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FBN’s Dagen McDowell breaks down the latest data surrounding prices at the wholesale level.
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-- -- -- I just wanted to businesses -- Stake in the.
In the last hour we got a batch of fresh numbers on the economy jobless claims for the week fell more than expected.
405000.
-- file for first time claims for unemployment benefits.
The claims have been above 400000.
For fourteen weeks in a row.
We also got reports on retail sales and wholesale inflation.
In -- overall retail sales edged up slightly while economists were expecting a slight decline.
He take out auto sales the number was flat may -- producer prices or wholesale inflation fell more than expected.
Down four tenths of a percent -- take out volatile food and energy prices the core index however was up three tenths of 1%.
-- thirty minutes away from the opening bell on Wall Street we got Green across the strain if you look at all three major market gauges in the futures there.
For a preview of the trading day let's get a call -- ladies on the floor in New York Stock Exchange and -- and good morning -- and good morning everybody to see these futures pointing to a higher open I'm joined by Ben Willis of sunrise securities.
And I -- often throughout the day yeah I've taken just a great job reviewing -- producer prices weekly jobless claims going through all those numbers retail sales as well.
Before you tell me about any particular number -- feel about the market that.
I still that the markets in an upward trend we're seeing some pretty good volatility.
Everytime one of the -- squeals we get hit so I mean then you have Ben Bernanke.
And the dance he's doing in front of congress right now I think it's his turn to ask congress the question what they're doing about the deficit in the debt ceiling but.
I think overall we're still based on the run the numbers were searing seeing and and the economy worldwide getting better not as quickly as we'd like it's still an uptrend.
Ask you about our triple -- rating that is the top get it you know just like the -- squealing rightly that we talk about those I Euro nations.
That's still very much on the table right yet as to be coming out this morning talking -- -- AAA rating.
What happened to the market or what is your biggest concern about the whole thing.
Well -- Truthfully the big picture as I think this is where what we are witnessing right now is great theater.
This is the politicians putting on a great show for us.
And what we're getting out of Moody's and S&P is live criticism as if we're not having await further the New York Times -- next dated to critique -- show.
It this is grandstanding at it's finest were watching this go on.
I don't believe that this that anything will come of it I think we're gonna go to the eleventh hour as as politicians do what they get paid to do.
But it if -- were to happen it's not going to be pretty absolutely about it and I think.
But I don't think any politicians willing to -- not being reelected because they don't want that on their shoulders.
And that's a very big factor in all of this and you make a very good point thank you for joining us -- -- in -- I was so take it I just wanted to diet -- you can go back to our guiding in the back there -- So -- -- taken out -- -- -- have a lot of hot stocks to watch from JPMorgan to Yum! Brands ConocoPhillips Capital One.
Those are some up some down -- those of some hot stocks to -- we'll keep an -- For it tickles thank you so much we'll see all today meantime tensions are rising as the deadline to raise the debt ceiling -- -- so close.
Yesterday's talks ending abruptly went GOP aides say the president got up from the table and walked out.
Peter Barnes is and -- did -- Are they living that the talks are they stalled.
It looks like they're deadlocked here day again but they do return the White House this afternoon for another round talks about 4:15 eastern time after that tense meeting yesterday and a warning from Moody's that it is putting America's triple -- credit rating.
Under review for possible downgrade.
The tensions between the president and house Republicans escalating as the two sides appear deadlocked over cutting a deal -- cut -- -- getting a deal to cut spending and raise the debt ceiling sources say.
The president abruptly walked out of the cabinet room at the end of that meeting yesterday after house Republican leader Eric Cantor continue to press the president.
To agree on a short term increase in the debt ceiling to allow budget talks to continue.
And allow the government to avoid defaulting on its debts on August 2 the president said no he wants a long term deal at least two and a half trillion.
To get the government through into 2013.
-- Peter thanks so much Peter you'll be all over the story all day long as -- take carrier south.
Here's a quick look at commodities oil gold and silver gold at a new record earlier oil -- and silver as well.
Imus in the morning continues right now on Fox Business giving you.
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