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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

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

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

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

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

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

. >>> 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

what next, santoli, you there. he's my movie guy.do you remember that there was one company. there was one company at that time >> amazon. >> we're headed there. it's going to be amazon. nothing else. >> we finished talking about walmart, and how there's not a weak point in their earnings, and a couple percent of gdp. >> can i still buy a book at amazon >> you can >> yes, you can. >> you don't have to yet, though, but you can. >> think about amazon, think about that think about, i mean, there's a picture of him here at the nasdaq, becky, remember that picture of him, and you know what he looks like now. >> ringing the bell. >> yeah, exactly ringing the bell he looks like robocop. >> terminator, the guy we used to put on with the funny laugh now he looks like adonis classic the way the world works. >> you were talking about 30 years ago, buffet should have bought that company. that company didn't exist 30 years ago. i'm one of the early subscribers to amazon and i think my account goes back to 1999, 21 years ago. >> amazing, young guy

scott wapner, mike santoli, and steve liesman with us. that bearish call from apple when asked about hedge fund manager stanley druckenmiller's assessment that the risk/reward in the market is, quote, maybe as bad as i've seen it in my career, here's what he said. >> it's definitely as of yesterday, now the market is down from yesterday, i would say that, you know, '99 was more overvalued than 2000 but, yeah, i would say it's one of the most overvalued markets, maybe second most overvalued i seechb the market is pretty full but there's a lot of liquidity there. it's too hard to say the market can't go up or something like that, but it's not a very good risk/reward market >> let's bring in scott wapner on the news line who did that interview earlier and mike santoli as well. scott, thanks for joining us one of the most overvalued markets i've ever seen, he said. the tone of the interview not desperate, not like the bill akman interview of march >> no, wilf, nor is david tepper's positioning really reflective of, you know, perhaps a dire sc

i'm sara eisen along with mike santoli and brian sullivan very strong dloez close.he dow surging into the close we were higher all day look what happened in the last half hour, 20 minutes of trade ticked to the highs of the day up 378 points on the close for the dow. it was a lot of the cyclical or value groups that led us there the s&p 500 closing up 1% at a new record high. every group ended higher today health care was the only group to close lower real estate and technology actually lagged some of over the groups today in the s&p 500. the nasdaq closed up .6% enough for a record. but not a day where technology was the only thing up. you can see in the cruise lines, department stores, kohl's had a strong day a lot of the reopening trades did well small cabs up 1% st that was its best day since early august coming up, we're going to talk to penny pritzker. we're going to ask if joe biden's tax plan peases the party. steve wise is here we also have frederic baba joining the conversation welcome to you but first, i'll turn it to you on this burst of strength. the fo

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

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

mike santoli, take us through the internals. the. >> pretty strong all day, sara the new york stock exchange volume about 80% in upside issues that is the case all day so fairly solid and relatively broad rally. take a look at small versus large growth this is the russell 2000 against the nasdaq 100 now you see huge outperformance today, a bounce on the relative basis for the small caps up 2.8% coming into today for this month, the nasdaq 100 hit outperform by 5% so this is really just a reversion bounce at this point not sure if it's going to last from here. take a look at the volatility index. it stayed in the 30s for quite some time. under 33 is a pretty good sign that there is a little bit of a spike at 36 on friday. so that's kind of not an all clear but helpful. and now we're going toward a three day weekend in the summer. that means this should actually bleed lower as the week goes on. >> just under one minute left. thank you. we're up 2.1% now off 530 points on the dow the dow is certainly outperforming in the other that

mike santoli, thank you. >>> to the clear short-term driver for the market, a stimulus deal. ylan moi has been tracking all the twists and turns what's the latest? >> sara, house speaker nancy pelosi and senator majority leader mitch mcconnell are back at the bargaining table. the two of them spoke over the phone earlier this afternoon about both a government funding bill as well as another coronavirus relief deal. now those things are being negotiated separately. but they are expected to be bundled together for a final vote pelosi's office said the two sides have a shared commitment to getting the two pieces of legislation done as quickly as possible mcconnell's office did not kmend comment but earlier today on the senate floor he did say that a compromise is within reach now, it has been a long time since the leaders of these two chambers spoke earlier this week pelosi sent mcconnell a private letter with a new proposal for a covid relief deal. however since then they have switched course and gotten behind the $908 billion framework from a bipartisan group of lawmakers mcco

but let's get straight to the big story we're watching today mike santoli tracking market action ylan has the latest. leslie has a look inside palan-tiers. and the unusual structure. starting with the broader market, what we're seeing. are we broken records talking about the tech divergence yet again. >> broken record talking about breaking records, we kind of are but thais the way it happens these things come in streaks and burnells actually when you get to a record high on a given day the most likely scenario under the circumstances one the next day because the market goes up over time that being said, you did say the broad market, this is a very broad market dow jones toemgts stock market, wilshire 5,000 index i wanted to point out, it is at a new high yes, by far the scene stealing action is in the huge nasdaq stocks, the big tech stocks, salesforce, new york stock exchange, not nasdaq nonetheless, it's pulling everything else with it. most stocks, even if they are not up today, are going more or less in the right direction wit. this is obviously a pretty steep angle for the entir

we'll see you in a bit mike santoli, thank you. meantime the debate over more government funding heating up in washington kayla tausche has the latest kayla. >> sara, house democrats are going to be holding a conference call in just under an hour we could learn more about the state of play and negotiations between democrats and the white house as that malbusiness loan program that run out of money. negotiators were close to a deal but absent that actual handshake agreement, senate majority leader mitch mcconnell said he could not put anything on the floor for a vote but that could come tomorrow. here is senator mcconnell. >> the senate regretfully will not be able to pass more funding for americans paychecks today. however, since this is so urgent, i've asked the senate meet again tomorrow in a new session that was not previously scheduled and the democratic leader that agreed to my request. >> so that so-called pro forma or brief session is scheduled to take place tomorrow at 4:00 p.m. the house could then take up anything the sen

mike santoli is tracking that market sell-off. we have got the co-head of oil trading, ben lucker, important guest to join us to discuss crude's unprecedented volatility in the last couple of days let's kick things off with you in the broad markets >> look at the s&p 500 now working at 4.5% spillback from the friday closing highs, right here for those who care, we basically had this rebound rally of 50% of the total losses, just had a little bit of a touch of the 50-day moving average and then rolled off from there. how do we characterize this pullback from the rebound rally? right now it seems pretty routine. a lot of the leading stocks in the growth area have been taking a rest today and the rest of the market is absorbing those losses it seems like around 2600, 2650, a lot of folks who watch the charts say pullback to that area would basically be relatively routine and maybe we chop around for a little bit on there as a maybe not so bad case scenario that would not involve any kind of full retest but right now, it seems relativ

mike santoli talked about it lower yields are good for to bes.e probably go below 1%. >> if you see all these -- you see what's going on with growth. do you remember a lot of people thought it was goodo on. >> i know, but that's the sort of action. i think they learned their lesson now >> that's not what he said, but he does like the 20-year tlt. >> its think it's the new pinterest. >>> we're going to bring you uninterrupted coverage of the final minutes of trade you can always watch this or listen to us live anywhere you go "closing bell" will be back "closing bell" will be back right after thiss printing out and saving money. shipstation saves us so much time. it makes it really easy and seamless. pick an order, print everything you need, slap the label onto the box, and it's ready to go. our costs for shipping were cut in half. just like that. shipstation. the #1 choice of online sellers. go to shipstation.com/tv and get 2 months free. shipstation. the #1 choice of online sellers. you should be mad at airports. excuse me, where is gate 87? you

sea mody is tracking the stocks moves, and mike santoli has the dashboard. eunice, let's kick things off with you >> reporter: state media has confirmed the first death in beijing, a 50-year-old who had travel from wuhan, the epicenter of the outbreak. chinese authorities are now recommending that everyone wear a mask which is the reason i'm wearing a mask right flow which is what is normally a bustling nightr up did life area. they have expanded the travel restrixz also bus travel has been suspended for other cities, including a major port city and very important to international business this is after restrictions have already been in place for the province most affected by this virus. hubei province, with about 52 mill million people. so the chinese premier is currently in wuhan he has been tasked with managing this pandemic after president xi jinping had convenedage emergency meeting when he called the meeting grave. he had other measures, by three days to february 2nd, there's a really big question as to whether or not or how long companies are going to

mike santoli to break down the crucial moment of the trading day. is with us as well good afternoon to you. josh, let's kick things off with the broader market stocks rallying today, not erasing last three sessions, s&p on track for the best day since june 5th and nasdaq on track for best day since april 29th. mike, clearly a nice bounce, dow up 260 points, high of the session was 700 points do we have any idea and does it matter who the marginal buyer is stepping in? >> you certainly never know, certainly not in realtime. some indications from trading desks that definitely hedge funds came in and tried to buy some of the formerly leading stocks in recent days. you don't necessarily know how it's getting sorted out. what is interesting the market initially averted a breakdown in trends that might have been the case if they declined further today. the bounce was well timed and necessary. point out the high for s&p 500 was below where we closed friday an attempt to recoup yesterday's loss and faded from there. seems a little posturing and repositions

mike santoli is watching the market action. bob pisani is watching tesla as the company gets set to join the s&p 500, if you have living under a rock and meg tirrell has the latest on the coronavirus vaccine mike, let's begin with the market what could be a volatile after-hours session today. >> tremendous amount of mechanical flows churning back and forth related to not just the index rebalancing but the options expiration all of this has been coming at a time when the s&p has been hovering around 3,700. first touched it ten or 12 days ago. we are about a percent above where we stretched up toward early in november. this flattening out phase hasn't done any damage but slowed things down to some degree and maybe allowed the market to digest meanwhile the rest of the market is where high energy wild stuff is goingan look at the overall trading volumes. this is not just about the index. this is based on quarterly numbers of dollar volume in u.s. equity trading it goes back to three years ago when we were at around less than $300

as new china headlines hit the market, wilfred has a closer look at today's bank earnings and mike santoli joining us with his market dashboard kayla, what's the latest on trade? >> as the u.s. and china prepare to close the book on the first stage of trade talks the market' focus is what happens to all of those tariffs? the deal will permanently shelf consumer foerked tariffs that would have gone into effect mid-december as for everything else, an administration official tells me there's no agreement on a path forward with regard to tariff reduction. the two sides are planning enforcement check points to make sure china is abiding by the terms of the deal before rolling back any other tariffs the resources say the president's trip to beijing to begin phase two talks is still up in the air as the administration discusses ways tto most effectively position that trip and potential tariff removal ahead of the election, but so far no decisions yet. >> kayla, what was the base case of tariff removal in the first place? i guess it certainly wasn't imminent >> well, certainly as recently as a mon

companies apparel company pvh and we'll talk to manny tirico, calvin klein and tommy hilfiger mike santoli tracking market action as always steve liesman with new highlights from the fed's beige book joining us to talk tesla and pullback we're seeing is craig irwin from roth capital. mike, start us off with the market every group is higher except for energy you do have utilities and real estate and health care on top for a change. >> right, sara, it is defensive. laggards having a bit of a moment right now a little mean reversion, some big high flyers pulling back it is a positive if high momentum names can back and they must we'll see if that continues. there are erratic things you can point to that maybe say it's not going to last that way here is what i wanted to highlight. year-to-date s&p up 10.5%. that's without dividends, over 11.5% total return that's a shocker, i think, because you have a minus 34 in the middle of it you're doing better than the annual average already at the beginning of september it still does leave the idea that maybe we're due for some kind it's been true for a

thanks for being with us mike santoli, i'll start with you.you just mentioned an air pocket but overall how would you categorize the market this july. >> i would say below the surface it was kind of in a benign way difficult guessing the move at the end of this quarter, the last couple of days. we are solidly above the low end of this trading range but not making much headway beyond it. when this market goes in flight to safety mode within the stock market, what it means is it buys the stocks, that drove thing average stock s&p flat on the day, s&p manages half percent of progress because of microsoft and amazon and other names that was the story for today it's not always the same way yesterday i was talking about semis and banks are strong hard to be bearish today they both were kind of soft so it's a mixed picture. >> in terms of some of the news that we've had today, apple reclosing some stores, california joining a list of states that at least paused if not reversed slightly their reopening plans. would you have expected that news flow to

let's go back to mike santoli tracking buybacks.'t been too much to talk about on this theme, such a big issue for years now. lululemon restated its buyback program yesterday. kind of got us looking exactly what the volume has been new buyback, look at this, year-to-date, way, way, way below where we were. average of last three years right here, 2018 after that big corporate tax cut was passed the record in terms of buyback volumes. what we're seeing obviously is companies are much more careful how they spend their cash. banks forbidden to do buybacks for the time being energy companies are big buyers of their own shares or have been in the past. essentially everyone is conserving capital, not spending it on buybacks here is buyback achiever etf relative to u.s. stock market, s&p 500. this is over the past two years. a couple to pointout massive performance gap here largely sector based, a lot of financials there shows you on the upside wasn't heavy buyback companies leading the way. participating the upside i think it's been overra

mark santoli with the action, colin rush from oppenheimer. let's start off with the broader market, familiar things taking us higher, tech, lower treasury yields and the like. >> that's right. a bit of a reform to norm. yesterday 3381 of about the late selloff. of course we're a couple points above that right now it's kind of tantalizing also seems a little bit silly this hesitation in front of an all-time high. but here we are all-time highs are more bullish than not. in other words strength begets strength even if we're getting stretched in the long-term i wanted to point out one-year basis, if you look to last august, august 15th, that anniversary is friday, was a pretty significant low, a summertime low last year from that point on, the s&p 500 is up 9% that's kind of a remarkable return over this period of time, which is especially to vault this huge valley the market doesn't really owe you anything if you've been in it for a little while. doesn't mean you're not going to get a little more. yes, it is tech reasserting itself today here i

i'm wilfred frost along with sara eisen and mike santoli.emains up 4% for the noo week the nasdaq led the charge today, up 2%, but is still down close to 1% so far this week tech, consumer discretionary, the best performing sectors, as you might expect, based on the flip of themes so far this week. materials, energy, banks toward the bottom of performance today. again, speaking to that rotation from the first two days of this week coming up, blackrock's rick rieder will weigh in on how the coronavirus vaccine will have impact on the economy. and mark smith from ubs joins the conversation very good afternoon to you, mark josh brown, i thought i would come to you first of all on a couple of individual names if people wanted to get exposure to the stay-at-home winners, 2020 winners, are there any that have pulled back significantly that jump out to you as being attractive entry points? >> i wish i was on with you like a few hours ago, because they were all lower but, yeah i think like this notion that just because there's a vaccine we're going

mark santoli is tracking the market but kayla has the latest details on the massive stimulus package and when we can expect it to actually pass. >> sara, the text of the legislation was circulated around 10:00 this morning before republicans and then democrats in the senate held respective calls with the treasury secretary to understand the contents of these 800-plus pages of legislation in this deal that was reached in the wee hours of the morning on capitol hill. they took some time to understand what was in it. it was a few hours before some of the objections started emerging one so far is coming from the republican side of the aisle three senators, senator ben sasse of nebraska and if two senators from south carolina, raising objections over what they call a massive drafting error that incentivizes workers who are paid on an hourly basis to quit their jobs or be fired from their jobs and receive the unemployment benefits that are outlined in this package they say that it would be more lucrative to leave a job, say, at grocery store or at a hospital where those services are so dir

cnbc senior market commentator mike santoli here to break down the crucial moments of the trading day. we have the spokes paul hickey back as well thank you. we'll kick it off with the broader market stocks under pressure today. the dow, s&p 500 and nasdaq lower for the first time in four sessions a positive dau yesterday how does it feel to sflu. >> yeah. it's a little apprehensive we have a 4% rally market got traction. but it brought us up into indecisive range people look at the chart and say between 3200 and 3400 on the s&p 500, it's just kind of a little bit of a neutral zone. so i'm not surprised especially with things like the debate happening after 4% move after you relieved a little bit of the oversold conditions that you have last week that were just kind of churning here. definitely the flavor today is stay at home type stocks doing better >> do you agree with that characterization that we were oversold last week >> yeah. i mean, i think we were oversold there is apprehension going into the election and things like that i think what you just touched is highlighting this. t

mike santoli, to what extent is actual policy action in the form of tariffs, potentially going back on the trade deal or something else being reflected in the market? >> i wouldn't say reflected very sharply just yet, sarah. i think it is unwelcome rumblings. this is something that given everything else that investors are trying to contend with, it is not something that they were looking toward the opportunity to start to worry about again. that being said, i do expect that you are going to have a campaign where the candidates are going to be competing with one another to seem harder on china than the other one so that's not necessarily a constructive backdrop, but it would take i think something more tangible, something on the trade front, something more economic aggression toward companies in the other country and things like that because right now what we really care about is we shut down the domestic service sector, and the domestic service sector coming back is the biggest swing factor it doesn't have to do with trade or the global pace of growth so it is a secondary issue, but ob

i want to talk to you about bank loss provisions but tie this into the markets with mike santoli. mike, there had been technicians looking at bkx against the s&p, bkx against the ndx and saying it was time to revert a little bit. did we witness a decent test this morning >> it seems like it. i mean it's been pretty stretched for a while. it seemed yesterday there was a little bit of buckling in there when you had the big nasdaq 100 type names back off a little bit. one lesson from the actions this morning is that the average stock has been in a kind of correction mode for weeks now, equal weighted s&p down 8% coming into today, down another 1% today you've had a lot of kind of backfilling under the surface of the indexes for a while and you needed it all to stay weak, including the names for the whole market to break. i think it's very technical and tactical and very much about positioning and squeezes and where people are roucrowds and where are they not you can dial back to and say this is the third or fourth 5% pullback from a high that went only that far since about the beginn

first to you mike santoli and how we interpret the action today which continues to be bullish.as there any big headline or push behind it after we got that disappointment on the vaccine front yesterday? >> that's exactly where i was going to start the answer is no it wasn't economic data driven or really even earnings driven i think it's another day went by without seeing a flare up of new infections, without really getting in the way of this idea that slowly we're going to allow the business to resume an what that means is the support programs put in place, maybe there's a shot that they actually are going to be enough for now. now, all that to me is also in the context of big professional investors who have felt underexposed to the market if things are not going to have another scare. and that to me was really you could see the footprint of that and the way we did have these slow grind higher across growth and value stocks and whether it continues, i don't know you can create an argument that s&p 500 tags 300 seems like the initial phase of this rebound who knows. we have to

let's drill down on the big stories we are watching. 59 minutes left of trade mike santoli tracking the market rebound. phil lebeau has fresh comments from delta's ceo on the back of earnings and meg tirrell with the latest on the race for a vaccine. mike, start us off with the market and the rebound we're seeing today >> yeah, sara. down about 5% in the s&p 500 from friday's close through two days of trading, getting back in a very gentle way i will say today, kind of low-volume trading. about half of that, not quite half if you look at this since the end of 2017, where that has brought us, 35% drop in a month followed by about a 28% rebound in less than a month then this little 5% curl lower and we're bouncing off of that 2,800. let's walk it all the way back and see how long we've been playing with that general area a lot of folks are saying as i said yesterday if you go down to 2,500, 2,600 of the s&p, it would still be just a consolidation of this rally. i wanted to take a look inside the themes that were working before the peak continue to work invest the s&p against the all count

mike santoli is with us. broader markets time we've been slipping a little bit. the dow went red briefly now up a few basis points. what's the key things to focus on today >> we have a little follow-through to that bounce. i was saying yesterday this little rebound was enough not to fully please or convince anybody on either side we've been operating under last week's highs that wasn't even to go back to the all time highs maybe you can make the case that, you know, trying to assert itself who knows? maybe it develops into another one of the side ways boxes it acts as a landing today you don't think you got much of a convincing move. even though up better than down for the bulls. nasdaq still the core of the strength a lot of the cyclical groups falling away look at this this hasn't narrowed very much just slightly from a couple weeks ago. that is the extreme spread right there. apple a huge part of that gap. the ipo-etf, this cult of the new is still operational what you see in a lot of the charts is really aggressive peak and then old stuff you're seeing it in

mike santoli thank you for being here great to have your insights. doc you come back over. >> yes, sir. >> you sit at the big kids' table. we will take a quick break and we will come right back. >>> it is a red hot stock. it is bucking this week's selloff. it is even rally today and 20% this week. plus send our kmerts your questions amid this week's market turmoil we will answer them straight ahead in "ask halftime." to reach us, go to cnbc.com/"halftime," or tweet us the "halftime" with scott wapner and the traders is back in two minutes. >>> hi, everybody. welcome back i'm sue herera here's your c flbz news update at this hour health and human services secretary alex azar telling a house committee that the risk the coronavirus spreading in america remains low. he also sought to explain plans to combat that virus >> it is really important we correct this impression that it will require this massive hospital isolation for normal patients we are in containment mode right now to stop any further spread but once -- if we end up having broader spread, it

mike santoli is tracking the markets' fading gains this hour. ka kayla, first to you on breaking news in washington >> reporters are entering the roosevelt room right now where president trump and his economic advisers are set to host a virtual meeting with a slate of financial industry ceos to talk about what they are doing to assist small businesses. the list of attendees includes some of the ceos of the largest bulge bracket banks in the country, some credit card and payment companies as well as a couple regional and community banks to share their side of the story. an attendee on this virtual meeting tells me there are not any announcements or policy releases that are expected to be made at this meeting but that the ceos have been asked to come prepared to talk about how they plan to specifically help small businesses once the economy reopens, although the question is open, when exactly that will be at this time as well, the treasury secretary is talking about expanding the amount of money available to small businesses to a total $600 billio

time for rapid fire with michael santoli, seema mody and jon fortt.reat to have everybody here we will start with bitcoin which after a horrible thanksgiving reversed to a record high shaking off the big selloff last week thought we'd be talking about that, and today it soared. look at price 19,200 it topped 19,640 which is according to cnbc its previous high water mark. here's what was said today about how high it could be. >> our thing is that it will disrupt gold and if it does that it has to have a market cap of 9 trillion so that moans bitcoin could price at 500,000 of bitcoin so at 18,000 it's a hold or if you don't have any it's a buy opportunity because we think there's a 25x from here. >> seema, here is my question i've been pondering all morning, so, you've got to enlighten me okay i get that people say there's only 21 million bitcoin and all the institutions are going to pile in now and there's going to be demand from everywhere to fix supply tell me what's been going on with all the other cryptos like the ripples and does anybody else have

people like analysts, mike santoli, everybody, it doesn't add value.it adds some momentum >> yeah. i mean, tesla, $188 billion in market caps since they announced the stock split earlier in august apple's added half a trillion in market cap like you siaid, apple has other factors at work. but with tesla, there is not much news in that span besides the stock split. what you have seen historically is you tend to see stocks that announce stock splits do well from the time the split is announced until it gets -- until the split takes effect once the split takes effect, you tend to see the outperformance wain so in the last five years of 25 stocks in the s&p 500 that have split their stocks, once the split took effect over the next three, six, and 12 months, stock outperformed the s&p 500 less than half the time so i mean we've seen outperformance by apple and tesla in spades over the laugh couple weeks history would suggest that you're not going to see that kind of outperformance going forward. but again, i mean that is just the historical context here. th

mike santoli is having a look at the energy sector. but first, eamon in d.c. >> reporter: a couple of developments to bring you up to speed on one is that the pentagon says it's sending additional troops to the region. these from the 82nd airborne, about 3,500 troops will be heading out to the middle east, that according to the pentagon earlier today. and mitch mcconnell taking to the senate floor this afternoon and saying that senators will be getting a classified briefing on this strike. all senators will be getting that briefing and that will happen early next week some staff may be getting briefed before that, but all the senators will be getting access to classified information about what happened here, exactly. mcconnell urging senators not to react too soon, until they get that briefing and understand more about the context of whatever it was that u.s. intelligence was seeing surrounding this iranian general's visit to baghdad and what he planned on doing while he was there meanwhile, ft. has been on twitter today, offering some

high growth, scott cutler, we will get his take on the e competition in apparel and sneakers mike santolihe market covered. ylan moi is tracking the latest movements on a stimulus deal and we will dig about sboo the jobs report with dana peterson. mike first to you. what are you seeing behind the charts. >> almost all news translated to good news for the market in this current mood that investors are in if you look at a five-year chart. decided to broaden it out here -- more like a three year chart of the s&p 500 it is kinds of an up and away move yes, wos than forecast jobs numbers but better than feared and nothing getting in the way of this idea we are positioning for a better 2021. leaders are good semiconductors and brokerage stocks -- everything you want to see in a bull market let me point thing out i am taking liberties drawing this trend line here but a lot of folks are saying how much more are you going to be able to get? it is getting stretched i keep saying that but markets can stay overbought. in the past two post election cycles, 2012, margaret had a little bit of turbulence

welcome back i'm sara eisen with wilfred frost along with mike santoli.strong session on wall street propelled by some good results from gilead's remdesivir drug to fight the coronavirus and also from fed chair powell helping fuel the rally late in the afternoon, saying the federal reserve is in no hurry to withdraw any of the stimulus and remains there to provide more. there's the dow finishing up 2.2% the s&p 500 ending with a gain of about 2.66% we were up more than 3% a few minutes ago. but it was broad as we mentioned, it included some of the stocks that have been harde eest hit. communication services strong. the banks also continuing to rebound, materials, consumer discretionary the only two groups down were defensives like utilities. and the russell 2000 index, small caps continuing its own recovery it's been the loser all year long and has had some pretty strong gains as josh brown was telling us in the last few sessions today no exception, up nearly 5% coming up, another huge after-hours earnings session for you featuring results from not just f

mike santoli, just want to focus on the russell, which is fractionally holding on to some gains still. it had been the big leader of the pack earlier today somewhat surprising perhaps -- it just dipped into the red. but it hadn't dipped into the red sooner given it is one of the more cyclical time ype of indices >> there was one trade that was in train before we got this news, which was benefiting everything cyclical and everything slightly higher risk such as the russell 2000 small caps they were just nudged above these levels, 1600-ish that had kind of held the index back for the better part two of years with the exception of early this year so it clearly was -- just when people hot they were getting clear of that old trading range. similar with financials and the bond market being linked together so i think it was all, you know, essentially one big tactical move leading into the news that basically said we got, this we're getting traction on the economic recovery story, either organically or through the help of further support from fiscal push and then we have to kind of unwind tha

joining the conversation mike santoli first to you. you know, it had been a steady and slow grind higher. and then, bam. what happened? >> not a single thing happened except we can say the conditions were in place for some kind of a pullback i don't think anything said it was going to be 6% in one day. but this market has been prone to these extreme one way moves in any given day the s&p 500 was up 1,000 points, almost exactly from the march 23rd low to the high on monday, 3232 so up 1,000 points it's now down a little more than 200 of those points. you know, in that context, we gave back 20% of a massive rally. we might be bracing for a little more storminess as the summer gets going maybe it's just going to be a volatile range we wiped away a lot of the froth in a single day. really three days, two of stealth selling and one of outright liquidation today >> steph, you said you were doing a lot of watching today to kind of mayhem it unfolded. the it is very hard to step in and buy today when you're seeing the selling even though the s

>> mike santoli, this is unprecedented. know what, 100 years at barons isn't going to help you here >> reporter: no. no, absolutely not unprecedented in so many ways. you kind of hopefully anyway front loaded an entire recession's worth of unemployment claims into a single report. i know it's now common place to say what matters most is the duration of this intentional stoppage of the economy, not as much what the numbers in a freeze frame look like today, and i do think it's what breaks along the way. do companies remain in place to rehire when we get through all of this? i know the market instinctually is going to want to have an excuse to anticipate and look through this huge shock. it will get it right eventually. the question is has it gotten it right already by coming off these lows because often we also know that it over anticipates these things so i think it's -- anything that can give us a clue about the duration of what we're in right now. but i also agree that the other impressive part as folks were saying, this

mike santoli is tracking all of the action no trigger but a clear response. >> the only trigger that seems clear at all is the mark of 2:30 eastern time, when the downturn accelerated. it seems as if it is essentially kind of getting ahead of the close, peeling down exposure we did have that good rebound into last week from the late september lows we had some positioning indicators suggesting people were full up on equity there has been a pattern of strength overnight in equity futures opening up strong and selling throughout the day it seems like a little bit of a back and forth along those lines. i wanted to take a look at the year to date of the s&p chart. what we did with the selloff today is we got below last week's lows. that doesn't necessarily in itself mean anything necessarily because you do see we are still in the september, october range. but the bottom of the range is closer to 3,300 than it is up where we are right now last week's lows were just a little bit higher than where we are right now. that puts it in perspective. we started the day with a lift in treasury yield

mike santoli with us as well brent, you have a buy on the stock, $60 price target. were a lot of questions going in about what active riders would look like, whether cash would be a big issue, the layoff announcements from uber and lyft certainly a cause for concern. this was a surprise on the upside what did you like? >> 75 million on the upside and 100 million better on the bottom the numbers were better on both sides. clearly the biggest concern going forward for us is the forecast, which they culled, and there are not a lot of rides when you think about what what's happening with the stay at home, it's you a massive head wind for them, but as we come out of this, we think they'll be more elaborate. more to the tail end of the kroefr than the front end. better front-end buys right here, but i think many were short on the stock in the expectations of a much broader miss on the call they had to talk to are that there ways to diversify the business outside u.s. car owners, replacing u.s. car ownership, as well as the cash balance. we think they havetwo to three year

>> mike santoli is here to break down the crucial moments of the trading day.ll, as we stand, we're 11 points on the dow, well off the session lows, with the dow down over 200 point, the s&p is up 0.2%. let's look at defense stocks morgan, you have that story for us >> huntington angle with a new 52-week high , all day overall for now, at least. lockheed one of the worst performers today though, only down fractionally, as we do head into the close about 0.3 of a%. that some of these names were some of the biggest gainers. >> up significantly and in the short term >> i think there's an expectation now because of the geopolitical landscape that you continue to see that number increase going into 2021 there had been an expectation that expense budgets were expected to flatline we'll see how it plays out, though >> geopolitical events that cause the spikes in the defense stocks are usually times to lighten up a bit they've got, as you pointed out, great performers the defense budget can always move up a bunch, but there's been a move up recently. >>> another sector

. >>> coming up we'll talk with dan rosensweig, he today's closer let's check in with michael santoli. will the base hold a lot of talk about divergences, the breadth of the market isn't what you mike want to see. living free? some of those ipos set free on the market really been revived this years americans feeling better than they were in recent years about their own finances, so first of all, clegg a look at the relationship against the equal weighted s&p it weighted every symptom the same and s&p pure value. obviously, you see this liftoff effect, right north are near the start of the year. as value balances, but really it was just sort of neck and neck, as we start to get more to a small look at the same three over two years, and you'll see that even though it hit liftoff recently, megagrowth has been -- it's to the average stock up 10% from that point, you see the make acap growth stocks up 40% you stretch this relationship pretty tight coming into today, and you're seeing some of that megacap stuff go down, maybe in the short term, we have reached a bit of a limit >> thank you,

mike santoli tracking market action as stocks look to close out september with a bang. meg tirrell with headlines around moderna and leslie with the latest on palantir's review. the market, what's driving it? >> sara, a lot of things blowing around in the market, quarter end, reaction to the debate, pretty good economic numbers but also in the context of a market that just really completed or near completed some kind of corrections trying to build a base, that's the way i would look at it went back to lows a couple days ago, solidified the idea this looks okay to consider to be the low end of trading range however, even the highs of the rally we didn't get back to september 15th, highs on the s&p 500. right now we're kind of jumpy in a range. i think the economic number today said be careful, don't get too negative on the macro story in the short-term especially as people have been bracing nor something worse on the covid case front this is where i see it, around a range to reset in september. three-quarters of the way through the year, i always like to take a look at 6