Patti Domm is CNBC executive news editor, responsible for news coverage of the markets and economy. Prior to joining CNBC in 1999 as senior news editor, Domm was the equities editor for the Americas at Reuters. She was also Wall Street editor at Reuters, reporting on mergers, acquisitions and the Street. She also edited three CNBC books on personal investing. Domm serves on the board of the Financial Womens Association of New York.
Merrill Lynch says fund managers it surveyed in December are more pessimistic about corporate profits than they have been in nearly a decade. Seventy-four percent believe we are in a late cycle phase of business expansion while four percent believe the economy has already entered global recession, the firm says.
Oil has been down more than $2 a barrel today, but some traders say the move to $100 is back in play. That trend became clear yesterday, when crude rose $4.37 to $94.39 per barrel, a 4.9 percent increase. Joe Terranova, MBF Clearing director of trading, said he saw a a condition in crude futures today he hasn't seen in months.
Except for car buying, the consumer didn't show signs of holding back in November even with a big pickup in energy prices that is beginning to hit at the wholesale level. That is what today's data shows with a 1.2 percent pickup in retail sales for November, double expectations, and a big 3.2 percent in jump in producer prices, the biggest increase in that number since 1973.
The unofficial odds are rising that the Fed will announce taper plans at its December meeting.
Taper talk sets in as traders question whether the Federal Reserve will slow down its stimulus program.
Stocks rise as bond yields fall after poor employment component of ISM services report.
Anxiety over a possible taper is feeding a sell-off.
Patti Domm is CNBC Executive Editor, News, responsible for news coverage of the markets and economy.
A CNBC reporter since 1990, Bob Pisani covers Wall Street from the floor of the New York Stock Exchange.
Sharon Epperson is CNBC's senior commodities and personal finance correspondent.
JeeYeon Park is a writer for CNBC.com. Follow her on Twitter: @JeeYeonParkCNBC
Rick Santelli joined CNBC Business News as an on-air editor in 1999, reporting live from the floor of the Chicago Board of Trade.
Senior Producer at CNBC's Breaking News Desk.