another 1.5% so 3.5% for the week as a whole. 47. 3 for wti. something to keep an eye on. the dollar was weak yesterday to the tune of 1%. today we are also seeing the pound go back on a weaken trend. yesterday it bounced back. today it is soft again to the tune of .3%.

you can see prices are sitting for wti at $50.82.tting above that at $52 on the nose. we'll continue to watch this through the morning. in the meantime, let's also take a look at u.s. equity futures. once again, you're looking at green arrows. markets continue to march steadily high. dow futures up 18 points. s&p up by 1.5 and nasdaq

it's bouncing 1% this morning, 49.13 for wti.nd gold prices were soft in may in the face of a strengthening dollar. they are flat this morning at 1242. >>> the fed is listening closely to janet yellin's comments on the philadelphia outlook and monetary policy and will answer questions from the audience. this is the last time we'll be hearing from the fed chair before the central bank's media blackout takes effect ahead of the meeting next week. you can watch yellen's speech later on today. >>> meanwhile, eric rosengren expects an interest rate hike despite friday's weak job report saying economic conditions will gradually improve. he didn't put a date on when he thinks the fed will likely move. >> a lot of fed talk today. cleveland fed president loretta mester said gradual rate hikes remain in her words appropriate. she said this over the weekend. >>> and coming off the jobs report, this friday, look for a revived productivity an consumer credit on tuesday. thursday, jobless claims and wholesale trade. and friday is the first rea

wti going up. wti sitting at $5050.crude oil was down slightly it was down 52 cents to $48.55. even with food prices down, energy sector was one of the strongest sectors were we watching. stocks up across the board. everything you see has increased. the u.s. food

crude and wti finished the session higher in new york with the wti gaining 1/3 of 1% and brent crudeaining 4/10 of 1%. inventories in the u.s. fell last week, seen as a sign that demand for oil is strong in america. oil markets looking away from the opec meeting and focusing on e inventories in the u.s. according to the european central bank, which wrapped up a meeting in vienna earlier, the ecb expects 1.6% growth in 2016. the previous forecast was for 1.4%. the ecb is keeping its benchmark interest rate steady at 0%. mario draghi says the central bank's stimulus measures are helping the single currency area, but he is calling on eurozone governments to step up resources as well. >> in order to reap the full benefits from our monetary policy measures, other policy areas must contribute much more decisively, both at the national and european levels. policies -- structured policies are essential given continued high structural unemployment and low potential of growth in the euro area. markus: dallas mario draghi speaking there -- that was mario draghi speaking there. in the united dat

we're seeing wti at 38 cents a barrel.inue to watch this, especially as we have that opec meeting tomorrow. no agreement is expect, but let's get some more on these marke markets. joining us now is allen. portfolio manager at ubs and adjunct professor. we're starting off a new month. we saw a decent may. are we seeing things shift a little bit? are the markets starting to get wary of a rate hike? >> i think you see a little bit of volatility now. but the markets are calm because they are expecting a to stay on a path that they described which is raising rates in an accommodative way. raising rates while still keeping long-term rates low. >> the dollar was up 3% in month of may. the nasdaq caught up and the s&p, as well. a strong dollar over the last year or so has been very bad equities. how much longer can that hold, that duo of correlation between the two? >> so the strong dollar is an important factor with what's going on in the stock market. but i think the markets are extremely focused on the federal reserve right now

as you can see wti giving up 1.5%. that's weighed on u.s. futures as well this morning.dwide exchange" this morning. great to have you with us. have a very lovely weekend. "squawk box" is coming up next. >>> good morning. a big 24 hours in politics. endorsements for hillary clinton, as new developments though unfold in the e-mail investigation, which is josh earnest used the c world, "criminal," yesterday. while donald trump sees a drop in the polls it is going to be a long hot political summer. i mentioned that yesterday. five more months of this, three hours at a time. winni winning streak snapped. futures are under more pressure this morning and a real life silicon valley drama about how you get some hollywood treatment with jennifer lawrence taking the starring role. friday june 10th and "squawk box" begins right now. >> live from new york, where business never sleeps, this is "squawk box." >>> good morning everyone, welcome to "squawk box" here an cnbc. i'm becky quick along with joe kernen and andrew ross sorkin. stock prices retreating after a three session winnin

weaker today but still above 51 on wti. is 52.2 and the energy sector year to date is the second best performer. oil prices this week have led energy sector to be the best performer this week. only one s&p sector remains in negative territory. that is financials bank still suffering. the 10 year note, the yield has fallen in recent gdays and week. the u.s. dollar of course has responded similarly. although it is not moving too much today. it has done against the yen. down half a percent. seems the nikkei suffered because of the yen's half a percent move to the upside. seeing weakness in the pound the other direction. gold prices basically glad at 1260 down just 10 basis points. joining us to discuss markets in more detail. very good morning to you. great to have you on. earlier today george soros said whilst he doesn't expect a brexit, he warned of the fall out if we saw one. indeed he said it could be a spark for european union to collapse more widely. so far when we talk about the brexit the market response has been focus

wti down by one full percentage point.isk off in this market and it spilled over from asia to europe and potentially the united states. david: here is what you need to go at the hour. salesforce signed a transaction and will commence a tender offer for outstanding shares of demand. gauges official factory remains slightly positive for the third month in a row, signaling improving conditions. the organization for economic cooperation and development warned the global economy is sinking into a self-fulfilling low growth trap where monetary policy risks doing more harm than good. but go to first word with fine quinn. vonnie: california governor jerry brown has sent a message to democrats -- quit fighting over the nomination. he announced he is backing clinton and her lead is insurmountable. there is more pressure on venezuela's embattled president. aey have come out in favor of recall referendum. venezuela is suffering their worst recession in decades with everything from food shortages to electricity. they tried to rally sup

wti drops for a fourth day ahead of the opec meeting.not an expectation of an agreement to limit production so we are seeing oil lower and copper dropping largely on the china data. opec the doha meeting, delegates descend on vienna with little expectation of an agreement. crude heads lower. ♪ mark: more breaking news on the oecd report. cutting its economic forecast this year for the u.k. economy because of the upcoming referendum. it is warning the u.k. -- if the u.k. votes to leave the eu the economy will be hit. we had george osborne say a brexit is a price not worth paying and david cameron has said that the oecd is right to mourn on the brexit and the consequences. the oecd was criticized in april thending out and saying possibility of a brexit would damage the u.k.. gathering in vienna ahead of a policy meeting tomorrow. agreement onee an freezing oil output at the meeting. ryan chilcote is at the meeting. you caught up with the oil minister of the uae. where does he stand? ryan: i do not think he is very happy with $50 oil but i

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this is happening with rising wti crude materials. financials, not too far behind.member that is the biggest laggard on friday after that horrible jobs report. utilities was the biggest leader p or you can see the utilities is now the biggest laggard, down .2% there. let's take a look at what is happening with crude now. it is up near session highs and one quarter percent. this number is the first time it has risen more in a pass in science of global oversupply, potentially receiving. thes take a look at some of biggest percentage gainers in terms of equities that deal with oil. transocean is up 14%. it is the biggest jump in nearly two months. 10% in national oil, also 9% there. it is not only that they are the top oil equities, but they are the top s&p equities right now. let's look at food commodities. it is not just industrial commodities are it is also food. it is partially because of the weather. with wheat, more rain is happening with russia causing problems of 2% there. corn futures up 2%. let's take a look at interest rates and specifically with the you yet

wti dipping below $47 this morning. brent also looking at a 1% decline.e did get that build in terms of crude stocks. we'll get the official government report. about 1 million barrel build. the pressure has been on oil. >> yeah, four days in a row on oil declines. gains that we saw last week very much in the rear view mirror. we're close to 50. >> true. not super dramatic but under pressure. part of the story, a stronger u.s. dollar, at least has been in the past few sessions. let's look at the currency board. the pound is higher after 1% moves to the downside over the past sessions, a bit of relief. a theme today. nothing extreme but half a point gain for the pound as it pushes towards 1.42. we've gotten several polls showing the leave camp. >> the pound certainly in focus. the broader dollar index at 0.6% yesterday. that's more on fears around the world, as opposed to expecting any hawkishness from the fed today. safe haven days. let's get back to the story that china where the markets are higher despite news that the msci does not believe that local ch

after 2% gains yesterday high of 50 bucks for wti.s the biggest move after the rba failed to cap rates. we're seeing a 1% move in the pound so closely tied to the polls. yesterday, the pound off .06%. as one pound gave a lead. two polls remain a lead. that led to a 1% bounce in the pound. the euro not moving too significant today. a big gain, close to 1.14. once again, lots of pressure on mario draghi. the u.s. dollar very strong, susan, now with friday's job report and yesterday's janet yellen, do you think that will push the pressures on the likes of japanese and europe? >> even with the three yen move from friday dismal jobs report, we're only moving up maybe 31 point it's. so it shows you the complacency takes place when it comes to asia pacific markets. it's all about janet yellen and the economic outlook has needed to be resolved. when do we get an interest rate hike? maybe not this summer. >> but from the speech yesterday, i don't want to be obsessed with brexit, but after she went through the domestic situation, she said three

ramy: wti up for two days in a row. data set stockpiles fell less than expected. nymex crude up a 1.2%. natural gas up by about .8%. in this risk have an on environment, this is where things will be heading. gold futures down .5%. and the u.s. 10-year yield is up by five races points. in two. its highest david: thank you. vonnie: first word news from mark crumpton. the u.k. citizens are voting today in a referendum on the country's membership in the european union. or david cameron was among those casting ballots. fromlaw prevents us reporting of voting or analysis of referendum issues while the polls are open to your dweeb will be following the action as the results come. special coverage starts at 5:00 p.m. new york time, 10:00 p.m. in london. the u.s. supreme court blocked president obama's plan that would protect millions living in the u.s. illegally from being deported. justices deadlocked 4-4, leaving a place a lower court ruling that the president overstepped his authority and effectively killed of the planned for the rest of his presidency. i the ability t

wti and brent both dropped around 5% as traders moved to save havens after the u.k.oted to leave the european union, and those numbers are in fact the biggest decline in some four months. let's get a local perspective on the energy sector after brexit from one of the middle east's largest private equity -- rather, private oil and gas committees.joining us is crescent petroleum 's ceo. thanks for coming in. you have had a couple of days to digest the news on brexit. how do you see it as the chief executive of an oil and gas company? >> i think despite the short-term impact on oil markets, if we look at the supply-demand balance, it is actually tightening, and i think that will continue as the year goes forward. the demand growth is not from the u.k. or the eu or the oecd. it's from the developing countries, in particular china, india, and the middle east itself. i think we will start to see oil prices creeping back up, and i hitdn't be surprised if we 60 this year. the real thing to watch is what happens to u.s. shale oil supplies. do they continue to fall? what is ha

another 1.5% so 3.5% for the week as a whole. 47. 3 for wti. something to keep an eye on.lar was weak yesterday to the tune of 1%. today we are also seeing the pound go back on a weaken trend. yesterday it bounced back. today it is soft again to the tune of .3%. gold prices, higher today up 2% on a decent push past 1300. >> and clearly in nervous mode. and lot of people are saying gold is the place to be for safety. today looks like japanese yen is the place to be. there is nervousness and a growing realization that central banks are doing all they can. as evidenced by the fed yesterday. janet yellen sounding very cautious, which was actually pretty different than how fed members, including herself, were sounding a few weeks ago when they are talking about the summer interest rate hike. the question is there is a shock from the brexit, what can be done about it? >> and you take the relatively hawkish meeting in april and through may and even in easterly june we're still getting hawkish commentary and all of that looks like a million miles away now. i just wonder though. we

wti is 49 bucks. dollar, this is important the next couple days. mentioned the yen strengthening and also the euro. the pound is going to be important to watch. we have seen some weakness recently and exciting stuff going on there. gold as well dollar strength is going to be important. we have seen gold take quite a leg down in the month of may. we are seeing a little strength now currently at 1217 an ounce. >> opec ministers are of course gathering in vienna. crude hovering near $50 a barrel. the cartel is not expected to make any changes to production targets. of course on the rhetoric out of meeting our brian sullivan is on the ground with the latest. good morning. >> good morning wilfred and dierdra. we might bet changes on production targets. they just had this media scrum where the ministers sit out and you run around and try to get commentary from them. and there is some optimism that maybe they are going to establish either a total production quota or what venezuela is proposing is that every country comes in with a certain range of product

wti is up 1%, which is also helping sentiment in broader marks. the u.s.larly sterling against the dollar. it's up half a percent today. at the lows yesterday it was at 140. very close to 140. so significant turned in sterling. gold prices have enjoyed a decent run as all of this risk around brexit. off almost just 1% today. blow 1300 again. >>> more macro factors. the via com drama. the latest. sumner redstone ousting some directors from the board and adding in new ones. >> sumner redstone removing five via com directors, including ceo philippe demon from the board. the trust that will assume voting control over via com and. william schwartz. and here is a look at the new board. kenneth leer. nicole seligman. thomas may. and ron nelson, chairman of avis budget group and investors cheering the news. via com ending up about 7% and then extended gains in afterhours. and here is what former via com ceo had to say about the shake up on cnbc's fast money. take a listen. >> with clear management and direction with this reconstituted board it is going to certainl

a bit of moves here to the downside, wti crude u.s.-based crude off by 0.9%. ice brent, off by 1% as well. $50.10. and one last check on gold prices because it has been a battleground for a lot of this, gold futures off by 1,284.60, sara. >> we'll see if u.s. equity can hold their gains. it does seem to be more about crude than oil. >> shocking. >> back to london to check in with wilfred. he's got the latest brexit polls and looking at very influential, as we are all, wilfred, from george soros in the uk this morning? >> absolutely right, sara, we broke this op-ed last night on "fast money." i just want to put this in context first of all for two particular reasons. this is the man that correctly called the fall of the british fall in 1992 when it crashed out a day called black wednesday. he's described what might happen after the referendum as black friday. he said the pound could fall precipitously from the exit. it could fall from where it is now to $1.15. that's a massive move. and the range about roughly 139 to 146. so this is significantly below the lows

you can see prices are sitting for wti at $50.82.rent actually sitting above that at $52 on the nose. we'll continue to watch this through the morning. in the meantime, let's also take a look at u.s. equity futures. once again, you're looking at green arrows. markets continue to march steadily high. dow futures up 18 points. s&p up by 1.5 and nasdaq up by 4.5. nikkei up by 1%. markets in china slightly lower with the hang seng down. european equities this morning, they send to be following along with what you saw in the chinese markets. dax down by half percentage point. cac is up by 0.4. the really story that you want to be watching is what's happening with the bond markets. check out the german ten-year. it's now yielding 0.53%. yesterday -- >> 0.055. >> yeah, 0.055%. it closed yesterday at the lowest level in history, at 0.055%. >> weighted average, average yield, minus 0.055. gold is going higher. china exports declining. world bank cut the global outlook. >> and yesterday -- what was it, toyota? one of the japanese automakers is

wti down below $49 a barrel. $48.46. and the benchmark is down just hovering near the $50 a gallon mark for natural gas. the rigs are higher for the second week in a row. >> and it is important to pause on oil prices because we pointed to geopolitical concerns last week for the sell-off. but the biggest driver for why u.s. equities were doing better, the higher oil. banks were the worst sector. oil prices softening today has a big impact on markets and why we are seeing asia and europe selling off. >>> quickly, gold is catching a bid aversion. gold is moving in the opposite direction as the british pound lately, 1,286. gold prices are up $10 at this hour. >>> back to today's top story, at least 50 people killed in an orlando nightclub in the worst u.s. shooting ever. we are joined from the scene with the latest, eamon javers, good morning to you. >> reporter: we are here at the orlando medical center, it is a level one trauma center. we are just a couple blocks away from the pulse nightclub where dozens of the injured we

wti going up. wti sitting at $5050.esterday, crude oil was down slightly it was down 52 cents to $48.55. even with food prices down, energy sector was one of the strongest sectors were we watching. stocks up across the board. everything you see has increased. the u.s. food inventories fell by more than expected last week. separately flipping from july to august. you are seeing green arrows, the dow futures up by 24 points. we did see slight gains like this yesterday when the markets closed. s&p futures up by 2. nasdaq but by 2.5. if you check things occupy, the nikkei was down. the hang seng up, and shanghai up by 1%. ahead of that brexit vote, the dax up by 0.6%. the cac up by .30. >>> tesla offering to buy solar city. tesla would pay $26.50 to $28.50 a share. that's a 25% to 35% premium to tuesday's closing price. of course, solar city's stock has been down in a very big way this year. elon musk controls both of those companies. he's calling this deal a no-brainer that customers could buy an electric car, home battery

wti regained a level of $48 a barrel overnight. market sentiment is showing some improvement. we saw key volatility in the cboevix, showing a significant drop, ei. >> ramin, the dollar has bounced back from going below 100 yen last friday. but still, what's gong with currencies today? >> reporter: we've seen some wild springs. right now, 102.40-45. currency traders are selling the safe haven yen. now, the rebound in the british pound against the dollar and the yen has also eased some concerns as well, leading to more of a risk on mode for traders. you're looking at the pound sterling dollar there. ongoing talks between the uk government and eu leaders about when britain will leave the eu. asian markets that are open right now, s&p up in australia. we'll keep monitoring the markets. that's all from me, back to you. >> thanks, ramin, we'll touch base with you in a few hours' time. >>> south koreans have traditionally sought job security in big companies. but that's changing little by little. a growing number of young people are following their dreams by starting their own small

you're looking at a graph of the wti now. let's get a check of the markets open right now across asia. seoul's kospi is down. the hour and a half. that's all for me. back to you. >> all right. thanks a lot. we'll talk to you in a few hours. >>> for many young south koreans, finding work isn't easy. among university graduates only about half have managed to find jobs. we look at measures being taken to help young people. >> reporter: more than 5,000 young job seekers showed up at this job fair in seoul. south korea's government is sponsoring programs to help young job seekers connect with foreign employers like this job fair. over 100 companies from around the world have gathered to hunt for south korean talent. they included staff from the i.t. and manufacturing sectors. some of them even conducted job interviews on the spot. >> it's becoming harder by the year to find work here. that's why i'm looking abroad. >> i think the working style is more flexible overseas and the quality of life is higher. >> we have been trying to i

up 1.8% and wti was up over 2%. let's get a quick look at other asian indexes. the kospi is up seven-tenths of a percent. australia trading higher, as well. china markets open in an hour and a half. i'll have more updates then. back to you. >> sounds good. we'll touch base with you then. thanks for that update. >>> a scandal at mitsubishi motors, officials falsified data and mithey suspended production. their sales plummeted and now they are struggling to make ends meet. >> many small businesses that produce parts is in japan. this steel work has ten employees. he has run the company for 50 years. his workers produce mufflers and other engine parts, but in the one-month period since the scandal broke, his firm has lost more than 70% of sales. he bought this machine last year and borrowed $16,000 to provide higher quality parts. >> translator: i never thought this would happen. i really regret in investment. >> with declining orders he had to slash operations to only three days a week. it's not the first time his firm's earnings were hit by a scandal at mithe com

oil prices slipped a little. 49.21 for wti. let's look at the dollar as well. it is treading water today. wonderful. just keep an eye on the yen pairing in particular because the yen is at a two week high against the u.s. dollar. if the jobs number is strong, it applies a rate hike, we could see that reverse quite pronounced. we're looking at gold slightly higher, but soft over the last month. >> fifth straight weekly drop for gold, even despite a slight positive trade today. >> but that's because we have seen the u.s. dollar in may up about 3% and that's the weight on gold prices. gold, when it was going very well, couldn't get above the 1300 level for any sort of pronounced level of times. seems like it is very much treading water, even when the factors are going for it and the dollar is going against it. >> we'll watch that against the jobs data. new numbers show investors pulled another $4.7 billion from stock funds in the latest week. lipper, which reports the data, says this marks the 12th straight week of cash withdrawals. but u.s.-based stocks etfs brou

wti on the back foot, up .8%. that is out of step with the weekly pattern. u.s. stockpiles decreasing, outages in canada and nigeria of course, part of this story. if you thought that was all a little bit too much on a friday morning, let's focus on the football for a moment. we have the euro 2016 tournament kicking off today in paris. this is a good time to talk about the economic challenges that face france as they take on big football championship. reporter: barack obama has formally endorsed hillary clinton to succeed him as the next president. this comes after obama met with bernie sanders at the white house. president obama: i want those of you who have been with me at the beginning of this incredible journey to know that i am with her. i am fired up and i cannot wait to get out there and campaign for hillary. reporter: speaking of bloomberg politics, clinton says the endorsement was a treat. clinton: it just means much to have a strong substantive endorsement from the president. obviously, i value his opinion a great deal, personally. and as i have said re

you're looking at wti there. analysts suggesting the current price around $50 really not high enough to boost opec members economy and it's not low enough for any major producer to kick in any actions and also many will want to see how the new saudi oil minister will react during the meetings. >> it al looks like the dollar is playing into commodity prices. tell us about the link and get us updated on the levels. >> with the stronger dollar it makes holders of other currencies a little more expensive. let's not forget on tuesday it was trading at the mid 111 yen levels. it's dropped there after a bit of mixed data from the u.s. u.s. jobs data on friday will be the biggest guide for the green back. european central bank will have a meeting later today. let's get a quick update on other indexes now. seoul's kospi is up. australia is in the negative. the shanghai china markets open in an hour and a half. shanghai composite ended lower. i'll also keep track of department store shares. we've been covering that story a

benchmark wti also touched $50 overnight, $50 a barrel, rising more than 4%, the higher price is partly due to an oil workers' strike in norway and a crisis in venezuela. larger than expected u.s. oil stockpiles also helped push up basic material prices on wednesday as well. we'll watch all of those sectors as well. ai? >> ramin, tell us about currencies. things over there look a bit stable now, too. >> exactly. we've come off a little bit from the volatility that we saw definitely from last friday after the brexit vote. dollar/yen 102.72-75 up against the yen. the u.s. currency briefly touched above 103 for the first time since friday. euro is back up to 114 yen levels compared to 10 yen levels after the brexit vote. analysts say the broader risk on mood is driving investors out of safe haven assets such as the yen. the british pound gained more than 1% against the dollar from yesterday and sterling also rose by over 2% against the yen. let's have a quick look at asian markets as well which are open right now, and kospi, seoul's kospi and sydney index trading in the positive. china mar

wti is up.8.50. >> it was actually a compliment you were giving me. >> you're right. good journalism. >> he is a good journalist. >> i've told you what i think of journalists. michael wolff agreed with me. we got you on that one. >> he said it. >> he means it. >> i am a writer. i would like to call a distinction. journalists, they're always -- >> oh, god! anyhow -- >>> a few stocks on the move -- they're not even going to play the music this morning. not even in the mood for it. >> nope. >> softbank. >> maybe they will. >> selling about $7.9 billion in alibaba shares. sales force is acquiring website designer software maker demandwoodeman demandware for $2.8 billion. marc benioff joins squawk on the street this morning. michael kors posting better than expected results. also announcing a one billion dollar share buyback. becky, another journalist. proud of it. >> a little bit of back and forth. >>> americans are sprit on who they think will win the 2016 election according to the latest nbc news/

crude continues to rally above $50 a barrel wti. brent also above $50 a barrel.manda: we are seeing worldwide reaction to it janet yellen and what the fed is going to do. julie: yes. we have been seeing that speculation. she didn't say anything different but it seems to be causing reaction. let's get an update on what's making headlines outside of the business world. hillary clinton now has enough delegates to claim the democratic presidential nomination. that's according to the associated press. the ap is factoring in the won andes she has on commitments from superdelegates. she is in a tight race in california with bernie sanders. sanders is depending on superdelegates who do not vote until july 25. a car bomb, targeting a police vehicle has killed at least 11 people and wounded dozens more. no one has claimed responsibility. last year kurdish rebels and the united states have carried out deadly attacks in istanbul and oankara. insurance executives have met with government officials to assess the cost of the floods. the seine has fallen from its highest levels

wti has been a roller coaster ride today with the opec meeting going on. is up by .5% and brent crude is higher by .8%. here's what's on the menu forrest of the hour. home flipping was huge before the housing crash. well, it looks like it is making a huge come back much we have the startling new numbers. plus, calls on five big retail stocks. we have the analyst who made the call. and something just happened in the auto industry that has never happened before. it's going to have major implications for the automakers. auto dealers and you the consumer. all that and much more ahead on "power lunch." (speaking japanese) oh watson, your japanese is very good. thank you. (speaking japanese) exactly. i can understand nuance, context and idiom in seven languages to help companies all over the world with everything from retail solutions, to banking, to cyber security. (speaking japanese) igoing to clean betteran electthan a manual. was he said sure...but don't get just any one. get one inspired by dentists, with a round brush head. go pro with oral-b. oral-b's rou

at $48.49 -- the vti -- wti. the fed begins its two-day meeting in washington.al gas trading higher today at one point hitting its highest levels in nine months. back to the bloomberg technology conference, one of the fastest-growing companies in silicon valley, over has a $51 has an valuation -- uber $51 billion valuation. brad stone is live in san francisco. he's joined by jeff holden, the chief product officer at uber. brad: thank you for joining us. around the world are trying to understand the impact of uber and other ridesharing services. jeff: reducing congestion is the core of what we are about. we want to have this city where we can unlock treasures, taking cars off the roads. it took me 46 minutes to get here yesterday. does, itut what uber takes cars off the road through a number of mechanisms. you have a lot less parking activity. long-term effects. we are doing these rider matches , taking cars off the roads. taking people who would otherwise be in two or three different cars and putting them in one. 40% -- 50% ofco, trips -- are uber cool pool trip

wti closing the session at $49.08.d dropped after opec announced a would stick to their got ation policy, then crude a boost from the stockpile reducing for the first time in four weeks. ryan: they wanted to show the world they could be unified. there were two real tests of that. can they reinstate the production target they drop at their last meeting in december? they failed to do that. that was perceived as a signal or sign of weakness by the oil market. the other real test was can they choose a new were secretary -- a new secretary-general? the opec ministers have been unable to agree on who should get the post as the factions within opec have been pushing forward their own candidates. today, they achieved that and chose a new secretary-general. in time toin place get the house in order for the meeting in december. on the policy front, they kick the can down the road. they did not push the architecture necessary back in place to intervene on the market. at least they have a new leader. , ryan spokeer today with the

rig counts, brent in purple, blue is wti. that is the biggest gain since december according to baker hughes. this puts in a chart what we have been talking about, that these levels, shale producers come back online. tom: very cool. francine: let's talk more about and the linkage that has with inflation and monetary policy. paul donovan is the economist at ubs. janet yellen with the speech of the month. did we learn anything new from her? she was very tempted. tepid.d -- she was very paul: i miss paul volcker. at least with him he took the view. yellen is delicately balancing on the fence. i do not know whether she has been scarred by what happened in 2008 and feels uncertain, that we got this very, i'm going to tell you how wonderful the economy is and we have a litany of risks. i think they are going to hike and i think the inflation story justifies that. nearly every inflation number is above its 20 year average except for the headline, and that is the oil affect. for goodness sake, take the decision, put us out of our mise

wti at 48 and around $0.30.ion in the market.ty let's take things back to fixed income. the world's rting economy is stable but not secure. reading have to say through this report i was struck by a cautious tone. in there the one line about capital preservation. i just wonder how you can preserve capital and get some of return in this market. in the conversations you guys were having over the last few months, what did you come up with? what's the strategy? is a cautious tone. i think we mentioned in the little bit els a like the pre 2008 period where back then it banking system, the big impact there in terms of volatility, and spreads were very tight. back then, we reduced risk. necessarily know what's going to happen of course but it says proven to reduce risk. today it's not shadow banks but central banks whose marginal setters are impacting markets -- based upon fundamentals. we think it's a -- the baseline is okay. probably more of the same. makes sense to be a bit more cautious in terms portfolios. for exam

holde both brent and wti above $50.e drawdown last week it inventory will cease if is confirmed at 10:30. we are watching mining stocks because of the chinese data. gold prices are rising as the dollar is falling. newmont gaining traction. this is a theme we have been in the past few days that commodity shares -- amanda: thank you. we have been watching valeant and it needs to struggle on the company talking latest earnings. the ceo tried to quell concerns about dismal sales numbers. this did little to comfort investors. cynthia has been following valeant closely now. by michael is also with us. let's start with what investors are looking to hear. it is a disappointing forecast that took people by surprise and what is the next leg of the journey? to win joe has to do now back investor confidence is --ure out what is going on valeant signed the deal with walgreens and it was meant to create a distribution that was meant for them to create a pharmacy quite controversial. it turned out there losing money on some of the des

nymex crude pretty much unchanged, wti closing at the $49.11.: data from china leading to a decline in copper today. the global recovery is set to stall this year. david: sugar and soybeans -- heavy rainfall in brazil this week will affect shipments. ore's rally was rather short-lived after advancing for three months, plunging 24% in may on concerns that profit margins at china's steel mills are shrinking. jeff: you did have a real physical increase in demand. to creater easy supply and super easy to create iron ore supply from around the world. which is able to undercut that increase in demand we saw in march. the half-life of the stimulus they injected into the economy back in first quarter has already collapsed. it is getting shorter and anrter, meaning there's indication that we cannot expect a followthrough into the second half of this year from the strength we saw earlier here. that's why base metals are off this morning. david: where did the increase in demand come from? jeff: everybody was very bearish on china, so we saw a significant t

. >> you know, jonathan, briefly before we let you go, the fact that wti settled over 50, do people feel like that's more of a ceiling or a floor? >> we've seen how oil has gapd. that $50 psychological level has been to the top end of the rairj. >> all right. leave it there. >> thanks, folks. thanks for joining us. >> now, valiant and biojen are among the biggest losers. let's get out to meg tirrell who joins us from chicago with more on these moves. meg? >> hey, kelly. a tough day for health care. let's start with biojen. this was a pretty exciting looking drug because what it aimed do was actually to try to repair some of the damage you see in m.s. and it didn't meet the main goal in the study and you're seeing the stock getting hit there. the company saying it's tough. it may have a path forward but the market not giving it a lot of credit right now. as for valeant, they recorded their first quarter earnings and missed expectations. what analysts are saying is really troubling to this them is the underlying business doesn't look like it's recovering. they're saying there are drugs in

. -- wti crude. 5%.e down by nearly it had been down as much as 6.8%.orst day in the past nine months. saying across global markets, we are seeing this risk off mood reflected in the stronger dollar. corn futures are falling right now. just a couple days since we had an 11 month high. down by 12% here. corn having its worst week in the past three years because of brexit and the weather here in the u.s. more rain than expected. thank you so much. the s&p 500 negative for the year. for months, u.k. politicians warned of the devastating economic impact of the u.k. leaves the eu. mark carney came out to ensure they are prepared. awayere will be no initial -- way our people can travel or goods and services can be sold. it will take some time for the u.k. to establish new relationships with rest of the world. some market volatility can be expected as this process unfolds, but we are well prepared for this. ken the u.k. economy with the change?hstand we typically talk about political fragmentation across the eurozone. now, right here in the u.k.. talk to me ab

highest level for wti since july. the bloomberg commodity index, highest level since october.ine: thank you so much. two weeks from britain's referendum on the european union membership, we have to look at yields. 10-year yields falling to a record low. the point we were at this morning, you can see it there, from about mid-march -- they've been claiming before the nation votes on this june 23 referendum. we had a record low bond yield for the 10-year in the u.k. former prime minister tony blair says he expects the u.k. to vote to stay in the eu. he spoke to our own bloomberg editor in chief. >> i think we will remain. of course it is a referendum. if you look at the opinion polls, it is very close. you've got to be concerned about it. i do believe there will be a big turnout for this. it is a decision with seismic consequences. i can't believe that people will shuffle this one off. i think we will get a substantially higher turnout than in a general election. francine: john nichols late is with us now. .'m pleased great interview. great insight into tony blair's thinking. pat

we have seen oil prices slightly higher. 49.04 for wti. steve?onomic data ahead this morning. a report on private sector employment is out at 8:00 a.m. eastern time. people look for jobs more than they do in april. we look at initial jobless claims. 200,000 new claims for next week. 17 have joined giving the pledge, the bulk of their fortunes among them. wife line and airbnb founder john chefsky. >> now, what's better for society, that she's -- it's probably better that you stay a billionaire and then give it -- rather than just taking her down to zero, which a lot of people -- >> the money goes to money heaven? >> it's good to see this income equality with her, anyway, because we're all even now. we tied her, me and you. we're good. stocks to watch today. costco sales rose 3% in may as the warehouse operator benefited from one additional selling day due to the timing of memorial day. same store sales are flat, and given the price of gas and currency swings accounts for 4%. box reporting first quarter revenue. rose 34%, beating forecast. more cus

price.e line is wti oil nine oil rigs returned to operation last week in the u.s.s is the biggest gain since december. us that thesews u.s. rig counts changed the game forever. it will we have to see a lot of commodity producers or small oil -- a small oil producers defaulter? tim: that is the only way you get sustainable high oil prices. the massive decline in terms of discount. in it has come down a not as big in terms of magnitude. what that tells you is this is an industry which is driven by and -- driven by innovation. this is why these guys are able to pump up more oil with less resources. francine: what does it mean for equities? if you're interested in equities, can you play that through shale producers organizations? tim: it is tricky right now. we're talking about shell and the majors here to these guys have all of the power when it comes to pricing and negotiations. oil pricedhe longer environment, these guys -- we are starting to see pockets of the market in terms of oil services where you're getting some providers who are now operating cash flow. you a

let's take a look at what is happening with wti crude -- at session lows, down by more than 4%, alsoays in a row. i also want to look at viacom because of the breaking news we had. of 7%,up on the order off its session highs. but this is its biggest jump in about two months. investors are a little happier here because sumner redstone has decided he wants to remove five board members, including the ceo who has often been described as a renegade. fallingine sector across the board. 4%.ican airlines down by bank of america merrill lynch cut it earning estimates for the in higher airline industry. scarlet: thank you so much. marketlarge, the breathing a little easier today. close, looknto the at how the dow industrials are doing, making it the come back from earlier losses. steely.g in joe you have been talking to investors and traders and notice the tread of the dow coincides with another index looking at the u.k. leaving the european union. joe: that has been driving a lot of the action we have seen and the wake of the fed not giving much guidance. being tabled or postpone -- they have