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FBN’s Diane Macedo breaks down the stories moving the markets ahead of the trading day.
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Imus in the morning program on the fox -- Good morning everyone shares of apple are down more than 3% in the premarket after the company reportedly cut orders for iPhone 5 parts due to weaker than expected demand.
Sources -- the Wall Street Journal Apple's only ordering about half of the screens it originally planned to order for the phone.
From the January to march quarter and also reduced orders -- -- The journal says the move comes as apple faces more competition from rival Samsung.
And other companies that make Smartphones that run on Google's Android operating system.
Meanwhile looking at the markets in the US investors are being cautious ahead of a big week.
For earnings are seeing futures down across the board Dow futures are down twenty BS -- down about two and the nasdaq's down sixteen.
And thanks to the fiscal cliff -- some 134 million Americans are seeing their taxes go up and their paychecks.
Get smallest of the big question is how will this affect your family or your business Lawrence -- -- -- has more on that from the newsroom.
I -- -- and good morning -- of -- told me that his payroll department network told.
The whole company to stop calling them because yes your paycheck is smaller and the increase.
It's true they don't need to get phone calls what you're seeing is right and you might have felt it -- 134 million Americans.
-- their taxes fill up because of that two percentage point increase in the Social Security tax so let's take an average spamming for making about 64000 dollars a year.
-- annual tax bill will go up by nearly thirteen hundred dollars at thirteen hundred dollars less to be spent at the movie theater the food store.
At restaurants they'll start to trend down when it comes to certain brands its disposable income and we are definitely gonna feel this payroll tax hike.
And -- -- people's paychecks are shrinking their gas expenses are growing what gives here yeah I know oil prices today right around 94 dollars a barrel in coming into today's session even higher out of nine.
In the past ten sessions all of that eventually trickles down gas -- So basically between October and just a week or so -- gas prices were coming down every single week down down down down down in all the sudden back up -- Seven cents in just three weeks the national average -- -- -- 32 cents a gallon right now.
And you know what's gonna happen the weather's gonna get warmer we're all gonna drive more.
And they're gonna go -- high so that short temporary relief that the gas pump now over.
They never last very long does it now well all right at Florence and the that -- from the newsroom -- Tyler we the other.
So that's 1813 Detroit auto show is getting under way speaking of gas prices an auto makers are preparing to show off.
More than fifty production in concept cars at the industry's most important event are on Jeff Flock.
Is covering all the action at the show and he joins us now with -- preview what kind of fun stuck yep -- -- it.
Diane good morning to you the industry is back we've got all fun stuff over the ship the exhibit here this morning take a look this is the new Corvette under those skins what -- show you what that looks like in just a second but first.
Just in.
North American car and truck of the year take a look at it as a clean sweep.
For Detroit take a look at the pictures it is Cadillac GM off to a big start here so far.
The Cadillac -- TS to 2013 car of the year and that -- followed up.
By another Detroit winner at that is Dodge Ram want to Dodge Ram used to be Dodge Ram now -- -- its own brand.
It's -- ram pick up but you know there's been a lot of talk at the show and being this show of the truck the year of the truck.
I'm over your -- Chevy Silverado is right now but I tell -- Silverado and F 150 the best selling truck in the world.
Both battling it out but sneaking into.
The ram 15100.
-- version of the pick up truck big seller for them as well what else is on tap at the show all.
The Corvette the -- Iran over here is perhaps you see that last night the Corbett got -- -- take a look at the pictures of this new Corvette.
It is the seventh generation Corvette.
First time it's been a redesigned it along time and it looks very different it's a real -- -- a lot of people debating whether they like the designer not but Natalia.
It's a little bit more European I think in flavor.
A lot of people like that as well what else is coming up well.
We've got an electric Cadillac for -- tomorrow there are new jeeps about to be unveiled as we speak right now and later this hour.
At 855 I will have the new CE OO of the Ford Motor Co.
that is mark fields soon to be perhaps the CEO.
We'll ask him about that and ask him who's in charge of Ford anyway.
That's it from now for now Diane.
Right Jeff flock of best events Jeff -- I try with.
Thank fill out that -- -- live from Detroit -- humidity 55 to hear that -- -- -- With Ford's CEO in the meantime let's take a look at how commodities are doing all totaled unlike the markets have actually been to the upside.
This morning we've got oil now up by about forty cents gold -- Almost eleven bucks coming up this hour Imus is gasoline -- Rivera Fox News and now here's the -- -- live.
On Fox Business.
