dow is down 63 points. all the usual suspects today. even oil closer to 46 than 47. netflix one of our top stories. shares falling after getting downgrade to under perform at jeffreys. long-term growth should be flatter than current expectations. stocks down about 7% this year after jumping 140% in 2015. they go through sort of the general narrative that's being built which is first strike advantage. they've had the sand box to themselves for a long time but over the top is going to make it crowded and more competitive over the next five or so years. >> one of the core arguments is that the broadband penetration rate that would be necessary for netflix to get to the level where investors wanted to be, it isn't likely to get there by 2020. a lot of policy considerations there. hillary clinton wants everybody to have broadbay band by 2020.

can netflix expand the value that it delivers to sub vibers beyond content? amazon has certainly done that. with other items and now includes content. there's no reason netflix couldn't. if you bet against netflix with that broadband penetration thesis there is that risk. >> jason will join us on this conversation. of course investor and the founder, good morning to you. >> this is a standard operating procedure now to short netflix in the wake of what's increasing competition. >> there is a number of shows growing beyond what the base can actually consume but i think that this is actually shows that comcast kind of threw up the white flag at a certain point. if you just think about your family and your friends, kids, watching behavior, how many times do you see people go into

the apple tv, the roku, samsung, smart hub as opposed to going to a cable box so that's what is happening here is comcast is just very scared. scared to death that people are going to start going to those other options more often. and reality tv or week to week competitions or sports or news. so they really need to have that netflix button on their box if people are ever going to open it up. netflix might be expensive now and faced with a lot of competition but five years from now or ten years from now and quarter of a billion or 500 billion subscribers. this is a jabusiness and i don' think it's going anywhere but the price can run up. >> what ending is this for netflix? we heard some say it is a unicorn that is in platinum and surely it has had quite a

staggering amount of growth but at this point it's needing to get on cable boxes. it's being valued off of discounted cash flow. it can turn a profit and trying to roll out in almost every single country it wants. what inning do you think it is from this company's growth and where do you think it goes from that? >> they have conquered america. 10s of millions of people love this service but there's a lot more people outside the united states than in the united states and if you look at a great technology company whether it's google or facebook or like disney or nbc, these companies now are making much more money outside of the united states than inside the united states. the international story is just in the very beginning of the first inning. so it's exceptionally well run. and yeah it's not many companies that can say we're going to go into all of these other countries at once and do it this aggressively. >> but jason, i got to say, first of all comcast is the

parent company of this network. when i'm looking for kid shows i don't care whether they're on netflix or on x one, i use the box. i just want the content. i don't care which service it's coming from. i want to content at the lowest price. free would be great. to what extent is this about netflix being able to leverage the value of having subscribers who are used to tapping on netflix or loading netflix or however it is that you get to it whether it's on your tv or mobile device and being able to deliver more value to those people versus the other subscriptions we might have that we might be getting fatigued with management? >> i think with comcast this probably is a must have. for this cable box it's a must have. people are calling them saying how do i add netflix to my bundle. i've seen this netflix thing, how do i get it? i don't think it's necessarily like the comcasts of the world are going to go away, time

warner is going to go away but comcast is not going to go away. they'll all be here in a dogfight but nobody expected netflix to be here. that's the surprise and big takeaway. how did netflix carve this much from themselves. they finally gave up and threw in the white flag. >> well said. meanwhile we're watching tesla as well. shares are down again. phil is in chicago to help explain why. >> morning, phil. >> it's all about the time line for when this accident happened involving a model s that was in auto pilot mode. when tesla first heard about it when did they notify regulators and should the public have been notified sooner? here's the tile line. the deadly accident happened may 7th in florida. shortly after that they started investigating this accident. while still in investigative mode tesla said it motivated the federal government. national highly traffic safety administration.

two days later tesla had the secondary stock offering raising $1.46 billion and the federal government announced the probe and notified the public of the accident that happened in florida which raises the question whether tesla followed the procedures. as far as being an auto maker and notifying the government because the accident took place tesla would have been obligated to notify them however as part of the regular on going and not as part of a formal process while it was still in the process of conducting investigation. that's the federal law. they were following the law as far as what they're supposed to do and these investigations. the issue for a lot of people. and whether or not they should have and that's what a lot of

people are asking today. wait a second. you have this auto pilot system. this technology which is a major selling point for tesla vehicles. it's not a small trivial matter. the fact that it's under investigation has a lot of people saying shouldn't you have notified people about that or at least divulged it. >> a lot of intrigue in this. thank you for that. wrapping up the tesla story. jason, this has a lot of different layers. there's the back and forth. should they have told us? >> so here's the thing. this is obviously a tragedy so he is family and friends of the person that happened to be a tesla super fan and in love with the technology. it seems like they followed the letter of the law. i'm not an expert on exactly what they're supposed to do and

they followed the letter of the law and people die every day tragically in car accidents and at least 50% safer according to the statistics. just tesla's auto pilots. at least 50% safer. we don't know how many accidents it saved people's lives in and the damage of cars and injuries. what we don't know and it's hard to speculate in situations like this because we have incomplete situations. we try to speculate on what's happening to understand this very fast changing world and what's happening here is there's a not significant chance that there's way too much power in the hands of the auto pilot which is a known experimental feature and requires you to pay 100% attention. they said this over and over again. >> maybe they should call it auto pilot. >> when you say it's an experimental feature, you have

to hold the steering wheel and you have to pay attention, some people may be overestimating how powerful it is. and that said something about how good the technology is. there's a noninsignificant chance that a person should have been watching and there's an issue here that people are testing this technology with their lives and they shouldn't. and it's just like auto. it's just like adaptive cruise control. just happening to be a little bit more and when you use auto pilot you can't stop paying attention. >> it's not necessarily automobiles. there's a question we're asking last week with regard to the time line. maybe they follow the letter of the law. in the middle of something happening and notifying regulators you're trying to sell a billion and a half dollars of

your own stock. >> yeah. i think people like to go after tesla because they happen to be doing some of the most advanced stuff. i don't think it's material to be honest. it's very material that somebody died and it's tragedy and the technology everybody in this community knows that it's going to save ultimately many, many lives and that is ready to be tested. now on the question, which is a very valid question, is should we be testing this or not? the more we test it the quicker we get to a future where a million people don't die on the road. all of us are in favor of people not dying on the road because of the imperfections in human driving and the technology is better than humans driving but you cannot hand over control of it so it's a nor nuisanced one. >> the problem is is tesla over promising and under delivering and along multiple lines the argument could be made that yes on cars the deliveries have come

in low. when it comes into time lines of coming out with vehicles they miss deadlines. they call this thing auto pilot and yet they're saying keep your hands on the steering wheel and pay attention 100% of the tile. maybe you don't call it auto pilot then but maybe we have to move on. >> that's what we call it in planes. we call it auto pilots in plane and the pilots are still not allowed to watch a movie or go to sleep. >> but every day people don't buy and fly planes. so i'm not sure that's the standard we need to operate in, in this case. >> well they do drive down the road at 65 miles per hour and they do crash into each other which results in the same thing. we can argue about it all day. the good news is tesla is going to be the first company to solve self-driving cars and we're going to have in the next five to ten years hundreds of thousands of lives saved a year. while this is a tragedy we have to keep putting faith and investment into this technology because it's going to save our friends and neighbors and family

members lives over the next decade. >> really quick pbefore we go, how thrilled are you about durant. will they make room and can people stay for less. >> this is yum, yum right off the bat. but this say pretty bold move. sorry i have to let it out. it's a pretty bold move because you have the team that was the winningest team in the history of the nba and then you insert the number three or four or two player in the whole nba, i mean, wow and i think a lot of this has to do with the fact that so many players want to be in silicon valley and around the technology and they see a tour of being venture capitalists so i can't wait to meet with kevin and get him into some good angel investments as soon as possible. it's sad to see andrew go. he was such a lynch pin and we were so close. within two minutes of back to back championships. the nba took it away from us but

i'm not biased. amazing to watch and they're going to win 70 games next year or 68 games and go oh my god we added kevin durant and we lost five more. >> that's what's going to happen. >> lebron beat the warriors, bottom line. >> well, the nba gave him a good assist. congratulations to lebron. one thing is clear, he's clearly watching cnbc and i probably gave him the proper motivation when i told him he needs to be a better leader. >> the way that mouth piece got thrown. jason, we got to go. it's good seeing you. >> good seeing you. >> when we come back, some of the biggest names in media gathering this week at sun valley. we're going to go there live. now that the dust settled the look at where the u.s. and the global economy stand post brexit. and with messaging app set to go public soon there's already too

many messaging apps to begin with. he's going to join us and make his case when we return.

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comcast business. built for business. >> one more messaging app is headed to the market? do these apps make our lives more convenient? walt, good to see you.

i suffer from this. turning off notifications all together and selecting them one by one. people that are busy and many of our viewers are are nonetheless going to get flooded by this. what's the ultimate solution to this going to be? is it the operation system makers taking firmer control of our messaging lives? >> hi, john, the ideal solution would be if these guys would all interoperate. in a way, if you think about e-mail at least you tended to use one client. whether it was outlook or am mail or something. a lot of different e-mail accounts came into it and there were overarching settings that you can say that the software gave you. that doesn't happen with messaging. every messaging service has its

own client and app and methodology. and the nicest solution would be if they could interoperate. you could have them in one containeder but i think you're right, it's the idea that the operating system guys who are controlling the notifications okay but not necessarily the whole flow of these messages should give you more tools and should be sort of taking on the job of helping you but the problem is at least on mobile they're not. >> twitter wants me doing direct messaging and staying within twitter. book wants me in facebook messenger and on down the line but as long as all of these are

siloed they're harder for me to manage and they all want me to turn notifications on. >> exactly right and you left out i message from apple. it isn't that it comes with your social network it takes over your phone and takes over your sms and i like imessage. it's pretty good and they're building in new things to it but it's just another thing and google is about to introduce. google had a lot of false starts in this messaging space but they were about to introduce a new thing called aloe which is supposed to be intelligent which is going to come on android and ios. >> that's going to be another thing to watch. if you and i are friends, and we are and you decide to send me stuff on alo i'm going to have to follow it and get all the notifications and crazy stuff.

>> all of this stuff is supposed to be easier. it's all supposed to be easier than e-mail and less time consuming but at least we mail it wasn't offensive if you wanted to take a couple of days to respond to it and do it thoughtfully. all of these messages you have to respond to right away. >> that's a hugely important point which i made in the piece which is there's a psychological difference and you put it exactly right. you feel that people expect an immediate response. there's an intensity to a text or an imessage or a facebook messenger message or slack which is, not everybody but a lot of people and companies now have a whole new chat room instant messaging system that runs their company. that they need to communicate with their co-workers inside their company and those things have notifications and you have to pay attention to that.

if you get a slack message and imessage and facebook messenger message people are offended if they don't hear from you for a day. >> so are they going to fix this or make it worse? are they going to be messaging me on all of this or are they going to manage my messages for me? are they going to be my assistant and say only pay attention to this twitter dm and ignore your e-mail? >> john i think you should design that and get it out there. there are systems. they're all not bots. some of them are bots and some are apps that are built in to their messaging system and my -- and you could theoretically take the artificial intelligence, the machine learning and say, you know what, john really hates these. he ignores them and tries to turn them off as often as possible so let's work on john's behalf and do that.

that would be nice but i suspect exact opposite is going to be true. they're going to be like we figured out where the nearest pizza place is so we're going to notify you about that while you're in the middle of writing your script or while you're in the middle of writing your speech or in the middle of your family or whatever. >> auto pilot. >> yeah. >> it's just going to be -- i don't see an easy solution. what you have to do is basically set aside a day and cut out as many notifications as you can. >> we'll give it a try. thanks, walt. always for the insight. >> up next, some of the biggest media names across the globe gathering for the annual sun valley conference in idaho. we'll go there for a closer look in just a moment.

we have breaking news coming in and we go to julia that's live in sun valley where hundreds of media moguls are gathering with a closer look, julia. >> kayla, that's right. before we get into the news here just a quick headline about fox news. fox news ceo roger ales sued for sexual harassment and retaliation by long time fox news host gretchen carlson. that headline is just coming in. of course he is not here but his bosses, rupert murdoch as well as his sons are both here. the media moguls and the tech titans are here in sun valley. they all headed into panels this morning and conversations about brexit and terrorism expected to be hot topics.

along with cheryl sandberg. barry diller predicted more consolidation among media companies and revolution for content operators and new ability to distribute without the media giants here. >> the internet, where you can publish direct without going through anybody, you can use our video. you can use all sorts of devices to do it. it will allow creators for the first time to not be dominated by distributors. an all together healthy condition. >> in addition to that there's a number of exec withdrew tifs here they do expect more deals between internet and content companies and more outright acquisitions between northern and southern california. and they're focused on growing their companies through what looks like through a period of

slower growth in europe with a surprise and the uncertainty it brings raising major questions. >> all the people we were talking to in interesting banking positions all told us was going to pass and they were going to stay. i think if those people in that community didn't know, you can imagine the fall out no one seems -- the people that voted it out don't seem to be ready to handle the problems. so two key players already re-signed. >> now it will be interesting to see now that this news has broken about the lawsuit if anyone weighs in on this. looking here at the allegations, gretchen carlson has filed against fox news ceo. she alleges that because she refused to sleep with ailes and reported disparaging treatment in the newsroom she is filing suit. she says she was fired because she refused to sleep with roger

ailes and rebuffed his sexual advantages and also tried to challenge what she thought was an unequal treatment in the newsroom by some of her colleagues. she interviewed some of the country's leading news makers. the news of this haute against fox ceo roger ailes just coming in and of course though ailes is not here his bosses are. we'll be looking to him for comment on this case. over to you. >> we'll be looking through the complaint for more details on those allegations. meanwhile europe is going to close in about 45 seconds. you might have noticed the dow close to session highs and the s&p briefly positive. let's get to michelle. >> that's a tough act to follow. all right. major averages across the board as you can see in europe. in the negative. except for greece. london has come off of its highs. it's down more than 1% as we have seen the panel recovered a little bit. focus remains on italy and the

share prices of the banks. and prohibited short selling and just over here. it's poster child for the banking system seems to have helped because the stock is higher today. no short selling in the bank for the rest of the week. at least the rest of the italian banking sector is today however lower. the dilemma in italy remains the same. many bad loans. the banks need more capital. and without punishing small mom and pop bond holders. it's nearly impossible under the new eu rules and other banks and spain's bank is down nearly 2% after warning it expected a $1.4 billion hit. and hitting another all time low today. over in london, henderson global

investors and columbia thread needle. they have temporarily suspended trading in the funds due to what one of them call exceptional liquidity pressures totaling the brexit vote. and the decline in yields continues on its breathtaking pace. the entire yield curve of switzerland is now negative. ladies and gentlemen, back to you. >> thank you michelle. up next we'll continue to look at where the global economy stands. nearly two weeks removed from the u.k.'s vote to leave the european union. we'll talk to former chancellor ed balls next on squawk alley.

>> more than 500,000 hoverboards have been recalled due to fire risk. it's been reported including injuries and property damage. secretary of state john kerry arriving in georgia. talks with top officials at a news conference he said he hoped the 72 hour truce in syria was the preclude of more ambitious and long lasting similar deals. >> oscar pistorius has been

sentenced to 6 years in prison for murdering his girlfriend in his home on valentine's day in 2013. the double amputee olympic runner was face a 15 year jail term. >> are you looking to invest in a little real estate? take a look at that because for about $350,000 you can buy an entire town in colorado. according to a posting on craigslist you can buy a five acre plot at cabin creek which includes that old gas station, 8 room hotel. actually motel and road side restaurant. rv park. two houses and a private shooting range. >> that's the news update this hour. back downtown to you guys. >> or you could buy a parking space in new york for that amount of money. take your pick. >> that's really true. >> sue, thank you. meanwhile for more on the european markets and the potential long-term effects of the u.k.'s vote to leave the eu

we're joined by u.k. shadow chancellor and senior fellow at harvard's kennedy school of government. since we spoke to you last week we had the two most high profile proponents of leave bound out and where do we go from here? >> i think the immediate economic impact has been very turbulent but the politics is a long way from being resolved. the conservative party has to choose a prime minister and it's not going to be boris johnson or michael it looks and that's going to go on until september. i think out there in markets and business people are hoping for an early resolution and it's going to go on for a long time and i don't think the pound is reflecting that. we can expect to see quite a big hit on investment and investment tensions more widely. and the bank of england is not expecting a sharp slow down.

we may see interest rate cuts as well. this is really quite turbulent. >> the market is still functioning normally. they did suggest they would have to reduce some capital requirements. george osborne said maybe they would cut corporate tax rates but does that actually help. does that pave through the uncertainty? >> that seems to be happening and it's been quite particularly hit and clearly the economy slows down and it will that's going to make it harder to make the physical objectives and the real question is what is the median term impact going to be on investment in the u.k. and that depends on the kind of deal

that gets negotiated over the next six months or a year. are we going to see britain pull right away from our single market relationship or can we find an accommodation or we can continue to trade with our biggest economic partners. now that's up for grabs and it will depend upon who is elected prime minister by the conservative party and twhat wis that vote in the autumn. we're not going to know the answers to the questions. that's why investment will be on hold and that's why the impact on growth and prosperity will be quite long lasting until the uncertain city revolved we couldn't know and the truth is that's not going to happen probably this year and into next year. >> do you see any signs that the u.k. can stay engaged with europe? now we have comments from the president of the european council saying no single market

is ala carte. you can't have your cake and eat it too. >> the conservative party says out is out. we're going to leave entirely and do things completely our way. that would be very bad for our economy and it's movement and you might be thinking why should we be accommodating to britain that unless we can find a way so that we can control migration unless there's a desire and he wants to say good riddance and

show other countries if you do this, you'll see the consequences but i think in paris and they rely upon the relationship as well as the uk. and try to work for both sides and it's the statesmenship on both sides in britain and the rest of europe that we can find a way through this but as you said in your first question at the moment within the conservative party they're all falling left, right and center and we have lost our prime minister. we have lost the main person people thought was going to be the prime minister here on the campaign, boris johnson. it looks like it's going to be the home secretary that will emerge as prime minister but i think it's a real question for her. can she be a statesman? can she win arguments in europe and can our european partners

work with her. and the next five, ten, 15 years for britain and it's now riding on this conservative members that will choose the prime minister. >> a lot of uncertainty continues to rule the day. we appreciate your time as always. >> thank you. >> netflix shares struggling after being downgraded. the second negative car on netflix this week. so should you be buying or selling? take a closer look at that in a minute.

>> coming up, should you follow the fear trade and buy bounds and gold or stick with stocks? plus does elon musk have a credibility problem after not discussing that auto pilot crashed immediately after it happened. and netflix shares cut today to a sell. do our traders agree? we'll find out. back to you. >> some break news. roger ailes sued by gretchen carlson and it's good to see you both. let me turn to you on this. not to argue that it's material to the stock but what do you make of these allegations? what does it mean for fox? >> well it's very surprising to

us but i don't think it's going to have any major impact on the stock one way or another. i would view it as a headline. it's a very important personality within fox this isn't something would be would have predicted but if you're senior management that's a potential distraction. >> speaking of senior management, sun valley kicks off. is it discussed in anything more than a gospel circle environment? >> well, right now you have to see the merits and it has to be discussed at a higher level but for the time being it's just news headlines. >> give me your sense of how fox is operating. we're in the heat of an election cycle. a lot of discussion this morning about the degree to which broadcast is managing to fight back against digital video.

how would you put fox in your spectrum of favorites? >> well it's high on our list. i'd say it's at the top. we woulike the news cycle rightw and the selection of sports assets that they have in the rsns and a little bit of a unique growth driver in the exposure to india. >> it's taking a turn from now. we have seen a couple of downgrades come out and a couple of upgrades and the potential for subscriber growth and perhaps growth in subscription payments. how much is broadband penetration the key factor in the speed of that and on netflix's growth and the multiple it should demand right now? >> there's no question that we've seen a deceleration of growth in the u.s. for netflix and it's no surprise because we

know that there's a lot more competition in the overthe top space but having said that, i think that the netflix story is going to be in and out. domest domestically and 90 million subscribers. and i want to point your attention to the latest news that they have been able to garner that with comcast. that's a very big development which will help them to grab the low hanging fruit and be able to mitigate a potential decline in a domestic subscriber base. >> the distribution platforms have been the quite winners throughout the year. verizon, at&t up 20%. comcast itself our parent company up 15% as netflix lags. do you think we'll be shifting our focus from the content side of things to the distribution side of things? >> well, it's a very different company so it's hard to make comparisons across them.

i would say at least as we think about internet distribution, internet businesses that yeah, you have a tendency for one dominant distributor to win and investors should be focused on that. who is going to be the winner in video? it's going to be the biggest player and that looks like netflix to us. >> some are using brexit as an argument that some growth might have a bit of a damper. internationally where you say the story truly is. is that fair? >> it's fair. there's definitely some concerns with brexit. the u. kflt is actuk. is netfli largest market outside of the u.s. so there's concerns about it. having said that, the company has really pushed the global scale and we're seeing that so where as brexit is creating some near term overhang in terms of their european expansion plans i

wouldn't view that as a major, you know, deturnt. and for international groups. >> people have a hard time understands why you would at least in the next year. >> there's so much uncertainty carl and there's a usual sentiment when you have potential negative news. i expect the dust to settle and overtime i think management is going to stay on course with the plan that they have laid out for international expansion. >> gentlemen, thank you so much for your time. >> thank you. >> up next, a big change could be coming for snapchat. what it means for the social network. but first, rick, what are you watching today? >> interest rates. it's really a historic move. what we're going to talk about after the break, flat yield curves. we know that with all the negative and low rates throughout the world our rates look juicy but there maybe an easier way to play it than taking all the risk. the yield curve. come back after the break.

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time to get over 0 the cme group, rick santelli and "the santelli exchange." good morning. >> thank you, kayla. when i look at total return for the fixed income markets, you know, principle and interest. so, you know, the appreciation of the price of the security, tenure note, 30-year bond and interest payments, it really does blow my doors off to think

that it's over 21% year-to-date total return ron a 30-year bond, and 9.3% for a ten-year note. unbelievable. isn't it? embedded in that you can see how much more the 30 year has done. when i look up and see the last yield, 138 for a 10 and 214 for a 30, i will continue to think that the 30 year is just going to be a little bit more desirable as we have $12 trillion of securities around the globe, sovereign debt, and look at a couple of charts. okay? look at 10s minus 2s. this is going back to december 31st of 2013, because that's the last major top it made. at 264 basis points. now look at 30s minus 5s. if you look, it didn't quite make it the same day, but it's made its recent high around november 20, 2013, see on chart, at 2953.

many traders thinking i don't want to be long, risky, maybe play it on the spread more flattening. go to the board. so 10s minus 2s. 264 on the highs. now it's at 81. so 264 minus 81. that spread has moved 183 basis points. let's look at 30s minus 5s. their peak 2, 53, a little earlier. same move. always want the major extremes. when you strategize or come up with a way to trade, especially on the yield curve. it's now 118, which means it moved 135 basis points. you can see the difference. if the 30 year is in high demand because investors on the relative value trade most likely go for the juiciest yields, and consider how less they've moved in a simple fashion, a good way to play it, of course, you buy the 30s, sell the 5s. and you look for the spread of the spreads de niro bit. in english, a less risky trade,

a bit more reward than maybe more popular 10s minus 2s. carl, back to you. >> like a master class, rick santelli in chicago. rick, thanks. when we come back, big changes coming for snapchat. kayla has details on that. s&p in the green at 2089.

snapchat is introducing a new feature called memories. it's a way to save your snaps and store them within the snapchat app. with this new feature you can actually save snaps for later use and include them in your stories. currently you can only include snaps in your stories in realtime. that's interesting as well as the fact that best known for messages that disappear, now appears to be moving towards products meant for commemorating your memories. snapchat plans to roll at the feature slowly to its 150 million daily active users starting off on the west coast and moving east. you'll get a message from team snapchat when it's available for you to use, and you can get it by rolling the camera portion up. that's the only part of the app currently where there isn't something basically stashed there. they're using all the real estate in this app. remember, companies currently is worth about $18 billion.

>> interesting thing about this, to me, that it's an engagement play. the quality of snap should go up. quality of stories, able to work on them a longer time, build it over time. the easy way to do this, for them to allow you to download what you're working on to say, say, your camera roll on an iphone. didn't want to do that. >> they do it now. just can't upload it to your story. >> exactly. they want to keep you inside the app working on stuff. that's engagement, again. >> the evolution of some of these social names, snapchat with this. twitter with stickers. twitter today with this wimbledon feed, getting pretty good attention, a way to watch sports and see the second screen on one screen. sort of a trial what they'll do with football on the fall. >> wish i had that monday waiting 5.5 hours to get in. >> nice to be able to watch federer win this incredible match as we've been, would go because you can watch right here. meantime, you see, dow and s&p made their way back to the flatline, which really began

around 10:45 eastern time and coincided with europe's close. we'll see what the afternoon brings. of course, the fed minutes at 2:00 p.m. eastern will tell a lot about what was discussed in the june meeting. over to scott wapner and "the half" back at hq. all right, guys, thanks. welcome to the "halftime report." i'm scott wapner. top trade this hour, should you follow the fear with bond yields plunging, gold prices and investor anxiety rising where is the best place for your money? whip us for the hour, joe terrano terranova, josh brown and jon and pete najarian. happening in the market, the second straight day, the action on the top of most minds is what's happening with bonds. there it is. the ten-year note yield, 1.38%. stocks, carl said prior to this, worked their way back to the flatline. nazback gone positive by one-third of 1%. nonetheless, that move in bonds and other asset classes