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Stocks stall; Exxon Mobil cuts back; Trump, primaries and the media; NBA's problem with ex-Chesapeake Energy CEO

Yahoo Finance
Yahoo Finance

Stocks (^DJI^GSPC^IXIC^RUT) are having a tough time building on yesterday's big gains, as crude oil (CLJ16.NYM) goes from losses to gains following a surprising U.S. surplus report . Keith Bliss of Cuttone & Co. joins us live from the floor of the New York Stock Exchange to discuss the markets.

To discuss some of the other big stories of the day are Yahoo Finance editor-in-chief, Andy Serwer and Carol Pepper of Pepper International.

Super Tuesday wrap-up

Baseball legend Yogi Berra, who died last year, was famously quoted as saying, "It ain't over 'til it's over." And apparently that's the feeling among the media about the 2016 presidential primary campaign, despite big wins in yesterday's Super Tuesday for Donald Trump and Hillary Clinton. Take a look at some of the headlines in the Wall Street Journal, New York Times, and Washington Post—all suggesting there might be hope that the frontrunners might somehow still be taken down.

Hedge funds love oil now ; Exxon Mobil cuts costs

Is oil the next big hedge fund bet? According to the latest data provided by futures exchanges and JPMorgan (JPM), speculators are increasingly picking up oil futures and oil stocks. Bullish bets on Brent are up to the highest levels since 2011, and the rate at which hedge funds are snapping up oil stocks is up 77%. In related news, Exxon Mobil (XOM) is cutting costs by 25% to preserve its Aaa rating and its dividend.

Chesapeake Energy ex-CEO indicted for bid rigging

And finally ... what's a sports league to do? A federal grand jury is indicting former Chesapeake Energy (CHK) CEO Aubrey McClendon, charging him with colluding to rig oil and gas leases in Oklahoma when he ran the firm. McClendon denies the allegations. But as our Dan Roberts reports today, this is raising some issues for the National Basketball Association, since McClendon is part owner of the Oklahoma City Thunder. Oh, and did we mention the team plays at Chesapeake Energy Arena?

Update: McClendon was involved in a fatal car accident just hours after Midday Movers was broadcasted.