let's go to -- let's go post to post with bob pisani for a look at that. bob?for kenvue to open you know band-aids, neosporin, johnson & johnson's consumer product division good price, $172 million, $20 to $23 is the price attack. we don't know where it will open the price was $22, so right now with the way they're building the book, this will have a nice pop. when will it open? i don't know exactly they're selling 172 million shares they often try to wait until you get close to 10 million that are actually going to be offered at the open so, we're getting there. we're about 10 million i'd say maybe another half an hour to an hour. we'll be here talking about all of that, and even the future ipos out there waiting to come right after these, hopefully in the next few months. we'll be back in the next half hour and talk about all of that. guys, back to you. >> good to have you on the floor. bob pisani. >>> shares of hyatt are higher this morning despite its best quarter ever, with hot travel demand a theme we've been seeing across multiple companies this season v

let's go post-to-post now with bob pisani for a look at what's moving what are you watching, bob >> the regional banks. yesterday, they were going ker flewy. the museum volumes were so heavy moved the average daily volumes of the exchanges things are a lot calmer today. and you don't even have to look at the stock prices. just look at the trading volumes. u.s. bancorp is one of the big super regionals. 7 million shares here. we did 29 to 30 million shares yesterday. and this happens every day you get four, five, six times normal volume on days when there's concerns about the regional banks and again, it moves the average daily volume on the major exchanges. same with comerica, another big super regional that trades down here 1.5 million shares 1.5 million yesterday. 12, 13 million shares. again, big, big movements here with people just moving stuff around, unsure about what's going on and then it calms down again same thing here, pnc you can see here, 2.2 million shares yesterday, we did almost 10 million shares pnc, by the way, some news that we were just talking about a little earlier

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. >>> let's go post to post with bob pisani a couple hours into trading. >> home depot misses on revenue and guides a little lower. this general theme they want to put out that the consumer is a little weaker, particularly on the big ticket items, this is largely priced into the market this is not new news that the consumer's a little weaker here. you can see it in the trading action here's home depot. 7 million shares, that's pretty heavy volume it normally trades 4, but it's earnings day so not surprising home depot is only down 1% on a bad guide for the year, because it's already been down 10% for the year this has been pretty well telegraphed what's going on. you can see it in other home improvement companies or affiliated with home improvement. whirlpool down 3%. whirlpool has had a problem all year they had a disappointing earnings report about three weeks ago. they're near a new low for the year, near a 52-week low this is very well known, the problems for the consumer. look at the flooring companies, mohawk, the big traditional flooring company they had earnings three weeks ago.

good indication possibly is forward guidance from actual companies themselves so let's get out to bob pisani at the new york stock exchange with a look at what we've heard so far this earnings season. bob? >> the important thing is there may be concerns about a recession, dom, but there is not evidence that it is showing up if the earnings guidance, at least not yet. let me show you where we are right now at least for the first quarter. the numbers are coming in better than expected. 77% of the companies and we're almost done the first quarter beating, above the average, usually the mid 60s. they're beating by about 7%. that is also above average they usually beat by 4% to 6%. overall the fears that we were going to have some kind of big miss isn't happening as for the second quarter it is all about who is guiding up and who is guiding down as dom mentioned, 35 companies with negative preannouncements, 27 positive that means raising it. so the negative to positive ratio is 1.3 believe it or not that is really good it is typically twice as bad many more companies generally warn then say we'll

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. >> something that will always lift your mood, always bob pisani. >> okay. coming up take your mother out i am the weather fantastic in the northeast. i wish i had good news on the stock market but this debt ceiling negotiation just hangs over the market like a shroud everybody is passing around charts of 2011 remember that? august 2011 when we got right up against default and they finally raised the ceiling two days before treasury said it was it i think s&p dropped 15% in august of last year. everybody is passing charts around it's hard to get energy going when we have this overhang here. energy just went positive on the day. we've been commenting about the character of the market re recently, how defensive it has become, how there's no bid in cyclical names look at materials. down again today they've been acting awful. mosaic, that's a big global -- a new low, 52-week low, $36. cf industries, a 52-week low sealed air, eastman, big global names in the materials sector have no bid at all in them for the last several weeks this has been a problem for the ove

bob pisani says it is a discounting mechanism. are there big revenues s are there big revenus with a.i in future? >> exactly asset pricing operates as you say. they look at the huge gyrations in the stock market. you mentioned the suppliers or the things that go into the hardware or companies that said they are adopting a.i. like microsoft which have done well the stock price has risen a lot and companies can the stock price crash because they made a mistake by not adopting. and models say that is dis discounting future economics and beh behaviors. this is all driving. >> felix, i enjoy the article. i encourage everybody to read it one thing i want to ask is a question i want to ask about c3 a.i shares up more than 100% a.i. is in the name. they power a.i on the flip side, short interest is above 30% isn't that not natural stupidity? do some people believe in the stock which is up 27%? on the other side, people are betting against it at a high level. >> sure. that is right. the thing about bubbles, we don't know it is a word of ca

let's get to bob pisani. >> this is just a miserable market, kelly, to be blunt the s&p is down 17 pointshat gives is the usual crop of big cap tech stocks are holding up the market. making it look better than it really is. apple, alphabet, meta, tesla coke and pepsi, et cetera, beyond that it's just a lousy market overall, beside the banks, scyclicals, the big names freeport mcmoran the steel names, and you go on and on big global industrial names have generally be on the weak side. then you have of course hydro jr. carbons. energy stocks have been weak on top of that. $32 is closest to the lowest level we've seen from where the march lows were. so this is a real -- call it a pocket picker market, tyler the bottom line here is what's going on, you got the debt ceiling problems, the rolling issues with the banks, and they're just weighing on the market maybe the president will have some word on the debt negotiations tomorrow, because he's having meetings you're depending on a rally on poll situations at this point. yes, if we raise the debt ceiling and yes, if we raise the deposit insuran

bob pisani joins us now from the new york stock exchange. ey just pile in and see how long they can ride this one out, bob? >> well, some are, others arguing that big cap tech is so big in the s&p 500 that people should consider equal weight s&p 500. just look how much the big cap tech stocks, the five biggest stocks, look at the numbers, 110% these are the top five stocks, these gains are so big that they literally are moving the whole 500 stocks in the s&p 500, the whole s&p 500 here if you look, the average stock in the s&p 500 has gone nowhere. there is the orange line on the bottom, the white line on the top here the s&p itself market cap weighted, the rsp equal weighted, the average stock, everything is the same weight, all 500, it is flat on the year. so that's a problem. a lot of people say too much risk right now in the s&p 500 in the market cap weighted. so equal weighted has gotten prothe popep proponents who are pushing it. the top ten stocks in the s&p are now 30% of the market cap of the s&p, the highest in decades. people say t

markets, let's get post to post with bob pisani. >> the good news is we're getting modest bounces in areas, particularly in the bank stocks here's the bad news, overall while they're bouncing, there's no particular buying enthusiasm. let me show you, for example, co-m comerica was $45 not long ago. a few weeks ago. it was lower on friday, obviously. it's up a little bit today here's what i don't like you see this volume, 1.4 million shares on some of these names we would routinely do four, five times what you would see this time of day. and we're talking now, you could be doing three, four, five million shares that's very, very low volume so, yes, we're bouncing off of recent lows, but the buying enthusiasm is very, very muted so, you're not getting selling intensity anymore. that stopped but the buying enthusiasm isn't really there here's also, pnc is another good example. again, we would be doing 3, 4, 5 million shares in the late morning. about a month ago. and, yes, we're bouncing pnc was 130 a few weeks ago. it dropped down to $110, $111 last week. yes, it's bouncing today at $1

let's go post to post with bob pisani for a look at what's moving. >> we are in a very, very narrow tradingge. the problem is we're having trouble generating moves to the upside getting some momentum going, this debt ceiling overhang sort of weighs on the market right now. we really need to resolve that in the absence of that what's been moving is defensive names we've seen health care hold up very well. we're seeing consumer staples hold up really well. merck -- health care is doing well merck is not a new high but trying to break out to a new high had a great quarter. started at $106 april 1st, up to $119 lily, cardinal health, they're all doing well the momentum is there but not a lot of tremendous breakouts. same with consumer staple names. here's procter & gamble right here it had an incredible quarter about two weeks ago. and the stock popped up here it's been in a downtrend recently it's had trouble hitting new highs. it was 156 or so five or six days ago it's been moving down a little bit, $154. that's not a big move to the downside, but you see the point here great numbers and stil

for more on how that news is being received, let's go to bob pisani. >> so what is the deal worth thelicans walked out, bond yields dropped they had been going up for several days and the s&p lost 30 points the s&p has been rallying three days in a row. it moved 100 points on hopes that we'd get that debt ceiling deal done and then we could just worry about whether the fed will keep raising interest rates. now, it didn't happen. everybody is looking for an opportunity to lighten up on tech stocks that keep dominating the market and buying these beaten up cyclical groups like industrials. deere looked good on paper then deere had its conference call late in the morning the stock dropped and so did the other big industrial names there. there is not much emergency in the industrial space recently tech still new highs all the tech names started, meta, alphabet, apple, broadcom were all at new highs. they have come off those highs in the day, but they still dominate the overall market here energy stocks, maybe we get a move-up on oil that hasn't happened don't kid yourself these things hav

going post to post with bob pisani. >> we started out terrific, s&p up and 2 to 1 advancing in declinings that's what we have not seen recently we need more stocks advancing than declining that hasn't been happening the foot soldiers isn't helping out. what's holding up the s&p in that 4100 range has been primarily big cap tech stocks. everything else is eh. let me give you an example salesforce trades at the nyse. that's a new 52-week high on an intraday basis we're down we started up and we're down 4 bucks in the last hour or so big cap tech, 52-week high, these have done well, apple, microsoft, ciscos, have done very well. outside of that, eh. even if you go into mid and smaller cap technology stocks. generally the advanced decline line in the technology group has been terrible. here's square. i call it square but it's called block right now. this stock -- this is $35 billion market cap salesforce is $200 billion go into the midcap area and this is down 15% this quarter it's been moving slowly down this is true of most -- your average tech stock is actually down, even though apple and

. >> bob pisani, thank you >>> our next guest says he expects a soft landing for the rest of the yearaway from a hard landing scenario, we'll see stock and bond volatility fall further. the vix down today, at least back below 17. joining us today, jpmorgan asset management's phil camp relly good to have you back, phil. is it just me or are you getting a little more constructive here? >> here's what we were saying. it all starts with our friend down i-95 at the federal reserve. this is the first time, carl, that i come on your set in over a year and say, we don't expect the fed to hike rates at the next meeting that's a statement it start there, because i think the two roads that can take you to a hard landing, the first road was what we were worried about six months ago, when we were worried about the fed needing to break the back of the economy in order to get any disinflation to occur. after ten rate hikes, i think there's significant evidence of disinflation and the other road is around the regional bank story. and it's not just credit lending, tightening, i think there's a slower

three sectors up information technology, communication services, and consumer discretionary to bob pisaniing and what you're focused on this morning. >> three to one, declining to advancing stocks and the s&p down 9 points and it's tech holding things up. look at the sectors. sara has it. microsofts a new high, nvidia a new high, moving the market. look at the cyclicals, metals and mining, industrials still continuing to sink there's retail down. no surprise there. look at the big retailers, the surprise is why aren't they down more i think the story the consumer is softening is pretty baked into a lot of stocks at this point, a lot of retailers. i was listening to the conference call with the cfo he emphasized over and over that consumer was basically pretty healthy and said there's a shift of goods -- out of goods into services the big ticket items are slower due to higher spending dur the pandemic and inflation, we all know this, making consumers more price sensitive. the consumer, the consumer is slowing story is in the traders right now in the trader mentality and in these stocks. ta

let's get to bob pisani with more on what's moving so far. >> 4179 was the february second high we'rectors are moving right now. semis are doing okay, on semi that's terrific numbers overall. excitement about the arm confidential filing. and it's been slipping a bit oil is tough staying over $80, below that right now semis are strong the banks have been split. the banks right now, it's basically the money center banks are holding up well. jpmorgan, citigroup, bank of america holding up, and the regional banks, u.s. bank corps, region financial and pnc the weak ones on concerns there's contagion risk out there other than that, everybody just keeps buying consumer names. every single day, the small number of new highs are the same it's ulta, chipotle, it's starbucks, every day how many days mcdonald's sitting at a new high. here's where we are. the sentiment call around on the street, everybody is bearish, nobody wants to believe the soft landing or the earnings but there is no recession. earnings system for the first quarter are going up, not down, and they are stable for the second ha

check in with bob pisani and see what has caught his attention so far. >> what caught my attention, it'sks at the new york stock exchange and the s&p is down we have a problem. the foot soldiers are not helping us it's big caps. take a look at the sector. nice to see banks bouncing back two days in a row and energy bouncing back a little, oil was 68 a few days ago. 73 now that's a big help. banks are flatish but materials a little bit more risk on here tech, though, has all been big cap dominated. a great move up, but it's all the biggest names. the foot soldiers, smaller tech are doing terribly how strong the day has been, this quarter has been for big tech names you think apple, microsoft, alphabet, amazon, all up look at these moves for the quarter. you think the s&p must be up 2, 3, 4%. it's not really. berkshire has been strong and nvidia and meta. these are the biggest names in the s&p 500. all pushed forward you would think we have a great quarter going, but we don't. the s&p is only up 0.5% even with that all those big moves up the equal weighted s&p is down 1.3% the average stoc

bob pisani >>> let's get more on the macro view of the markets and the economy.ormer goldman sachs chief economist and current northern chairman jim o'neill. good to check in with you, jim how about what bob said about china and the momentum and industrials and energy you spent a lot of your career studying china and the economy everyone expected this big bounceback postcovid what's happening >> i wish i knew nice to see you, sara. >> you too. >> you know, i'm focusing on that oddity myself it's going to get a bit more complicated even further because when we get all the data for april in imminent days, i guess, it's going to show probably a very strong year on year rise on the chinese indicators, but it does fail anecdotically and from the scattered reports, as bob reported, the markets aren't carrying on this china recovery theme. it may well be that some of the structural issues and the inconsistencies between president xi's desire for strength versus trying to encourage the private sector to do more isn't really taking off. that definitely requires watching r

back we are moments away from fed chair powell delivering remarks on the economy let's get over to bob pisanid what it is ahead of powell's remarks. >> we started very optimistic that maybe we were shifting into some of the cyclicals early on, the strength of deere, but that's been a tough call in the last hour or so. so, good news is, energy, materials, industrials, generally started stronger that would be a nice shift over the dominance of tech that we've seen tech is still flattish to slightly down. take a look at the cyclical group. deere started strong on terrific earnings and middle of the day has been drooping lower. caterpillar was much, much higher earlier as well ge was at a new high eaton was also positive. the big cyclical industrial names have started strong and weaker in the last hour or so. the issue is there's not a chance to move into cyclicals. the difference is bond yields have been rising at the same time the stock market has been rising that may be signaling reduced odds of recession. it's not bad news. if you look at the s&p 500, it's finally broken out of that trading r