which i used to offer health insurance to my employees. what's in your wallet? good morning it is 8:00 a.m. at apple headquarters in california, 11:00 a.m. on wall street. "squawk alley" is live.

good thursday morning. i am carl quintanilla, with morgan brennan, and contessa brewer the dow and the s&p on pace for the worst month. it follows the largest single point gain for the dow the roller coaster action is not isolated to equities oil is on a wild ride off the best day since 2016, down again close to 45. brian jack -- jacobson what constitutes decent follow through after today. >> listen, look, yesterday was

unrealistic. we expect continued volatility moving to the new year, waiting for clarity, all the while nibbling at valuations we would continue to see thousand point and 800 point moves. through the end of the year, when liquidity returns, we'll see normalcy to trading. >> i would like to think a lot of it in the last couple of weeks is driven by algorithm trading. we have seen and this is reaffirmed by the investment company institute that with retail investors they began doing tax laws, harvesting the beginning of december, almost doing that type of harvesting mechanically, selling into a market that was already softening. we haven't seen the buyers

stepping back into the market with any enthusiasm. seems like things are very much biased toward more selling and perhaps moral -- more trying to balance portfolios one manager described it as it seems like there's a buyer strike and that's not likely to change until we get into the new year i agree with nancy saying that we may have a few more days, expect triple digit moves in the dow. yesterday was a historic move in, keeping in mind that it was from a higher base than previous times. you have to look at things in percentage terms and not point terms. the vix didn't drop below 30, despite a massive move up in the equity market. that suggests to me that maybe that was a bit of a flash from the pan and we should expect a little give back, hopefully not a complete give back >> brian, just to dig into that

more, what would you be looking for to see capitulation in the market to see a rebound that is more sustainable >> when people were talking about capitulation, say two weeks ago, a lot of narrative was around watching the vix get above 30, and we have gotten there. perhaps with the retail outflows out of mutual funds, the vix getting above 30, some of the massive gaps are down, inter day volatility, i am hoping those are signs of capitulation on the selling side the question is where is the bottom for that. bottoms can be bumpy when you're trying to look at historical comparisons, say it was in '82, you had almost 20% drop, 1998, almost a 20% drop, 1990, there was almost a 20% drop, you have these saw tooth patterns toward

the bottom maybe if we can hold onto at least half the gains we got from yesterday, maybe that's a sign we're beginning to get a little bit of traction. it is basically trying to fasten my seat belt, strap in for the ride. >> all right so if you are a person who feels that motion sickness when volatility has you going back and forth and upside down, if the journal article about automated trading and herd like behavior on wall street got your attention, maybe people would be looking to someone like you for some advice. you said you think there's real value out there. where do you see it? >> yep, thank you. so we positioned ourselves to an overweight consumer discretionary. we think that consumer, despite today's confidence numbers, moderating modestly, think the consumer is in great shape, the confidence numbers lower are still spectacular. we have also been overweight in

health care and we have been forced to trim a number of holdings due to valuation, and we put some of that money back to work in old technology and in some of the industrial names and are looking for opportunities in individual holdings that just stand out. like morgan stanley that's cheap enough for us now and hasn't been for five years. apple at 11 times earnings, federal express, nine to ten times earnings, these are great company stocks you can own for a lifetime this is an opportunity to accumulate at lower levels after we tax loss harvested, we began picking away at new names. >> fedex, are you not concerned that they're saying they have slowing shipping volume say in europe >> yeah, i mean we knew europe was slowing,but what we're assuming, and we could be wrong, is that we'll begin to see a hiccup in china, and some

emerging markets and in europe, maybe due to fiscal policy stimulus as monetary policy continues to be difficult. the chinese have already been easing significantly so we think that that slowdown, i sat on the call, it came with expanding margins and ground, a slowdown but still positive growth i think it is just like everything else in the market. the market was blindsided and management was pretty candid do i think this is a stock i want to own for three to five years, absolutely. >> brian, pinning your hopes on chinese stimulus and on the fed backing off, pinning your hopes on balance sheet rolloff being trimmed, that's not reassuring bull market activity. >> no, it is not i don't pin my hopes on those things necessarily i'm more looking at with clients what is the specific goal that they're investing for, for the near term i think that we're

positioning portfolios, we were overweight growth for most of last year, began to trim back to more core positioning in the united states. we were overweight u.s. versus non-u.s. but the recent sell off we began to move toward emerging market and non-u.s. equities we would be looking for income and industrials. i think industrials have been beaten up, too much as nancy was saying i think growth outlook is more favorable than what's priced into the markets and as far as on the income side looking for dividend growing companies. those companies that pay a dividend but not necessarily trying to be a yield hog in this type of environment, looking more for companies that demonstrated an ability to sustainably grow dividends and that will compound over time those are the big themes we're looking at for 2019, looking for

sustainable income and also biassing more toward industrials that seem to be beaten up, too much here given the growth outlook. >> beaten up a little is one way to put it. guys, thanks we'll see what happens the next couple of days brian, nancy >> thank you. we are looking at the major indexes down 2%. let's get to the nasdaq and jackie deangeles with this morning's movers. >> good morning to you you can see the losses are accelerating as the decline on the dow increases as well. right now, nasdaq composite down more than 2.25%. the selling today is pretty much broad based across all different sectors. the focus at the nasdaq is tech. people look at chip stocks let's take a look. intel, amd, broadcom and microchip down there were some tiny bright spots. micron trading a bit higher.

stm was higher, now it turned negative even if a stock was seeing gains, it is not a guarantee throughout the session the faang names were seeing losses but not steep those losses accelerated from 1 to 2% this morning, now looking at losses from 2 to 4% across the board. and also, what's interesting is some analysts are saying yesterday's move higher wasn't necessarily new buyers coming into the market but that it was short covering to protect different positions, to rebalance before the end of the year i want you to look at some names with the biggest short interest, they're again lower today after seeing huge pops yesterday some stocks, bed bath and beyond, snap, abercrombie & fitch, california resources are all trading in the red today >> thank you. still to come, why one of wall street's favorite seasonal barometers may be left out in the cold. and red across the board as

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welcome back to "squawk alley. the dow making a move lower after yesterday's late daybreaking rally. bob pisani has more on what's been a roller coaster ride >> can't we get a quiet day going into close most traders are gone. everybody wants to get out of here and show up in january and talk about fundamentals. look at the s&p 500. we had a weak open we rallied off the lows. we went into the december consumer confidence report, data came out at 10:00 a.m., it was a bit below expectations and it confirmed while confidence is high, it is off the highs in october. before you get all concerned, remember that october saw the highest levels in consumer confidence going backto about 2000 we are talking about multi decade records in consumer confidence it is no surprise that we are dropping in the last couple of months this was more severe than people thought, so markets came off

their highs. markets are moving in tandem the whole market down 1.5 to 2%. energy leading the decline tech, consumer discretionary, health care and consumer staples are down elsewhere, we like to talk about the january barometer. this is one of wall street's favorite barometers and for good reason it registered only nine major errors since 1950. it has been accurate 75% of the time, better than most wall street saws. every down january on the s&p since 1950 without exception has been preceded by a new or extended bear market, a flat market or at least a 10% correction in other words, as goes january, the rest of the year gets rocky if it is down. with a strong track record and so much market confusion around economic risk like china slog slowing and rate height risks,

unfortunately what we're seeing is end of the month jis selling off. that's a clear imprint that tax law selling is real. the hope is that it abates then we had a lot of obviously short selling going on a lot of big names that were heavily shorted were dropping heavily in the first part of december as well i think a good part of yesterday's rally was short covering you look at big names, chesapeake energy, caesar's, bed bath and beyond, famous well shorted names the last few months they recovered much more than the overall market yesterday look at the return these were heavily shorted stocks you look for fingerprints of the market's activity. this is a good fingerprint this is indication that a little

part of that rally was due to short covering unfortunately, you get this end of the year, it is hard to talk fundamentals what's it going to look like for economic growth, what's the earnings outlook when people are just moving around portfolios end of the year, it is a lot of noise that's what makes it frustrating for all of us that cover this. >> and we had thin volumes it is a holiday week >> monday was quite shocking the volume was heavier than normal, much heavier than normal it was not far from a normal volume day and it was only a half day trading yesterday was fairly heavy as well you keep an eye on this. what i'm looking for is sign of seller exhaustion. yesterday we had 95% of volume on the up side a rare occurrence. usually you get a more even split. that's a sign that all of a sudden sellers were done and all of the market moved up and look what's happening the

last few days, five of the seven prior, 80% of volume was down. there's been heavy pressure here no buying interest moderate amounts of selling pressure we need to find some buyers. we need buyers more interested they haven't been rewarded for buying on dips except for yesterday. >> all right thank you. as we head to break, talk about a fall from grace, shares of nvidia are moving lower this morning. off almost 4%. rbc lowering the price target to $200 from 230. and points to falling prices for chips on the secondary market. they maintain an outperform rating. and the worst performing stocks in the dow so far in today's session. those are big names. a lot more "squawk all" il ead.eystl don't go anywhere. when you trad? i want free access to research. yep, td ameritrade's got that. free access to every platform. yeah, that too. i don't want any trade minimums. yeah, i totally agree, they don't have any of those. i want to know what i'm paying upfront.

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major averages off session lows, down 528 was the session low on the dow

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i am kelly evans indonesia raising the danger level for an island volcano that triggered a deadly tsunami over the weekend. the government warned some communities to stay a half mile from coastline because of the risk of another tsunami triggered by eruptions. indian authorities ordering fire services to sprinkle water from high-rise buildings to settle dust particles in new delhi, as the air quality worsened, posing a health hazard for millions a government advisory asked people to use masks. americans can soon check hospital websites for a price list of services they provide. a federal rule goes into effect on january 1 the goal is to allow consumers to know the cost of everything before seeking medical treatment. and new york state commission says the winning powerball ticket from wednesday's drawing was sold at a gas station in brooklyn. the winner can choose $298 million annuity option or can

take the cash amount of 180 million. that's the cnbc news update for this hour. i will send it back to the gang at "squawk alley." >> thank you very much. european markets are about to close not a good day there they never got a chance. >> european stocks erasing early morning gains to finish in negative territory across the board. the german dax on pace for the worst year since 2008. four of europe's six largest economies saw the benchmark indexes fall into bear market territory. france could be the next one to hit levels closing in on 20% decline from the high in may meanwhile, more disappointing economic data from the uk. holiday sales off to a mostly lackluster start, raising the prospect of more disappointing news for retail sector

investors, following a year of profit warnings and weak earnings growth, according to springboard, a company specializing in retail data. shopper numbers were 3.1% lower on boxing day, yesterday, compared with last year. foot traffic on boxing day has now declined for three consecutive years, that in contrast to upbeat figures for u.s. retailers guys, today's numbers for the stock market are not helping the consumer confidence there. back over to you >> leslie, thank you back at home, markets continue to push deeper into the red as well. the dow sinking more than 500 points at the low earlier today. nearly half of yesterday's relief rally briefly erased, oil giving back yesterday's gains, down another 2% today. apple, one of the biggest losers in the dow, shaving about 30 points from blue chip index. what all of it means for a possible recession risk. we go to steve liesman standing by >> morgan, good morning.

claims are coming in at expectations, 216, pretty low level, underscoring the issue. markets are worried about imminent recession, but the economic data is softer, isn't supporting recessionary concern. the goldman, sachs index, and a lolt of disappointments there, ending up at zero, you can see earlier this year we were surprising to the up side. that's gone away now the economic fundamentals. where data is trending, performance relative to expectations and level relative to long term averages. there's information in all three of those let's look at a variety of indicators retail sales have been up compared to where they were, they beat estimates and are above the long run three year average. new home sales up in direction, beating expectations all three of those except auto sales which were down, but

they're above the three year average. look at some of the other data you can see a little worse jobs are down a little, but still, and below the three average, still a decent number fed manufacturing surveys have a lot of people's attention, the richmond and philly fed, they're down, missing expectations, be-l below three year average business confidence, above three year averages, but directionally down, missing to the down side i want to wrap it in a christmas tight bow, see what the economic forecast is about current and near term growth all of this is positive, again, contrary to the market direction. 2.9% cnbc wrrapid update, and q 1 forecast, no actual data, still healthy, running about a point or less above long run potential. why the difference between the markets and economists probably the x factors, fed rate

hikes, long run impact of that, impact of government shutdown and the trade war. morgan, we have a report this morning from goldman, estimates the shutdown will cost .1 to .2 gdp. others say the trade war, .2 to .3. add those up, it starts to add up to as much as a half point from other factors, x factors we talked about. >> steve, thanks for putting this together for us stay with us we're going to continue the conversation john sylvia, strategy founder of wells fargo, chief economist and anthony chan joins us now. good morning to you both anthony, i'll raise the same question steve just did in terms of that data and what it means i think it is a key point to ma make that you're seeing that but doesn't mean recession. >> i don't think it means recession immediate term but financial conditions are getting unchanged or tighter for

the last 11 consecutive weeks. odds of recession are increasing, not to the point we have one in the next six, nine, 12 months, but when you see the odds increasing 12 to 18 months into the future, you do get a recession. in fact, today's conference board numbers, what did you see, the futures conditions, the labor marked is tight, people are feeling that jobs are plentiful, but they tell you that 18 months from now things can get softer that's what financial markets are keying on. remember, financial markets don't reflect what's going on today, they reflect what's likely to happen a year or two from now. >> to that point, john, the fact that we are arguably, seems to be healthy debate about whether we're in bear market for equities you can have that without having recession. but at what point if there is a point does one bleed over into the other? >> the problems with the equity market feeds into cost of capital. what we're seeing is that

factory order niumbers are weake compared to six months or a year ago. in addition to that, looking at slightly higher interest rates that's how that process of the equity markets, corporate profit expectations slowing down in 2019, relative to 2018, that's what's feeding into that equity market hit, even though we talk about the current economy being pretty solid again, picking up on steve's point, jobless claims were pretty good. overall, the american consumer is good, but one area that i would be concerned about would be auto. auto delinquency rates are rising, inventory is high compared to six months ago maybe phil lebeau has an opinion on that, but expectations should be 2%, 2.25% next year as well >> we have not heard complaints about credit quality. >> not yet but seeing noncorporate financial debt as percentage of

gdp reaching levels consistent with slowdown to possible recession. but with respect to bear markets and whether you get a recession, since world war ii we had 14 bear markets guess what, 65% of the times you get a recession. another way of saying that, 35%, you don't. it is one of those things you have to watch, but it is not the tell all. >> steve, you mentioned here a couple of things one, the shutdown, two, trade tensions at this point those are trump's babies if the president decides to end the shutdown and not hold up things from the wall, if he moves forward, there's a meeting reported in china that could bring us closer to calming trade tensions, could that ease off concerns over looming recession? >> yeah. the term of art used in this regard, contessa, is unforced errors a lot of them could go away quickly. you saw, who knows why the market rallied a thousand points

yesterday. when kevin haset said 100% the fed chair job is safe, sometime thereafter the market took off, other things like the algorithms and undervalued market at that time, but the issue with that, that could go away a meeting, and by the way, later in the day, the market may have gotten more motivation that said china and a meeting. we have a lot of up side surprises. a lot of data we had hit really, really strong levels is it possible that what you have is a come down from high levels and that you end up going

stabilizing at more normal averages >> absolutely. there's no imminent as you said, indicator of recession in the next six to nine months. i certainly agree with anthony in the short run, that's certainly true i will go back to the x factor earlier discussion on cnbc this morning about uncertainty and risk i think we're dealing with x factors or uncertainty an economic slowdown seems to be in the cards, not necessarily leading to recession >> anthony, last hour we had a conversation about the fed and specifically about disinflation, whether we were seeing that with crude prices and other commodity prices coming down do you think that's a bigger theme in 2019? >> i think the federal reserve is realizing with tightening in financial conditions and commodity prices weak, you saw the drop in oil prices, that's going to spill into the economy. less pressure on the federal reserve. they're starting to see that, seeing that with john williams'

speech and all of the other messages you are getting from the federal reserve. less urgency to act. the economic fundamentals tell them one or two rate hikes are justified but they're looking at other things now. >> you think one or two next year >> i don't think more than one or two next year but if financial conditions continue to tighten, they may step back away from that >> john, your thoughts on this >> i think anthony has it right. one or two at most, more likely one. but when you look at the inflation numbers, i am sure steve can get a graph on this, there's huge disparity between cost of services and cost of goods. we have had deflation and goods for a number of years. i think that discrepancy will limit the fed actions, they'll look at this and i agree with anthony, one maybe two, more likely one move

next year. >> steve, i will give you the last word. >> the trouble is the x factor again which ends up being how tariffs end up effecting inflation output, how the fed folds that into its forecast tariffs have stag-flation with them they tend to reduce growth and increase prices. when you look at what's happening on the trade side, says thanks a lot for nothing to the administration, which is making their job harder, and i think it is possible if you have a tight labor market, you have tariffs pushing up prices that you may get the fed doing a little more if tariffs have that kind of effect >> yeah. i guess all the more reason you're hearing about data dependency, given all of the question marks and uncertainty thanks for a great conversation. still to come, why investors may want to think about selling

stocks for tax purposes. but first, rick santelli, what are you watching today >> you know, instead of like a ping pong or tennis game, we're going like this as the market goes up and down momentum, velocity, all of these things have changed. there's been fundamental change in how markets move. we're going to talk about that after the break. duncan just protected his family with a $500,000 life insurance policy. how much do you think it cost him? $100 a month?

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today, is it time to put on risk or runoff and save cash? traders weigh in on the debate john seeing action in safety trade, do you want to pile in? and the call of the day on one of the biggest winners of 2018 what it is and more on the crazy market moves at the top of the hour carl >> hardest working man in show business, brian. see you in a bit let's get to the cme group for the santelli exchange. hey, rick. >> good morning, carl. today i want to talk about fundamental changes in the market but before we get there, just want to say a word about today's conference board consumer confidence number. this is a chart of the numbers going back to 1967 in which my database includes. what i would like to point out is reading was 128.1 previous, we had five readings in a row, 130and above you could see them all right about there. the point is in this long chart

we could see this is the stratosphere of the levels, truly is i'm not saying markets can't reverse and all of this can change, but i will tell you this is a forward real time data point with regard to the calendar and since much of the volatility really started in october, it is hard for me to believe the reversal, probably had to do with market volatility the point i am making, lofty by comparison let's get to the matter at hand. when we talk about momentum and volatility, momentum, we're in football playoff season soon bears are part of that one of the magic elixirs, how teams do, do they have the momentum it is a very abstract concept, but nonetheless, momentum and volatility you think momentum is abstract, let's get down to the business of volatility. it is like derivative,

derivative the vix is a calculation with s&p options, they're derivative s&p futures. they're derivative of the s&p 500, which is derivative of cash stocks i'm not dismissing that as unimportant, i'm saying when you have that level of greeks involved to the third power, you have a lagging indicator, not saying it is not important, but the reason the vix works is because traders get nervous, but to make triggers for how packed the snowball of portfolio positions are, risk pair rody changes the way the market moves. you add in efts, how people think of them will change. you think of artificial intelligence and the fact that

millenials a machines are integral in the market, since this is the first machine volatility chapter from these levels, i think we'll learn from this period morgan, back to you. >> rick santelli, thank you. great chart on consumer confidence puts it in perspective. when we come back, what retail investors should be doing in the face of recent market volatility expert retirement and tax panel next today's laggards down greater than 3% more "squawk alley" after the break.

stock selling off this morning after the dow posted the best day in ten years. largest point gain ever. index on pace for the worst december on record contributing to recent year end declines is that phenomenon we call taxed selling leslie picker is back at hq to talk about it. >> that is more popular in markets like this one where there are significant losses to be harvested for those that have never done it, it may sound counter intuitive, selling at a loss on purpose. but those losses can help put a dent in capital gains earned from other investments sold

earlier this year. by doing this, an investor can minimize or eliminate his or her capital gains tax bill which for most was 23.8% tech selling is common at the end of any year, but even more so this year, experts say, because of magnitude and breadth of the recent downturn it is difficult to know what portion of market selloff is actually attributed to tax selling, but it feeds on it self the more people that sell into the market for tax purposes, the more exacerbated the market declines become. i have spoken to advisers to institutional investors and retail investors that say both types have been actively doing the tax selling for weeks now. the one caveat is called a wash sale rule. it prohibits buying or selling after a substantially similar security was sold for tax loss to capture the deduction, investors need to be careful of breaching that wash sale rule

and must place their sell order by december 31st, which could create downward pressure on the markets in the next three trading days, contessa >> really fascinating stuff. thank you for that let's get to a pair of tax and retirement experts that can shed more light on how it works ed slot, frequent author on retirement and 401(k) planning, and julie well great to have you both today julie, first of all if you want to take advantage of the stock selling for tax purposes, what do you have to keep in mind? >> you have to keep in mind like you mentioned that you have the december 31st date the trade has to be placed by december 31st, has to be in this year and there's a $3,000 overall tax loss limit so if your capital losses exceed capital gains by up to $3,000, you can deduct that on your tax

return but if it is in excess of 3,000, that excess amount will be carried forward to future years, so you don't lose it, you still get it that's a time factor for the end of the year here >> ed, when you look at which stocks to sell lemons into lemonade if you a have a retirement account you can do more than the 3,000 loss limit imagine if you could deduct 100,000 or 200,000 in losses well you can if you do a roth conversion you have three factors working in your favor. you have lower values, which means the tax on the conversion is less. lower rates for most people, plus, under the new law, roth conversions are permanent. there's no do-overs so you have to know what your income is.

these two days are probably the best days to project your 2018 income almost everything is in there's no, not going to be any more surprises. you can have a good handle on what it's going to cost you. if you can do that, you're converting taxable money, yes, you pay a tax, but you're paying a much lower tax to move your retirement savings into tax-free territory. taking advantage of these depressed values and when the market rebounds, all of those gains will be tax-free forever so you're a big winner in a losing market. >> jewel yarks there's been a major overhaul of the tax code this year. there's question marks about how that's going to shake out. how does this affect how investors should be approaching this strategy? >> well first thing a lot of people are thinking well i don't itemize deductions, so i won't get this loss. but that's not true. even if you're one of the 90% of people who aren't going to itemize deductions you can still deduct the capital losses

because that's a separate calculation, a separate area of the tax return you can still get up to the $3,000 on the tax deduction. the other thing that a lot of people in the past, was the alternative minimum tax. that tax just caused people's taxes to be higher and many times the people had capital gains, that caused the alternative minimum tax to kick in even though you still get the lower rates. the lower capital gains rates, with the alternative minimum tax. but with the new law, the alternative minimum tax doesn't start taking away the exemption until $1 million of alternative minimum taxable income so a lot fewer people are going to be subject to the alternative minimum tax. thanks to the new law. >> separate from tax law, sally, one of the positive narratives being spun, especially for the consumer is that their refunds in the spring are going to be bigger than they thought is that true >> some people but the calls i'm getting now at the end of the year, everybody

is saying i'm getting all my charity and stuff together they're not even going to deduct that charity most people are going to be hughesing the new higher standard deductions, which can lower their taxes, but they're going to be in for a rude awakening when they realize their state taxes are limited to $10,000. >> the whole salt thing we talked about >> and most other deductions are not there including the deductions for financial advisers and investment fees, all gone that's all part of the standard deduction now. >> you think that might lead to a downturn in business for financial planners >> well they'll find another way. >> julia, i want to go back to this wash sale rule for a minute we've been having this conversation here at cnbc for days that there haven't been very many buyers out in the market could this be affecting that >> that could be, but the wash sale rules are you can't buy, you can't buy the same security within 30 days before or 30 days

after that sale. in order to actually recognize the loss if you, do you don't get to deduct the loss now, that amount is added to your basis the one thing you need to be careful of with the wash sale rule, because ed was talking about retirement plans, if inside the retirement account you recognize the loss on the sale of a stock and you repurchase that same stock outside of the retirement account, within that 30-day period that wash sale rule still applies. so you have to be careful of that it's 30 days, you can buy something that's similar, it just can't be the same or significantly the same stock it can be in the same sector if somebody wants to continue that type of investment. >> we're seeing the dow off 353 points, the nasdaq is down 2%, the s&p off 1.5% you say forget about much with aing the markets, the biggest risk to people's money right now is taxes >> that's where most people have the money, your iras, t401(k)s.

remember the key to all tax planning is always pay taxes at the lowest rates which is right now. that's like saying buy low and sell high, that's a good one too. >> i'll take that. >> and thank you for your time and your insight julie, same to you >> market continues to turn around, down about 350 on the dow. leave it to facebook to deliver some drama, now blaming this instagram update on a bug gone awry watching the dow and the s&p back to 2429 shield℠ annuities from brighthouse financial

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the market's message to investors from bulls to bears, stocks to bonds. ride it out or reach for new opportunities? "squawk box" tomorrow. 6:00 a.m. eastern. >> as we look at some f.a.n.g. names, with all the market action, we want to highlight one corporate story, some instagram users noticed an update this morning that changed the way the app looked and worked. you tapped and swiped instead of the infinite up and down scroll

skr scroll facebook said in be a instagram tweet. it was supposed to be a very small test, but we went broader than anticipated facebook was positive in the early session. one of the few names on the s&p that was green and probably unrelated to this, tilted into red as the session went on >> is it weird that the head of facebook's instagram tweeted and how meta is that i just worked three social media names into one sentence. i got it i don't see what the hubbub is about. all of you people are on tinder, anyway, going left and right instead of up and down >> updates in general on social media are treacherous. >> look no further than snap especially if they do it accidentally negative breadth continues to be 84%, not as positive as

yesterday. we got a little bounce as europe closed at 11:30 eastern and the all-important 2:30 hour remains. >> absolutely. a little market stat from market maven peter shcek. the s&p has yet to rise in back-to-back days this month and we're poised for that yet again today. welcome to the halftime report scott is off, i'm in and if you thought it was safe to get back in after yesterday's record surge -- you may want to think again. >> the market starts taking back what it gave yesterday volatility the order of the hour, date, the week, the month, the year. today, the traders debate how to know when it's time to put some risk on. plus, a big call of the day on one big name that's bucked the down trend is visa everywhere you want to be the halftimet