What's Up On Wall Street - Jeff Cox, CNBC.com

Well good morning welcome back to the financial exchange it is to handle five. And the stock market has been open for about 35 minutes -- you okay. I'm current there's just some things going on right now and assure you you talk here to go to -- in fact -- they don't. I think the pressure here he can't it's brilliantly it's like the it dials go and now -- your waning days OK so yeah the thousands of red hats while points down NASDAQ down seven S&P 500 down two. Golden State and out eight dollars you've got oil trading up 59 cents and then you've got the tenure US and a slight uptick at one point point 91 Bernanke speaking as we letting you go and I am a Brandon not here and and and come back when your little more comfortable. We're joined now by Jeff Cox from CNBC. And I guess I think Jeff we're working our employees to partner. Well it is it has got to. -- -- summertime you know. China but that's anybody tonight I'm gonna get in trouble and only going to be exceed human resource is is gonna come down to have that conversation that never plus -- They wanted to talk to eight last week we reported. On the drought conditions in the midwest. And they were the worst that we've seen since 1988. Now being reported on CNBC that this drought is the worst since 1956. Yeah it sure is and you know -- board we're seeing that reflected in India commodities prices across the border. The I think this is stepping in general ripple effect. Course cords still. I was shooting for the -- here's soybeans are up in writes in all -- all the other. Fund -- gold not holding out so well interpret. If it it's that this is going to be a story that certainly you know according -- -- and it is too which occurred going to do you feel it. We did hear it a week if you look at the grocery store but we can also seated gas pump positional course. -- right -- the corn crops. Yeah exactly I think as we talked last week in corn and gas -- -- -- -- -- that really hit consumers the hardest when you see prices go up it's it it has a ripple effect and it goes kind of right across the spectrum so yeah -- even though we had this kind of teams PPI number today. I think that consumers are literally have to watch the wall it's coming and going forward here. What are the NBC meteorologists. Telling you. Down there in New York are they saying hey it may we might get some rain in late July and save the cropper is that the -- is there any rain in the. I mean you know you get some scattered showers here and -- Brad I think that once you get to the point of they're you know if it it's starts to not matter after -- you need -- -- -- yeah yeah I mean -- at a point point no returns for the crop goes and and it is you know you can get all the -- you want after a certain point and it just. You know that that the crops come over. Look at is that why we're seeing oil prices rise they've got oil at 9116. And one mariners. At least part of it but you know water or milk at its. In the springtime leaned up to Memorial Day oil prices grounded between immoral and fourth of July they go back up and in Europe none that I'm sorry I ever theatre where Iraq's armed. Going going it's Memorial Day. That typical are going to memorial bit for Atlantic and down and after fourth of July -- historical back up again and that's just the way the market works well -- -- -- honest in the same thing here. What do you think about the earnings that we've seen so far today Goldman Sachs blow out numbers. A Johnson & Johnson beat by -- not nothing exciting there. You Goldman's numbers word. You know mice compared to expectations. Split in -- expectations weren't good in the that they do they did you know. Ratcheting that down. Almost a daily basis. Their investment banking business certainly is not to looks so great at this point that they've they've lost a lot of ground there so it's shaky and I think that this is going to be you're. Numbers for the space coast -- Earnings go over all I -- it if it's just if you know that -- up against a lot Europe against a construct against Europe during the Europeans Larkin and you know I think so for worldly about a quarter of the companies that have. Reported this earlier excuse that has beaten on the bottom line and off line. And I think you're gonna see that goal on here it's not going to be a real good earnings season it it's not going to be. A real rosy picture. I think it's look at -- Rico so yeah yesterday go to all right good. -- a lot of that was gas I I looked at it in -- -- to look at today it in this in the Wall Street Journal gas sales were down one point 8%. There was a big shift from -- I think it was kind of just generally. Across the -- Consumers are weakening and now interestingly enough we saw some housing numbers Specter about today that looked good that builders association it is seven minute exit -- as potentially abortion was just there. -- it's something I'm doing. I haven't crawled to the Diana all the clothes on today for just those couple minutes ago talking about the numbers forget what it's a multiyear high for -- for builders' sentiment so. That kind of gives you some hope there that at least if nothing else we can have a two speed recovery but I am very interest in and out of market just reacted that some of these headlines that have come across from media effect we've lost the early gains from the market here and this market content he continues. To to look for Ben Bernanke -- as as -- -- and I'd that's -- -- I don't understand it but this is the phenomenon that we're just -- time and time again. They want it to -- engines back finally feel better noted. I don't -- hi how are generally we reported that Marisa was he is is is pregnant Jim Wilson know how far along she is. I think that she's probably just in there should but he could be first trimester -- -- -- -- -- as well along as far as the the pregnancy goes but that's kind of a kinda had -- uninteresting gut twist. To that story -- in August that the natural question being is you know -- she -- have -- just you take this job and then take paternity -- you know just a couple months after taking. -- actually. Probably she's back within one week. That's my act like it's she's a workable teens well. I. Yeah. Could we we can't win honestly don't know yeah. -- -- can come home so there's an elaborate on. In have to think about it you know we. You know that they have some -- right here -- to have had children and have come back and so move you know taken pretty good about it I hope the picket. It you know it's a case by case kind of thing and yeah I mean changed certainly right that that that's just. But to me that there have to be a big gap there but it means that. You know there could be -- I have to imagine they were at their conversation though it could force she was named CEO -- Unity she didn't tell them right if she goes to work for the for. The links on what you think that that will be the oil that. They've had so much trouble with C East -- election night -- you it's it's been a revolving door for the. That effect company if they have trouble with a lot of things and yes -- selection just kind of being one of a very good problem put herself. May be careful you would now have an affiliation with Yahoo!. Yes it's certainly don't seem like and you boxed dad and delegates that. That's a good thing. We are that we were were kind of engage them then our partner engaging with them at least that's SA aren't there -- -- finance -- it's heartbreaking work its roots. Good deal and -- were happy duo and our expertise to do them and kind of Britain there's little -- opened sharp. Boat traffic for -- excellent school. Good -- Jeff thank soccer time ocean credit I've kept -- Jeff Cox from CNBC joining us today on the financial exchange.