giving us a lesson in ethics. michael flynn to be sentenced tomorrow in a d.c. court. have a great evening, good night from new >> we have in a 9-year bull run and sometimes they run their course but overall healthy. cheryl: may be healthy but the selling over? the dow hitting another 500-point drubbing. drubbing, lauren. lauren: good word, it was ugly. we see investors buying the dip this morning, taking a look at futures, dow is up 79, nasdaq up 3 and 3 quarters. cheryl: taking a look at oil, big news in oil, closed below 50 bucks a barrel, we are now below 49 a barrel, 48.33. loss of 155.
>> in europe stocks opened lower, you can see the dax in germany now changed scores, it is up half percent and the other markets are down. >> stocks in asia moving lower, down nearly 2%. lauren: deny former cbs ceo les moonve loses on 150 million-dollar pay package, at least for now. fbn:am starts right now. ♪ cheryl: 5:01 a.m. in new york, tuesday december 18th. good morning. lauren: good morning, i'm lauren simonetti. new overnight, talk of defiance in closedly watched speech, the chinese president xi president saying, no one is in a position to dictate to the chinese people what should or should not be done. cheryl: big comments overnight that we have been following, he also said this that china would
not develop, quote, at the expense of other country's interest, reiterated opening chinese economy but not unveil any new plans to counter a slowing economy and trade war with the united states. of course, the chinese economy, second largest in the worry worries about slowdown. lauren: we want them to bend when it comes to trade negotiations, i don't know. influential voice right here in the u.s., now advising our federal reserve is not raise interest rates tomorrow, the editorial board of wall street journal writes this, fed chairman jay powell should not pull the trigger, what to do they write, the right answer to ignore politics inside and outside the fed and follow the signals that suggest prudent pause at this week's open market committee. cheryl: more on the fed'stion from our own edward lawrence. >> good morning, lauren and cheryl, it is likely that the federal reserve will increase this week, fourth rate hike this
year, and also likely we will see more outrage from president donald trump, the president tweeting out saying it is incredible that with a very strong dollar and virtually no inflation the outside blow burning up around us, the fed is considering yet another interest rate hike, take the victory. economic advisers agree with the president, they worry that the federal reserve will start to actually slow down the economy with the rate hikes. white house economic adviser peter navarro says he does appreciate and encouraged by the change in tone by the fed r. >> importantly the federal reserve announced that it's no longer going to be announcing interest rates far in advance, it's going to look at the data instead and make recent choices. >> federal jarome powell changed the language saying we are now neutral now signaling pause in interest rate hikes, the fed saying in their statement that employment is strong but they
are starting to see business investment slow down a little bit, something they are watching, possibly signaling there could be a pause probably not this week but maybe in 2019. we are looking at probably forecast of 2 or 3 more rate hikes, we have to see exactly where the pause comes from, back to you. >> also in washington, the clock ticking but president trump leaning against short-term continuing we solution to keep the government open and avoid a partial shutdown. lauren: more now from blake berman. blake: according to sources here at the white house who are involved with the discussions and meetings i am told that president trump does not want a one or two-week continuing resolution. that would just essentially punt issue of avoiding government shutdown further into holidays or the very beginning of next congress. the white house continuing to standby the president's threat that he is willing to shut down the government over funding for the border wall. >> the president as he mentioned last week he would shut down the
government to increase funding for border security. now, the key here is we are going to see what deal the senate brings up and looking at those details we will basically make a determination in which direction we are going to go. blake: democrats are asking less than a third of that on what they call border security. president trump continues tweeting, any time you hear a democrat saying you can have good border security without a wall, write them off as politician following party line. time r for us to save billions of dollars a year and to have far greater safety and control. if a deal is not hashed out by friday evening, then roughly 25% of the government will be shut down heading into the holidays. back to you in new york. lauren: goldman sachs with warning signs in dealing with one mdb, goldman pushed for asia
business, lacks oversight of partners all led it to dismiss several red flags, malaysia did file criminal charges against golden and former executives for their role in million dollar fraud. cheryl: bank fired back, quote, certain members of malaysian government and one mdb lied to goldman sachs, outside counsel and others about use of proceeds from these transactions, remember yesterday goldman sachs plans to fight the charges but still the stock was under pressure yesterday and year to date the stock is down 32% along with the other financials we should say as well. lauren: les moonves will not be walking away with any money. cheryl: this is big news. tracee: will not pay les moonves
any 120 million-dollar severance package and fail today cooperate fully the investigation. cbs is down 18% this year. cheryl: can't imagine that mr. moonves will sit quietly. >> no, i agree. cheryl: johnson & johnson really hurt them. tracee: ran papers in new york times and wall street journal defending products and practices as it continues to deal with the fallout from a reuters report that said the company new that cancer-causing asbestos was in baby products for decades, johnson & johnson shares fell yesterday on top of 10% last friday when the reuters report came out, $40 billion has been
raised from the company's value, johnson & johnson down nearly 5% this year. lauren: a lot of people are saying that 40 billion that was raised was overreaction but still lawsuits piling up for that company. let's talk tech, big and influential name in the tech world is taking a stance against facebook. tracee: veteran tech columnist walt announced he's quitting facebook and instagram, quote, no longer comfortable with the policies and actions of the company. his departure follows facebook recent photo, if the company or is service change significantly better in my view or become regulated i may resume regular use. facebook is down 18% this year. cheryl: most respected tech journalist in the world. tracee: if they are leaving. lauren: he will stay on twitter.
i tweeted comments out because that packs a powerful punch and fatebook should be worried. cheryl: thank you so much, we will see you in a little bit. take a look at futures this morning after yesterday's big beating, that's a better word, beating. lauren: not drubbing. cheryl: i like beating. it was tough, dow up 81 in premarket, s&p up 9 and a quarter, nasdaq 29 and a half. all right, still ahead we will stay with markets this morning, they've had a wild ride for the year but the economy is healthy and the white house says, hey, have no fear. >> the u.s. economy is booming, you know, we have data on friday that jacked up our growth estimate for fourth quarter all the way above 3%, the probability of recession in the next 12 months is about zero. cheryl: does wall street agree with all of that. speaking of christmas, things get frosty between snowman in oregon highway.
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move to the enterprise-grade cloud that's built to handle all your apps. ♪ ♪ the ibm cloud. the cloud for smarter business. cheryl: dow industrials, s&p 500, the nasdaq all falling more than 2% yesterday and the question is now are we getting into a bear market now. is it all around the corner, what market watcher telling own maria bartiromo that he thinks the fed is going to act this way next year, listen. >> i think the fed is going to skip march because of the imposition of the trade between the united states and china as well as the brexit deadline is coming up at the end of the month, maybe we get a quarter point high in june but i think that's it. cheryl: bullish forecast from phil orlando. guys, good morning.
>> great to be with you. >> good morning. cheryl: phil orlando sounded bullish, what do you say? >> i'm glad someone is bullish, cheryl because the stock market isn't. look at yesterday, a thousand lows and these aren't small off the wall names, netflix, citigroup, bank of america, apple, home depot, all of the stocks are already in bear markets and in fact, the s&p 500 has undergone what they call a death cross basically means that the moving average has moved below 200-day moving average, the trend is down and still down, cheryl, and until we see some evidence that the threat has changed lower prices are ahead. cheryl: do you agree with that, do you think we are heading to tough times here? >> i think there's pessimism out there, when there's extreme pessimism, 6 to 12 months you see investing.
cheryl: do you think we will have rate hikes like phil orlando says, what makes you so snoft. >> i think the economy stays strong, look at the consumer, good holiday shopping season, lower gasoline prices and employment is good, certainly the fed could take the punch bowl away and keep raising rates which i think is one of the big fears out there and certainly the whole u.s.-china trade thing could derail, but absent those coming to fruition, i think things look good. cheryl: jon, jonathan, i know you're more bearish, unemployment is looking great, gdp over 3% on annualized basis, all things say that the economy is strong yet the markets seem to be very, very jittery. maybe they are getting it wrong. >> yeah. cheryl, and all those indicators like consumer confidence, those are all lagging indicators, we always see that markets are the lead indicators, the markets are what moves first and if this is
a bear market, historically we have to go back and take a look at history, they tend to last about a year, year and a half with average drop of about 40%, so if this is a bear market and a lot of stocks are in bear market then we have more ways to go despite some of the pessimism that's already out there. cheryl: we are looking at names that actually dragged on the dow, dip folks, if you're watching, start buying dips, amazon, apple. you can't throw them in bear market, that's what the market seems to be doing. >> time to get more selective. at the beginning of economic cycle that's when the rising side lifts all boats, it's time to own quality and be selective and those are the one that will perform. cheryl: jonathan, i want to ask you about health care really quick, big piece of selloff
based on the judge's friday decision that obamacare is unconstitutional. is that group, do you think is getting beat up. at tend of the day folks will get older and need hospital care. >> indeed, a lot of health stocks, cheryl, had been among leaders including names like merck and pfizer. any time government regulation gets involved uncertainty level rises and the rules raises uncertainty level more now as investors had placed bets thinking they knew what the rules are and they are changing and allocations will change as a result. another area where more volatility is almost assured. cheryl: volatility, real quick, joe, you're more bullish on the market, there's one thing that makes you nervous, what is it joe? >> corporate debt. i think likely while i don't think the 10-year goes up much from here, credit could expand and derail some corporations
ability to refinance balance sheet. cheryl: debt for small businesses as well if they were to talk about that later on. thank you so much. good to see you. >> thank you. lauren: major markets are waiting for santa claus rally, to get back in black 2018 futures covering slightly, dow is up 84, nasdaq up 30, well, coming up, are you tired of the 9:00 to 5:00 well you and dolly parton are not alone, while richard branson says why traditional workweek may soon be a thing of the past, investors are worried about elon musk latest tunnel venture and not over whether it'll be completed, stay tune.
>> let's get you caught up on what is happening now, futures recovering sharp selloff, s&p up 9 and 3 quarters, nasdaq getting almost 32 this morning. of course, still growth concerns out there and interest rate concerns, well, president trump announcing $5 billion in aid to american farmers is meant to help agricultural industry
affected by trade with china and other foreign countries, the president tweeting in part, quote, our economy is stronger than ever, we stand with our farmers. now, this is the second round of payments all part of a 12 billion-dollar release package and the senate could vote on criminal justice reform as soon as today, new legislation took a big bipartisan step towards the president's desk yesterday but even with the white house endorsement 12 republicans voted against the bill with arkansas senator cotton to derail final vote. sending global position satellite into orbit. vice president mike pence will be at cape canaveral to watch the launch and minutes later jeff bezos blue origin will send another capsule to the sky. call this chaos on oregon highway.
[laughter] lauren: cheryl is laughing. ultimately, pushing to the ground. [laughter] lauren: what are the two snowmen doing? tweet us are they fighting or doing something else. cheryl: i don't know what that is. lauren: they are getting frisky. cheryl: okay. lauren: see what janice thinks about all of this. cheryl: affect millions of travelers across the country. lauren: what were they doing? >> maybe snow people in the next 9 months. lauren: thank you, janice. janice: let's check on the temperatures shall we? 27 in chicago, 32 in kansas city, feel like winter outside for folks even down in texas where it's 40. things start to ramp up for travel wednesday, thursday and
friday and this is part of the reason, we have a storm system moving to west coast, pacific northwest will get a lot of rain and some of the energy will move across the central u.s. and eventually the east coast on thursday and friday bringing travel delays, forecast prescription, heavy rainfall, several inches of rain and feet of snow in the northern rockies, here is forecast today, pretty quiet, but again as we go through tomorrow, thursday and friday, that's when we will start to see travel delays, a lot of people are asking about white christmas, here is your forecast prescription, looks like the east coast, i mean, great lakes, interior northeast could see snow, across the upper midwest and northern plains but i don't think we will see a white christmas across southeast or gulf coast. all right, ladies, back to snowmen. lauren: they can drive home. true confession at 5:00 a.m.,
thanks janice. cheryl: we will take a look at futures at 5:00 a.m. it's 5:23 right now. we are looking higher after yesterday's blood bath, i will come up with new words for the selloff, dow up 98, s&p 11 and a half, nasdaq up 35 and a half. still ahead this morning investors are keeping a close eye, of course, on the federal reserve's decision, that's coming up tomorrow and president trump is making a last-minute pitch to jarome powell. is the pressure going to work? and looks like the grinch has landed at ups. >> what i'm wishing for is really, really important. >> well, i might send a letter. if that's important you should just ask him face to face. oh, but that's right, no one has ever seen him. cheryl: why calling ups heartless. merry christmas. we will be right back.
and nasdaq 32 and a half. lauren: stocks go up and oil goes down, 48.37-barrel. cheryl: in europe stocks opening lower as well, possibly taking lead from the u.s. but now you have in green up almost half percent. lauren: stocks in asia all to do downside japan nikkei falling 2% overnight. cheryl: tired of 9:00 to 5:00 job you're going to every day, billionaire richard branson has advice for you, fbn:am continues right now. ♪ ♪ cheryl: coming up at 5:30 tuesday december 18 in new york. lauren: what's a 9:00 to 5:00?
tomorrow major day for portfolio, federal reserve wrapping up policy meeting in 2018 and political pressure to get their policy right, so will the fed hold off on raising interest rates for the fourth time this year, let's bring in wells fargo senior economist mark, mark, good morning, you say the fed should not hike tomorrow, why is that? >> well, when you analyze the fed you have to separate out from what the fed should do and what they are going to do. we do have a rate increase in our forecast and the recent i don't think they should raise rates is that the combination of the interest rates hikes, they've put in and the reductions in the fed balance sheet and the really aggressive ford guidance that the fed provided the markets has produced a heck of a lot more restraint than just interest
rate hikes alone. widening and credit spreads and risk of behavior that consumers and businesses adopting that tends to lead to recession if it's not fairly quickly. i think that they should pause. i just don't know whether they will or not? lauren: it's tough, i would not want jay powell's job, the fed has to answer to the president in many ways, that's political pressure that's on mr. powell but they have to get the policy right and the wall street journal editorial board very strong piece saying there's no sign of inflation breakdown and they say fed should pause and not hike tomorrow. >> well, i think they are absolutely right, there's really no sign of inflation and not only is there no sign of inflation in inflation data but when you look at the more leading data in terms of inflation there's no sign that
inflation is going to heed up any time soon and with the decline with oil prices we will catch a break at least in first half of next year, plenty of time for the federal reserve to hike rates, if they don't hike now and take a pause and the company reaccelerates and credit spreads narrow, they can always raise the rates in 2019, there's plenty of time to do it. lauren: the other thing to consider is balance sheet and that's having more effect than higher interest rates, what's your thoughts on that? >> well, it is and i really am a little at odds with the statements that we hear from the fed that -- that, oh, it's having an impact but only the equivalent of maybe three eighths but when the fedex up and downed balance sheet ben bernanke said that the reason they expanded first time we needed negative percent rate
which we couldn't have, buy long-term bonds expanding balance sheet and that would create environment that would be equivalent of minus 2% fund rate, at that point he said that expanding the balance sheet was worth 2 percentage points. they did it 3 more times, how is shrinking it only the reqif lent -- equivalent. lauren: what is the best thing jay powell can say tomorrow? >> that they need to see further escalation in pressures and likely to take a break, if they don't raise interest rates tomorrow, they need to make it clear that this was an economic division and not political decision. lauren: mark, thanks for your
input this morning, we will see what happens. >> great to be with you. lauren: wages up 3.93% year over year. cheryl: a lot of people are looking for signs, if they are going to be data dependent, what should they do, influential voices telling them especially today don't hike rates, let's bring in rebecca and john, wealth management, guys, good morning. >> good morning. >> good morning. cheryl: powerful editorial board at the wall street journal, op-eds coming left and right that they need to pay attention on what's happening with the economy and they are not. the right answer time for fed pause is the title. the right answer ignore the politics inside and outside the fed, follow signals that suggest prudent pause in raises rates at this week's meeting and they are very clear right now that they are saying they need to stop.
what do you say? >> well, i think chairman powell is in a tough spot because, you know, a couple of weeks ago he was making it very clear that a rate hike was coming and unless things had significantly changed for dramatic period of time, a substantial change in sea change they will continue with that, if he changes course tomorrow people think it's political and the market might also think that if it's economical that there are forecasters for the coming period, so that could be bad as well. if he doesn't change then you will have a bad reaction as well because nobody wants hike, so you have them in real tough position and president trump tweeting and it's always the fed's fault that also makes difficult and political as well. cheryl: oh, yes, the tweets, let's show latest tweet from the fed, here is one of the better choices from president trump about jay powell. it is incredible with strong dollar virtually no inflation the outside world burning around
us, paris burning, china burning and fed considering rate hike, take the victory. at that time president trump going against the fed, what do you say? >> chairman powell needs another institution telling him to do its job and the wall street journal comes on with policy and the president piles on. >> i do think they raise rates tomorrow and they will see if the u.s. economy and global economy continues to flat iron or -- or deteriorate and they will use the optionality to maybe raise rates in june and/or in december but gives them gap to mind the data and see what's going on again, wage growth is up maybe 50 points from 12 months. so that has always been the one data point that the fed has kept close eye on. cheryl: interesting, rebecca, too, they are going to look at
inflation, as i pointed out at the top of the segment, you have oil, you know, foreign products, all inflation pressures seem to be down. they've got -- their mandate is employment, that is strong, rebecca, how does the fed react to the data do you think next year? >> i mean, i agree, i think the data is mixed. we do have oil down and strong sentimentals -- sentimentals and those are great indicators about economy going robustly, we have to look at this at high-level economic level because we do have -- you guys. >> talking in last segment quantitative easement pressure, and the fed keeps rates where we are, we don't have a lot of negotiating room to help us, that's a problem that they will keep in their mind as well. cheryl: john, real quick, the issue of china, anything he says about trade at the statement -- the statement says about trade is scrutinized word for word,
what do you make if anything? >> i would expect a very high-level tone, we continue to monitor the situation. let's see what happens with this truce. maybe he makes comment on how china's economy has suffered from trade, chinese stock market is down over 20%. but he's going to take a very hands-off approach. the president is on his back on raising interest rates. the last thing that powell is going to do take fight over trade tariffs. he's going to take a step back and be -- from a bird's-eye view. cheryl: he's reading what the president is tweeting, rebecca, john, thank you very much, appreciate it. >> thanks. >> thank you. lauren: talk about controversy, elon musk is once again facing criticism this time for the relationship between two of many companies. cheryl: interesting, tracee has that story and other headlines. tracee: elon musk tunnel digging project, the boring company is getting wrapped up in
controversial practice of spreading overlapping assets across his companies. the journal reports this arrangement alarmed some long-time investors in spacex including its largest outside peter teals, the investors question spacex about investment dollars were partly used to start a separate company that benefited musk. cheryl: interesting, could the typical -- not that we understand what this is but for regular people the 9:00 to 5:00 workday may be changing. tracee: 9:00 to 5:00 doesn't exist for us, richard branson working 9:00 to 5:00 will be a thing in the past. the changes due to rise of technology and that it will be a positive change, branson said the advance of technology could help celebrate marketplace to create, quote, much smarter working practices.
lauren: shorter days, if you can do much more on your home maybe 11:00 to 5:00. no christmas cheer in tweets. tracee: maybe the grinch is running the ups' store twitter account. the ups store is being criticized online after posting a christmas tweet telling parents the stores can shred letter to santa, if your child addresses letter to north pole, you can lever it with us, we do the shredding. lauren: tracee: many people wondering where is the holiday spirit. cheryl: that's so mean. don't say anything. we will take your child's letter. tracee: if the child mails a letter they'll return it back to the parents in january which i think is nice. cheryl:ly tell santa that ups is shredding lists.
i'm writing him right now. thank you, tracee. tracee: thanks. lauren: coming up, let's see if the stock market is getting shredded this morning and many days this month, dow up 81, nasdaq up 29, we will see if this rally sticks comes 4:00 p.m. coming up after day of testimony former fbi director james comey unloads on the gop and even fox news. >> at some point someone has to stand up in the face of fear of fox news, fear of their base, fear of mean tweets. lauren: we are going live to capitol hill and as general motor and ford prepare to cut jobs, there's only one family-owned business in michigan that are giving big
cheryl: former fbi director james comey lashing out at republicans after a second interview with two gop-led house committees, the panels are investigating potential bias at the fbi and the justice department before 2016 presidential election. griff jenkins. >> fbi director swinging at the president, republicans and fox news. >> at some point someone has to stand up and in the face of fear of fox news, fear of their base, fear of mean tweets, stand up for the values of this country and not flink away into retirement but stand up and speak the truth. griff: comments provoked response from sarah sanders tweeting this.
republicans should stand up to comey and tremendous corruption from fake hillary clinton investigation and fisa abuse and list too long to name. the president did country a service for firing him and exposing fraud he is. republicans blasted more evidence of partisanship. >> what we are seeing again is an out of control corrupt and i repeat that, corrupt fbi director who was on a mission and forgot that his number one mission was to protect national security. griff: this is the president's former national security adviser michael flynn will be sentenced for lying to fbi and counsel's office, led to flynn's guilty plea, revealing that disgraced fbi agent peter strzok was among those comey sent to the white house to interview flynn. flynn's lawyers argued during interview he was discouraged from having attorney present.
prosecutors rejected that notion, cheryl, flynn is not expected to receive jail time because of what they call extensive cooperation. cheryl: griff gin kens live in dc, thank you. lauren: 3 days until potential government shutdown. well, the president does not want a short-term continuing resolution but he does want some sort of deal with democrats, question is can they get one, michael barnes, thanks for joining us, michael. >> good morning, lauren. lauren: single proposal that keeps government funded? >> i don't think besides trump giving in on this matter of border funding there's a way to keep government open. he's choreographing in a way that it won't have impact on americans but will make it clear to go to extraordinary measures to get funding for border wall
in the meantime democrats are in a position at the very worst case waiting until january when they take control of the house and then they could pass current spending measures amounts that would be approved by the senate, so i don't see the president getting anything except for credit of going through extraordinary measures, but how does that work while he's at mar-a-lago and tsa not getting paid. i don't think how it's working out in his favor. lauren: optics are certainly bad but two potential solutions, here is your first one, you can keep the government funded through september 30th of 2019 with $1.6 billion going towards fencing, 55 miles of it but that's not $5 billion. that's a longer continuing resolution, do you think the president would sign off on that? >> i think it really depends on how the shutdown turns out in media and continue to remind the
president said he would be proud to shut down government over border security. i don't think that he will be satisfied for that. he might be forced by republican optics to give in. lauren: in january he loses control of the house so negotiating will be harder. what about this, is there a legal way the white house can use money and this is something fox john roberts, use money from defense appropriations to start building the wall and that would be to the tune of $3.4 billion, is there a legal argument that can be made that that can happen? >> i think so. i guess is our defense department attorneys are working on this whether they want it or they don't they have to figure out whether the president can do it. i read it's possible for them to spend up to $50 million without authorization from congress, otherwise he would need organization which we know he's not going to get in this
scenario except he could use emergency authorities and potentially do it by reprogramming the money without congressional consent, that would be extraordinary. i think it would be something that even senators like lindsey graham would push back against, it really goes to fundamental question of separation of powers and checks and balances but i guess he would be willing to do to make it clear that he's supporting his base and effort to fund border wall. >> a lot of people are saying lack of anxiety this time versus times past, taking it down to the wire per usual, michael, thank you very much. cheryl: per usual, no kidding. lauren: yeah. cheryl: markets have to digest all of it this week. take a look at futures, dow is up 64, s&p is up 7 and 3 quarters. nasdaq up and dow was up almost 100 points earlier. coming off of it. the controversy continues.
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cheryl: welcome back, let's get you caught up on what's happening now, take a look at futures, yesterday's massive selloff, s&p is up 3 and 2 quarters. to mobile won approval from national security officials for plan take over of sprint. bringing the two rivals step closer to closing 26 billion-dollar merger, chinese telecom owns most of sprint while telecom shareholder well, despite bickering and gridlock in washington, majority of voters remain optimistic about the country, fox news poll 51% feel hopeful of the direction of the company, that's up 10 points from last year, 44% are not so hopeful. well, christmas miracle in michigan as general motors and ford prepare today cut jobs a
family-owned business is getting tens of thousands of dollars to each of its full-time employees. owner plans to award 4 million in bonuses amounting to $20,000 for each of the company's 200 employees, wow. then there's this, kentucky radio station is stepping into the controversy over the classic christmas song baby it's cold outside. >> yes. >> i really can't stay. >> baby it's cold outside. >> i've got to go -- >> baby, it's cold outside. >> this evening has been -- >> hoping that you -- cheryl: has come under fire from the me too movement, critics say the song sends wrong message while stations are pulling from play list, wyky, two mar thon this weekend, played version of the song over and over. lauren: taking a stand.
new orleans saints keep marching on taking on carolina panthers on monday night football. >> offensive momentum, hits the gas pedal and gets in. lauren: 12-9 win on the road, panthers' sixth lost in a row after hot start this season, what happened? cheryl: saints is the team to watch, we are getting close, coming up a new date for britain's parliament to vote on brexit plan. a trader in london on whether this is going to pass, we will keep you updated on british politics coming up next.
theresa may setting date for parliament to vote on her plan for the british folks to leave the european union, peter dixon, economist, peter, here is the plan, right, is it going to pass? she was force today put all of this on hold. there's been delay after delay, are we even going to get parliament to even basically approve anything that she puts forth to them at this point? >> certainly they won't approve the current deal because basically this is a deal which was to be put to parliament last week and obviously as we all know it would have been rejected and it will be rejected again in january. so it's then going to be incumbent upon parliament to take control of the proceedings and tell the government exactly what needs to be done and what needs to be done extend article 50 deadline beyond march 29th, that's the only way i can see that the uk is going to evolve brexit and will have economic
consequences. lauren: peter, talk to me about oil because what is the market telling you, if you look at wti, we fell below 50 bucks the barrel for the first time in 14 months yesterday but nobody is buying the dip because now crude is at 48 and change, so what's going on in the oil market? >> well, yeah, basically the markets were prepared for the iranian embargo which basically has not had the one-time one-off effect in the market that we thought. in the moment we have huge supply glut, but i think over the course of next couple of months, supply glut begins to wear off, prices should start to stabilize hoovering in 50-level i guess. everything depends on u.s. shell producers. lauren: it's not inflation, peter. cheryl: we are focused right now on what's happening in the
country, we have the fed decision coming up tomorrow, obviously the expectation is that they will raise rates, but it's more the question about 2019, what do you want to hear from the u.s. fed? >> well, i think it's clarity, a rate hike as you say tomorrow would -- would -- is almost certainly thereafter the fed will say everything is data dependent. the death at the moment showing economy is doing okay but not as quite as robust and as consequence markets will continue to edge down expectation of how much tightening the fed will do next year. lauren: peter dixon, thank you for your insight. appreciate it. cheryl: thank you so much for watching fbn:am, sending it over to maria bartiromo. good morning. maria: good morning to you, happy tuesday, good morning, everyone, thank you for joining us, i'm maria bartiromo and it is tuesday december 18th, your top stories right now just before 6:00 a.m. on the east coast. investors finding their footing today, take a look. stabilization going on after rough day yesterday, futures indicating a higher opening this
morning for broader averages, dow industrials set to open up better than 60 points, quarter percent. s&p up quarter percent and nasdaq with 23-point move higher up third a percent. this after sharp selloff on wall street yesterday, major indiceses declined better than 2% on global growth concerns along with interest rates moving higher. federal reserve 2-day meeting getting under way today we are expecting fed to raise rates on wednesday. industrial average down 507 points, better than 2%. the nasdaq down 157 points yesterday. in europe this morning mixed story, take a look at indices, ftse is down 29 points, cac quarante is down 7 but the dax index in germany higher, 24 points, quarter percent. in asia overnight, declines across the board, worst performer there, japan, nikkei average down almost 2%, we are watching the price of oil this morning, crude oil under pressure, down 2 and 3 quarters percent falling below $50 a barrel yesterday for the first time in over a