alix: really appreciate that set up, abigail doolittle. at brings us to our question of the day, and abigail would say the answer is no, but is sentiment bad enough to buy the dip? here with us is steve sosnick, interactive brokers chief strategist. is sentiment bad enough to buy the dip? steve: i think it depends. i'm not a bond expert, but i was out with bond portfolio managers the other night, and they begrudgingly admitted that 5% on the 10-year, maybe it is worth taking a shot. they have fallen so far, so fast, and the mood stinks. equities i'm not quite so clear. abigail was talking about backwardation in vix. you are a commodities person. when you have a future that is normally contango, it is typically plentiful supply. when that contango future flips to backwardation, it means the commodity in question is in short-term -- there is a short-term access of demand oversupply. in this case the commodity in question is volatility production offered by vix after months of new orleans volatility, selling by institutions and individuals, al

abigail doolittle is here with a look at the earnings so far and we have had and still have a ton of earnings to come. abigail, 40% of the s&p 500 reporting this week. >> $15.8 trillion of market cap recorded. you did a great breakdown of the macro pressures for the s&p 500, nasdaq 100. here are the micro pressures and we have a tale of two stories in the cloud. microsoft of 2.7 -- up to .7% on strong cloud corner, revenue over of 13%, better-than-expected. back in the team growth area. their cloud is much better, up 29% and above the three preceding quarters, even though it did not top year-over-year growth estimate. take a look at google or alphabet, down 8.9%, between its worst day from last year and march of 2020. that is the degree of selling pressure and what it makes so interesting, revenues were strong but the cloud of 22% and $8.4 billion, 206 he $6 million, it was not enough, was not the growth folks wanted. you can see the pressure is putting on the tech space. meta-reports today after the bell. all eyes on avid 2 -- revenue and advertising growth. fears around the cloud an

matt: abigail doolittle has more on this unprecedented rise in bond yields. abigail: it is incredible and the idea that we can see more mark -- for more height from the fed, i wouldn't be surprised if there is more than that and the question for cutting, i don't see how that comes into play given the fact that the fed has not talked about that as all. -- at all. taking a look at yields, look at that huge backup. this is a big upside down world between the two year and the other parts of the curve. that two year yield above 5% and really paving the way for the rest of the curve to go higher and we have had some big names talking about the idea that the 10 year yield is going to go back 5% and some people have been floating double digit numbers, on a tactical chart perspective -- technical chart perspective, i cannot get to a double-digit but you can get to 9% quickly. this backup is extraordinary. this is probably one of the few times, if the only time in history, that you can say the year -- yield. this is the two year yield and the backup is 2.59%. a narrow s

abigail doolittle is tracking those numbers. abigail: not a firm footing on this friday. week it is who we are looking at -- it is clear we are looking at a decline. interestingly, beneath the lid it is not all bad. on the week we have microsoft and amazon trading higher on earnings reports we are seeing is acceptable. up more than 2%. microsoft cloud business in the here and now, i should say here and was, and amazon talking it up for next year. on the other hand, alphabet down on the disappointing cloud quarter. meta, that color around next year and the possibility that the ad spend could be hit by the macro picture, those stocks down. next week we have apple and nvidia later in november, some of the big tech earnings. relative to the macro picture, not an easy one. over the last month, take a look at the 10-year yield, 26 basis points. new york crude oil down 8.4%. our two digestive that could bitcoin -- hard to digest that. and then bitcoin. the s&p 500, this chart makes it very clear what is happening. this is a weekly chart. it is longer-term. down last year, up mor

we will talk to abigail doolittle in a second. if you look at the rsi, we will be oversold. well below the 200 day moving average. fallen everyday except for two in the last two weeks. the nasdaq off more than 2% here as tech doing a lot of the selloff today after disappointing earnings news from facebook owner meta. please fact amazon after the belt and i think the street is prepared for some disappointing news as well. nasdaq 100 down 2.2%. that is just a concentrated version of the ccmp. abigail doolittle has a look at the earnings that have driven these losses today and the effect on volatility. abigail: pretty brutal stretch. the declines you were talking about, we have the major indexes down for the second day in a row. i don't think the s&p 500 is oversold yet. there could be more selling ahead. this is since j.p. morgan kicked off earnings season, down 5%. the worst stretch of the year. the bears are in control. looks like we will have a third-down month in a row for the s&p 500. relative to the earnings that are pressuring this week has every thing to do with big te

abigail doolittle tracking the moves. abigail: s&p 500 down three quarters of 1%.000 small cap which started to break down weeks ago but last week well below the 200 day moving average. the russell 2000 index has a 23. may be the regular vicks may creep higher in the same way the 10 year yield is creeping towards 5% where the two year yield has been for quite some time. today we have the 10 year yield up about eight basis points pressuring stocks, the oil story, tighter inventories could point to inflationary pressures. here is the energy index. the other index sliding on the day after up and over the last three days, up 2.7% in sympathy with oil. if we look at what's happening for the airlines. united airlines posted on the service but the guidance not so great having to do with suspension of flights from tel aviv. adjusted earnings could be 150. rising costs to see the other airlines in the future they are down, american airlines down 5%. they are even down in sympathy. this is really interesting and a shout out to our producer, this is the s&p 500 relative to th

abigail doolittle and michael harris join us now. what do you make of the monday bounce? abigail: i am pretty skeptical of it myself. from a technical perspective, you will hear a lot of people talking about how the rsi on the s&p 500 on a daily chart is starting to round up. if you look out longer-term charts, the weekly and monthly chart, it suggests sellers are still in weight. this breaks down into whether you want to buy the dip or not. there could be folks wanting a near-term, but we have apple -- the fed and apple. the fed, it is unlikely they will hike, but they could do what they will be -- were doing, hang out longer than expected. relative to apple, it is below its 200 day moving average. when you look at the monthly chart, it is really bearish. the rsi on a monthly chart is still rounding down. we are looking at decelerating sales there. the one positive -- possible positive for apple, what we are looking at is 8.1% bottom line growth. we will have to see. the iphone china demand, the foxconn result -- it is a lot of uncertainty. alix: it will be messy for sure

abigail doolittle is tracking the moves. y for stocks in a row, having a lot to do with the tech laggards. alphabet down for the second day in a rope. meta down today this by great quarter. the color looking ahead on advertising spending is weighing. it is not all bad. the russell 2000 is higher. for the s&p 500, there is a loss of stocks moving beyond make -- moving beyond mega cap tech. this has to do with the fact they raised their -- they affirmed their cash flow view and be revenue. we also have american power higher. the stock having its best day since november 2022. to the downside, line is tumbling -- align is tumbling. a brace maker. and pool is down. it's worse since march 2020. from a macro standpoint, the story has been yield pressure and stocks. in october, take a look at the backup we have for the 10-year yield. now down 32 basis points as investors become comfortable with the idea the is higher for longer. this can be part of why we have the s&p 500 now doing with the russell 2000 has been doing for weeks. the

abigail doolittle is tracking the news. abigail: that is especially true for the s&p 500.uating to the downside. slightly hot ppi -- ppi -- cpi number, the two year yield back above 5%, leaving the rest of the curve. up at nine basis points. amazon.com, one of the top stocks on the s&p 500 is up 1.7%. they had a big sales event and a pound it was their best october sales event ever. delta airlines had been higher, now down. they trimmed the high end of this year's profit guidance on rising cost so investors seem concerned. for the year, we have a mix. nasdaq is up in a big way, so is the s&p 500, up 14%. there is the nasdaq 100, up 40%, the best first have on record. banks down a 24%, bank earnings kickoff tomorrow. this is the worst year since 2011. the russell 2000, slightly lower. we showed a chart that showed what is often a bearish phenomenon. for the russell 2000, it is. in the bloomberg terminal, take a look at this volatility. these moves up and down. what we have for the russell 2000 is a death cross, this area of congestion that could break up, seems to be breaki

abigail doolittle is tracking the moves for us. it's a little conflicted. ail: on the day we have the s&p 500 moving between small gains and losses. you can see clearly on the week especially yesterday. the s&p 500 headed to its worst today since march 7 closing off of those lows. it puts the s&p 500 on the year. which means superlatives of september and the third quarter are falling right into october. a relatively more flat service. these are two of the stocks, it's not clear why tesla is up or amazon up 1.3% but heavy to the s&p 500 helping out. the downside though this is a surprise. oil is gone from a peak last week, wti crude, it's a risk asset. over the long run if it continues. putting all of this together, this is a chart, this is the uptrend. you can see these moot -- these climbing. we have clearly snapped below the consolidation and yesterday we were about 20 points away from that 200 day moving average, the rsi is in oversold territory until he series of highs, and we see more selling. the russell 2000 well above its 200 day moving average. both

talk to us abigail doolittle it. it feels a -- it feels more tangible.at you're building, amy? amy: that's right. i like to call them the plumbing of the web. so just as we rely on water flowing from our tap, we rely on these networks that -- for the things that we do every day. the things that allow us to be on this video called together for you to broadcast your show to the world, things like video transcoding with networks like live peer and file networks like our weave and file coin. and then also for things like gpu rentals and i'm sure you know. gpu's have been a really constrained product because of supply issues. and so, builders have had a hard time getting their hands on them to train their a.i. models and marketplaces are making those available on a rental sort of basis so that they can use them when they need them without having to outlay a tremendous amount of cash to purchase them and really having to help overcome those supply issues. so, these networks are going to return the web to its decentralized shape. what we've seen over the eras o

abigail doolittle is tracking the moves. abigail: earlier we did have big losses for the u.s.t this point we are looking at smaller moves even close to fluctuating for the major averages in the u.s. you can see the s&p 500 down .25%, but there is the nasdaq 100 down .1%. the big story earlier today was the 10-year yield closer to 5%. it is the relief of it being a good 10 basis points lower than that that is helping sox come off the lows. the other big question of the day is earnings, and as you know it is said to be one of the biggest weeks -- the biggest week in terms of market-cap reporting, 50.8 trillion dollars worth of companies reporting this week, including to make a cap tech sectors over the last three months since basically the peak four stocks, or the near term peak for stocks. mega-cap tech sectors are trading lower, including information technology, consumer discretionary, and the telecom sector in particular. consumer discretionary is down close to 11%. as for the stocks, so many, because $15.8 trillion worth of market cap is a lot. we are thinking about meta pla

we will talk to abigail doolittle in a second. if you look at the rsi, we will be oversold.ay except for two in the last two weeks. the nasdaq off more than 2% here as tech

abigail doolittle. let's get a deeper dive into that payrolls block number.bloomberg tv last hour highlighting the strength of the labor market and the shifting balance of power when it comes to labor unions. jul we arei seeing a resurgence ine: working people demanding their fair share, saying enough of the disparities between what front-line workers make and what ceos make. alix: we are now joined by sophia drossos point72 economist and strategist. she upgraded her forecast yesterday to 4% when it comes to what we just saw. thank you for joining. sophia: it is great to be here. alix: our question of the day is, what landing? as you upgrade your third-quarter forecast, what landing? sophia: we have not seen much of a landing yet. there has been a lot of dynamism in the u.s. economy, spurred on, i think, by continued reopening effects. just think we see a little bit of that in the data, in the sense that we are seeing jean hospitality continuing to lead the job gains. it was a lot of dynamism. real incomes are higher as inflation falls. consumers have more sp

abigail doolittle is tracking these moves. looking at a decline and a correction down 10% from its peak. this is the first time we've seen three down months on the s&p 500 since 2020. relative to what is happening beneath the surface. only one sector is higher, the utility sector of .76%. energy is the worst performing sector down 6.2 percent in sympathy with oil. this is an interesting chart and it was made by mistake. this is a monthly chart of the s&p 500 but what makes it industry -- interesting this marked the great bond bull market. the rsi is oversold suggesting yields will go higher but there's two area of congestion the point that we could see the 10 year go to 586 or higher. as the first time we've seen this kind of break out and yields. take a look at the nasdaq 100, also down by 7.1% and the russell is down 7.02. they're all down three months in a row similar to the s&p 500. there is a broad-based selloff in october so our question now is what will happen in november? guy: we will get back to that one. thank you ve