a big a turnaround in the markets of this morning. it will be interesting to see how it works out. a lot of change in the markets of this morning. breaking overnight opec reportedly is discussing a proposal to cut oil output by up to 1.4 million barrels per day next year. the oversupply that could continue to weaken the price. this news coming as a food prices plans to a new low going to the lowest level in more than three years. we are seeing oil prices rise $56. it's up 1%. stock futures still down however. the monster fire in northern california now claiming 48 lives. many people are still missing after the campfire destroyed about 8,000 homes.
it has burned an area about the size of denver colorado. claudia is in paradise california with the latest. >> they go another date going through the smoky wreckage. the death toll steadily rising. as a flames continue. firefighters are gradually gaining control of the place. they say the increasing containment is like keeping them alert and on their feet. authorities are hoping to soon reopen evacuated areas. because of the woolsey and fires.
other neighborhoods are just too close to the flames. another reminder of the fire's unpredictability. they should taper off soon. but now there is concern about rain in the forecast which could trigger mudslides. also the smoky air quality. residence in northern california they filed a lawsuit. accusing the company blaming them for the most destructive fire. everybody's talking about that stock.
he was reviewing the safety analysis. they were coming after the alliance aircraft. the wall street journal is saying the review as part of the overall investigation. the plane is safe. and we ensure that our airplanes are say. in fact this airplane went through thousands of hours of test evaluation. working with the pilots and we been very transparent. and being fully cooperative.
they report life in washington. good morning lauren and jerry. the majority of the house changes from republican to democrat now already on capitol hill. an orientation for those newly elected members of congress. some questions to about who will be the majority and minority leaders on either side. they are not indicating whether they will support jim jordan or the current house majority leader kevin with heart the asthma the asthma majority leader. i have dine been close with kevin mccarthy. i think very highly of him. i think is a very good conservative. i think he is a smart and tough opened individuals.
some new faces as well as some familiar faces. the secretary of health and human services and are present blue --dash mike bill clinton is coming back to capitol hill. i have never been elected member of congress. it's good to be a next or seeing experience. i'm used to making policy with them. but i've never actually been a member myself.
they were earlier. the dow is down 30 points and poised to open 28. nasdaq down 27. we saw oil pull back pullback by 7%. there is a new report that it could cut production by up to 1.4 million barrels per day next year with that is up 19 cents. and across the pond. european stocks open lower. the german dax down 53. mostly lower in asia. the one green arrow is in japanç starbucks announcing job cuts but your favorite barista may be safe. we are coming up on 5:30 in the morning.
it is wednesday november 16. -- november 14. let's get straight to the breaking news. the price of oil. we are seeing a small rebound this morning. they are discussing cutting oil output by up to 1.4 million barrels per day. it has lost over a quarter of its value since early october. we are joined. cut or no cut fell. does opec had influence anymore or does donald trump and his twitter account troll this market. i think that our winning the tweet were right now. donald trump cut itç treat oil out of the ground. and i will tell you what. even when they talked about a production cut. one of the reasons why.
they failed to respond. they were talking about a production cut. it looks like everything was heading in that direction. and we did not hear a response. are they afraid of donald trump. i remember when bill richardson flew to opec. we have this report that they might cut production. do you think they do that and does it matter if they do, do that. i think that this point right now it does matter. there probably can have to cut production. and if they don'tç i think what that u.s. oil producer has is a real problem. right now, this is not good for that u.s. shell producers.
they are really tight with the balance sheets right now. it's kind of a break that could actually lower u.s. production out breaks. there are summary bottlenecks and infrastructure problems getting the oil where it needs to be. as i easing up at all. it is going to probably late next year. but in the short term it isn't. that's another issue. are they going to continue to spend money to expand capacity. at the prices are low when you're not making any money. it does have ramifications. there is always some kind of ramification. some of them are good. but sometimes they're not so good. if the oil majors in some of the shell producers and even the smaller players are pulling back on spendingç it just goes up in the end.
people stop spending money. and the start investing in the future. you are left with the short supply. that's one of the reasons why we saw the big spike earlier in the year. where do you see oil ending the day today. i think we will close higher. the 13th day is always the term. lucky 13 organ attorney there. while clinching oil prices have been taking their toll on stocks also. now the commodity is turned around. to cut production by up to 1.4 million barrels per day. the senior port folio manager. joins us now. walk up to the show. great to have you here. it's the way those stocks have
been trading with oil.ç i understand that there are worries about global growth but isn't some of the lower oil prices good for stocks and companies and certainly consumers coming into the holiday season? >> the weaker oil prices are certainly a boon to the consumer. they always help consumer strength and confidence as we look ahead. we think it's more of a supply and demand. a tremendous amount of supply in the face of weaker production ahead. we also think the weakness in some of the commodities and stocks recently could be attributed it to the to the recent dollar strike that we've seen. they continue to tighten. there is no any type of slowdown
in their campaign. and it's not only on the front end which is the target rate but also in the quantitative tightening campaign. they slowly unwind their bond portfolio. it's really starting to stand out amongç that world. let's get back to oil here for a second. companies have a big integrative major. they are not falling as much. with that more concretely. we think again this is more of a supply and demand dynamic. we don't see any weakness in the economy the broader u.s. economy. as he saw in 2015 we sought really notable saw a really notable drop in crude particularly that was really driven in our view of the fear of the real slowdown of the u.s. as in this really worried about global demand.
they said they expect oil to finish the day higher. do you expect them to finish their day higher.ç and the fact that they have turnaround on this. does it mean the global economy will be okay. the global economy certainly there is some fears that you have seen a slowdown there. but the u.s. economy and the strength is really starting to stand out. i think that's really the key. when they speak. it will be interesting to point this out. the u.s. is really starting to stand out from a growth perspective. they had been concerns with what apple has been saying about
handset sales. i big debate out there in the market about what is the fundamental economic growth. great to see you. thank you for having me.ç starbucks is doing something unpopular. trimming their workforce. it is a laying off 350 employees in a restructuring effort. that's about 5% of the global corporate workforce. this is not included include any employees who work in its cafés. the shares are up 18% so far this year. home depot they have something to say about the housing market but i thought they put out pretty impressive numbers yesterday. during the earnings call yesterday. they suggested that the pace of u.s. home sales was slowing.
they also noted a lack of supply of homes. shares of home depot are down 5% year-to-date.ç part of the company's response to the fda's call for changes they also plan to stop selling flavors like mango. the company says has age verification technology. about a fifth of all high school students date. >> i think it's a great idea to put the limits on it.
>> the football games are scheduled for this monday night in kansas city. this is a big problem for a lot of people. >> what an interesting story here. the best match of the season the super bowl preview perhaps. it will not be played at aztec stadium.ç because the nfl said the combination of the difficult rainy season and a heavy multi- event calendar at the stadium had resulted in significant damage to the field and it prevents unnecessary risk to player safety. it will be played to the rams home.
the team and already begun practicing in colorado to get adjusted to the high altitudes. to this destination event. the rams make lemonade from lemons. they will offer thousands of complement or he tickets to the game. to those affected by recent tragedies in the la region. a great move by the rams. any team needed to sign the franchise tender yesterday. he is in eligible for the rest of the year. the golden state warrior's head him. because of a confrontation with teammate kevin durrant during and after monday's loss.ç boston red sox minnick or jerk led them to a team record 108 wins this regular season.
tonight we get the cy young awards. despite the hardships that become a new york jets fan sometime. it is not a protected class. after 57-year-old fan drowned his sorrows sunday seen his team get trashed by the buffalo bills. he got behind the wheel and rear-ended another vehicle. i have to smoked joint. busted for several charges bought alcohol .13 over the limit. he got wasted because the jets suck. not a protected class. i have no words. anything you say can and will be used against you.ç thank you for that. you can catch the sports report on the fox news headlines. i don't how are you in a top
that but we will try. the tao is falling for the fourth straight day. nasdaq dropping 34. coming up as a lame duck congress gets to work today. while they what a push for more tax cuts. it is the right principle. in the right policy. and it should overcome politics. in time is money. the record setting price of this watch next. you're watching fbn:am.
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>> oil prices moving higher for the first time in 13 days.ç prosecutors say he shipped so much cocaine that every american could of have their own line. the real leader is still in mexico. day two is expected to be a four-month trial and it kicks off today. half about self driving car unit. it's ready to shift their first driverless car service in the next few months. it's gonna cater to individuals as well as individuals. we will roll out. the most expensive watch upper
auction. it was actually named the osprey. $3.8 million. lawmakers back on capital hill. they haveç a long to do list before the end of the year. it may be a lame duck congress but can you get anything done before the democrats take up the house in january. the contributor. in the ted harvey community. welcome to you both. the list goes on and on. were talking tax cuts. with funding the government.
can they get it done before december 8. i think it's going to be a real challenge and here is why. because of the impending leadership fight in the house. republican conference. they are challenging kevin mccarthy. republicans do have both chambers. they have the ability and the straight shot to get things donç and they could pull it off. but i think it would be one thing that might be standing and their weight is the fact that this leadership fight might turn into a battle where jim jordan tries to make them look weak. unfortunately i worry that politics is getting in the way. unbelievable. they can't get out of their own way.
let's just go to that leadership battle. i thought, that we were and have a can have a shoe in for kevin mccarthy. what you see in your crystal ball. we will have a more conservative caucus. they have the votes necessary to win. let's talk about some of the debates that is going on right now.ç not even the republicans agree with that. they had 5 billion set aside. can they overcome this. will there be leadership a forward. it seems like even donald trump may be dialing back just a little bit on this issue. i think this is their one there one opportunity to get this
funding done. i live a very narrow window. and i think if they are very serious about moving the ball forward on some of these core issues they really defined what the republicans have third stood for. that present shop along with the leadership of the house and the senate had to come together and huddle and say we are not willing to have the perfect and the way of the good. come january a divided government is can a scene in the way of what we want to get done. i do think it's gonna take unity amongst republicans in chambers by the white house to get things done.ç jeff flake, they are trying to get legislation to protect the investigation as i can go anywhere. i think the president has been pretty clear about this for many months. he has no intention in stopping
the investigation. one last thing that he can try to make a name on for himself. before he is out the door. i don't think the media or congress needs to be worried about this issue. i think the president has been pretty firm on it. nancy pelosi has been all over the airway saying that she has the leadership firmly in hand. and yet we keep hearing about these groups in the house of democratic lawmakers. they want them to agree to certain specifications. is she shoo-in. >> more likely than not. he has a challengeç but i think he's can win. this is not the first time she has faced a challenge amongst her colleagues to be a leader in this case. the new members are more
progressive and there can a try to hold pelosi's feet to the fire and take this opportunity. even though we are still all republican until the end of the year. incorporation you for coming on. great to see you. the gut wrenching fall. as they wait for the production cut. we will have well had overseas reaction when we return. re else. there are stores open late for shopping and fun as people seek gifts or even give some. not necessarily wrapped with paper and bows, but gifts of kind deeds, hard work and cold toes. there's magic in the air, on this day, at this time. the world's very much alive at 11:59.
they are cutting production. ahead of next month's meeting. the chief market analyst. it is joined now. it's really what opec is trying to do. in the crude prices and i think there is a concern that the selloff that were seen on the back of rising end of tories. they've been rising consistently for the last few weeks. about $60 per barrel. whether or not they will succeed in doing that when inventories are already high.
and now we will see evidence of erman gdp. will see evidence of both contracting in the third quarter. i think they are concerned that we could see these spiral out of control. as he gets what it's designed to do. now that the u.s. is a swing producer. that is true. we do have a lot of oil. now we need to just get it where we need to go. the price of oil is up today. but just barely now. we saw a nice 1% rise for west texas earlier. now her up at 10 cents. they have a boost for a consumer. it could actually be good for the u.s. economy. it matters how we look at it. thank you so much for your perspective this morning. it's time for mornings with maria. good morning maria.
thank you so much and we will thank you so much for joining us. happy wednesday, it is monday, november 14. just before 6:00 a.m. on the east coast. amazon has been official the new york in virginia for the new headquarters. this is a largest economic development initiative that has ever been done by the city, or the state or the city in the this project will enable virginia to provide needed investments in education, and infrastructure that will help individuals and businesses across every corner. of the commonwealth. they are raising new questions in controversies this morning for local communities. we will take what's being said this morning.
oil prices plunging 7% in the trading day. at the sharpest decline and three years. edging higher at 5586. the futures this morning to show a mixed market at the opening of trading.ç in the music is lower this morning by 16. after tough day yesterday. they come off of the third in a row. in europe this morning let's check the accident. -- check in the action. in asia overnight markets mostly lower as you will see there with the exception of japan. california in crisis this morning the death toll rising from the wildfires in the national guard is stepping in to search for those missing. they will visit the fires on today.