i'd rather sell brent and buy wti because i think wti plays a little catchup here. 65 the low end, 75for oil here, so if i'm going to pick something, i do that spread, brent versus wti. >> crude is so close to that $70 level. is that a level your watching or is there a better q level we should look at >> my level is below that and right where it is now. we bounced that 7% and in the last few days consolidated right here i believe it settles above $69.35 the first level it's headed to is $71.50. if you look at crude, it's been responding to technicals very nicely and i don't think that's going to stop now. >> jim, brian, thank you very much we'll be back with a full show tomorrow at 1:00 eastern time on futuresnow.cnbc.com. scott, back to you. >>> i want to show you a picture out of arizona right now where the body of the late senator, john mccain, there is the motorcade on its way to the state capitol where senator mccain's body will lie in state. it will then head later in the week to the u.s. capitol for the same before his burial at the naval academy in annapolis, maryland but that

here's a look at commodities and currencies oil on the wti side up about a quarter of a percent $69 therethe euro at 1689 gold at 1219 bitcoin is at 6915 >>> so let's talk more markets with bill stone, chief investment officer at stone investment partners. as we talk about the way markets are set up is there any reason why we should think this run cannot continue >> at least on the fundamentals, i don't think so i think the economy, u.s. and globe continue to grow again, you know, maybe a bit of slowing on both parts, but not near any part where you would worry about recession. the earnings backdrop is good. good news to start the week on the trade front. i think the place you keep an eye out is certainly if trade deteriorates again, china is a big part of that there's good feelings that we're not starting trade wars everywhere we have some things done we'll see how china plays out. certainly the domestic political issues here could play into some volatility as well >> bill, as we talk about the way the current political environment is shaping up, is it fair to say the midterm elections w

negative correlation between crude and a vtr -- wti.we all know that is nothing i can say to be alex today. it is the divergence between the s&p 500 and the stoxx 600 in europe. over the years, going back to the 1990's, some pretty good momentum in terms of convergence. moving in the same direction. earlier, i believe it may have , because of the u.s. tax cuts, a divergence, and in and nowd to shift momentum going the other direction. more divergence. see that chart come interesting, and follow along at gtv . romaine: i like that chart a lot. alex hit on something important with the correlations and you are our winner. ♪ york, i ame from new vonnie quinn romaine: i am romaine bostick and this is the european close on bloomberg markets. vonnie: fortune magazine reporting that leaders have sent a letter to the department of homeland security, tim cook, jamie dimon, others, expressing concern about immigration the immigration policies currently in active by the administration are causing disruption to company operations and considerabl

i think we trickle-down below $64 in wti before we make a new interim low or high.espite what a lot of people say, trumps news about the strategic oil reserves -- romaine: we will leave it there. that was chris. vonnie: time now for the stock of the hour looking at williams-sonoma. soaring on a strong second quarter. abigail doolittle has more. abigail: it is their best day since 2012. they are firing on all cylinders. this is the come be that owns pottery barn, williams-sonoma and west elm. pottery barn and west elm both beat estimates. the namebrand came in a bit lighter. the real strength is pottery barn. this stock in 2017 had been down 50% from its 2015 peak due to pottery barn. we see this recovery for pottery barn still growing on a year-over-year basis. investors liking it as they remodel stores and the west elm brand is fresh and young. what about --, is that a big piece of the story. now they are making that resurgence again. they had that online presence. you can see this as we hopped back into the bloomberg. you think of brick and mortar an orange having

this marks the first weekly gain for wti in a month.re are side of tighter supply for the north to the middle east. because, it is back above the $1200 level. if you look at the performance, you can see how important the 1200 level is and how psychologically important it is. prices took off after it reached that level. with the game today, we have seen gold post its best day in 2015.ar since caroline: not only did you hear the fed being a little more dovish and the speech from dave powell, but you got the pboc starting the day tweaking its nations currency. three hours later, you get powell saying there is little inflation. theas really -- it fell for sixth time in seven days. i want to look at the euro doing. it is up with the dollar weakening, but we also have weakening, but we also have strong information coming out of germany. the aussie dollar was really hit this week amid political lows -- was -- woes. the new prime minister is taking over vowing stability. there has not been much for a while. six times they have seen the new prim

but at the end of the day, if you look at the headline price of wti or brent, the benchmark, what were seeing is that the price has been really on a tight, narrow range of between $70 and $80 a barrel for brent. and that is where saudi arabia so far appears comfortable. the process $80 is not too high -- the price at $80 is not too high to prompt action, and $70 is not too low to hurt finances. julie: thanks to you both. thanks to you both. coming up, counting kernels. the midwest crop tour started this week. we will tell you what we learned about foreign and soybean crops in the field assessment across the u.s. corn belt. as we had to break, a look at the biggest move in commodities. we have been seeing something of a rebound in commodities prices, as we saw a bit of a turn lower in the u.s. dollar over the past week. crude, copper and gold bouncing off the lows. coffee, however, falling to a 12-year low. this is "bloomberg commodities edge." ♪ julie: i am julie hyman. this is "bloomberg commodities edge." it is time for the data dig, where we delve deep into market trends. let's st

you think $100 on wti the end of the yooer. 50% increase from where we are right now. >> we should beut $70 a barrel wti right now shubd about a 30% increase. >> what i am getting at you name all the fundamentals pushing to $100 why isn't is the market there if we know about the fundamentals what's the catalyst moving that that much higher from here. >> i think there is speculation about what's happening with iran is there a meeting, a deal is the u.s. going to issue waivers? and i think that as that plays out i think you'll see -- you'll see the administration seems to be moving towards a mar hard line direction i also think venezuela is a big unknown. two years ago venisonle and production was 2.2 million barrels a day. right now it's 1.4 and ends around 1 million. if you think about the economic growth to adding to demand demand this year and all the supply constraints and then you have saudi arabia. sputing to get to supply june over july assism promised you have a recipe for a higher oil rice. >> dan, very quickly if we can can we know you are a republican donor, largely support

so, this chart is brent wti versus the shanghai futures contract.hit a record high this week. now, china want this contract to be competitive with benchmark, but speculators right now making that pretty difficult. and here is something you may have missed. colorado might outlaw fracking again. so, these companies have significant exposure to the dj basin and all have underperformed. initiative 97 might get on the ballot in november, which could limit 78% of available acreage for new well development and goldman sachs says extraction oil and gas and pdc energy are the most exposed to that risk. and now, let's dig even deeper into glencore earnings, one of the world's largest coal and copper producers, mixing money with record profits for the first half of the year. joining us now from london is bloomberg's chief energy correspondent, javier blas. javier, what led to this record profit? javier: well, one, glencore's coal prices hit the benchmark for the market and went up $80 a year ago to $120 in the first half of the year. that is the highest in sev

the tee shot spread is down to 28 basis points. 6699 oil wti still only at barrels pretty. look at gmm. we have to point out the turkish lira which was on here a moment ago but it is off now. weaker by three three quarters percent. it is just backed off a little bit. you can see the reality is also suffering as is the ruble. commodity markets are also having their own little session temper rebounding another 1% today. pressureu.s. putting on vladimir putin. it is announced a new round of sanctions in response to the nerve agent attack in the u k earlier this year. the measures have been called categorically unacceptable. we are already seeing some market reaction to the ruble falling. paris is thew from brookings fellow. thank you for joining us today. how might russia respond. on details.hort have you expect russia to retaliate? i think the russians are going to calibrate a response based on what happens in a few weeks from now when we know what the sanctions will be. untilnctions will come august 22 the state department signaled that they may be will be at first and it a

we were sort of 66, 67 on wti. year end forecast is what is why? >> 70. and when we look at the fundamental picture it really hasn't changed you see substantial liquidation really off the headline risk of tariffs. strong global economic growth, you actually have gdp tracking accelerating likely to 4.7%. two, when you look at the inventory picture very low the strong demand has pushed inventories down to very low levels that is the core of the diversification argument meaning that low inventories create higher prices, stimulates inflation and forces the hand of the central bank you have strikes in on the copper side and saudi arabia is producing at 10.3 not at 10.8 like expected. >> so when steve talks about potential effect on the trade war he will think about inflation a lot, but he says they might be focused on what it could do on a slow down in global trade wouldn't that be bad for commodities like oil >> let's think about two types of commodities out there by the way, oil was excluded yesterday. >> by china on the tariffs >> and reason why is because

finally, circling back around to the commodities and wti, over the two days, it was up yesterday and straight down today, taking the today loss to about 4%, the third straight loss in six days for oil. when we talk about this big commodities selloff, it is metals, oil, it is pretty broad. mark: turkey's financial crisis is causing ripple effects in wider markets, especially emerging markets. greer.ring in paul great to see you. you are underweight turkish debt. what persuades you to change that stance? paul: so far we have been pretty underwhelmed by the response from the turkish authorities to this crisis. we want to see the turks restored confidence of investors , the need to adopt some pragmatic policy responses to what is going on. they need to hike interest rates aggressively, to the tune of 10% given where we think inflation is going. they need to bring technocrats back into the team managing the finances of the country. until that happens, it will be difficult for investors to reap confidence. mark: we have had a two day rebound. given the extremes of the move we might expect

are we going to get back to 70 on wti?a great point because on average, the last year had been 64. we touched 71 a couple of times. the last time we touch $75 a barrel was in 2014. the demand for oil may be picked up only get the trade stuff cleared up. morelobal side is a little complicated. if they can keep opec together, oil will get a bid if he can get this trade stuff cleared out and get back to market fundamentals. we will find out here at 10:00 with what the president says about the trade with mexico. huckabee and arbiter of good things to come for all trade. romaine: real quickly on the dollar, seven straight sessions that we are down. just to give you some sense, this is a brief -- is this a brief pause and the dollar rally or are we talking about a reset going on? brian: the dollar is weaker is two things. if global trade will get settle down, there will be less risk out of the u.s. market and the lawn will get fixed. the dollar devalued on purpose on trade or is it punishment to the u.s.? pupil think china is st

right now we are sitting just under $70 for wti.participants are focussing on disruption from crude supplies. u.s. sanctions restrict the country's oil experts in november. he thinks we could see up to $95 a barrel by year end. venezuelan exports have dropped to about half of past year's exports. crude inventory in the u.s. fell more than expected all just adding support to the price of wti. >> we'll watch that. a lot of people are driving this weekend. we'll talk a bit more about coca-cola's play on coffee taking on starbucks as it snaps opu.k. coffee chain costa. oh good, you're awake! finally. you're still here? come on, denise. we're voya! we stay with you to and through retirement... with solutions to help provide income throughout. i get that voya is with me through retirement, i'm just surprised it means in my kitchen. oh. so, that means no breakfast? i said there might be breakfast. i was really looking forward to breakfast. i know... voya. helping you to and through retirement. hi, kids! i'm carl and i'm a broker. do you of

wti trading around $68 a barrel before inventories in a few minutes.his is bloomberg. ♪ ♪ let's get a quick check on the markets. it is a down day with prudential leading the charge but the dax off 40% and the cac 40 dragged lower. clearly, it is a risk off day with health care leading us lower in europe. vonnie: breaking news on oil inventories. it is the weekly numbers. barrels according to the eia. crude oil inventories is a drawdown. we were looking for oil to go lower following that number and $1.30. down once again, oil inventories, a drawdown of 1.3 5 million barrels. that is about half the drawdown we were looking for. that's check on bloomberg first word news with kailey leinz. kailey: china is making good on its threat to retaliate for new u.s. tariffs. 25%ing will begin imposing tariffs on american goods after u.s. tariffs take affects, and the chinese list covers medical equipment and coal. they will impose tariffs on another $16 billion of chinese goods starting augus. paul says the letter emphasized further engagement in areas of countert

you can see light crude, wti, brent both trading positively.t is up around 0.47% light crude is at $65.16 gold prices have crept up slightly to $1,179.30 per ounce. >>> coming up, turkey gets a $1 billion lifeline find out which country is helping ankara out during such a volatile time. that's after this break. >>> wel signs. i'll willem marx shares of atlantia shares drop sharply. >>> infrastructure stock across europe are also hurt as the italian government warns it could renationalize motorways. emerging market stocks in bear territory despite a relief measure taken by qatar quarter earnings and ups its full-year outlook on the back of strong beer sales across all major markets. >>> just bringing you some latest news from uk retail numbers. we can see uk retail sales are up 3.4% year-on-year that's compared to last month's 2.9. of course we've seen the pound come back very slightly from its 14 month lows. cable there showing relatively healthy picture from the perspective of sterling. it's up 1.5% up near a spike because of the retail number

china claims the 30% tariffs violated wti rules by unfairly helping u.s. producers.rump administration says the tariffs are necessary to protect american producers. u.s. factory production expanded in july for the second month in a row. output beat estimates and showed gains in the manufacturing of durable goods such as machines, vehicles and electronics. students at marjorie stoneman douglas high school in parkland, florida are finding beefed-up security as they return for the new year. 17 people were killed there in february when a gunman opened fire. safety measures include new classroom blocks and upgraded surveillance. global news, 24 hours a day, on air and at tick toc on twitter, powered by over 2700 journalists and analysts in more than 120 countries. on kailey leinz. this -- i am kailey leinz. this is bloomberg. julie: time for our stock of the hour. we are watching macy's. investors are spooked at the cost of maintaining it. same-store sales beat estimates and they also boosted their earnings and sales guidance, but the stock is down by about 12%. michael b

a never-ending surprise with inventories week after week. .et's check in on wti, now caroline: that's in with first word news. we have kailey leinz from new york. saysy: a new report american companies added more workers than forecasted in july. according to the adp research institute, payrolls rose. the government comes out with the july job report on friday. the u.s. wants to ratchet up pressure on china to resume trade talks. the trump administration may more than double its plant tariffs on $200 billion on chinese imports. china calls that blackmail and says the issue should be resolved through negotiation. there was a report that google is preparing to launch a censored version of its search engine for china. intercept says it would follow results in terms beijing considers sensitive. hard topictures make it believe no one died in the crash of a mexican jetliner, but there were no patellar these when the aeromexico plane came down in durango. everyone on board made it out but 85 were injured. one official says the plane was hit by a wind gust as it took off. global news 24 hours

not that it impacted the price of oil, but crude trading weaker and wti also weaker.old continues to perform. down a percentage point. >>> saudi aramco's chairman told cnbc the group's ipo is on track following reports that the listing could be scrapped. he said the kingdom remains committed to the listing at a time of its own choosing when conditions are optimum he added the state-owned company was making positive progress towards what will ultimately be a landmark offering. earlier reports suggested the state-owned company had axed the protected ipo on domestic and international markets with reuters saying financial advisers working on the listing had been disbanded speaking with cnbc in march, he was confident that the listing was proceeding as planned. >> the timing and exact venue will be announced when we're ready. >> you said you were ready >> we're ready with the preparation. the company is 100% ready. the board of directors of saudi aramco, which i chair, have reviewed in every meeting over the last two years the progress, including a couple weeks ago we revi

wti traded crude at 67 brent crude at 772.50 have you been following this bizarre battle between canadand saudi arabia that is escalated over the last couple of days? if not, you should be. let's bring in helima croft. this is a weird story. canada demanded the release of an activist who is also a canadian citizen saudi arabia said don't meddle in our affairs, expelled the ambassador and told their investment found to sell all canadian assets no matter the price. >> i think it shows saudi arabia does not want external criticism of how they manage internal affairs. a number of activists have been detained over the summer, but this comes at a particularly sensitive moment what were the triggers words were when the canadian foreign minister demanded her immediate release and said she was bravely concerned. i think the saudi reaction has been swift, ferocious. not only sell the assets, but thousands of saudi students in canada ordered home. you had the ambassador expelled. trade ties severed so we're watching this. >> saudi arabia, if they decide to go through with this, this could be talk,

we're at the bottom end of our range so you might see inflation taking to things here as you see that wtitart to stick up higher. >> we just reported that gas prices here we're going to fall this fall. scott thank you so much. good to see you. >> see ya. >> thank you scott and thanks for watching fbn:am we now sending it over to dagen mcdowell. good morning. dagen: see you both shortly and fired up here you can't stop the talking we can't decide what we're going to talk about because there's so much news. good morning everybody. i'm dagen mcdowell in for maria bartiromo it is wednesdaying 29th. your top stories at 6 a.m. eastern. trade talks proceeding with canada. this after president trump sealed a deal with mexico the president saying that he will go forward with or without canada. if they can't reach an agreement by friday's deadline futures are showing this happening in the markets this morning after gains yesterday. we've got 10 points, to upside on the dow futures. major markets log just slightest gain yesterday. but it was still enough for new all time highs for the ♪[music] nasda

. >> we're still under $68 a barrel for wti thank you very much to jeff and scott at the cme for moren crude head to futuresnow.cnbc.com where you can tune into our live show every tuesday and thursday at 1:00 p.m. eastern time michelle, back to you. >> thank you, courtney. >>> traders are answering your questions in two minutes please send them to us now go to cnbc.com/halftime or tweet us @halftimereport using #askhalftime this is my headquarters. this is where i trade and manage my portfolio. since i added futures, i have access to the oil markets and gold markets. okay. i'm plugged into equities - trade confirmed - and i have global access 24/7. meaning i can do what i need to do, then i can focus on what i want to do. visit learnfuturestoday.com to see what adding futures can do for you. with pg&e in the sierras. and i'm an arborist since the onset of the drought, more than 129 million trees have died in california. pg&e prunes and removes over a million trees every year to ensure that hazardous trees can't impact power lines. and since the onset of the drought we've doubled our

wti crude is higher by about a percent. steve, we've had a really strong earnings eason we have a little bit more to go with some key retail stocks left, but by and large, very, very strong. jerry mentioned we've had a bunch of trade and tariff worries and this situation in turkey is one more thing so far earnings have been paramount. that's what the market seems to care about do you think that that is the right way to think about it, that earnings strength can absorb all of theseother problems that are bubbling up, or is this something different when we're talking about what's going on with turkey and the potential spillover? >> i think it certainly makes it a lot easier to deal with things when you've got earnings growing 25%. our comment has always been when we look at these events that bubble up, do they impact earnings, do they impact interest rates, do they impact inflation? most issues do want carry the potential to do so this one may and we'll have to see. in order of who's impacted most, obviously turkey is feeling

we see the same thing in nymex wti, that is also not a big move and coming from a high level. wouldn't expect that to have much of an effect. we had mixed markets in asia overnight. the nikkei is finishing unchanged, but you did see chinese markets falling on the continued concern about donald trump's trade war escalating. look at futures. it looks like futures are down across the board. they are not huge moves, but these were green numbers when they first started trading this morning. the ftse futures were positive when i looked at 6:30 this morning and now, they are down. we will get a negative start to markets. this is the live cash trade you are looking at. the ftse, down .1%. we have the ibex in spain falling for the last couple of days it had been moving contrary to all other european markets. yesterday, it came back in line and so we see spain moving with the u.k. it will take longer for the dax and smi to open up. the system takes a little longer to open, but we see the cac open and down about .1%. european markets look set to fall pretty much across the board. here, y

streak since 2015 wti down another $.03 to 65.88 gold saw the worst week since may of 2017 last weekthis morning up by $10 $1,194. >>> breaking news overnight. pepsico officially buying soda stream $3.2 billion is the price tag. sara eisen joins us on the squawk "newsline." good morning, sara. >> good morning, aaron this is going to be the biggest in many years for peps owe it only represents 10 or 11% premium. friday's close of soda stream doesn't tell the whole story they came off of a blockbuster quarter. the most successful ever more than triple the forecast for guidance over the last 30 days, it's a 30% premium. sodastream shares surging to match the deal price this has been rumored for years. they had a partnership a few years ago in a class where pepsi tested brands on the sis tep why now? i talked to hue johnston, the cfo and vice chairman of pepsico overnight. he said soda stream got the product portfolio in the right place. they need the ability to expand into more countries. pepsico has that exposure. it's in more than 200 countries around the world johnston said it's a go

crude, wti, and brent positions in blue. crude oil positions in white.le are holding back. there is uncertainty which what it will go. it sounds like you have come to the conclusion it will not necessarily have a price boost affect. >> what is important to understand is the highest is skewed to the upside. possibility it will move to the end of the year. we are in the summer now. we are seeing demand signals that are not as great as they were at the beginning of the summer. we are seeing the broader market balance is not that conducive, at this point in time, to see prices go rapidly higher. what i would say is when you look at u.s. production, it is continuing to increase. it will continue to increase next year. the market balance is not as tight as what many had expected as we move into the summer. that is causing this skepticism. the other thing going on is the broader question about the macro economy. you look at the hedge fund positioning, not just in oil but other commodities. you look at commodity price activity outside of oil, prices are moving d

oil, not doingon a lot in terms of wti and bright, holding above $69 per barrel.oking at the api inventories data, you would think we see the price moving higher. in the month of august, we have really not the news either side more than three dollars. it is the tightest monthly range since 2003, and that means volatility has been coming down as well. manus: thank you very much. let's get your first word news. juliette saly is standing by in our singapore studio. >> the u.s. said it would begin imposing 25% duties on another $16 billion of chinese imports in two weeks time. u.s. customs will begin collecting the duties on 279 product lines, down from 284 items on the initial list. it will be the second time washington slaps duties on chinese goods in the past month despite complaints by american companies that such a move will raise business costs. eventually consumer prices. saidpresident donald trump he will make an announcement shxt week that would sla prescription drug prices. he made the comments at his golf club but did not further explain what action he woul

this is the weekly change for wti.s is a trade -- as trade tensions continue between china and the united states and experts say there are concerns about a possible decline in u.s. sales to china. this could increase u.s. stockpiles and end up creating a glut. thatould remember eight-week losing streaks in 2015 was one of the longest but an edit with prices jumping nearly 12%. keep that in mind. i want to look at one of the biggest seller weathers when it comes to global trade. .his is maersk all of these blue circles here and these arrows are there distributions worldwide. you can see that they are everywhere on the map. shows how much they could be impacted by any sort of global trade war with how big they are in terms of shipping and exporting. bloomberg has an exclusive story up showing that it shipping is focused to transfer activities. maersk is planning to spin off its drilling unit, we can get more details about that today. maersk will be reporting earnings at the top of the hour. we're looking forward to that.

the interesting thing is wti is still backwardated it's really brent feeling the impact at the end ofhe day the saudis want $70 to $80 oil, brent that's what they want. they are supplying the market to achieve that >> trump doesn't want $70 to $80 oil. last time he sold the saudis that, the oil came right back down >> he doesn't want it above 80 >> he needs it, though did you see this story in financial financial h"the financial times," how the saudi vision, trying to give money to softbank and other people, they're going to run out of money. the current setup is a problem for them >> that's weird. so you need higher oil prices so softbank can have money? >> no. basically they made all these commitments to investors around the world as part of this strategy they never had the saudi aramco ipo which was supposed to be a cash infusion. now they can't send checks to everybody and they have a problem. >> it's an oil-based economy, it's going to be hard for them to divert. >> they need over 70 to balance their budget they will make sure it's at least $70 brent. >> jackie, you don't do 10-p

the chief technical market technician, he is basically saying we could retest lows in wti and brent,tals side that we want to use this support to base to go to the further snapback rally. >> weighing on the commodity complex, uncertainty with turkey and emerging markets, why do you think the buyers will step -- will not step back in? >> a lot of the price action in oil is being determined by the strength in the u.s. dollar. on the back of the emerging-market de-risking with industrialchina, numbers in china, issues with earnings in china, the turkish lira, all of those risks at the surface have really seen the dollar rally. dominated, aate -- direct hit on oil prices, we think going into september 5, the line of demarcation of when u.s. trade tariffs could be implement it, we want to be positioned to the upside. it is basically a walk back a lot of these geopolitical risks in upcoming elections request west talk about your trade specifically. >> sure. we want to sell that usl 13 put to fund the uso 14 call. it is a vanilla trade in classic bullish risk reversal. what is interesting i

you can see wti. >> yeah. >> no bottom yet. >> yeah. >> a lot of people felt at 75 it was obviously going to 100 the longer term is clearly positive for oil there's not as much drilling everybody is worried about inventory. we want to think we're important, but we're not >>> we'll get to the road map this morning we have a triple headed negotiation on trade to talk about. it's a big week for tariffs and the president's agenda plus, a double down on the sparkling water. pepsico buying sodastream. and tesla stock moving lower again. we'll have more on elon musk from some analysts, including a notefrom jpmorgan. as for stocks overall, they're on track to open higher after the s&p and dow posted a sixth positive week. the nasdaq snapped a two-week losing streak. it could potentially pave the way for more significant talks it did help the market on friday. >> we need some talks. the chinese are going to put a tariff on the u.s.-based cosmetics. the guidance reflects the possibility that happens otherwise the stock would be soaring for estee lauder i'm saying up 10. >> it was that good. >> it w

higher but things don't look exactly positive we have on pace for a third week in a row for brent, wtir seven weeks of straight losses, as the fears of global economic growth weigh in, and ampling supplies of cruel, they sentiment dampeners. you add to that a bigger-picture trend of dollar strength, and as for the impact on the stock market, energy by far the worst-performing sector in the s&p 500, down this week by nearly 4%, entering that's trade, and we can see the markets are starting to slip a bit. back over to you, sara >> having a little comeback today. as you say, a rough week for energy overall dom, thanks. >>> coming up taking a well-known ice cream brand to a new level. we'll talk to the new ceo of ben & jerry's. "squawk on the street" will be right back with the dow down five points. >>> what a week it's been for retail and that continues today, some of the best s&p gains of the moment, "squawk on the street" continues in a moment. dow is down 14 so we can fit them into our unlimited wireless plan. who's first? no. this isn't permanent, right? ask him. [terry squeals.] get

iran starting naval exercises near this critical strait for oil and oil ending lower for the week and wti is trading down does that make sense >> it is very concerning, absolutely we've always been worried about the straits of hormuz, but at the same time it's not as if this is new area of unrest although the specifics of the naval exercises are extremely concerning the reality of the broader picture is i wouldn't say steady state, but it's like constantly like this if they do something here it's going to be not just the u.s. that comes after them. you're going to see china coming after them, saudi -- it'll be cataclysmic. >> now we've got the whole iran mess it's sort of balancing itself out. does it all depend on iran >> you've got to remember the opec meeting very specifically aimed at oil in the market and the russians, the two biggest oil producers of the world outside the u.s., which makes the third. and as you said in fact oil prices are still where they were with them both really going to record highs again in terms of production particularly russia hitting all-time highs, you kno

i want to show you how wti and brent are faring. , and we under pressure do have both oil contracts holdingecent marginal gains but oil has lost about 11% from late june on terrorist related was and concerns around rising supplies. >> thank you so much. sophie kamaruddin looking at the markets and oil traders. pretty wild swings in the currency due to trades with the contracts being less of a slamdunk. we have been looking at this story in detail -- we had all the fanfare when it launched in march. >> writes, it has been about we haveths and definitely seen the trading volume and interest rising, but if we think about it, it looks like shanghai still has a way to go because speculators do take a oute part, and we found from our analysis that investors take position in shanghai for 1.5 hours. , thenternational # speculators are holding it for more than 40 hours which is a big difference. if you look at the liquidity, ,rading is focused on one check and is traders want to do orbital trade it will be running with difficulty because it has limited options. looking at the obstacles, what is the

sanctions issue as well, and i want to bring up this chart that looks at hedge fund positioning in wtiort. we have seen it, the crude oil prices in white, you have seen the positions go down and it seems like some folks are saying with all of these x factors we will pull back on exposure. rebecca: that is fair. look at the action today. this is a pretty big move off of what are not meaningless headlines, but not super impactful. we are becoming exhausted with the headlines. if you have been long and you have made money, it looks like, does this is still have the return profile that makes sense? and the other thing that people are looking at with the inventory numbers, the implied demand for gasoline, that number was weaker. that demand side is starting to have a bigger and bigger impact on the commodity. it has been on the supply side, the sanctions, that has been the driver of what makes the commodity work, but right now people are shifting back to the demand side and taking a look at it. with that said, this is in no way in easy trade to grind lower, we are literally one headline awa

decline of 3.5% of wti in september. how much do you pay attention to crude.ector as you see the price continue to push towards 70. >> we are. we actually have that sector over weight because we think the fundamentals for the energy patch are quite compelling even if we don't continue to see oil prices charge significantly higher they are elevated sufficient to warrant for production and exploration those downstream activities in which there's tremendous investment made by major oil companies to slash their capital budges and are now re-opening their pocketbooks. week over week inventory builds and draw downs don't get us worried. highly unpredictable long term we look at energy demand continues to grow particularly coming from emerging markets trade concerns is an influence there as it relates to china overall we're still bullish on the energy sector. >> victoria, your view on oil? there's a lot of positive tail winds. >> you do have the iran sanctions coming then demand is looking like it's a little strapped. the draw down before half of what expectations we

wti seeing about a 5% jump and brent almost 6%. thank you >>> coming up, millions of reasons for tim cook to celebrate as he turns seven years as ceo of apple. we'll have the details straight ahead. >>> as we head to break, take a look at the movement in treasuries this morning. higher yields across the board rick is off. 10-year note yield 2.85. we'll be right back. >>> shares of apple soared more than 300% since tim cook became the company's ceo seven years ago. stocks performance has resulted in a massive payday for cook, as well we go to josh lipton in san francisco with a closer look. >> tim cook is about to be $120 million richer today the ceo stands to earn a total of 560,000 shares as part of his compensation plan half of those shares are tied to the company's performance compared with the rest of the market performance criteria that cook requested multiply that 560,000 by the share price that's how you get to roughly $121 million apple is up nearly 35% in the 12 months tim cook at the helm of apple for seven years when he

wti is damaging for the longer term prospects.t is why they reacted in part from pressure from president trump but in part because they were starting to see demand slip on the higher price where the countries really can't afford it. that is also part of it. this is a tricky game that they are playing. you are seeing them trying to micromanage a price level right around here. i think that has given them pause, as well. they do want to cash out, though. >> and we should make a point because people are reading that at the bottom. he is but it doesn't mean anytime soon in terms of taking the company public. >> i think it is aspirational. it may still just end up being a little local listing. >> i heard that, too. really, i got a lot of pushback when i tried to see if that would be the case. we don't know. i heard that they had sort of abandoned that idea. you heard differently? >> that was a consideration until very recently was my understanding to try to start there and then move forward in subsequent years to a more broader internat

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. >>> energy is the worst performing sector in today's sell-off, wti is off about 3% and that's dragging exxon, chevron and the other energy names down with it we'll discuss more as "power lunch" comes right back. >>> three of tesla's biggest share holders cutting their stakes even before elon musk's tweet about going quiet. here's a look at what all the big names are buying and sellers. >> t. rowe and fidelity both slashing their share in tesla. the company surged almost 30% in the quarter so it's likely they were looking to capture some profit there tesla off about 4% in the six weeks since quarter end. amid confusion over the last weeks over the potential take private and regulatory concerns over tesla's announcement or potential announcement there is very little hedge fund ownership in the long side with just over 1% of the company, but it's been among the most popular shorts with 27% of the float held short other big moves in the quarter included berkshire hathaway continuing to add its stake in apple. warren buffett's firm booted std its ownership by 5%. he told cnbc in the past he

you can see wti off by two-thirds of a% ice brink crude off a third of a% trade concerns seem to be as over demand from china give the latest barbs exchange between it and the trump administration on china tariffs overly back to you. >> companies these days increasingly find going difficult to hire and retain top talent a new perk slowly makes it to the mainstream or back to it across the country eric here with more. >> companies have been adding more benefits to employees these days increase the parental leave. flexible hours working remotely but more companies add sbaticle as employment perk we headed to nba headquarters to hear how the perk has been paying off. >> while lebron james is vacationing in the caribbean there is no off season working for the nba league office. with the wnba, nba 2 k league, the draft olympic bub, it's a 24/7 operation all year rung for kerry, senior vice president of global marketing partnerships that means constant travel, meetings, late nights. for other employees, it could mean burn out that's why in 2015 a the league created benefit offering employee

wti right around $67 energy producers are enjoying gains. energy, the best performing sector right now if you look overseas, it's a very different story. yes urk the lira rebounding today by around 6%, but traders say the turkish central bank needs to find a way to refinance its short-term debt. that expires next year according to the imf turkey's short-term debt just around $180 billion. turkey's foreign reserves at $80 billion. michelle, not a big cushion there. back to you. >> no. real shortfall, in fact. thanks >>> turkey's currency rebounding a bit today, but the president making headlines once again calling for a boycott of american electronics v willem marx is live >> he talked about the need to buy samsung above iphone or better yet, to go for a local cell phone brand here in turkey. ma in terms of the long-term impact, that's still very unevery unclear. we heard from sima, the lack of foreign policy reserves to pay off the short-term debt. we heard from the son-in-law, finance minister, saying they would support the lira quite how t

we can talk about why. 1.30 handle and strength in brent as well as wti.howing a lot of charts. this is the jpmorgan blended emerging-market fx index, elegant and it is ugly, ugly, ugly. march, the drop, beyond elegant against the selected moving average, this plunge, the long chart, this is a huge lunch, now down to new weakness this morning, breaking through the old lull. that is as ugly as you get. nejra: it might look ugly in em fx but it looks pretty in u.s. equities. 2900&p 500 closing above for the first time yesterday. even with the continuous grind higher in u.s. stocks, wall street, perhaps not as optimistic as you might expect. strategists are not impressed. they have not changed their forecast much. the median forecast is to end of the year at 3000 and that is only 3% higher from where we are now. interesting point. staying with emerging markets selloff for now, argentine in peso, -- argentinian paso plunging to a record low -- argentinian peso plunging to a record low. we get to the border outlook with martin. thank you for joining us. we have

. >> oil prices right now at wti crude is now at $67.29 >>> from expensive health care costs to the opioidmer cleveland clinic ceo toby cosgrove has been in the fight he joins us this morning as an executive adviser at the cleveland clinic he recently joined the google cloud team as executive adviser to its health care and life sciences divisions you'd never know it. you're not, like, 48 years old in fact, you're a national treasure you won a bronze star. combat was -- you were right where it was being fought on enemy lines, right >> yes >> and we're in charge of the air force surgery. >> yes i was in charge of the evacuation of the casualties out of denang. >> won the bronze star >> yes >> 22,000 surgeries. >> 22,000 operations >> then the cleveland clinic anyway, thanks for all of that and i want to get and talk immediately because i showed you that "wall street journal" piece. because your concern about these stripped down plans are that people that sign up for them don't know what's included and wh what's not included. might not pay for drugs or something like that, but in the journal

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oil saw its biggest monthly drop in two years 68.05 is the latest for wti. we are counting down to today's adp private payroll report that hits at 8:15 a.m and the fed's latest rate decision at 2:00 p.m. today. it leads up to friday's jobs report joining us is the chief economist at steval ae aae aal m sullivan i can't believe it's already time for another jobs report if you were to look at the overall economy now, and pretend you were sitting at the table with the fed today, how would you sum things up? what do you think? >> we're talking about a solid economy. it's not a robust economy. we saw outperformance above 4% gdp. but the consumer was supposed to spend like gang busters. we saw after a pull back at the start of the year we reverted back to the trend pace of spending that we've seen for the past couple of years we saw business investment positive but losing momentum now the housing market is raising red flags. i do think we're still on solid footing. we're likely to hear that message reiterated from the fed, but we're not talking about a robust econ

asia markets down and treasury note for you that's -- oil down 1% for wti.ering just below that level 2.98. and the dollar board for you, dollar strength this morning. it's a little bit lower against the yen but markedly higher against the euro and the pound. the pound had rallied back to flat on the day when we saw that bank of england decision but the pound is down two-thirds of 1%. gold down 0.4%. >>> when we come back, smart speakers for the home. sonos gets ready for the debut on nasdaq today. the company priced its ipo at $15 a share below the expected range. we'll hear from the ceo patrick spence in the next hour. >>> and later, football is back. the hall of fame game is tonight and for some it's a time to place a bet but it's not just in vegas any more. we'll take a look at the impact on the gaming industry with the digital ceo of scientific gains. that is straight ahead. et your? it's not about quantity. it's about quality. no trendy stuff. i want etfs backed by research. is it built for the long-term? my reputation depends on it. flexshares etfs ar

why won't frackers keep that here and support the wti price?ittle bit ahead of the curve there, kevin. the problem is we don't have the pipelines to move it from the permian basin, which is going to surpass iraq and iran as a production hub. we don't have those pipelines until maybe the winter of 2019, 2020. so the difference between crude oil in midland texas and crude oil in louisiana right now is somewhere on the order of about $33. so you've got trucks coming back and forth on that. once we get the logistical build-out, we'll be exporting regularly, 3 and 4 million barrels a day you can't export it if you can't move it by pipeline to the coast and right now those lines are full. it's like getting the super bowl ticket or excuse me an airplane ticket to go to a super bowl city the day of before. >> tom, given the phenomenon that kevin's talking about, that the u.s. is now the number one producer, we're above 11 milliod you're talking about going to 12 and 13. the swing producer being the united states, historically it was saudi arabia. they