for "nightly business report," i'm bob pisani at the new york >> let's turn now to jim o'sullivan to talk about the gdp data and he's telling us about the u.s. economy. jim, welcome. good to see you. thanks, kelly, hello. >> the components of the report that show consumer spending is okay and business investment is weaker and areou with those who say the one-time contribution from exports and inventorie will be reversed next quarter? always i mean, there's volatility in the details from quarter to quarter so you can always quibble a little bit with it, but it is fair to say that the inventory number will go negative over the next quarter part ino that particular will probably be reversed to some extent and that boosted the numbe on the otherside, the consumer spending number of 1.2% in the firsrter was probably artificially weak and we saw smentum pick up the first quarter ended with the march retail sales was so strong and chances are consumer spending will be stronger in q2. growth is probably moderating a bit and the trend probably isn't 3% and no sign of any major slowdown, i wou

bob pisani tells us what t look for. >> earnings season officially kicks off on friday and right now first quarter earnings are expected to go negative down 2.5% froea last now this will be the first earnings decline we've seen since the secd quarter of 2016, but the s&p 500 is still less than 2% from his historic high. wait a minute, stocks are rising even with lower earnings forecasting? at's going on? investors are focused on the future. that's what's happening. they're not focused on theast. remember the stock market is a discounting mechanism for a future stream of earnings and right now the bull narrative is winning out on wall street. what's that? the bull narrative is that china and europe are both bottoming s and thathould lend some stability to the global markets. the markets have gone from pricing in negative growth in the first half toly rap re-accelerating growth in the fourth quarter and in the beginning of 2020. a lot ofha industries were under pressure in the fourth quarter, for example, think semiconductors. they snapped back big time this year all on this bottoming

for "nightly business report," i'm bob pisani at the new york stock exchange.we mentioned, those trade talks between the u.s. and china are nearing conclusion and at least one business leader characterized it as90% complete, but as kayla tausche reports what's left is the hard part. >> leo hub met with robert light hiser and steve nuch ipo as trade talks enter a critical phase. he told larry kudlow negotiations are making progress. >> thinkhe chinese have knowledged these problems for the first time and they were in denial. >> which? all of them. all of them. the ipo theft, forced transfer and the lack of ownership and the cyber hacking, they' acknowledged it and before that they wouldn't acknowledge it. >> while the deal is near the finish line, the toughest y isss ha to be resolved and tariffs and enforcement. the u.s. has put tariffs on at least $250 billion in chinese goods and wants to keep some e th in place until china makes changes. the u.s. also wants to be able to put more tariffs onn china the future and not have china be able to retalte. that's n si

bob pisani has more on what's working for investors. >> the u.s. bucked the uprend disappointing earnings and the continuing weakness in healthcare and and asia were up ashina reported better gdp numbers than expected and gdp has been ea declining for in china and the anticipation of a bottom there is the mainf movere global stock market in the past couple of months on the heels of the mlusive sti over there and the hopes for a trade deal. the s&p 500 isn't the only major index patterned near a new high. stock exchanges in russia and china and saudi arabia all at 52-week highs and it is at an historic high and the other main mover s have been earnings and fear of an earnings recession and two or more consecutive quarters of a decline on the s&p 500 are dissipating as china avoids a meltdown and europe just muddles through. an dramatically cut earnings estimates in december on those fears and they appear to have cut too much. just look today athe companies that are beating earnings on very wide marginsdi inc netflix and morgan stanley all beatingy s

bob pisani has more now on today's mixed market and the signals the earnings season is sending.e're about a quarter of the way through earnings season and so far thees earnings ron is looking less and less likely. that's good news. strong earnings from facebook and microsoft and cnbc comcast gave a significant boost to the s&p 500 earnings boost which has picked up from down 2.5% to flat today, and that's good news, but we're not out of the y woods. the stock market has bn rallying and to a lesser, tent, europe hadeen bottomingn the last 24 hours and this debate has not been f settled south korea's surprise announcement and they're in 2008 dropping that was a real warning sign. e weaker growth was part of weakor semiconduct sales. 3m gets revenues from asia pointi to slower growth in key markets including china. the chipmakers are particularly reliant on chi for growth. texas instruments, weakness in chip sales may continue into this quarter and the next a quarte lam research which is one of the largest semiconductor manufacturing equipment companies said last night that th spen

bob pisani has the detai the new york stock exchange. >> stocks rallied around the world today on two key headlin to support the market's thesis strong earnings and strong global economic data.s. tock futures and europea equities jumped and yields ros at 4:00 eastern time as china released much stronger than l expected banding numbers and export data for ma futures took another leg up 6:50 a.m. eastern time when it recorded above wall street expectation importantly, ceo jamie dimon said that, quote, even amid so global geopolitica the u.s. economy continues to mp grow andyment and wages are going up and inflation is moderate and consumer and business confidence rema strong.'s it all placed in the bull scenario. china is bottoming and the u.s economy will remn here. so far this earnings season mo companies are beating estimates than usual and they're beating them by more than they usually 29 companies have reported for the first quarter so far. of those 29, 83% are beating te estiand that's a lot mor than usual and they're beating by an average by more than sev percentage points an thi

bob pisani back at post eight, bob?porter: getting a lot closer here guys when we get a lot of people here in the booth. i'm back over here. we're getting tense negotiations. still 23.25, 23.75. remember how far we have come here, 15 to 17 pricing at $19 and now looking some where in the $23 range. stacey had a very good point, what they're really interested in is a lot of smaller companies coming in. we had one today. didn't get a lot of attention. a big mineral company. they priced at $18. they opened at $20 and here's another successful ipo. while lyft is the exception, most of the big ipos that have come since levi strauss have been successful. ju mia had a huge ipo. pagerduty, levi strauss also up about 40%. so so far the early indications the ipo flood with the exception of lyft tremendously successful, bringham today. we're trying to get around to the corner there, they're engaged in fairly tense negotiations so i won't go over there and bother them. i think we're getting much, much closer. when you get close and

bob pisani takes o>> we are not of the woods just yet.nings season has been, for the most part, pretty positive. companiesreeating by much wider margins than they usually do. beyond the earnings beat, we see some signs of theslowdown in china bottoming out. europe is showing at least some sign of stability. it's not outf the woods either and it's still a very patient federal reserve. it's pretty good news overall. the question is what'snext? so we've now heard from the banks. they have been okay, not great in their earnings and industria have been pretty goodverall and the smattering of consumer names like kimberly-clark and procter & gamble, and we need to hear now from different sectors. first off from technology, that's t main play on global growth, then second from energy names like chevron and exxon on friday and oil prices are now above $65 a barrel and that was $60 in the end of december and we need to hear from health care. remember suddenly thas become the market's problem child, health care to the second s making up 16% of the s

both of those records and bob pisani was in the middle of the action at the new york stock exchange.ks were off to the races today picking up steam throughout the session and propelling the s&p 500 and the nasdaq to new closing highs. why did we have a rally? the s&p has moved to new highs on the back of four major developments. earnings have been stabilizing, recession fears have been fading. we've had dampening global growth fears p yoo you were and china and the federal reserve keeping interest rate hikes on hold for the foreseeable future and for good reasons and the markets have had new highs ane market got a boost from a handful including dow components like verizon, and coke ale. not only did they beat, but they beat by generally wider margins than typically happen and the communication services names and names like netflix, amazon and nvidia. they all talk about 2% each and that helped push the tech-heavy nasdaq to a new high. so what happens next? we've had mostly blanks and stocks are reporting and banks have been the same, but not amazing and they've been reporting better

let's go to bob pisani on the floor of the new york stock exchange with the trading action hi, bob. >> hello, tyler. the markets are holding their gains and a very good reason for that the china manufacturing data was much better than expected. and it plays perfectly with the bull narrative that china's economic weakness may bottom this year. now, it was risk right from the outset semiconductors, the stocks all leading and of course, the defensive names, consumer staples, utilities, all lagging. better than expected ism manufacturing in the united states and construction spending numbers better than expected also lifted the markets in the middle of the morning. bond yields dramatically on that and you see everything up 3% in the bankroll you heard it, tyler. a stock that prices on $72 on thursday and opens to 87 on friday and closes to 78 and now below $72 ipo price in two days. it tells you it was overpriced does this mean all the other 230 companies planning to go public this year are in trouble it does not. but it sure does mean that upcoming companies like pinterest, for example,

higher >> let's switch gears and check out the semis on fire soaring to a brand-new 52-week high bob pisani is at the nyse with more on this monster move. hey, bob. >> and it's about china. the semiconductor etf just shy of a historic high and that was a year ago and the simple reason is china so the five s&p companies with the biggest exposure to china, hey, guess what? they're all semiconductors, qualcomm, micron, qorvo, broadcom, texas, 50% of it comes from china trade talks have risen and so have semiconductor prices and in fact, semiconductors are the leadership group among tech and cyclicals this year. amd is up 60%. lam research and applied materials and broadcom they're all up 20 to 40% not surprisingly, there has been a very close relationship between semiconductors and the china stock market itself. look at this chart the semiconductor etf is up 20%. shanghai is up 28% and the two have been moving in lockstep virtually for the entire year. the markets are pricing in a lot of optimism here and broadcom, for example, is a big apple supplier and we know all about the softness in chin

bob pisani will have a busy day on the floor watching all that action good morning, bob. >> good morning, carl. cnbc is inside the booth glenn perell will be the designated market maker, handle a lot of ipos, twitter, alibaba. where is everybody behind him? we're supposed to see a crowd. they're all upstairs there's a breakfast meeting going on, nyc holds a breakfast meeting for executives of the new company. glenn got here a couple of moments ago. big day down here. we have the upsize from pinterest from $19 to $15 to $17. more than that we have three -- not one, not two, but three up size ipos on the nasdaq, zoom, $36. talk there was 28 to 32. they're in oil and gas mineral company. again they upsize. the bottom line is this. ipos market is coming out of the gate very, very strong right now. lyft is a little bit of the outlier. just the last two or three weeks look at jumia, pagerduty, tufin software, levi strauss, they're all coming out of the gate very strong levi strauss, 38 lyft down 17%. that's the outlier is it the right price for lyft -- excuse me, for this particular ipo for pi

companies to the public markets is business professor and ipo historian jay ritter as well as our own bob pisanining, guys. bob, your thoughts on pinterest to begin with? >> my hope here is that pinterest might be a model for other kinds of pricing. there's a tsunami of companies going public this year, more than 200 of them. many of them think they have very high valuations, at least the public seems to think so. pinterest valued theirs below the last round of funding and my hope is that the public has been dieing for more tech ipo for a long time. they'll get them this year. that tsunami might sattate that desire a little. i think pinterest was very smart the way they did their pricing. >> to that point, jay, we just had tom forte earlier on in the show and he's putting a neutral rating on pinterest because even though the price is going to be lower that their listing at, he still thinks it's expensive. how do you see it whether it is pinterest or whether it is some of these other big names coming to market? >> with pinterest on a fully diluted value, it's got a valuation of about 15 times rev

it's more expensive in china >> bob pisani, sam stovall, thanks >>> also to come on "squawk alley" moreactions for jeff bezos why his private security advisor said the saudis hacked the chief's phone. rick santelli, what your watching today >> you know, anybody looking at yields this morning? they are definitely dissi lly d themselves that's what we'll discuss after the break. >> here's what's coming up on the "halftime report". we review our stock survey to find out where wall street says stocks are going we'll debabt with it schwab. fed under fire president's economic advice jobs nominee arguing for urgent rate cuts and is now the right time to buy lyft shares? they are sag now below the ipo price. we'll tell you what our desk is doing when we join you at noon we're about 20 away. >>> now let's get to the cme >> good morning, jon maybe lyft needs more lift buttressies are getting a lift as a matter of fact if you look across the curve they are rising shouldn't be shock we need to discuss why and what are the possibilities from here. first of all, we all know that it seems as though we

thanks, bob pisani u.s. and china are reportedly approaching the end game in this round of trade talks the president earlier also said talks are coming along well but that it has to be a great deal with china joining me now with more is eamon javers at the white house and making a special onset guest appearance, eunice yun kick us off. what's the latest? >> reporter: we expect to see the president in the oval office at 4:30 this afternoon with the vice premier of china. the question is, what are we going to see a number of news outlets have been predict today that the president is likely to announce a date or at least a summit with xi jinping to finalize this trade deal that would be a big development if it happens. white house aides cautioning they are not expecting to see that later this afternoon. on the other hand, the president is an unpredictable guy so we don't know what he'll say when we get cameras in the oval office later today >> eunice, from the chinese point of view here, the stock market is tel

drill down how much higher prices could go here later on in the show in the meantime, straight to bob pisani on the floor of the new york stock exchange. hey, bob >> reporter: hello, melissa. it's been a tough day for the industrial stocks. look, bank of america downgrading boeing that's having a cascading effect on boeing suppliers like hexcel and then ray mondmond james and downgraded at j.p. morgan and we've got starbucks downgraded at neutral, but it's positive right now. still some pockets of strength and energy, for example, highest level since november oil crossing $64 that's helping and bank stocks keep slowly, generally, advancing since yields become a week and a half ago. speaking of the banks, we will quickly turn our attention to earnings with j.p. morgan on friday and this is a very simple game right now, the important thing is, can heearnings go positive r the first quarter? down 2% but remember, the analysts cut their numbers dramatically in december and i think maybe they cut them too far. i think guys, we have a good shot of actually being positive for the quarter. that woul

much more on the apple trade straight ahead >>> in the meantime, straight to bob pisani on the floor of the new york stock exchange. hi, bob. >> reporter: hello, melissa. stocks are down today on a combination of first, worries about additional european tariffs and secondly, another downgrade to the world economy this time from the imf bulls again dismissing most of this they insist we're going to see a soft landing in global growth and that china is already bottoming. that's the main paradigm the markets are buying that generally but you see the usual decliebs henes here in boeing au always see this when you have trade headlines that are negati negative in addition, chevron taking a break from a terrific run recently and oil breaking below $64. you see the oil name is a little weaker even tech is taking a little bit of a breather today. so you've got the big names. your apple, cisco, ibm, microsoft, all down. but what a run these four have had this year. these four giants are one of the main reasons the s&p 500 up 50% this year. look at these gains. together, these four account for n

melissa, back to you >> thank you bob pisani at the nyse are any of these names a buy at this point bobyou a plethora of names. >> i have to go from bob's list and i had to be paying attention to bob and i was biogen, is biogen just a non-entity no biogen is more than an alzheimer's project. i get it alzheimer's, the holy grail. nobody has figured it out out there and biogen hasn't either and they report tomorrow after the bell and whatever forwar forward-looking guidance is critical and i think at $230 the valuation is too cheap now that being said, not only did they do it to themselves with the alzheimer's project and obviously health care in general has been getting bludgeoned and biogen out of all of the games he bik sipick side most interesg they announced disappointing earnings and the stock is mituc higher from there and if they were to fix tnt express which was a disastrous acquisition for them and this goes back to a prior multiple and fedex is to me the most attractive >> karen, on the valuation of all names it's the most attractive and it's an example of a company that's not

bob pisani down on the floor of the new york stock exchange. dominic chu here on the one big theme emerging from the latest round of results and morgan brennan with the key results let's begin with you. >> new highs for the s&p 500 we've been waiting for it a long time, so now, what happens tomorrow where do we go from here the s&p has moved to new highs on the back of four major developments number one, earnings stabilizing and that's what's moving it today. recession fears are fading china has been bottoming and europe is at least stable and of course, the long story, the fed has been remaining accommodative. what happens now we have had mostly banks and industrials reporting so far early signs are positive, you see that today to keep the momentum going, we need to hear from other sectors and i'm talking technology, energy and especially health care remember, health care is suddenly the problem child for the markets. i want to know more about their opinions on this the market is being pushed up right now by a small group of super performers m

speaking of which, we'll drill down how china is affecting corporate earnings intel is one we go to bob pisani. >> we're nearing the half way mark on earnings the big issue for the multinational corporations is has china bottomed or not? unfortunately the data is not consistent and it's causing confusion. for example, chip companies, which are very dependent on china sales seem to say no it's not bottoming intel, for example, said customers are more cautious and there's been a deceleration in china. texas instruments earlier in the week said weakness in chip sales may continue and lam research said the spending correction in memory chips will extend through the calendar year. however, auto companies are more positive on china. for example, ford today said that chinese economy seems to be stabilizing and the luxury goods manufacturer said sales were actually accelerated in china. the bottom line here, kelly, despite massive stimulus over there, it's still not exactly clear whether the chinese economy is accelerating or decelerating. >> i think that's the best way to put it, bob >>> the economy

let's drill down some more on these markets with bob pisani down at the new york stock exchange hi, bob. >> reporter: hello, kelly. i'm glad you mentioned semis they're key to the stock market rally continuing they're a global commodity and particularly important to chinese and the american economy. the rally off of the december lows is all about the bottoming questioning and semiconductors are related to this. first, are earnings bottoming? they are indeed stabilizing and likely avoid a negative earnings for the s&p 500. second is china and europe bottoming? the answer for the moment is yes, that's controversial, but yes for the moment, that alone with accommodative strae centra. the bottoming question is still relative semiconductor ceo last year believed they were at the bottom but texas instruments say weakness may continue for another quarter or so. which is it? kelly, that's where the debate is, but again, it's all around whether we're bottoming or not back to you. >> thank you so much bob pisani stocks are notching new highs again as the market nearly completed now its rebound fr

we'll see how the markets shape up now >> i told you i'd see you in a minute let's go to bob pisani, a close eye on the key levels from the floor of the new york stock exchange what's moving, bob >> you know, tyler, we're less than 1% from an historic high on the s&p 500. we've been telling you about that and hovering over the levels the triple q semiconductors and banks and industrials. they're the market leaders that's what you want to see. the smh hit a new high today and boeing finally stopped dropping. that's certainly good news there's a little concern out there though about the health care situation look at some of these health care stocks. they're going the other way. investors are scratching their heads around trading nation and united health. up more than 4% and raised the guidance but sold massively into it volume is five times normal right now and at a 52 week low for that stock nearly 10% trading range on the day and that's not a low look at these hmo and managed medicaid stocks. all week cigna. that suggests the medicare for all theme we heard about last week, no matter

let's get to bob pisani. >> let's call it the slow melt down it continues not just in the united statesontinues overseas shanghai had another great night obviously, there is a lot of optimism of trade talks. zero tariffs and free trade zone germany, autos are doing good and stocks 600, kind of s&p 500 of europe. also going through a slow melt up in the last few days. jim is right, semiis a leadership group but a really good day for amh today banks have been strong as yields have been moving up in the last few days materials industrial and utilities and consumer staples had been lagging here is your cyclical rally. the stock rally corresponded to the yield. there is your yellow line verses the ten-year note yield. that's a fantastic correspondent there. yield were 2.39 last thursday and they're 2.51 some where right now. i do not think that's an that's corresponding to the bank rallies that we see. >> deutsche bank, downgraded accou caterpillar. 2019 is a cyclical earnings peak this is the play book in december that everybody had. this was the story that was going to happen in 2019. rece

you know who we're going to for more, bob pisani is down at the new york stock exchange. quite a morning. >> reporter: yes, the beats you mentioned you coming in higher than typical, and that's what's powering all of this action. we have companies, look at these numbers, we have companies like lockheed martin and united technologies, and pulte group beating by double digits we have strong beats for whirlpool and nucor the steel company. average beat is 3% on the s&p 500 so these are way above usual and another sign analysts cut expectations too much in december on fears of a global slowdown that haven't happened the guidance is also up, all the major companies either raised guidance or affirmed their full-year estimates. in a sense, if you want to look at this the right way we're back to where we were in late september at the old highs look at what happened this year. so far, 448 companies. 90% of the s&p 500 is up but wait in the fourth quarter last year it was the opposite 438 were down. this year, only 54 companies are down, that's 10% but wait in the fourth quarter, o

wall street is bracing as the, let's get to bob pisani at the new york stock exchange. >> jamie dimonut to help the trading community is on edge as j.p. morgan gets ready to kick off earnings season and that, of course, is tomorrow a know lifts have been fretting that earnings have turned negative for the first quarter now expected to be down 2.5% for the s&p 500. this is the first down quarter since the second quarter of 2016, but early returns indicate analysts may be a little too pessimistic here for a change. overall, 25 companies have already reported first quarter results. 84% are beating expectations that's a lot higher than normal, but the more important thing is they're beating by a much wider margin than usual, 7.5 percentage points they're beating by that's much more than the typical 3.5% beat. so why is this happening it's happening because analysts overreacted in december on concerns over a global slowdown led by china and europe and they cut the numbers too much if companies beat estimates by anything close than seven percentage points and the earnings are likely to be u

we heerd from bob pisani, the best quarter q-1 since 2009. the preceding court r quarter was the worst since 2008 you bet a big ricochet after a plunge we heard 90% of all stocks were up in the first quarter. 98% of stocks were down in fourth quarter so we have this v, and is it enduring or not. but we know it's done is basically return us to the level where the market has stalled out before right? so the actual equal weight s&p as opposed to the actual -- the' v equal weight couldn't make the high as i would draw the lines i think basically we have been in the process of topping for the better part of 14 months this reading right here, right, that's january of 2018, that was the highest weekly rsi recorded including 1987, 2000, and basically we've never progressed since then most sectors have yet to go back above that high and most globals with the exception of vespa. my own humpbl is that we've had a nice rally, all very impressive, but we have the risk of this kind of thing coming a that it's not just this great off to the races kind of th

a point where a deal is more likely to go forward than not let's drill down on the markets with bob pisani at the new york stock exchange. >> a price weighted index, overall, it's a consolidation day. we closed at the high of the year on the s&p 500 yesterday. one thing doing well, the airlines, greatcomments from delta. they said business is good generally they raise their numbers overall. that's pulling up all the airlines transport is down a little bit because a little bit of weakness in some of the other sectors like the railroads here. where are we in the stock market, the big question is whether or not europe and china is bottoming that's why we rose so much yesterday, chinese manufacturing data, better than expected a lot of this will hinge on the outcome of the trade talks got to get the markets believing europe and china is bottoming. the data mixed, overall, the durable goods number, a little below expectations, auto sale, not as strong as expected. mixed data, i is, m yesterday was traffic, as for the earnings, we're going to be talking about that beginning next week. my positio

. >> bob pisani, thank you with all of the new stocks we thought it would be the perfect time to play game of -- >> trade it or fade it >> that's right, one of america's favorite games >> wow >> i'm going to let it go. trade it or fade it, pinterest >> trade it. get the ding ding button this is priced seemingly at a reasonable price, they have 60% revenue growth, 250 million users on their way to a billion over the next three to five years, slow and steady wins the race i'm not suggesting they're the next facebook but they might eat into facebook's ad spend i'm in the trade it camp >> me, too absolutely i'm with guy, in a market that people are looking for growth, you look at some of these names like this. i know it's up a lot but they have a unique internet property here, there's a moat around their business you can trade it >> we've talked about a lot of the names. the stock priced at 19 and opened at 24, it's trading at 25 a few days later, i don't think you have to chase these things i don't think there's any reason to sell it right now either. all the reasons that you guys say it

hours, earnings overall are no longer expected to shrink this quarter, according to refinitive bob pisani joins me now with what that means for the market. >> it's good news, kelly the earnings recession we were all fearing in december is not happening, despite misses from 3m and u.p.s strong beats today from facebook, from microsoft, and cnbc's parent, comcast, were the key to raising s&p 500 earnings estimates from dow 2.5% two weeks ago to essentially flat today. we've only got 40% reporting, but the trend is going in the right direction. but comments in the last 24 hours reminding investors, perhaps china's economy is not bottoming yet, and that's been a big story. south korea's surprise announcement that its gdp was down 0.3% versus an expected gain of 0.3% was a warning sign. that was driven by weak semiconductor sales largely to china. another was 3m you heard from dom they get 20% of their revenues from asia. they pointed to slower growth in the key markets, particularly china again. and there's more texas instruments said tuesday weakness in chip sales may continue and lam resear

for "nightly business report" i'm bob pisani at thk new york stchange.he world's largest asset manager reported than expectedla earnings and rock revealed it now manages more than $6 trillion. the ceo expects investors to pour more money int>>stocks. think we have a risk of a melt up, not a meltdown here. despite where the marketsn are equity, we have not seen money being put to work and we have record amounts of mo >> christina hooper joins us now to talk about that forecast in the markets. she's chief global market strategist at invesco. thanks for joining us tonight. >> thank you. >> what do you think of his forecast of a possible melt up at this point. >> think it's a bit aggressive and i wldn't be surprised if it was a meltup, but i would expect it to be relatively dest when it comes to u.s. stocks. however, i could see more flowsing into into a areh m more, which is a screaming buy right now. >> the fed has taken a step back, but i wonder how much of that is already in the market? >> ll, i think as long as the fed takes a step back it is certainly

i'm bob pisani at the new york stock exchange. >> now, as it happens, retirement may be o area where republicans and democrats in congress can actuallyagree, and they're working together to make changes to some very popular savings plans. here are details. >> tomorrow, congress will begin deda deba biggest retirement plan in history. it's called secure act and it's to expand access to private retirement savings, especially for people who work in small businesses. >> it's packaging it into a comprehensive piece of legislation that would address many of these little issues that have cropped up over the years where solutions have been se thed to try to incr ability of workers to save for their retirement. >> this bill allows sma businesses so band together to offer 401(k) plans to their employees. it repeals the maximum age for ira contributions, 70 1/2, and requires companies to allow long-term, part-time workers to participate in 401(k) plans and lets you withdraw from your ira for a birth or an adopti without a penalty. d there's a provision that expands the use of 529s toomay for sc

. >> can't wait for that, sara important interview coming up this afternoon bob pisani, for the impact of the hearing on shares of banks really a nonissue today for the most part. >> i would say that whatever little drama is associated with this meeting, it is not changing the investment outlook for banks. banks are generally lower today among those banking executives who testified. all the banks are down a little bit. i think there are other reasons besides that, so if you look at citigroup, jpmorgan, all the usual banks, down slightly bond yields were a little lower today and i think that's probably the more important issue here the other thing i think is important it's fairly typical for banks to be weaker going into earnings season we'll often see a little bit of dip in the three or four days prior to earnings season starting and jpmorgan and wells fargo, that will be on friday. you see here, yields recently moving to the upside and banks have been doing pretty well, ever since yields bottomed towards the third week of march. they have generally been outperforming. the bank etf kbe

for "nightly business report" i'm bob pisani at the new york stock exchange. we do here?nt plan your retir change in the 20s, 30s, 40s and so forth? >> think the importanthing is people need to get started early, obviously. most important is when you're young, 20s and 30s, time ise.n your s you really need to have minimum 70% to 80% in equities. that may continue on for the rest of your life, and it's important to get started with investing early on. ts you get older, you need to be aware of the f that at least 25% to 30% of your portfolio has to remain inquies just to keep pace with inflation. >>h. y you know, you say keep up with n in a on, but we've b relatively low inflation environment which has made it a little bit more challenging than some people in the marketyo but have to stick with it and you have to have the overall plan and investco istently, right? even at low 2.5nflation in 24 years, you will double your standard of living and 12 or 14 years it will be 50% higher and inflation is insidious. it's there and it's a risk that u constantly have to be aware of. >

joining us with more is our own bob pisani bob, it looks like at the high end of the valuation based less than their latest funding round. >> and pinterest got the memo. they got the memo from all the lyft drama that we had people are arguing, what's lyft doing? valuing it 50% above the last round of funding, close to $22 billion. lyft was $15 billion and i think they saw all that drama and now they come out at a valuation on simple market cap about $9 billion and the last round of funding was $12 billion. this is great news why? it's great news for all the people who are going to buy this stuff. remember, 230 ipos coming? this is an awful lot of product to dump on the market. we want -- it's buy low and sell high we want the stuff to be priced reasonably and you want the stuff to have a nice move to the up side. you want people who are buying in the retail investors to make a little money down the road i think this kind of valuation sends a message that they're listening to that. i think the chances this will be a much smoother ipo without all the drama. big up, big down it's a lot

during his nearly 40-year career and joins me live from the new york stock exchange along with bob pisanikick things off. >> david, congratulations. 40-year career slowly going into retirement, but tell us a little bit about what it's been like the last 40 years. you chair the dow committee. we wonder what goes on there has the criteria changed over the last 40 years? what's different when you decide who's going in versus 40 years ago? >> probably the biggest difference for both the dow and 500 is the criteria is written down and published people back in about, sometime late '90s, i think i went around the office, talked to the members of the 500 committee and we actually wrote it down in a way that was formal and decided to publish it. probably the biggest change. the criteria out there they're published, explained, damed. probably 40 pages. >> a broader index, too. not just industrials the old index 40 years a lot of industrials. more tech today. more health care maybe anything that's changed the way the economy and what you put in there? it's different than what you put in 40 years ago

bob pisani is on the floor with the dow down at 11 >> good morning guys let's remind everybody why weere at historic highs, four major factors. the earnings situation stabilizing rather dramatically, that's been helping a lot. recession fears faded as well. europe is more stable and there is controversies of how much assertness we have about this. the market is obtained and they have more confident. look at the sectors today, a bit of a mix picture, consumer discretionary and utilities are doing okay semiconductor are flat we got a little bit of problem of texas instrument. on the conference call, there were some comments about demand may not be recovering as fast as somebody anticipated, it was down over night. maybe the question is are we in the middle of the weakness or at the end. it is not quite answered texas did open positive though earnings today, i am told it is a mixed day. we heard today about at&t in line on earnings and ibita was on the bright side boeing is up a little bit and some relief. caterpillar, a modern beat stanley black and decker was a clear win. they were 20%

. >> let's get to bob pisani >> good morning guys not a lot of energy elsewhere and healthcare is laggingthere, it is nice to see oil moving to the upside energy and materials and tech is lagging a little bit as well healthcare is over sold as you can see. tr industrials have been on the weak side and boeing a little bit weak in terms of earnings, 35% of s&p 500 is reporting be a new high for kimberley-clark they're beat by 10%. take a look, they're all trading at the upside. granger, some of these companies are reported at a little bit disappointing revenue numbers. you see the board there, grainger are trading a little bit at a downside. halliburton with small amount. with the prices going up, the analysts are going to be wrong everyone thought there is going to be a slow glow down so on january 1st, they had 41 cents. they dropped it all the way down to 29 cents in a few weeks those numbers are too low thousannow. oil stays up around here people have been saying why don't we get better out performance. if you look at the s&p, we are up 16% the sector is 17%. crude is up 40%. that's onl

bob pisani now from the nyse bob? >> reporter: the good news, it looks like we're avoiding an earnings recession 261 companies reporting in the s&p 500, that's halfway. earnings up 0.7% that's on a blended rate that's a big change from a few months ago it all went negative in january. first cut estimates back in december on fears of a global slowdown but by the early part of april, earnings expected to fall 2.5% for the first quarter but then a funny thing happened we saw all the early reporters, adobe, nike, started reporting much better than expected earnings and most of the companies followed what changed the global growth narrative changed. mostly to central banks. china and europe started to show signs of stability and that's why companies are beating estimates by far greater amounts than normal. look at these numbers. average earnings surprises are 6.9% above consensus twice the normal beat. usually you beat it by 3% or 4%. the bottom line is a lot of things now are going to have to go right in the global econom

bob pisani is on the floor of the new york stock exchange. >> we're about 10% through the earnings seasonbelieve it or not. he's the keying for the whole earnings season, beats well above typical beats. dover bead by 12 speakers, honeywell by, travelers, union pacific. on a typical time poll of the time you'll see about 3% earnings beats, and they're better that are expected, because analysts cut too much in december all of these stocks trading to the up side. the other story today ipos, pinterest, we are talking about 15 to $17. it opens at 2375 you see here trading above that number itself. zoom, even bigger story. just four days ago we were talking 28 to 32 wait -- they price at 36, it opens at 65. that's not a typo, and trading right around where it opened so what's going to be next we don't know, but here's some thoughts april 22nd, iheart media could potentially announce terms that's one of the unicorns out there, and potentially next friday, april 26th, uber could potential do that. more likely the following weeks. terms, not going public, but announcing when it might be and a rang

the bottom of that as i bring in bob pisani. >> united health nice to see a bit of a bounceback downll the hmo stocks, on medicare for all concerns i thought it was overblown ibm tomorrow remember, two-thirds of ibm services and that's what we want to hear about. how the service business is doing. >> bob pisani, thank you very much at the close, we are down just 30 points on the dow the low of the session was 96. s&p and nasdaq all down about 0.1% russell a little bit worse that does it for the first half of "closing bell." sara, back to you. >>> welcome to "the closing bell." i'm sara eisen wilfred frost rejoining me in a moment take a look how we finished the day on wall street the dow ending lower nothing major. down about 30 points goldman sachs didn't help. boeing also did not help the s&p 500 ending just about flat clinging to the 2900 level. we hit that on friday. 2905 was the close consumer groups did well though financials were the hardest hit groups after earnings from goldman sachs and citi the nasdaq composite down 0.1% and the russell down a third of 1% we're near the re

bob pisani is down at the new york stock exchange. bob? >> revenue is big, as well, kelly. this is it biggest week of earning season this week includes coca-cola and procter & gamble, united technologies and boeing, caterpillar and facebook and our parent company comcast, amazon, intel, ford on thursday and the oil companies exxon and chevron will be reporting on friday. here's the good news very good chance we are not going to experience a negative earnings quarter for the s&p 500. no earnings recession likely right now earnings expected to be down 1.7% for the first quarter. but that has been steadily rising for the last two weeks. it was down 2.5% two weeks ago we will likely see earnings up in the very low single digits. maybe as low as 1%, but still likely up and revenues will grow about 5% now, despite higher costs and we heard this from kimberly-clark today. many are saying they are able to raise prices and that's absolutely key here. if that keeps up, we should see very little margin erosion and that's what really kills the stock market that and the fact that europe

consumers inflation expectations but markets are reacting positively let's drill down more with bob pisani you have china and maybe mr. dimon giving the bulls a boost. >> so we have a global rally going on two real key headlines. strong earning and the strong global economic data, particularly china the chinese data saw futures jump 4:00 a.m. eastern time. futures took another leg up when jpmorgan earnings beat estimate, but more importantly, jamie dimon issued some magic words. u.s. economy continues to grow, employment and wages are going up, inflation is moderate, financial markets are healthy. and consumer and business confidence remains strong. that is the bull scenario. right there in one sentence. china is bottoming being u.s. economy is going to remain strong from here nearly 30 companies have already reported earnings from the first quarter and far more companies are beating estimates than usual and they are beating by a much larger margin than they usually do that is because analysts dramatic lig cdr dramatically cut their concerns. and now saying it wasn't that bad. and we're le

bob pisani is at the new york for example. >> and it is a modest pause in what has been a pretty relent last rally leadership groups today all down still today's earnings beats by goldman, citigroup and charles schwab support that earnings are beating by a ever wider margin than they usually do, that china's stimulus program is helping bottom out the economy and that the global central banks including the fed have pivoted the fed to support continuing low rates the big gripe on wall street is volume volatility and the lack of it. stock trading volumes are well below expectations many remain skeptical and are keeping the money out. of course if we hit new highs that will serve as an additional source of funding for the rally. >> good point. thanks so much >>> earnings season is just getting under way. and so far it has been a stock picker's market. jpmorgan's results, wells, citi and goldman sachs all lower. does that undermine the case for passive investing? let's ask joel greenblatt, g gotham asset management. so can stock picking still win welcome. >> thanks for having me. >> is it so

let's drill down a little bit on the markets with bob pisani at the new york stock exchange. what can we gleam from the earnings we've seen so far >> good news and bad news on the earnings front the companies are continuing to report earnings that are way above expectations look at the companies reporting today. comerica, blackrock, bank of america, unitedhealth. 3% is typical. what happened is analysts fear the global economic slowdown in 2019 they dramatically cut and now it's obvious the analysts have cut way too much here's the bad news. very large discrepancy between earnings and revenues. this is unusual. the sign the cost pressures are starting to show up in the system earnings expected to be down almost 2% this quarter and revenues up 5% what is that all about companies that have been reported have been citing unfavorable exchanges and many now reporting issues with higher wage and labor costs and higher raw material cost and with higher transport costs we saw this particularly with jb hunt, one of the big trucking logestic companies and you see them down 4% back to y

>> calm day for the major averages but a number of stocks moving big this hour bob pisani on the floor of the nyse bob? >> reporter: mixed earnings here that's sort of the issue for the stock market on the positive side, ford reported a very nice beat and having the best day in ten years on very strong demand. 10% of the upside. ford's up 35% so far this year amazon beat estimates by 50% it's up as well and frankly, it's getting a lot of play on that free one day shipping for prime members. that's a neat trick, which is why walmart and target are trading to the downside but disappointing results from exxon and intel are weighing on the dow. with exxon, it waslower profit from refining and with intel, it was partly slower growth in china. so melissa, the good news is earnings look like they're going to be flattish in the first quarter. not down as feared the bad news is we still don't have a clear answer to the china billioni bottoming question back to you. >>> president trump's top economic adviser on cnbc weighing on the economy and trade talks with china and the president himself tak

bob pisani's been digging through the earnings and joins us with the details. bob. >> hello, sara i'm at the ge post a lot to like. take a look starting with the fact it's over $10 first quarter earnings topped expectations reaffirmed 2019 forecasts. industrial free cash flow. that's a big metric for them loss of 1.2 billion. that was better than expected. they posted a modest profit. aviation a little bit of an issue. the good news is it's been a bright spot in general but the company did say the grounding of boeing's 737 max airliner could hurt the timing of its cash flow remember there's a joint venture there, makes engines for the boeing plane for general electric overall, though, there's clearly some belief by investors that larry culp, the ceo's plan is making some progress guys, back to you. >> bob, thanks very much let's discuss all of this in our "closing bell" exchange today. david bailin, cio at citi private bank and our own rick santelli at the cme. david, thanks very much for joining us what's your take on earnings season does it spur the market to

going to bring in bob pisani british pound a bad day there. throughout the session, down about 8% as we approach the close >> and was that fun watching elon musk coming out of the courthouse more fun watching phil i think it was a modest win for him, but not a win for the stock. you'll notice didn't move at all. still todown 8%. so maybe a win for him, but not a win for the stock. >> because of the sales numbers which is more important. >> obviously and s&p 500 a new high for the year, a very choppy day, of course the dow was weird because beg w boeing was up $11. ipos, trade web over at the nasdaq, what a move up, priced at 27. closing at 36. >> thank you very much there goes the bell. nasdaq just in the red, dow and russell lead the charge dow up 0.6% that does it for the "closing bell." back to you. >>> welcome to "closing bell." i'm sarah eisen. mike santoli is joining me take a look at how we finished up the day, another day of gains mostly s&p 500 six days in a row now up 0.2% so far for the week, going into a friday, we're up about 1.6%

the iyt rallying 2% and exiting correction territory today bob pisani with the etf edge for us today bob. >> the transports, trucking stocks being all higher today. iyt up for five straight sessions but that is not the only way to play the space it is a price weighted etf like the dow industrials. and then the spdr and of course the jets that tracks the airlines rick adelman, even okevin o'lea joining us transports up five days in a road union pacific near a new high. what is it telling us? >> transports are the continue ex-of all i index of all indexes it is telling us that the domestic economy is firing on all pistons. even warren buffett gave a few warnings about potential slowdowns but that speaks more the international markets. this is telling us that we have a good domestic economy. i don't like market cap weighted indexes though >> and the iyt is a price weighted index, a dow index. they are price weighted. the problem i have here is that you've got ten stocks that are 70% of the index union pacific and a few other smacking around. what do you tell your investors? >> you have t

bob pisani here at the nyse. and bertha coombs. bob, kick it off for us. >> earnings are coming in much better than expected industrials and consumer names today are leading. let me just show you here. lockheed martin, 30% above expectations good heavens haven't seen that in a long time they raised their numbers. united technology 12% above expectations they've raised their numbers whirlpool 8% or 9% above, they affirmed their full-year guidance coke a little less than that but still beat and they affirmed their numbers. all of them trading ought to the up side. s&p set a new high, only 13 new highs on the s&p they're good ones. mcdonald's set a new high, mastercard, disney, norfolk southern among the railroads there are four major reasons why the markets hit new high number one today you saw it earnings stabilizing and in fact doing better than expected number two, the recession fears fading a bit number three, china bottoming and europe stable. and finally you know that the fed still accommodating. where do we go from here let's s

that's all ahead in rapid fire we begin with the markets as scott said, bob pisani is down at the new york stock exchange with a look. hi bob. >> hello, kelly. the s&p threatening to break an eight day win streak two catalysts for the sell-off first tariffs and another downgrade to the world economy the trump administration's proposal for additional tariffs on european goods and retaliation for eu subsidies is having a predictable affect on the industrials, boeing, cat r caterpillar, 3m, weighing on the dow. also not helping another downgrade of the world economy from the imf, the third downgrade in six months. the world economy will grow 3.3% this year they say, down from the 3.5% from the imf they forecast back in january this would be the weakest growth rate since 2019. not surprisingly, crude oil taking a break so exxon and chevron halting their win streak tech in general has been a big driver of the rally recently names like cisco, microsoft, ibm, apple, big movers in the first quarter of the year. as you can see most of them taking a break today kelly, back to you. >> good stuff