good morning. i'm jon fortt. stocks rebound a bit. right now the dow is up about 1%, 145 points, the s&p and nasdaq doing even better, this as the heads of the eu are said to meet in brussels. wilbert frost is live in london with more. >> reporter: yes, all the leaders are here now. they've had their usual family photo. they managed to put slight smiles on their faces, of course those strained relations between

27 states and one in particular, the uk's david cameron final remarks including from angela merkel that it's important to only begin talks once -- meanwhile, president hollande -- martin schultz summed things up. >> i think we should not wait until the conservative property. but i understood they want to move forward to september, and i underunderstood the conclusions yesterday in berlin, september could be a trigger. >> reporter: so all 28 leaders are in a working session at the moments. we heard there from martin schulz, they don't expect

negotiations until a new prime minister is in place. the working session goes on for about three hours, then a working dinner. i suppose the only remaining issue there is how many bitter ingredients are used by european chefs. >> before you go, will, the remarkable speech by nigel farage, that's unbelievable. how much did it antagonize the people in the audience? and what is that doing to the conversation happening right now? >> reporter: absolutely right. that speech is unbelievable. well worth the watch. it's about six minutes long. nigel farage ruffling feathers even more, but the crucial difference is that was in the european parliament. that's not as powerful as the european council meeting behind me, made up of the individual 28 heads of state. that's the body that will

negotiate with britain the terms of separation, and of course the person that will do that from the britain side, the next prime minister which will come from david cameron's conservative party. it would not come from nigel farage's independence party, so people the next prime ministers may by frustrated that nigel farage is antagonizing leaders, they'll make the case it won't be him for the next prime minister. we are a few days removed from brexit at this point, but everyone is trying to figure out what happens next for that we have sara eisen in london. >> what is next here, andrew is while cameron is brussels, the battle plays out for who will succeed him. wilfred just mentioned a few of the contenders out there. this is key, because that is the person who will do the

negotiation, those tricky and potential drawnout negotiations when it comes to britain's exit from the eu. we will be watching, of course, on thursday for when the official contenders are announced then he or she who becomes prime minister will take over as of september 2nd. there's also a question of what happens to the divided country. there's going to be a rally, london voted to remain inside the eu, and we are expecting tens of thousands to show up to protest, to rally behind their belief that the uk belongs in the eu and potentially call for a do-over, which is an idea that's gotten steam. the majority i have the scottish people voted to stay in. will they have to hold another referendum to leave the uk? he heard one of the leaders. >> the scottish government

didn't see a referendum, and we certainly did not want this result. wel while of course i respect the views of all those who voted, it leaves me deeply disappointed. membership in the eu is in the best interests for our scotland. >> that opens a whole new can of worms, what currency would this he use just the tip of the iceberg. so that's a risk going forward, but not everyone is upset with the way the brexit vote turned out. there were plenty of folks who are confident in the british economy and that it will continue and even thrive outside the eu. we caught up with a fan at wimbledon who said just that. >> there will be more opportunities for this country, whether it's with europe or with other trade blocs, i think personally both, because it's

going to continue the way it has continued in terms of trade, because it's mutually beneficial. everyone knows that. >> reporter: that's why these negotiations will be so key once they eventually do kick off. but what needs to happen is to be a leader. and right now there is a leadership vacuum. back to you. >> thank you, sara. meanwhile, stocks are in recoveries mode after the brexit fallout. the dow is up, the s&p shy up 1%, and nasdaq up 1.4%. off the highs, but still positive. earlier today larry summers, former treasury secretary, commenting on central banks. >> when you have a system that i've been warning about for the last year and a half, is more brittle than usual, because central bankses don't have room,

and you have brittleness and a bad shock. that's a prescription for a quite different situation. i think that's what markets are discounting right now. >> now, let's bring in jeffrey sherman deputy chief investment officer at double line capital, and bob dahl chief equity strategist, at nuveen asset management. jeff, i want to start with you. how long better we start to see the brexit aftershocks, scotland, northern ireland, looking at staying with europe. what would the market impact of that be? how are you factororing that into how you look at the rest of the year? >> all of these political ramifications will take months to play out, if not years. the brexit still hasn't happened yet. there's supposed to be the closings, what people terr

referring to as article 50. i find it interesting that people are talking about a do-over vote. we didn't get the outcome we wanted through a democratic election so let's try a redo. so the implications are pretty broad here. we haven't complete lid recovered, but ultimately i still think negative yields are the biggest harbinger to the overall economy. you have something like $13 trillion, that's after tripping outed bonds that maybe at least have a chance. it's because they reset based on inflation. but $13 trill chron out there, where you're guaranteed to lose your money if you hold it to maturity. >> and bob, is that how you see it? i believe you mention one of the

negative overhangs is the media spreading fear about the potential of a trump presidency. how much is your market on market sentiment and how much on uk internal politiciactics vers rest of europe post this vote? >> all of the above. there's no question that market sentiment is carb to negative. there's a ton of cash out there. it doesn't mean it's going to rush into the market, but i like to observe that the fact that the u.s. economy is 87% domestic, only 13% foreign trade. i think america's rank and file, as shown by the consumer confidence number this morning are feeling relatively oak. they're concerned about this things across the pond, but a lot of u.s.-based companies that gets most of their earnings here will be just fine through this.

put on a corporate cash flow. >> infinite oar negative multiple, actually, right? >> yeah. >> i think it's different to ascertain the fair value of the equity market. you go to the eurozone and look at the corporate index, you look at the broad-based index, it leads -- you can lend to corporations for a duration of five years, but you do that and look at something like the ten-year treasury, which outstrips that and so i think everything is a bit distorted. our advice is don't buy negative-yielding bonds. you have to bet on -- you have a negative carry in this trade, so when it comes to the equity market with valuation, it looks rich, given where we are see things in the bond markets today. >> bob, i'm wondering, to what

extent do you think that tech might be a bit of a hedge? i mean cloud, mobile, and the internet. those things, they're not physical goods that are affected as much by the new borders being erected. might investors see certain tech investments as being around some of the uncertainty he? >> to the extent that economic expectations continue to soften like last year, the so-called fang stocks and the like will do well, because people will pay up to get growth. having said that and back to the earlier commentary, recognize nearly two thirds of the companies in the s&p 500 have a higher current yield than the ten-year treasury, and well over half of them have a decent dividend growth rate. i think there's lots of opportunities. we just have to go find them. >> thanks to jeffrey sherman and

bob dahl from nuveen. a lot of uncertainty in the markets. coming up, as stocks rally, aic look at what brexit means for your retirement and 401(k) sdproo plus apple ceo tip cook as clashed with the government at times in the past, but that isn't stopping him from holding a fund-raisers for house speaker paul ryan. we'll take a look at why. and as we go to break, the dow certain off its highs, but still up about 0.75%, the nasdaq doing the best of the three indices, and the s&p 500 doing fine, hanging in there. the next cat loy in today's market, of course, the close over in europe. we'll bring that to you live in just a few minutes. don't go away. a global product endorsement.

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. welcome back. what does the post-brexit mean? and how do you protect your money? john sweeney is executive vice president at fidelity investments. good morning. help us try to understand this. if you're a retiree, or frankly if you're someone who thinks they're going to have to become a retiree within the next five years, how are you supposed to think about this? what kind of rate of return

should you be looking for? >> the think we trill to tell retirees whether they're in retirement or close to, is really remember that equity are designed to outpayments inflation. so if you're 65, planning for retirement that could last 30 years, you want to think about what are the ecity markets done over a time frame. throw out a rate of return we should expect, given the way of the world, negative interest rates, everything else, what is a reasonable rate of return over the next five or ten years? just bare minimum? >> so you should be thinking about a rate of return, you should be thinking about how much can my portfolio outpage inflation. the great news is if we have low inflation, that means your purchasing power is preserved. what i want to be thinking about is maintaining equity exposure, make sure you don't panic during

periods of volatility. >> i think, john, people don't want to touch the principal, neff a nest egg, and what is the rate they expect to make to make this all work? >> i think that's the way that some people look at investing. we try to get people off the rate of return. >> but that's not the way people live. >> they have to bucket for an income, which is going to assume they're going to have to dip into principal. the days of clipping couponing are reserved for the folks who have enough interest income can sustain their lifestyle. for most of us that means dipping into principal.

>> are bonds strictly as kind of a divider filler, a ballast in the portfolio? do you think they could gain in principal? what's the role. >> you want to think of them as an offset for equity volatility, an appropriate portion, within credit you have options, you have corporate credit, high yields, opportunities within the bond market that are outside of u.s. government debt, which is a safe haven. >> you want to think of the role of bonds and not be concerned about negative terms over a short-term rising interest rates. you want to think in the five-year time frame. i want to note we are well off the highs, the dow still up 145, but had been up closer to 200 points, s&p and nasdaq also

down relatively from there. john, what does diversification mean in this environment this there are a lot of categories. trade in a way that might serve as a bit of a hedge for people. how do you look, john, as diversification in this kind of market, given the kinds of challenges we have now? >> certainly you want to think about commodities as a relative value, so obviously oil as one commodity has bounced up substantially. you want to think about some of the other commodities as a small component. remember that commodities themselves don't generate any income. the companies that so we look at companies growing their earnings rather than the base metal or element themselves.

. as follows injure to europe, what do you do? >> the european -- they're distill going to buy soap, mortgages, pharmaceuticals, to look for companies that may be providing growth. those european consumers will still demand goods and services. >> john sweeney, we appreciate it. thank you so much. >> thank you. as we go to take a break, we look at the markets again. the bounce still up a bit. dow down probably about many 5 or so points from its highs earlier in the day. still a decent gain, but plenty left to go. we're going to check out the european close, when we come back.

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triple-digit gain for the session, though it has culled back in the last hour. worth noting also treasury yields have come in again, so you have that pretty firm bids in bonds. bob pisani? >> still up, that's both sides of the atlantic. we're still up there, but you can see which is what most of the market looks like. microas right, the reason we're up, but off the the highs, the dollar has edging up a bit, and bond yields have been edging down a bit as well. energy stocks if you put up energy xle, but very similar pattern. ten-year bond yields. relief rally here. still off of the highs. most of them still around 2%. keep an eye on the banks.

stress test tomorrow night, wouldn't be surprised if you saw some dividend increases, particularly bank of america and citigroup here. finally it's very interesting that the vix is collapsen, so yesterday stocks down, the vix down, a little odd. today stocks up, the vix is down. this is suggesting in the classic all interpretation of this is that traders expect much less volatility in the next 30 days than we have been seen in the prior couple days. that's quite a drop we're psych. mike, you want to keep an eye on the volume today. let's say we're up 100 points. if it's just average volume, it's a sign that sellers are exhausted, i'd like to see heavier volume. that would be a enter sign that there's buys interest if the dow is up today rather than just sellers being exhausted for the moment. guys, back to you. >> thank you, bob. when we return, what brexit means for the tech sector. we have an early netflix

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good morning, everyone. i'm sue herera. a report by the gop house

benghazi panel is faulting the military for its slow response sending resources to benghazi libya. nothing was ever head to do benghazi. no u.s. military asset was ever deployed despite the order of the secretary of defense at 7:00 that night. >> a huge -- in mississippi overnight that were two employees -- unfortunately needs was injured. a government into confusing gearshifters like the one in suv that killed anton yelchin found 266 crashes that injured 68 people, according to documents posted today on the national highway traffic saved administration.

jason day withdrawing from the rio olympic games, citing fears over the zika virus. he said golf can't take precedence over the safety of his family. back downtown to "squawk alley." what a dimples a day makes, europe is about to close and there's green on the maps. simon hobbs is here to walk us there you it. still down, thank you very much. 6%, 7%, and the banks in just two days in general are down 16%.

where you have profit warnings friday and month today elf insurance, certainly a broad rally on european insurers and then brutally pounded down. these are the landowners particularly in the uk, and particularly london focused, but again, realize where we've been in those two or three days, still down 22%. you'll see the home builders bouncing back, but again understand where we've been. a 7% gain on barrett, so over those two or three says, it's lost a third of its value. it's the areas of the market that is nor bouncing back. again, if you look at those two, relative to where they've got, is sticking for the moment. today a memo was sent out to

staff, reassuring their customers, but there's still a lot of questions about their business model, as they look to whether they can trade europe the pound, of course, underlying that position that not everything is bound back. you'll see the pound that had risen, and fell so badly under two days is still down, 16 cents against the dollar. england also lost against iceland, so kicked out of the championship in europe. still much. >> there we have it. the question is, is this a floor or just pressing the pause button? >> if only we knew, andrew.

tech stocks, the sector, though, still down more than 5% from last week's brexit vote. is this now a tech buys opportunity? paul holland, worth noting he was previously vice president with pure software. great to have you with us. it's going to take not only months but years. where to put your workers, where to invest in real estate, where to take out leases, that kind of thing. very important for a lot of businesses. how has this changed the landscape for you? >> i think for companies just beginning their efforts, just as we adjusted to the brexit. as you know, i ran a european

operation for pierce software and worked for reed hastings, and we chose to go to amsterdam in that case, in part because we wanted to be on the continent. i think people will be looking at places that are still within the eu, as they adjust to the news of the uk kind of pulling out of the -- >> how much do you work that other countries pull out, too. the worst-case scenario is just the first domino. >> i think there's many winners and losers, some in the tech sector, and when you start looking at things like what's happening across europe now, all of the extreme right-wing parties, what the historian calls the ethno-nationalists, the trump equivalent, they're the big winners. they're getting people to pay attention to the nothing that maybe we should pull out.

>> and i think we'll begin to see this coming in the weeks. >> in the medium term, what kinds of companies will see the biggest impact from this? the amazons of the world trying to move physical goods and have certain bases of operation? is it data center places where they can serve all of europe i ran sales internationally for a couple companies. here's how it works. if you have a lot of exposure, your sales reps are saying hey, my customers are getting nervous, if that starts to roll forward, you'll see those companies, the large software companies, the large player in

hardware, they're the most at risk. the broader players, the e-commerce players and so forth, the risk will be mitigated often because they have a large u.s. presence. you look at one of our companies, we took it public on the nyse a couple years ago, they're almost entirely focused on the u.s. market, very stable space, growing nicely, no the a lot of exposure. we'll see those companies kind of look like the winners, and see companies with the broader exposure, we'll have to look more closely to see the impacts. the big picture, the dominant u.s. tech companies. do you worry about the political shift where the big, googles of the world seem like they're somebody else's company? >> that's a terrific observation. i certainly do worry about that notion. if this is the beginning of a retreat of the post war compact with george mar thal and conrad

adenour, i think that hurts american business in general. we thrive in a liberal economy around the world, liberal not in the political sense, but in the economic sense. the less liberal we see the economy, the more retrenched and nationalistic, the harder it will be for companies to sell more easily and have less friction. as you know, silicon valley is all about entries and exits. i'll focus on exits for just a moment. we've got through a period of the last nine years of really halcyon days, just a trick time. at foundation i think we had ten companies go public in is it quarters. we were somewhat typical of the good firms in the valley. what we had seen is a pause. there was a slowdown in the exit environment. we were just beginning to see that pick up. right in the midst of everything

breaking in europe. so the question is how does that -- an path logically committed and people show up, we see 3,000, 4,000 -- we tend to fund 10 or 12 of those. those numbers won't change. >> more likely to -- if it's a very specific type of company that's possible, but if it's london based who happens to be jeff besources, we're going to back them no matter what they're doing, so it largely depends. >> just on europe completely? >> no, it's too important of a marketplace, the most common market trading partner -- >> if it stays that way. >> yes and no, but again at the

end of the day, people will want to practice commerce. there will be work-arounds, things that we can't even anticipate now, so i think the tendency is to dig hard into the negative. what you just saw today across europe and the u.s. markets is people stepping back saying, okay, we overreacted a bit, which is norm human nature. >> is this going to affect tech domestical domestically, and the idea, as you mentioned of this nationalism on a level in europe rising up. >> i think if it continues and is exacerbated, companies will have to become stronger and stronger at lobbying, and how they work with individual governments. in a super-national world where you have the eu, these other bodies that take care of that for you, it's a bit easier.

it just may become more complex for people. i do want to touch on something that i don't hear a lot of. there is a potential silver lining on this. i think it's more focused around the uk market. at the moment we're focused on the negatives, the initial drop-off, so forth. let's imagine a scenario where they pioneer a less regulated path, a less obstructionist path. we could see some interesting things, a bit of a renaissance happening there. if that happens you're going to see people want to emulate that in other countries and marketplaces. >> we like silver linings and contrarian thinking. paul holland, thank you. >> great to see you guys. we have some breaking news, a no-confidence vote has just emerged for corb corbyn. he's created quite a ruckus, opens up all sorts of

opportunities for thousand things will play out there. >> u.s. in case you were worried that the political situation would sort itself out quickly. >> this is not. right. >> we're seeing this happen with so many people resigning, expressing he was insisting on staying on, no the clear he will be able to do that. clearly. up next, in the green still on the markets, but off the highs, the dow up about 119 points, was up a lot more than that. just a few minutes ago, but first rick santelli, what are you watching today? of course i'm watching the markets, but i was also listening to larry summers this morning, and this choice of words matched the fed's choice of words at the last press conference. the two words -- you'll have to tune in after the break to see what they are, but remember -- nobody's words are parsed more than the fed's. you want to tune in after the break. ♪ all summer long ♪ we sang a song

coming up on "halftime report", the market is rebounding following a massive two-day slide, and our desk is breaking down the strategies. plus jeffries is cutting its earnings estimates for microsoft, and retracing the sell rating. and just buy it, nike set to report earnings after the bet, we've got the trades ahead of those numbers. that and an awful lot more on

the "halftime report." guys, back to you. when you these bouncebacks happen, what does that tell us? if you're feeling skeptical, history suggests we are not out of the woods quite yet. consider how the last few sessions have played out. both the u.s. and european fair gauges spiked by 20%. since then, though, huge uncertainties. they still exist. von tilt has been following in yesterday's session and against today. that may feel surprisen since nothing han changed, about but if you look to history. the rally in equities we're now seeing was actually quite predictable. looking at similar market action

like the great debt crisis in 12010, markets reacted in much the same way. they were typically followed by big drops and rally in equity. returns on average have been negative. suggesting that what we could see is a bounce. we did find the most resilient names, conto ken-sho, and this one might surprise you bank of america has traded positive eastern in similar situation with a similar effect you see. rick santelli has the santelli exchange. >> thanks, jon. words matter. words matter a lot when it comes

to fed statements and fed-speak in general, i usually look past the words and count the words, how many times difficult words are in the stapes, but it wasn't until the last meeting and more importantly with larry summers that two words, i just have to talk about them. here they are "temporary" and "permanent." embedded in those words are the main issues we have faced since the credit crisis and the huge blunder of central banks. here's why words matter when you're an economy, you have a whole vernacular. cyclical and structural are key components for econ ometric models, but temporary and permanent. larry -- maybe i'm making too

much out of it, but it's my two minutes on tv, so that's what we're going to talk about. okay. i think ever since day one, most people i deal with saw at the time that dodd/frank was -- it was being imagined for others to write, was going to be a huge problem like after every crisis we have overcompensation, but this is a biggie, because everything about all the medicine being applied was assuming cyclical, temporary is the english word, but structural are the problems. whether it's dodd/frank, whether it's taxation, whether it's all the hidden moguls we have created for ourselves. he's been talking about how the economy is stodgy. well, why is it stodgy? it's stodgy because we have made

it stodgy! he said our choices are recession or stagnation, first of all we're always going to have recessions, and they're always cleansing and always uncomfortable. it's when you prevent them that they get bigger, in terms of tag nation, he said the answer is two things -- more public and private spending. forget about private spending, because this is why we're stagnating. they don't want to really spend. they would rather buy their stock. last, public spending? with the current administration, have they not learned anything from brexit? did we get a new power grid during the big tarp stimulus? no, we didn't. nothing big we can point to, because there's no trust they will spent it appropriately. jon fortt, back to you. thank you, rick. apple in a move that might surprise some, the ceo tim cook will host a fund-raiser today for house speaker paul ryan in

menlo park, california. josh has more. >> reporter: well, jon, tim cook with his private breakfast here seems to be trying to build some goodwill with house speaker paul ryan. as you mentioned. because they need a relationship can congress that has a life-or-death authority and oversight and regulatory authority over their industry. >> apple does not have a corporate political action committee of its own, never has,

so cook is hosting this private breakfast on his own accord. he does donate money to both sides of the aisle, opening up that checkbook to both republicans and democrats. other tech companies like facebook and alphabet do. they have donated a big more than half to the gop cook with his fund-raiser for republicans isn't alone here in sun valley. tech elites do lean right, even if thole don't support donald trump. maybe they can't facetime the whole meeting. brexit is set to take place. we are live on the ground. we're going to bring it to you, don't go away.

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brecht illustraxit protests place, where sara eisen is here. sara? >> reporter: and it is raining right now. the people are just starting to gather here. these are people that pro-european. there was a big rally, demonstration, a peaceful rally, as it said on the facebook page called for today.

actually if you go to the site on facebook, it's canceled, but clearly the folks are still coming out. a love the the signs say we are still european, it is not over. we talked to a lot of folks, there's a huge population from eastern europe that have come over here, that have felt targeted by this vote, brexit out of the eu. they're wondering whether they can say, also keep in mind that london voted overwhelmingly to stay inside the eu, and so did the younger population of the uk, so a lot of those folks coming out to express their support for europe, to express the fact that they want a do-over in this referendum to express the fact that 48% of this country voted to stay inside the eu, the vote did not go their way. they're here gathering today to try to show that they still want to be a part of europe no matter

what. the actual demonstration is called for just a few minute from now, so of course we'll be here on the ground. wee let you know tens of thousands signed up to come to it. there's a very large police and security presence all arrange the perimeter of the square and helicopters already, so they are expecting a pretty large turnout. >> thank you, sara. some folks would like to keep voting to get the results they want. we're off the highs, but we're still off the on lows, the dow still holding on to a triple-digit gain, the s&p up better than 1%. we're back in just a moment. bus looked up to the sky and said, "why not?" and collaboration tools from intel made rocket science simple for actual rocket scientists. and the launch crew met for a moment of reflection. before any of this, cdw orchestrated a collaboration solution

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got interesting signals in the market this morning, mike. the vix, not necessarily doing what it normally does. >> falling more than you might expect. down yesterday when the stock market was down. unusual. now down below 20. people think maybe it means options market is saying we're in for a little more stability. definitely not at all clear. got to go down much more than this. >> balance. okay. >> and meanwhile risky stocks on the rebound this morning. amd up nearly 10%. pandora and yelp also up better

than four, but a good time to turn this over now to the "half." that's it for "squawk alley." noontime on the east coast meaning it's the "halftime report" here at post nine. take it away, simon. and here we go. welcome to the "halftime report." i'm simon hobb in for scott wapner. clearly, a market comeback. a panel of experts for the hour, joe tear nova, stephanie link, jon and pete najarian. after that massive sell-off that saw $3 trillion in market cap lost around the world. major indices higher. oil in rally mode. dollar in the treasury selling off a bit. are we looking at a head fake rally or some real stability? >> doesn't feel like real stability. does it, guys? >> we opened up. then sold off. and j