. >>> welcome to "overtime," i'm mike santoli you just heard the bell.tarted for post time new york stock engs change you'll hear from one cop technician who's sounding the alarm on apple where he sees the stock headed into the new year. but we start with our talk of the case selloff in stocks, all three major averages erasing early gains to finish in the red but closing off their session lows with

santoli, listen up. >> i'm listening. >> this will give you movement and value. next year's numbers, and then six bucks, and then eight bucks. they have 15 drugs now in phase two. they've got basically four or five drugs that are in approval in phase three, applying here, applying there. but they've already got earnings. this stock is going to double over the next year, year and a half. >> wow. >> 23 buy ratings, zero sells, up 85% this year. why -- how does the market look -- >> this guy is a bandwagon kind of a guy, right? [ laughter ] >> -- the motivation focusing on where stocks have come from? >> where it is right now, 20 times cash flow. >> -- market in '09, the point is -- >> if i had a dime if you said, it's not where they come from, it's where they go. >> and that's absolutely true. i'd be are rach man. >> thank you. thank you for gratifying -- >> you should get that -- here, 23 buys. sometimes the crowd can be right. this is one of the times. >> all right. >> here's one of the reasons, judge, he could be right. the hep-c drugs which are getting fabulous

mike santoli has those numbers as you can see right there good afternoon, mike >> hey, dom. an unusual quick and complete reversal from the one-day shakeout at least so far yesterday. three weeks ago we had a minipanic after the fed meeting, got a couple percent to the down side this is barely that. the big pressure point on the markets is what's been happening with yields, what's been happening psychologically in terms of the economy and everything else. here you can see a one-year chart of the 10-year treasury yield. it looks like it has rolled over from those highs a few months ago, but the big question as the overall trend changed, believe it or not not necessarily. it actually reversed higher on its 200-day average. it doesn't always work that well but at this point it doesn't seem as if there's anything that's really gone on here to change the overall setup of at least somewhat higher yields, even if we don't see the 1.7 plus that we saw a few weeks ago. take a look at the push/pull in sectors below the surface this week the s&p 500 is on pace fora quarter percent gain

. >> i'm mike santoli. wilfred and sara are off we have futures looking to gains from late last week. we pulled out positive, s&p 500 up 0.5%. in the broad markets continuing that coverage from the sell jot from the january hype. you see what we're pointing to, another half a percent gain. the dow looking a bit stronger up, 170 at this hour the nasdaq which has been the performer both before and after the correction is up, looking at about 18 points right now. taking a look at the ten-year treasury this obviously has been an area of tremendous focus lately in the last month or so although the move last week was very plod defendant. basically going sideways for four weeks, really it's amazing how many people are watching that 3% right now pulling back ever so slightly, 3.86 you wonder if that 3% mark is the watched pot that everybody is waiting for, seeing if it will boil or not the dollar bounced slightly last week up in the dollar index, about 0.5% it's basically fixed mostly down. the yen, you see the dol

veteran market reporter and analyst mike santoli joins us now from the new york stock exchange. mike, welcome. good to have you with us, as always. who is doing the selling today, mike, and what triggered it? >> reporter: allesxcellent ons, tyler. it's not clear what specifically triggered the selling today. really, it w not about an economic headline, it was not about corporate earnings, it didn't seem to be from political news.ea it wasy follow-through from friday's decline. i think t os is a bit payback for one of the greatest rallies we've seen over several months in a long time. the dow was u 300 points since thanksgiving until a week and a half ago. we've given ovback a little ove 2,000 points fromthat starting this afternoon, you started to see a lot of mechanical hit the mark. it w fairly indiscriminate and seemed to be related to a rise in volatility measure that somehow really threw off a lot of these large funds that had been betting on the markets remaining calm. so, that's what we know for right now. obviously, the major index is down slightly on a year-to-date basi

that's mike santoli out in omaha. for more of his sitdown with thomas russo, go to our website. do not miss our coverage talking about berkshire hathaway's annual shareholder meeting it's live on cnbc.com, and it starts tomorrow at 10:00 p.m. eas -- 10:00 a.m. eastern time. >>> up next, the former federal reserve, rich clarida here his forecast moving foarrwd, what it means for the markets. we'll do it next on "closing bet. (music) up top by the hogan ♪♪ woah (sfx) car racing -final boarding flight to wait... is that a phone? look at the performance! the graphics. that thing's a gaming machine. a new challenger! faker! that man's a gaming legend. everyone fasten your seatbelts. and here we goooo! ♪♪ doors take us places. so you bought a place. to new adventures. -oh. mwah. -planned... -and unplanned. -surprise! -they lead to goals. -for you, mama. and connect us to family. i didn't get the part. your dedicated fidelity advisor can help you open those doors. but i did get waiter number 2. because they know you. they can help you create a comprehensive plan for your full financial

i'm mike santoli in for scott wapner you just heard the bells and saw the fireworks.getting started in just a few minutes we'll speak with crypto bull tom lee his reaction to that dramatic fire sale in the crypto world. plus late-breaking developments as another crypto lendser freezes customer assets. >>> but we begin with our talk of the tape. is it time to double down on defensive posture as we kick off the second half of the year? another dose of weak economic data adding new fears of

mike santoli of course is sticking around.tocks they're soaring after jpmorgan jamie dimon told investors monday that he'd meet a key performance target this year and possibly even exceed it next year citi, however, under pressure after credit suisse downgraded that from neutral to outperform. the analyst thinks there is limited upside after the 12% rally over the last two weeks. you can read that analyst call on cnbc pro. leslie picker joins me right now. some mixed messages for the baj stocks lately. even as they get a downgrade, jane fraser was on the network this week calling bank stocks unlds undervalued and that was one of the catalysts too along with jamie. >> there's a lot of cross currents in terms of news. citi's main run was fueled by the disclosure by berkshire hathaway that it had taken a $3 billion stake in citi. on top of on monday jpmorgan increased its guidance in terms of net interest income which is an important profitability metric for banks like citi and jpmorgan they're helped by higher interest rates and

mike santoli, thank you. let's get into this tech sell-off, one of the worst performing sectors joining us now, dan niles. you're not on the phone. dan, this is looking today like what you've been predicting for a while, a series of bear market rallies that fade. what are the characteristics here that you're looking at, maybe particularly in tech, to see if your thesis is holding up >> i think nike this morning is a good harbinger of what you can expect during earnings season. so i was looking at it closely if you look at the forward numbers, we had a tweet on it this morning none of the things that they talked about were unknown. they talked about foreign exchange we all know the dollar is up a lot. they talked about china being an issue on the demand side, so, again, not a huge surprise there. we know cities are being locked down and they talked about supply chain costs and freight costs. again, no surprise there what's interesting is this morning the stock was obviously up 3% pretty early, and now it's dow

we'll send it over to mike santoli for "overtime. >> welcome to "overtime," i'm mike santoli in for scottust getting started at the new york stage micron earnings are about to hit the tape we'll bring you the numbers and instant stock reaction as soon as those results cross president biden and ukrainian president volodymyr zelenskyy are about to kick off a live news conference in washington. we'll take you live to

but first, mike santoli, let's go to you.for the s&p, the broader market. but the fact that the dow did close at fresh session lows, what can we read through from that >> we've had a series of soft closes i don't think it's been dramatic it hasn't really carried over into the next day. i wouldn't read a tremendous amount, except what the overall story for the week was i can tell the story is being resilient, s&p up about half a percent. we're hanging around the highs and you look at the same exact action and say, we're stalled out. the market is a little bit fatigued it's had an opportunity to make a run at the old highs and has not been able to get there if you net those out, it's probably more positive than not, just because the average stock has done okay. the rotation within the market towards somewhat more of offensive cyclical areas is probably encouraging but it's definitely a wait and see. >> in terms of how we finished the week, is dow finishing with losses for the week, but the s&p, second straight week of gains. th

mike santoli will find out >>> here's a check on bonds.y yields getting a small lift to start the week "closing bell" will be right back. make fitness routine with pure protein. high protein low sugar tastes great! high protein low sugar so good! high protein low sugar mmmm, birthday cake! and try pure protein delicious protein shakes we believe in education built foall people.ty, - [woman] snhu was the best experience of my life. - [man] without snhu, i wouldn't be the leader i am today. - [woman] i graduated high school 19 years ago. i still finished. - [man] in the military, you feel that sense of accomplishment. that's what snhu is. - you will march from this arena and say to the world.. i did it. - [woman] you did it. i love you. - [graduate] i love you too. doprevagen is the number oneild mempharmacist-recommendeding? memory support brand. you can find it in the vitamin aisle in stores everywhere. prevagen. healthier brain. better life. >>> rear set for report closes three things driving the action today. >>> further helping as chine

mike santoli, though, i'll start with you same question i asked top of the last hour.s is this a breakout >> i think the definition is you put some distance in between the current levels and the previous peak the big question is are we going to get to a point where we stretch the upside a little bit more and people get over confident? that's not quite happening yet this is happening i think because of the removal of challenges and head winds. right? trade, the fed didn't make a mistake that we can see. recession fears have waned it's not really about a catalyst it's just about a contexts the market's at a record high. buyer to the upside. i think that's what the trade is >> all right keith, quickly your thoughts on this? >> yeah. like i said at the top, we're close to a breakout. i want to see accelerating volume into that trade then that will put it all together i think we've got more room to run here in the next two months. >>> you might have heard about this, but the dow closing at a new record high today. you're welcome, america. first time it's done that since mid

along with mike santoli. let's look at how we finished the day.a few attempts to go positive, though down lower, pretty much flat, capping off a very strong week for the markets. there is the s&p 500, closing up about six points for the week, that's good for a gain of about 1.6. the nasdaq the star for the week, as usual also closing today higher. the russell 2000 index also had a pretty decent week down about a third of 1% good for a second week in a row of gains after a 3% higher week 69. >> yeah, real estate utilities were the best performers the dow utilities also had another sector energy was the worst performer, the low yields driving the higher utilities, defense plays and different plays. we have our closer mike novogratz joining us coming up where he sees opportunities outside of clippo. joining us to talk about the market day, michelle mckinnon, and still with you nancy tengler. first let's start with mike santoli. mike >> pretty subdued day. treasury yields down again it's happened every day since the coyne vire began the marble holds t

mike santoli looks at why the two companies may want to become one.>ology continues to drive down the cost of investing. and it reflects the push for greater scale in an investing industry dominated by low cost index funds, zero commission trading and a multitude of digital start-ups vying for the investment dollars of younger consumers. schwab was a pioneer of low cost broke ramble from the down of the 70s. and it's bnd has been to make investing accessible abaffordable. the ameritrad the product of numerous mermgers had become a sizable competitor. gether they would house about $5 trillion in assets stocks, bonds and bk accounts. in recent months. charles schwab led the way to zero commissions, a move hurting shares of amerd trade more due to greater emphasize on trading volumes. t gettinher would possible position the companies better in a lowe interest r world. relying on collecting customer cash balances. investigative through a mobile app or allowing a software model toetermineortfolio allocation mean the companies must upgrade zolg offerings an

for more on the moves i'm joined by cnbc's markets commentator mike santoli mike, finally, not finally but we continue to get good news out of industrial sector in terms of what's going on with manufacturing here, but what do you think is going on with the stocks >> to some degree that improvement was priced n.industrials had a pretty decent comeback relative to the market in the last few months. third quarter earnings i think in general, the market is essentially saying these are steal numbers meaning that analysts were not rigorous about trying to raise forecasts that much before we got here so the beats were a little bit baked in, and then you just have the macro environment at the moment, too. i think the big question currently is not so much have we had a boom in stuff, in heavy goods like durable goods yes, we, have and it's ongoing the question is does it carry forward? treasury yields backing off today suggest the macro sent cement a little bit softer when it comes to all of this. within the consumer confidence data a little bit of a downshift in intentions for buying a new car

mike santoli, big move in pnc after hours. direction of those moves is one that you might expect. >> for sure. you have to recognize pnc didn't always get full credit in its market value for this minority stake in blackrock it was always considered to be a great asset. a windfall over time, but not something that was strategic, so therefore, as you say, a good source of raising cash it also reminds me not to say that pnc or any other banks are in a distressed position sun trust before sold its stake in coca-cola, something which it had held for 90 plus years so in some times it might make sense that they might redeem this >> i want to add one point, you mentioned potential regulation here i was told that part of the impetus for this deal -- number one was on the m&a and to raise capital so they can -- i'm also told that they don't have a is works as far of your potential deal for pnc, they had restraints from owning this much of black rock and these constraints disappear as a result of this sale another benefit there from pnc

we are now in the "closing bell" market zone, commercial-free coverage mike santoli is here to break down the crucial moments of the trading today, and today we have greg branch back as well welcome, greg. major averages rallying today. the dow is a big dial. 34,777 is the level. >> it shows that this isn't quite the either/or market, meaning that the dow sort of -- thinks the big ease. based on levitating, and this

toflt day we have mike santoli and chris farone here as well.ader market a strong start to the week here, mike santoli it looked dicey earlier. amazon went red. nvidia lost half of the gains. but things are starting to firm up here into the close the dow is up 370. all sectors are green including technology what were the last two weeks and what is today? >> i think today is part of the last two weeks this on going process, this adjustment period of kind of letting the stuff that was most overheated cool off. and then settle out in terms of what the market is positioned for in terms of broader economic recovery that push-pull is the content. i think the big question over the big cap undechls is, you know, is there enough of a payback at this point? there does seem to be kind of pretty solid two-way action. by that i mean, you know, people are buying dips. there is very low conviction at these levels i don't think that anyone is necessarily too alarmed what the is going on inside which is, you know, relatively help nly pullback activity within the

>>before the beige book, let's bring in mike santoli to make sense of nvidia and jolt. so mike, we're asking you to do something nearly impossible but we know you're the man for this job. which is to combine nvidia, the ai stock, with the job opening and labor turnover survey report. but i know you can do it. >> well, i think those are alongside or catty corner to each other as opposed to intertwined, but i do think they are separate parallel sources of unease for this market. so we have this extreme sensitive to any sign that the economy is stalling and not just slowing. at the same time, the market has been trying to wean itself off of a reliance on the big megacap growth stocks. nvidia being the prime mover there. because those stocks are no longer quite dominating earnings growth, but this rotation into other types of stocks has been complicated by the fact that economic numbers look like they're dicier, at least they're consistent with the idea that some fear we might be slowing a little more than hoped. that's the jolts data. perhaps feeds into that i think in gen

let's sends it over to mike santoli. >> every which way but loose reference to a clint eastwood movie. this is the only one that co-standard an orangutan this is a very long term chart unemployment claims, four week moving verage. always kind of perks up as we say hide of a recession. right now what we've seen it's flat lined at historical loss. right now not giving you a signal perhaps it's bottoming not been a very define uptrend in claims so therefore not a rise in layoffs or anything like that we can define. look at the shorter term chart just to get a look at how that bottoming process is appearing and, you know, you have to look right here obviously very low print right in the turn of last year is that an uptrend is that starting to base and go

fresh highs for the s&p and nasdaq let's send it over to mike santoli for today's market dashboard. >> we're going to start with excuses, and then you get some truces that cause rebounds that's a pattern duals, stocks versus bonds weights and measures, is the dow a good representation of what's happening in the overall market, next hour. pole indiana, that's a sentiment check, the good news and bad news camps are wide apart. take a look at this one. three-year chart of the s&p 500, during this bull market you have the economic fundamentals, liquidity, jobs, earnings, defines the overall trend and then it's a plateau. it looks and fixates on these certain headlines. this right here, march, april, 2017, that was the obamacare repeal drama this market was trading in a binary way within a band based on the prospects for obamacare repeal it was scene as a proxy for the entire agenda. that's what mattered when the market was overbought. this right here, august after the charlottesville korcontrove. guess when they first hit in a big way? early february of 2018, when the market already had b

>> all right, melissa, now to mike santoli at the nyse following the fallout from the latest round of earnings reports. and mike, we are off the worst levels of the day but is there a feeling from the floor down there that this is something that we should maybe take a little bit of a pause on before we get all on tptimistic about t >> i think it's a show me market, you have to wait and see, although i do think the early morning plunge and the way the market kind of absorbed that early sell-off just checked off a few of the boxes of what people would like to see with regard to a retest of those lows from october 11. you can every call an all clear but i do think when you saw the very weak opening you did break the intraday lows from october 11th and it didn't really fall apart from there, bounced. and the volatility index made a high near 25 and came back all of this is fitting together. that being said the reactions to earnings are still pretty hostile on balance and i do think some of the forward guidance on the big industrials are confirming some fears we had

mike santoli joins us here at post 9, along with jon fortt and kayla tausche, to talk about the market impact. the president of the united states this morning commenting about the overall stock market. >> yes. >> and how much people who bought in since the election have been rewarded. your thoughts. >> it is true. i mean, there's no way to get around the timing of it all, but i've been sort of saying a lot had to come together, both with regard to policy and policy hopes and outside of that for the market to do what it's done since the election, as many people have commented. ah all of the leading indicators turning up, earnings pointed in the right direction and bond yields globally going up. all this fed into an idea that things were getting better. and then you had the overlay of there will be business-friendly policy coming out. and i think it did keep investors focused on this story line, that yes, things are getting better now, but maybe we

mike santoli is here to break down these crucial moments of the trading day. investor day is just around the corner. and dan ives as we count down to salesforce in overtime as well mike santolii said the 10-year is at 4% and the stock market is kind of hanging in >> certainly apprehensive. you can't escape the shadow of what rates are doing last time we got to 4% in november, the s&p had been rallying, and it chopped sideways it wasn't as if it was an immediate break. it's not some trigger level but part of this ongoing low-intensity test we're having in the stock market of these support levels, the moving averages, trend lines all coming together but i still pull out a message that's not all that discouraging because it's still the rate-sensitive defensive sectors leading to the downside, underperforming today. semis are up this week and industrials still mahanging in there. >> the nasdaq is obviously the biggest loser today. by hanging in there, i'm looking at the dow, which doesn't tell you much the s&p 500 is at 3,950, and that's a more critical area of --

that is mike santoli i'll see you tomorrow. "fast money" is now. >>> right now on "fast," a stunning reversal of fortune from a fed fueled rally to a rate surge sell-off, the nasdaq getting just hammered today. suffering the biggest one-day fall since june of 2020. tonight we're going to go inside the numbers and the markets and ask where do we go from here and plus from techs pain to oil gain, crude is climbing and some think much higher. we'll speak with a top energy analyst to help us navigate the kmo kmodid complex and we'll ask our traders to give us one name at right price

i'm mike santoli in for scott wapner you just heard the bell.arted from post 9 here at the new york stock exchange we are awaiting breaking quarterly results from fedex and nike, two marquee names that could give us a good read on the health of the economy. we'll bring you those numbers appea and the stock reactions as soon as the earnings hit. we begin with the talk of the tape stocks snapping a four-day losing streak just marginally. but it has been

senior markets commentator mike santoli. amazon is down almost 6%. >> a continued exit from the more expensive parts of the growth mega cap universe doesn't seem like it's too much in the way of a specific catalyst but more of the same. it's a new month and people thought that tax law selling was a contributor. the s&p just hovering, right where it was, just about ahead of the last fed meeting in the third week of september. there you have it. you sort of had the makings of what looks like a somewhat retested low, a slight undercut from the june lows it's trying to make progress again, the long-term downtrend is still in place. right now it's a lot of waiting ahead of the fed you mentioned the stronger jobs and manufacturing data did put the market back on its heels just a little bit. in terms of value versus growth, massive outperformance all year from value and even the deepest value stocks this is two etfs of pure value against pure growth. it's strictly a statistical low pe and stocks against the fastest growth stocks in

let's send it over to mike santoli for today's market dashboard.hank you very much first, take a look at not so seamless the parent company of seamless food delivery service being torn apart today. i'll put that in some broader context. and a stitch in time might we see a pause in the market as we reach these new record highs see what history has to say about that a new plot thread, old versus new media, one year after the s&p media communications sector was restructured and then fraying confidence. that's a couple of different looks at consumer sentiment right now. take a look at this chart of grubhub along with a couple of other, what i would call smaller consumer-facing ecommerce companies, yelp and zillow that's compared to amazon, the dominant ecommerce name. this is over two years you see, yes, grubhub is getting destroyed today, down 34% after they had earnings and poor guidance and a lot of questions about the business model, but these sub-scale internet companies have actually struggled for a while now to figure out what their place is, wh

mike santoli, you first.um up this day and maybe even this week. >> i think today is at least a little bit of an exhale. mostly because yesterday's downside reversal was seen as potentially ominous, one of those things that really does kind of demoralize people who have been betting on at the fact that we might be able to buy this dip. today more or less unwound most of it. so i think at least it was an absence of a new negative in the markets today and also a roughly as expected message from jay powell in jackson hole. bond yields are where they are. they have been a challenge but haven't burst higher for, you know, in the last couple of days. i think all that together, you know, leaves the s&p 500 up a little for the week and the middle of its weekly range and still kind of in wait-and-see mode. not really showing too much stress yet. >> phil lebeau, boeing was down about 3% or so yesterday. at least at one point, you know, concerns about the 737 max again. and now we see a reversal higher by about 3%. what

mike santoli looking at the big picture. mike >> yeah, sara, dial it back about six excesses this is the sixth session of this trade-related freakout the market's been in i wanted to highlight one as peblth of it, which you guys have talked about, which is the intraday rally attempts that we've had just about every day you see back even last monday these are the end of days. you've tended to have a low early in the day it didn't look like we were going to stick to that today maybe it's only a weak version of it. but you see today we hit this low just a little while ago. interpretation here is most of the down side damage has happened in the overnight session. the stock futures get sold very hard into the u.s. open. and you've had this gap effect and then on a net basis over the course of a day you do get a bit of a dip coming into the market. does that meanit's mostly global investors and retail on the sell side? unclear if that's the case and who knows? maybe the buyers are going to get fatigued p you have to get up the nex

over to mike santoli what if it is in the markets, as we know it's about 2% from the 30,000 market. take a look at this ten-year chart, it's a long chart, which means all person -- it's not just linear, so it shows different gains in a more acreal way. it did take a sideways move. really went nowhere for a few months, but i'm not sure that had anything to do with the big round number effect. back when it first hit 10,000 in '99, it doesn't top for another 10%, clearly no necessary fundamental or technical significance to these levels, though i do think it's important to note that one could argue that the dow is kind of at the upper end of this long ten-year trend. i'm not going to be an expert at drawing a trendline, but it looks something like that. you kind of surged above it, so this tells you it's been a strong, decade-long trend, but in the long term the index has gotten stretched guys >> you need to put that chart up next to the fed's balance sheet. >> it's not going to tell you very much, sara. for much of this period. the balance sheet was flat and declining. >>. >> more tha

i'm catching on here mike santoli, thank you. mark, your thoughts on the s&p and market valuation right now >> there's no doubt that we're in a pretty strong bull market so we're seeing a lot of support right now in the 3025 range. so anything pullbacks. and i do think that consolidation is possible, because we're short-term overbought right now so it would make sense if we continue to see some issues with trade, markets could pull back like, pullbacks are buying opportunities. anything around that 3025 range, you want to be getting in. >> meantime, morgan stanley out with a note on their outlook for 2020, predicting u.s. equities and corporate bonds will underperform their global peers and forecasting a weakening dollar for more, let's bring in adam parker, founder and ceo at triverate capital management thanks for joining us. >> thanks for having me. >> where do you stand on the outlook of the moment? global growth, you feel, has kind of bottomed now >> i don't think you can call a market that easily you need corporate excess,

let's send it over to mike santoli.ard >> so this one is about clouds and silver linings first look at the set up of a one year chart of the s&p 500. a lot of sideways. take a look. 2925 on the s&p. one year ago, how many times did we think perhaps we were going for a real break out a couple of times. at least three you can draw three examples of where we might have had topping action that's why a lot of investors are on edge what the underlying trends is. look at the update of american association of individual investors. it comes out every thursday. bears versus bulls bears in orange. that shot up to 38%. bulls down to 21 people are getting concerned this is not a clear indication you want bears up to 50% before you say maybe the market is getting washed out other indicators like put ratios in options right now the market short term oversold but not to a point where it looks like it has to go higher for sentiment reasons >> i don't know how he does that every single day >> it's amazing. >> incredible. >> i repeat a lo

that's mike santoli.ng bell." >>> up next, the setup on oracle what if you were a major transit system with billions of passengers taking millions of trips every year? you aren't about to let any cyberattacks slow you down. so you partner with ibm to build a security architecture to keep your data, network, and applications protected. now you can tackle threats so they don't bring you to a grinding halt. and everyone's going places, including you. let's create cybersecurity that keeps your business on track. ibm. let's create i'm so glad we did this. i'm so glad we did this. i'm so glad we did this. i'm so glad we did this. i'm so... ...glad we did this. [kid plays drums] life is for living. let's partner for all of it. i'm so glad we did this. edward jones >>> we've got oracle, shares nearly doubling the performance of the nasdaq over the last three months and options activity signaling another large move when those numbers hit the tape let's get to bill who has what we call "the setup." >> thanks, josh.

well, the transports have been outperforming them as mike santoli noted earlier.ep in the red today is palantir. revenue beat estimates but earnings were slightly below wall street forecasts. guidance was also weak the cfo blaming that on lumpiness of government work frank holland here with more frank, what's the reason the stock is hit so hard, down 14, 15%? >> well, sara, it's really not that complicated it's that soft guidance. that lumpiness comment was confirming the fears of many investors according to analysts. there's a lot of concerns about the inconsistency of government work and the fact that it's kinda sometimes hard to forecast it can always be hard to forecast a lot of people may have forgotten about this, but people on wall street haven't remember that $10 billion jedi contract amazon battled over and it was broken into smaller pieces that's something that hangs over this stock the idea that government work can change or shift whether it's due to an election or something else that happens in d.c you have to remember that palantir gets 80% of its rev

look at the gap, mike santoli.rdre, thank you between uber and lyft it's really widened lately. >> absolutely. there's always been that, uber more global and more diversified in terms of the delivery business that they have, lift more of a peer play. there has been the big question that's hung over the group which is does this business truly scale? i mean, i think that's still an open question. uber has somewhat better financial, you know, economics at the moment, but if it doesn't necessarily scale that we're positive about, lyft scale is much more subscale so that's why i think you have that underperformance that we've seen recently, and, you know, we talk about adjusted ebitda and all the kind of asterix that you have to wade through to go through the numbers in companies like this. i think the investor base is a little less willing to do so right now in this type of environment to kind of give those allowances to a company, you know, that's still giving out a lot of stock-based comp and not really one-for-one p

mike santoli is here to break down these crucial moments of the trading day.er's whistleblower. and courtney reagan on a very big day for retail mike, in terms of interesting levels today, i guess you'd have to say 10-year holding 3 and brent back to 100. >> exactly the 10-year at 3 in particular seems to be where the bids and stocks kind of go away we've been hovering above it pretty much all day. not a lot of lift but it shows the sensitivities to those levels we get that really weak ism services number or the s&p global yields go below 3 and stocks pop a little bit so i think there's a little bit of that kind of computer spy versus spy going on with these numbers. and then crude really rebuilding you know, essentially breaking that downtrend that's been in place since july still some room to the highs, but i think it's explaining why we're kind of just hovering here as opposed to having much direction bouncing back from yesterday. >> spy versus spy, that's a good deep track, mike santoli >>> twitter shares pulling back as the social network's former head of

santoli, you stay with me. i'm not done with you yet. i want to hear from some of the other folks first. stephen weiss, you sold almost all of your facebook last week i bring it up, it is like if you can't hide out in some of these so-called value stocks, you know, maybe they're peaking, and you can't hide out in some of the arkk stocks because they've come down so much but maybe still have more room to go, and you can't hide out in the faang stocks, if you are selling facebook, i've got apple at 15% off its highs, the target is reduced toda 134 from 138 at barclays microsoft is about 8% off of its highs. bitcoin i thought was a hedge so i can't hide out there because that thing is tumbling today where am i going with my money >> you're going 35% cash first of all that says it all. >> exactly. >> you answered the question. >> exactly >> right so facebook was a trade. i traded from 300 or 302 to 312, and it worked there. so the point is that it is a trading mark on certain stocks i don't think you can hide in anything when markets are goi

i'm mike santoli you just heard the bell.e a second straight down week. as fed officials talk big and hit a wall is this just a pause for the start of the year. let's ask head of u.s. equity strategy at rbc capital markets as the folks from sap kind of

master santoli is absolutely correct.g that the fed could start doing right now is commenting on individual data releases. please do not -- please, restrain yourselves, please don't do that, and ask dudley, if he doesn't mind, to stop pending op eds and let's not have the fed be reacting to individual economic reports. that's a tactical mistake and t. >> they have stock buybacks by a transitory theme richard clarida said in a speech today said this is transitory we were expecting it and it could happen for a few months but they don't see it lasting the nasdaq right now w the sharp declines is 8.4% off its recent highs, nearing the 10% correction level tom lee from fund stratd joins the conversation here on cnbc. you have been bullish. how do you see the selloff today? do you see opportunities to buy. >> yeah, i think today's -- has the feel of a panic day, right, because the vix is spiking so that's forcing derisking. and today is tax day i did talk to a few desks on the private banks. they have been saying some of their

mike santoli's back with us.s a bit sloppy we're up off the lows and the indexes, but you have an 80% downside volume day in the new york stock exchange. you have the russell 2,000 struggling trading beat for beat with the financials for the most part down another 2%, really not that far off of where it was, you know, back before the pan pandemic so i think it's still a delicate situation. we go into the fed trying to stay somewhat neutral in the middle of the range right here i do think it's worth remembering we get the adp jobs report tomorrow. never really a market mover, but it's a reminder that it is a jobs week. so we're going to get loaded with a lot of here's where the economy stands right now, and then tomorrow, obviously it's going to be hashing through the message from the fed where, you know, you have had the market in regional banks essentially, you know, proactively throwing a tantrum, suggesting that maybe the pain threshold isn't much hire than this right now. >> i would give you one more reminder

mike santoli is here to break down the crucial moments of the trading day.here on meta's big comeback day. stacy rascon stocks are near session highs, all 11 sectors are in the green. the nasdaq is really coming back, up 3.3% and the difference, mike, today, we've seen some other rally attempts this week like yesterday and that did not hold. this one appears to hold its earnings because you're seeing meta and paypal at the top of the market, i do wonder if that negative gdp number is working its way in, in some way, to the idea that maybe inflation is peaking, maybe the fed can't be as aggressive as it originally expected. what do you think? is that changing expectations? >> i don't know. it's not evident if you look at the bond market where it would be very sensitive to that. one thing i would be very accepting of is the idea that the negative real gdp printout at the headline level did nothing to cause the market to break down below the recent lows, which have been scraping right along the bottom of this trading range. so you mentioned the failed rally yes

mark santoli is kicking off its market dashboard with a look at a tech surge let's kick it off with frank at the nasdaq market site, though hey, frank >> hey, morgan the biggest name in tech makes sense. microsoft, apple, and alphabet are a combined 25% weight of the nasdaq composite today back on august 27th, 2018, when it stood at 8000, the top three were apple, amazon, and microsoft at 23% of the index. since then, apple has gained 33%, microsoft improved 46%. alphabet class "a" shares getting just under -- excuse me, class "c" under 11%, class "a" under 10%. amazon fell, lost about a quarter of its value since 2000 and lost three quarter of its weight, while facebook and comcast increased slightly and adobe replaced nvidia in the top ten of the weighted stocks >> thank you, frank. let's send it over to mike with his first dashboard of the day mike >> looking at the best decade, david, in the form of the nasdaq 100 and how investors have been willing to pay up for these very large growth stocks that are contained in the 100 this isn't the composite it's the 100 it's where essentially a

mike santoli, let's start with you.ff the lows of the session. >> got a little bit of a test, right? the headlines about maybe we're not going to get this phase one trade deal by the end of the year and the market leaning into that, as everybody has been observing, looked a little bit stressed, sentiment was complacent the top started to spin a little slowly after a few days, just kind of sitting there. it was knocked over. didn't change much by the end of the day. market kind of held in there bought this little dip, at least on the initial move. it doesn't change the overall picture. although a slightly more defensive tone creeping in parts of the market. >> if we didn't get a phase one deal this side of christmas, do you think that would damage the market >> no, i don't think it would damage the market too much after so many days of record high after record high after record high, to be honest, i was nervous about that i don't mind a little bit of a pullback here. the market is still pricing in a trade truce and any d

. >>> mike santoli is tracking market action. leslie picker is following coin base which just filed for an ipo. we have information on the crackdown of robin hood. and meg tirrell is refewing the fed's decision on the moderna vaccine. mike santoli we gwynn with you. >> seasonal good cheer, why the markets continue this slow upward leiftation. the s&p. next stop, options expiration, that stuff feeding into the slow grinding strength that we have 2, 726 or so is exactly 70% above the intraday loaf march 23rd a nine month move of 70% the move has moderated and cooled off a little bit in the broad market i want to look at a handful of catchup trades that have been pronounced in the quarter to date look at small caps leaders up today 1%. that's the iwm the rest of the world besides the u.s. up well more than the s&p 500. a little bit more than the s&p this quarter xls, energies has had a big move in a short period of time. however, look at the same four on a therein-year basis and you will see how much territory they had to remain in

. >> a good day to hear from mike santoli.very day really is, but especially today given this second inflation print. a lot of fed speak. the market is acting interesting. we'll talk to him next. at morgan stanley, old school hard work meets bold new thinking. to help you see untapped possibilities and relentlessly work with you to make them real. encore energy, america's clean energy company, now in production in south texas. energizing america with reliable and affordable uranium for nuclear energy fuel from our environmentally friendly extraction process. encore energy. ever worry your whole life is spent on golf? nah. sinking putts? the only thing sinking is my savings... there's the kid's braces and my parents to care for. i'm gonna caddy forever. with empower, i get all my financial questions answered, so i don't have to worry. empower. what's next. the stock market does. in fact, most people don't find them all that exciting. but, if you're looking for the potential for consistent income that's federally tax-free. now i

. >>> first up, today's market action and the return of mike santoli. mike, what are you focused on today? >>> sara, this week, the last two weeks, the market has been kind of ping-ponging on a very short table in kind of a trading range but interestingly as we all wait for the cpi number, the market doesn't just sit still and wait it kind of tests the upside and down side. that's what when little sideways stretch is right here. in effect, the s&p is trying to kind of get back up into this year long range, 4,200 we're still 8% or 9% above those lows as we absorb more than 3% on the ten-year treasury yield, close to 3% on shorter maturities and then, of course, oil clicking to new highs in wti so you could look at this and say the markets may be priced in a lot including the down grades to earnings. we just don't know if it's fully reflected. take a look at the path of second quarter earnings consensus forecast for the s&p 500. this is the end of june, when the quarter itself ends. this is from credit suisse and it shows you the historical trend the past

. >> exactly >> mike santoli. big week ahead for the u.s as mike mentioned, tomorrow we get november's cpi, consumer price index, the fed decision on wednesday, and november retail sales on thursday. joining us now, samir, it looks like we're getting a tick up in the markets. is this positioning ahead of the inflation report tomorrow? >> yeah. it is a reason you've seen rates falling. you've seen credit trends falling, the dollar falling, oil falling, which you pointed out all those are good for markets from the standpoint of they take the pressure out of the system with respect to financial conditions easing, and oil, you know, kind of being that double whammy of higher inflation and crimping the consumer. that's been a nice thing going into the holiday season. at least right now things are looking pretty rosy. the tricky part is probably the next 5% is driven where cpi comes in unfortunately after that, even if you get up to to that 4,100, 4,200 level, things get more difficult because as inflation comes down to

thank you. >> see you then. >> let's send it over to mike santoli for today's market dashboard. mike >> morgan, going to follow wilf's lead right there with our first installment here it is a bank run, but the good kind of run in bank stocks we'll put some numbers on that and is everybody in the pool that's a question here as we see this sort of risk on tone to the overall capital markets. fix it yourself. that's one company in particular showing exactly how it could essentially help its own shareholder returns by acting on its own. and then, alternate futures. a look at the growth outlook for 2020 by a couple of different means. a bank run take a look at this ratio of the u.s. bank index against the s&p 500. this is the bkx divided by the s&p 500 over two years what a lot of folks are pointing out here is you had a pretty solid downtrend line that has broken you have this continuation higher, it's not really been the leadership group in the last few weeks, but people are basically placing a lot of weight on the fact that this does seem to be a trend reversal if we went all the