity. think whether or not it is a direct purpose, i see other types of insurgencies within the middle east are also moving within -- in that direction. and i'm concerned >> if i could bring it back to monetary

we are seeing wti crude come down to 57 cents to 101.52. all the hard commodities, brent, crude, heating all, they are all slightly lower this morning. the ten-year treasury yield is favorable if you are a borrower. if you're looking to buy a house, the ten-year yield is down but the ten-year note is down 2.5%. the mortgage rates should remain low. we're seeing a slight move higher in euro/dollar, 1.3435. and we are seeing the price of and ounce of gold up $1 to 1304 this week. >> it will be a big month in geopolitical. >> i think it stands to note that you guys know with all the stuff going on geo politically, it's a good time for companies to come out with something you don't want to see. just slip it under the cover of night. >>> the united states and united nations calling for a cease-fire in gaza today. the israeli army says it will only fire in response to attacks. martin fetcher is joining us this morning with the latest. martin, good morning. >> reporter: hi, good morning, guys. so far it looks good here. the cease-fire of a kind is

crude prices coming off the last few days, not only just wti, but brent crude as well, spread tightening about geopolitics come off the table. of course, geopolitical issues a concern, watching israel closely, but not an oil supplying region. we're not seeing inflated prices so even an inventory number like this not impacts things so much. i will tell you is don't expect prices at the pump to come down soon because what numbers tell us is that we have inventory concerns there and demand for products right now is high. look at gasoline as well. we got a build actually of 600,000 barrels. we expected a draw down there that may impact gas prices a little, slight decline in the futures, but takes time to come down in terms of the futures price. guys barks over to you. >> jackie, thank you for that covering the energy come plexz. the israeli military launching the offensive today in the gaza strip striking and mobilizing troops for a possible ground invasion, we are live in tel-aviv with the latest. good morning. >> reporter: good morning. seems the strategy now by the military is to target h

we are back up slightly now, but i want to point out that wti closed after a nine-day losing streak,eak seen since 2009, and certainly today, prices are poised potentially to close lower again. meantime, down 2% in a week, down about 4 % on the west texas price over the last ten days alone. now, as the geopolitical premium is off the table, they focus on the decline seen in u.s. equities as one issue that's bringing oil prices down as well. meantime, i want to point out that geopolitics and safe haven buying is boosting gold today. earlier in the session, up about $20 flirting with 1350 level, backed off now, and, of course, the fed minutes yesterday boosting gold buying as well. guys, back to you. >> jackie, thank you very much. up next, more on this morning's market sell off, talking about where we might be headed, particularly after europe closes at 11:30 a.m. our time. does that change the dynamic? we'll see. "squawk on the street" coming right back. ty summary score consolidates the ratings of up to 10 independent research providers into a single score that's weighted based on h

looking for a draw down of 2.6 million barrels, trading higher at 40 cents, higher 20 cents on the wti2.84 is where we are. you notice the august contract expired, trading september now, a little bit lower than where we were yesterday, but traders are expecting this to rally from the high 102 range to the 104 range. what traders are watching here, of course, geopolitics, very important right now. flight suspensions in tel-aviv adding to the nervousness here, and the inventory not helping here either. we are watching this traed. the brent rice prices near the back of the 108, the spread widening out again. near 103 here, up 50 cents in the last couple minutes alone. back to you, simon. >> thank you very much, a take away from tim cook, pumping unprecedented amount of cash into research and development, 1.6 million in june, up 26 36% on last year, more than an apple iphone refresh in the product line for fall. >> we're hard at work in investing heavily on exciting opportunities across our business and we have a pipeline of product and services we can't wait to show you. >> jaywalker, fou

we are seeing wti and imex come off the lows of the day, but overall, the energy sector under a bit ofessure easing a bit. more oil coming back online in libya, the prospect of that, and also the situation stabilizing in iraq. we are coming off a bit of the run up of that we've seen, and we are still holding steady here, although off the lows of the morning. carl? >> all right, thank you very much, bertha. we are counting down to the big day, and we want to look at whether investors will be in or out. turns out there's a survey, and the results may surprise you. nick, the chief market strategist joins us this morning at post nine. good to have you back. >> good to be here. >> what's the survey say? we have not seen this yet. >> there's a lot of optimism about the ipo, 77 % of the folks think it prices well and work in the first 30 days and believe market structure is not an issue, no worries about heavy volume related to trading and expect to have good long-term prospects, and they said good or very good. the real mechanics of the deal look excellent. >> that does not mean they'll inve

the oil spike has come to a screeching halt, fin straight days for wti sending it the low 50-day movingts worst nine-day losing streak. tonight we're is asking the question, have we seen the peak in oil for 2014? what do you say? >> to call the top is difficult. i think we are at a place, there is some demand. pe with in a staggering economy.

earlier this week wti traded under $100 a barrel and tardz were saying we would get to $98 because thepolitical risk premium was coming off the table. a couple of reasons for the surge today. we had a bullish inventory number yesterday that kept prices supported. when this news about the plane crash came out is when you saw prices go higher. traders telling me $105 is the next stop. >>> gold prices saw a $20 pop in gold. closing at $1,316.90. but not necessarily new buyers were coming into the market and that's what we really need to see to know the safe haven trade is back on. still that short covering is a sign that that could be coming. back to you. >>> more now on the market reaction to this tragedy. dennis gartman, editor and publisher of "the gartman letter." we wait for the market to tell us what it thinks, what it maybe means. with the safety play, very strong today -- gold, oil, bonds, wheat, all those markets moving higher today. what do you make of the response of the market? what's it telling us? >> i think the response of gold is quite logical. i think the response of crud

wti, $103.42 per barrel and brent is at $108, almost $109. and the ten-year yield ahead of the fed minutes later on today, 2.56%. the dollar -- sorry, i'm sipping my coffee. >> right in the middle of doing the board? >> right in the middle of doing the board. i'm tired. >> what kind of container do you have for the coffee? you're using a paper cup. >> and flat against the -- >> you know, to me -- did i mention, by the way, like nine minutes into the program how fantastic it is to be with you again? >> nice to have you here. >> did anyone notice the overall market yesterday? seemed like kind of a story. not container store level. it looked like it might actually start to -- >> decline? >> decline a little. >> after what happened yesterday. the "new york times" and the front page asset bubble story. and then i thought it was interesting that the day after the "new york times" said that, "the washington post" -- was it "the washington post" or was it -- >> i haven't seen the post this morning. >> no. it was the financial times, that the buoyant

taking a look at the energy complex right now, wti is up barely. brent up about the same.as well. so we're not seeing too much move in the energy market this morning. take a look at the ten-year treasury. prices are down slightly, but still the yield is below 2.355%. we want to get a look at the dollar, as well. we're seeing moves across currencies as we await to see whether european leaders will put any stricter sanctions in place. right now, the euro below the dollar. traders say if it goes below 1.34, you could see a bigger pullback in that index right there. finally, take a look at gold. gold is at $1308. it's barely bunched today. we want to give you a look at that. gold has been one place that investors have been looking amid the volatility that, joe, things at this point could be receding into the relatively recent past. >> yeah. we're going to talk about that with earnings season in full swing. investors looking at a lot of geopolitical issues. quieting down at least a little bit. . william blair looking at the firm's macro allocation fund. you have a spread on in

if you were watching oil prices, you'll see right now they're down by half a percent. 104.85 for the wti. the ten-year note at this point is yielding 2.556%. take a look at what the dollar is doing this morning. you'll see right now the dollar is up against the euro. euro is at 1.366. the dollar is down both against the pound and the yen. the yen is 101.44. gold prices look like they are up barely, $1,327.80 an ounce. among our market newsmakers, we have jim grant, jim paulson and andrew i'll send it over to you. >> thank you, becky. our top corporate story this morning, jpmorgan chairman and ceo jamie dimon announced late yesterday has been diagnosed with what he's calling curable throat cancer. kayla tousche joins us now with more on the story. a lot of people on wall street and washington are talking about this situation. >> all up and down the quarter. it was a surprise to shareholders after they got this memo yesterday after the market close where jamie dimon disclosed the diagnosis which came earlier this week. the most important part we've been mentioning is that the cancer is cur

another drop of 48 cents for wti. $100.43.e ten-year note which, again, yesterday, we've been watching those treasury yields closely. yesterday the yield snapped a five-day losing streak. you'll see this morning the yield is coming in at 2.539%. >> markets are going to be paying attention to janet yel n yellen's appearance on the hill. will yellen's performance help or hurt the market rally or not have any effect? joining us now, michael tyler. and jim swanson, chief investment strategist at mfs investment management. jim, good or bad for the markets or is it going to matter? >> it's not going to matter. she's not going to change her stance here. she may have this wrong, but i think she's going to keep very steady here with her taper plans. you're not going to see any new news. >> mike, is the law of diminishing effects on this qe is well known to most people, i think. i tell worth it to keep going even though we don't know the long-term effect and the benefits seem to be shrinking? >> i think it's pretty clear that getting ou

wti is at 101.78. they are down, but not by too much. the ten-year yield, this will be at 2.52%. wow. >> we were at 2.61% before the fed. and it's 2.6233 or whatever it is. and rick gave the ten-year note a bad grade because it tailed. and then all of those guys, the dealers took down 45%, they all made money after the fed because the yield declined and the price rose. >> right. okay. let's show you what's going on with the dollar. here is the ten-year. look at that. you can see the move yesterday. then this morning as it continues to fall in safe haven buying. the dollar is stronger against the pound and the euro weaker against the yen. the euro will cost you 1.36. the pound will cost you 1.711. >>> president obama is in texas today to deliver a speech about the economy. but looming large in the background will be the immigration crisis at the mexican border. joining us now to talk about that and the strange relationship with the gop, and corporate america it says here is cnbc's chief washington correspondent john harwood. you've been looking, john, at the political calculus and

wti is down by 5 cents, $101.62. also, the ten-year is worth watching here. mark grant pointed out yesterday that the spanish ten-year was trading at just about the same yield as the u.s. tenure. right now, the yields on the u.s. is at 2.469%. the yield on the spanish ten-year, 2.474. i ask you, gentlemen, would you rather own ten years of spanish debt or a ten-year in u.s. treasuries. if you can get the same yield on it, which one are you going to buy? which one is safer? >> you have to go to the u.s., not to be -- >> why? >> tv people like to act like we know everything, right? everything we say is sort of the rule. i have no idea. >> if it was my money, i would buy in the u.s., if you're looking over ten years. >> german yields -- by the way, the lovelily julia chatterley, i listen to her on the radio, "worldwide exchange," 5:00 a.m. eastern. german ten-year gains are the lowest since the five-year began. greece is coming to the markets in some kays with debt lower than -- >> and where would you -- >> 40% unemployment in greece, no jobs. >> it wad pointed

but still, it's just getting back to just above $103 for wti and that's not out of the realm of whatused to over the last several months. what do you think is happening? >> well, i mean, there's a lot more that can happen and i think that's the big question here, you know, what happens. when happens where at this point? we know that there's issues going on in israel, and if that spills over, how does that affect the middle eastern countries over there? and that's the big question mark. but the more important one that we're dealing with right now is with russia. we know stricter sanctions will come if this is connected back to putin and russia. and if that happens, if there are iranian-type sanctions where we're not going to be doing business with russia but we're also not going to do business with people who do business with russia things get really crazy at that point and oil prices could just see a major shock. i'm not talking $200. but we could see $10, $15 for sure. >> the markets aren't acting like that's a possibility. right? the markets sold off. they don't seem to fear that c

energy prices, down about 43 cents for oil which is trading wti at 104.05. and crude oil was down yesterday, too. it hit a three-week low yesterday. the ten-year note at this point looks like it is yielding 2.63%. so we did see a little bit of pick up in the yield. pressure on prices yesterday. this was a two-week high yesterday when it closed at 2.62%. so the yield picked barely high they are morning. the dollar at this point looks like it is trading up across the board. euro is trading at 1.3652. dollar/yen at 101.93. and gold prices, which continued to push higher yesterday, settled at the highest level since march 21st. yesterday it's giving back some of that today. $1,323.60. >>> we are counting down to the monthly jobs report a day earlier than usual today. 6 607.32, 33, 34, 36, 37 -- you're counting up. you have to go the opposite direction. >> oh, i can't -- that takes some practice. >> we need a counteddown clock. how about one hour and -- >> oh, yeah. two hours and 21 minutes and did she so we're counting down -- oh, there's more to this story than

. $102.70 is where wti stands. and the ten-year note, yesterday the yield was down to the third day in a row to 2.46%. this morning, a little higher, 2.482%. yesterday the euro was down for the fourth straight session to below 1.35. continues there today. the euro is trading at 1.3475. the dollar is up against the pound, too. finally, take a look at what's happening with gold prices. $1,390 an ounce. >>> back to the big tech story of the morning, facebook's shares hitting record highs. joining us now is gene munster. and i wasn't here yesterday, gene, but joe was just talking about one of the best records we've seen out there. >> i appreciate it very much. >> what was happening, where you call the stock. >> kind of a low barging, but congratulations. >> thank you. i'll take it. >> gene, you looked at facebook. these were monster earnings. you had to be impressed by what you saw, too. >> absolutely. there's two things going on and working for facebook. their core business is phenomenal. pricing is up over 50% user o

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you look at crude oil, everybody talks about commoditys moving up, wti actually in the field is about five or $6 lower than when mosul fell to iraq. we are actually looking at a modest gasoline prices this summer. there is a lot of fear of $4 and $5. i think it would take a $175 barrel oil, not likely. >> you say the geopolitical risks and you are not concerned about hurricane season. these are things that typically freeze the market. >> it's very rare it destroys supply. so this hurricane that's coming up the coast or this tropical storm, it will destroy a little demand. it takes the hurricane to mississippi and corps us the christy to really destroy supply. >> that hasn't happened since 2008. >> so what is the trajectory we will see if terms of gas prices? >> i think the word is "drift." i think we drift lower in the short-term. then we drift much lower after labor day. after labor day the formula for making gasoline is much easier. it's like collecting gluten-43 you manufacture in the summer. then can you use all sorts of cheap hydrocarbons in the fall. have you an event risk with