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

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

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

. >> 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

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

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 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

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

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, 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

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

>>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

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 looking at the flight to quality and whether defense will continue to be one of the best performing sectors for investors in this environment. as we head to break check out some of today's top searched tickers. ten-year treasury right on top as it always is. wti crude is there below $99 a barrel tesla slightly higher. amazon has really climbed during the session and the s&p does continue to hit sessn ghiohis. e! so we're giving every business, our best deals on every iphone - including the iphone 13 pro with 5g. that's the one with the amazing camera? yep! every business deserves it... like one's that re-opened! hi, we have an appointment. and every new business that just opened! like aromatherapy rugs! i'll take one in blue please! it's not complicated. at&t is giving new and existing business customers our best deals on every iphone. ♪ ♪ ♪ music ♪ ♪ dream, dream when you're feeling blue ♪ ♪ dream, dream that's the thing to do ♪ ♪ music ♪ when you see value in all directions, you add value in all directions. accenture. let there be change. (torstein vo) when you really p

mike santoli starts us off tonight. >> en with aew year's eve rally, the most volatile december i more than a decade left investors with losses f y thr and confusion on global growth, trade elicy. don'tect the new year to bring much of a break from the gh-stakes market movin event. friday brings a crucial u.s. jobs report that will off hint about whether a feared u.s. slowdown is under way. jay powell will speak publicly with hisredecessors and any clues on his intention for further rate hikes in 2019 will be seized upon by investors. a fear that the fed has pushed rates up already too much given a softer global economy has been a major factor, tumble of s&p 500 fromts september high. focused on very strong trends as it pencils in perhaps two more lrcreases next year but the bond market hasdy priced out the likelihood of any further hikes. formal talks between the u.s. and china begin on potential trade further rounds by a march 1st deadline. fear of trade disruptions and chinese economic stumble have been another driver of recent market weakness. at one point last week nearly dropped

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

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

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 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

mike santoli speaks with thomas russo. head over to cnbc.com at 11:30 a.m. eastern time. >> that does it for "power lunch," everybody. >>> guys, thanks welcome to "closing bell." i'm scott wapner apple earnings, the final fang to report. there's your countdown clock little more than an hour and a half stocks remain unsettled after another rate hike from the fed more turmoil around the regional banks. here's your score card with 60 minutes to go. the dow weaker several household names come under pressure boeing, goldman sachs, disney among the losers >>> talk of the tape, the road ahead for stocks let's ask the star dan ives with me here. man, all the stuff going on in the market and apple, only the biggest stock in the market, reporting. what do you ex pect >> it's the heart and lungs of tech we've seen an uptick in china in terms of iphone demand i'm expecting some positives from the services. overall iphone demand continues to be rock of gibralter. >> it's expected to be down 5% they're expected to report a decline in sales it would be only the third time

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

. >> 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

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

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

space he's going to join us with his playbook let's get straight to the market dashboard with mike santoli. >> hopscotching around the closing low in the s&p 500, 3666, the intraday was 3636. it's being somewhat oversold on a short-term basis but these radical moves going on in currencies, in yields. not really allowing for a lot of traction at least not yet it's getting stretched pretty thin it's a little over three months ago, the average stock has made a new low, below the mid-june lows you also have important stocks like microsoft and alphabet as well as overall semis. i wouldn't be surprised if it had to plum a little bit lower before you get the snapback rally that everybody believes we are due soon take a look at a sign of building capital market stress spread versus treasuries this goes back four years. obviously you have the covid spike in spreads and the complete obliteration of anything risky here you see it kind of climbing above those levels it should be relatively close to where we were earlier in the summer it's a little bit below, actually, a july high. the problem is, trea

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 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,

our senior markets commentator mike santoli is here. is bears on the run. >> after last week. >> it felt like it last week. >> if you got squeezed, you get the chaese. the market will relentlessly go up 1% a day. the russell 2000 down 7.5% last week and down 1.5% this week. all of the gauges were pinned to the max finishing last week. i still do think you want bonds to just calm down as opposed to just yields coming in because we have the ten-year down 40 basis points, it's up ten today. you still have a sense of an agitated market and not a lot of conviction behind these moves and a lot of momentum signals and all of the stuff people are talking about on a technical basis is better at suggesting there's a good low end than saying it's up and away from here. we'll continue that, what's the sedative then for the market? >> yeah. >> because earnings are done. the fed is now done for this part. i guess it's the economic data. >> it is. it is. >> can we be -- >> what else is there? >> can we be somewhat confident that we are in the decelera

>> sure. >> mike santoli, close the discussion off. what does mr.arket want to see out of the election? >> aside from getting past it, i'm persuaded by the idea that the market probabilistic says the most likely set of outconditions is red waive or harris win with his some gridlock, which is a statue quo type of outcome, in which case the market can make its peace with that policy set. in the near term, you've seen an aggressive overplaying of the aggressive trump tried, because that outcome would have a much more extreme or dramatic effect directly on some quantifiable trade. if i told you harris is going to lose, it's not as clean a trade as dyt or coal or, you know, something like that where you feel like you have a clear path. that being said, i think beyond a sort of final settlement of the election, you basically want nothing super extreme. i don't think what the market wants is genuinely mass deportations plus tariffs on day one. that would be more disruptive than is priced in right now. >> mike santoli and ashish sha, thank you. >>> rick, sh

. >>> 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

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.

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

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for "nightly santoli. >>> elsewhere, the president of the chicago fed sae the u.s. ec slowed, he does not sl the r risk of a recession. charles evans expects 2% growth this year and described the ec rebous primarily because of the strong consumer and labormarket. the fed held interest rates steady last week andat ind no more rate increases will be co this year. >>> with the fed on rest of the year and the mueller investigation behind us, what will the market turn its attention to at this point? joining o joe, chief investment strategist at blackstone. ce to have you with us. >> thanks for having me on the program tonight. >> even though we have those two kind of headline risks out of the way now, you still see some volatility for market ead? why? >> i think we will see it because we have this tug of war. on one side, we feds and the possibility that a trade deal with china and that's priced in. stocks have had one of their best starts to the year since i 1991 ahink that reflects the bullish sentiment on the fed. and the tug of war is a realizationco thaorate profits

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

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

over to mike santoli for his final dash board of the day.ow and we looked at short term indicator how investors feel and act process. this is longer term flow of actual funds from goldman sachs. look first of all, this is monies flowing in and out of equities relative to bonds and cash so when in line was going up, right after the financial crisis and the bull market started this is money rushing into equities from bonds and from cash then you see the trend since then, it's been steadily lower the percentages are as a percentage of the assets under management in these different categories so obviously you saw an uptick in 2013 hitting all-time highs but in general it's been a steady bleed of assets out of equities on a net basis. at least out of equity funds but look where that leaves investor portfolios in aggregate in terms of asset allocation to the differentiate categories on top is equities it's still healthily weighted .market itself going up and it seems investors are steadily skimming but allowing the market to appreciate and the res

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

bob pisani is tracking the market reacshown and mike santoli is looking at apple and where wall street stands on the name we'll kick it off with kayla tausche. get us up to speed what we know. we know this is a moving target. >> reporter: three sources close to talks are confirming there's a deal in principle between u.s. and chinese negotiators that the u.s. officials are expected to bring to president trump this afternoon during a meeting between all of these principals and discuss next steps one much these sources tells me president trump has been focused on the agricultural purchase number and wanted china to make a bigger commitment. that commitment had been around $40 billion in u.s. products and he wanted it closer to $50 billion. highest ever total that china had purchased in a given year was $26 billion. certainly that's a number to watch in terms of any announcement that we get from here another thing that's important about what's happening now is that whatever gets agreed between the u.s. and china at this stage is expected to be signed it's not just expected to be a negotia

. >>> 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

that's the lesson, bigger in policy. >> i agree with that, mike. >> mike, appreciate it mike santoli joining us from the new york stock exchange down on the floor. we mentioned what's happening in the banks today. pete certainly did regional banks, by the way, down for their fourth consecutive day, first day since july so back to the summer for that. maybe, just maybe, some of that has to do with what happened last night in some of the elections across the country and what the implications could be on the future of tax reform. john harwood following the money today. he's cnbc's editor at large live in d.c john, how are you thinking about this today given what happened last night >> reporter: two things. one, i think mike and josh made very good points about the fundamental taliban stabilities of the market and its indifference so far to political events, and my question is if tax reform becomes less likely or fails, how is that going to affect markets or will it not affect it at all because what happened last night is going to make tax reform harder to achieve. there will be argument

mike santoli at the stock exchange. >>> first gap, now adidas.er the break, we're going to bring you the latest buzz on kanye west's growing battle with retailers. >>> and later we're talk with ian bremer about the political fallout from opec's surprise production cutod, tayand why he tweeted to elon musk, dude, stop trying to do geopolitics we'll be right back. qqq, a fund that gives me access to the nasdaq-100 innovations, like real time cgi. okay... yeah... oh. don't worry i got it! become an agent of innovation with invesco qqq what should the future deliver? yeah... oh. don't worry i got it! (music) progress... (music) ...innovation... (music) ...discovery? or simply stability... ...security... ...protection? you shouldn't have to choose. (music) gold. your strategic advantage. (music) visit goldhub.com. ♪ ♪ this is the moment. for a treatment for moderate-to-severe eczema. cibinqo — fda approved. 100% steroid free. not an injection, cibinqo is a once-daily pill for adults who didn't respond to previous treatments. and cibinqo helps provide

mike santoli, start us off with where we stand in the market right now. >> kind of another indecisive day. for the last two weeks we've been knock around the same area. rallying up to this point in the last three days where we did actually see some selling come in also this morning around those levels, toochlt we'll see if that matters. i don't think there's anything magic about that level unresolved picture here. yes, we're moving around on the stimulus negotiations. little uptrend remains in place. first at these levels back two months ago it's not as if two months ago we were here because everyone said we would have absolutely $2 trillion worth of new stimulus a lot going on, including overbought conditions coming into the week. i want to look at the macro factors here, though dollar index down again today, pretty much at its year-to-date low. a fraction above there it's gone inversely to treasury yields ten-year note yield as we've gone down in the dollar index. that's generally a risk type story. people thinking there's a global industrial recovery coming along, maybe fiscal stim

let's send it over to mike santoli for today's market dashboard. mike >> morgan, thank you very much we're going to start with something of primary concern wall street starting to turn its attention to the whole campaign sequence next year and probably goes without saying, no leader is infallible. we'll see what that means for the stock market with some leadership groups. and the message of the masses, what's the average stock, the crowd of stocks saying about the overall index action then pocketbook issues, consumers and their mood about their own finances so first of all, of primary concern, this is a chart from wells fargo's derivative strategy group, showing the forward expectation of the markets for volatility level it's essentially the pricing of volatility index futures and other derivatives. and it shows you by calendar slice here when the market believes you might see a concentration of volatility or a little bit of a spike in volatility what's this date right here? well, it's early march that is when the super tuesday primaries are. perha

we'll continue with neal, mike santoli still with us. think they'll go 100 basis points >> anything is possible. maybe there will be a "wall street journal" article coming out the weekend before >> the last time fed chairman powell said it's reasonable to expect 50 or 75 at the next meeting although the time before that he said we're only looking at 50. so i guess they're recalibrating as they get the inflation data >> to me the issue is they sort of find these data points and it's like ex-post justification for stuff they already decided they wanted to do. so powell looks at eci and that's why we're starting the tapering clock sooner and then it's a five to ten year inflation expectations i don't think they have a coherent strategy. i do think -- >> that's not fair they've told us that it's all about inflation right now. >> well, they haven't told us exactly how expeditiously they want to move up to neutral the most important part for investors is the fed basically has two options. two doors they can walk through, behind door number one

morgan mike santoli is here for his midday word?ople are allowing risk levels in their portfolios to go up i think that's reflected in the fact that we're swallowing new issues and looking for other lagging beneficiaries of what's now seeming like a more firm economic setup so really this month it's been one big exhale people were clinched up about what was to come in the economy and what the fed might have to do to choke things off if we're in this moment here where it feels more like you have room to maneuver, what comes with that is sentiment gets to a certain point, i don't think we're there yet when it becomes a hazard because everyone overbelieves it's going to be great and watching the yields into headwind right now, kind of much more about reaching for the stuff that hasn't yet participated fully. >> which makes you feel, i would suggest, a little bit better about where we are you just don't have this overwhelming positivity in the marketplace -- >> not yet. >> a lot of haters of the rally. >> a lot of folks that are going t

and mike santoli said something pretty smart or perceptive when he was on just a minute ago. he said the first thing you have got to do is pick the right sectors. he mentioned a couple of them. but materials, industrials, they are performing well today. they are going to perform well if we have an ongoing bull market, which i still think we are going to have. and then i would also add consumer discretion father and technology those are economically sensitive sectors and the types of sectors that perform well. the first thing you have got to do is get the sector right those are the four sectors i would focus on then the next thing you have to do is enhance your returns by having a good dividend yield a. good dividend yields in those sectors is always attainable there is a combination that you can do you can go beyond that by working with private equity if your investment adviser can steer you in the right direction towards real estate. that's a little bit beyond what i am talking about what i am talking about, sectors right, dividends, that's the way to do it. >> you are like

it's biding its time until we get the more key macros. >> mike santoli.the oil sell-off. crude below 70. ybe big player boosting its buack. jim and joe are both in the name. the energy trade is next. i think i'm ready for this. heck ya! with e*trade you're ready for anything. marriage. kids. college. kids moving back in after college. ♪ finally we can eat. ♪ you know you make me wanna...♪ and then we looked around and said, wait a minute, this isn't even our stroller! (laughing) you live with your parents, but you own a house in the metaverse? mhm. cool...i don't get it. here's to getting financially ready for anything! and here's to being single and ready to mingle. who's ready to cha-cha?! ♪ yeah, yeah ♪ you got this. let's go. gobble gobble. i've seen bigger legs on a turkey! rude. who are you? i'm an investor in a fund that helps advance innovative sports tech like this smart fitness mirror. i'm also mr. leg day...1989! anyone can become an agent of innovation with invesco qqq, a fund that gives you access to nasdaq-100 innovations. i go through a lot

cnbc mike santoli theer bre tho santoli to break down the market major averages lower today for the third time in four sessions. earlier this hour, we spoke to senate majority leader mitch mcconnell about why he believes liability protection is going to be a critical component in the next coronavirus stimulus package for republicans. >> there's no chance of the country getting back to normal without it this is not just liability protection for businesses, although, they are included along with everyone else dealing with this brand new disease. unless you're grossly negligent or engage in intentional misbehavior, you'll be covered and it will be in a bill that passes the senate. >> just looking at the market here, mike santoli, stocks are headed south again we're now at session lows, down 194 on the dow you think there is some concern about the stimulus getting passed, get something sort of agreement with mcconnell drawing a red line around this liability protection which democrats are vehemently against >> yeah. combined with other republican senators not being enthusiastic about the lead