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

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

it's half time says mike santoli. we expect for the nex half of the year >> six months approximately. co he're breaking out your sendalf playbook when "worldwide exchange" returns [vo] when it comes to investing, looking from a fresh perspective can make all the difference. it can provide what we call an unlock: a realization that often reveals a better path forward. at wells fargo, it's our expertise in finding this kind of insight that has lead us to become one of the largest investment and wealth management firms in the country. discover how we can help find your unlock. >>> welcome back to "worldwide exchange." i'm sara eisen watching a pop in futures. we'll see if that holds. dow futures are up 57 points s&p up 7.5 nasdaq up 16 after another brutal selloff for wall street led lower by technology. joining us is steve chaverone. works with phil orlando. welcome to the show. >> good morning. >> this turn that we've seen in the markets, where films are doifinancials are doing okay, but technology is starting to wobbl

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>> 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

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 remembers the flash crash. >> sure., right >> always, you can ask mike santoli, we got to bring back the trivia gentlemen, thank you, both appreciate it. mike santoli and mike bailey >>> let's get to the bond market ten year is lower after this morning's inflation data rick santelli has the latest. >> treasury yields are lower on the day. the ten-year, as you look the a chart that starts last friday, still a couple of basis points higher on the week what is the motivation for these moves? let's go to our guest chem and the white board here chem, this is a pretty easy read here, okay here is our income data, the florida metrics for inflation embedded into the number if you look at the top, is it -- this is last month, this is this month. what conclusions can you draw? >> stagnation, inflation stagf stagflation, right this is what we have been talking on and on. people call it a soft landing. it is not a soft landing still a hot inflation number with a slowing economy >> yeah, there is very little doubt. these numbers are

i have santoli sitting with me, steve. let's not forget the tool of the balance sheet could come into play here as well, and maybe we should expect in some way it does >> yeah, i'm sure they're also going is to be reluctant to be very reactive in this statement, in this meeting with regard to the balance sheet, even though there's a little bit of dissonance in terms of providing liquidity to this new facility and let things mature and roll off the balance sheet. i tend to think it's not ideal if we were to go into the meeting at a 50/50 market implied proposition. that's not usually the way they want it to work. but i also don't know that 25 basis points on or off in a week is make or break economically, whether it is about the message to the markets, and do they feel our pain or not kind of a question >> read the room, right? >> if you go another couple of days, and there's no other institution that's suddenly in the crosshairs and in distress, then maybe we can start to, again, think that it was -- we cauterized the woun

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 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

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

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

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

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 becky quick along with joe kernen and andrew is off today we have a big lineup mike santoli is onic chu and drew mattis are watching the markets we have phil lebeau with us and ylan mui will talk about the china tariffs. let's start with yesterday's selloff. >> the dow dropping 608 points the dow and s&p 500 are negative for the year, the nasdaq is coming off its worst day since 2011 let's check out u.s. equity futures. things a

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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

. >>> coming up next, mike santoli joins us for his "midday word. was having relationship issues with my old bank. next to no interest, the fees... it was just take, take, take. so i broke up with bad banking and moved to sofi checking and savings. now i get higher interest, pay no account fees, and get my paycheck two days early. get up to 4.40% apy, pay no account fees, and up to $2m in fdic insurance. download the sofi app and earn up to $250 when you set up direct deposit. sofi get your money right. >>> welcome back to "the halftime report. senior markets commentator mike santoli joins us now with his "midday word." what do you make of the sudden reversal, and do you think it has legs >> it's interesting, dom yesterday when we were talking about a little sell-off, pointed out that we had really just skimmed a little bit of the overshoot to the upside we got off the market we went down to a 20 day moving average right around where we're trading right now and i would look back to june if you want to talk about the best possible scenario, a 2% to 3

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

. >>> we've got a bonus stock mover, courtesy of mike santoli, who insisted wendy's getting hit hardle they missed profit and revenue estimates s the stock is down 11%, lost a third of its value in the last three months. >>> speaking of fast took, kate roger with the details on mcdonald's. >> we got a look at the new grading system for performance and customer excellence that mcdonald's is rolling out with training started this summer it notes the business climate is changing in the overview of the system, saying it needs a new approach supporting our growth plan objective the program has frustratedsome franchisees, calling for between six and ten visits a year per location, on top of other inspections. now, from some are not happy with the changes, which they call lobe collaborative and harsher, in terms of grading we talked to two owners with decades of experience, saying their concerns are over hiring and retention in this environment, not actually with the grading itself mcdonald's said we must remain laser focused on our world classes. that is a lots to keep up with, many of the

i'm mike santoli along with sara eisen.washington this week, former fbi director james comey is schedule dodd testify at a senate hearing. nbc's tracie potts joins us with more, good morning, tracie. >> hi, mike and sara, this is the first time since we heard from comey since fired by president trump and we're allergy lawmakers grill him on conversations he had privately with the russian president. and did the president try to pressure the fbi director into backing off that investigation. it will be the first time he's addressed that publicly. also, this week, we expect to hear from the head of the national security agency and the director of national intelligence. same questions from them. what were the conversations with president trump? did he get the impression that he wanted him to back offer the investigation? of course, this is all part of the bigger look that congress is doing on whether russia tried to influence our election. russian president vladimir putin says no, he also with an exclusive interview with nbc's m

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 has a look at the longer-term market trends. and td ameritrade's j.j. kinahan tells us where investors are putting their money to work. >> we're waiting an announcement on a deal between house republicans and democrats to move the usm krrkusmca forward. some say that a deal is very close. sources say to the white house suggest it's already been reached in principle, with the white house telling allies of potential vote timing. they say if the final usmca text is depleted by december 15th, the house could vote on december 18th, with the house voting the day before on impeachment, according to two sources informed by the white house. of course, house speaker nancy pelosi will have the final say on scheduling. president trump just moments ago making some comments about how talks on usmca are going well, saying that specifically he has heard that labor unions are happy and that, of course, is one of the key constituencies here in the united states, that the white house and democrats needed to get onboard. wilf, contessa >> so kayla, are we suggesting that e

mike santoli talking about the market being 16 or something is that neutral? is that under value?in the eye of the beholder at this point. >> absolutely. all depends what the e will be if the macro is slowing, do you think the companies can deliver. so far earnings held up. went from 21.4 forward estimates on the s&p 500 in january to about 17 can we go to 16, can we go to 15 long term average is 15. certainly we can overshoot on the internet stocks there are some great companies now that are down so much josh, did we miss something? i mean seriously, expedia down 29%. they beat in the quarter their bookings numbers rose 10% versus 2019 levels and up 20 times, 20 points since january the business is absolutely getting better, visibility is strong they have bloated costs in the company and so to me, it goes down every day i think there's value there thts a market that wants dividends and the at&ts of the world i like the long term fundamentals >> josh. >> i'm sorry set aside candy crush for a minute. >> i did the macro is slowing delivery. this is the point. if there is a macro slo

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

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kevin madden was national press secretary for mitt romney's presidential campaign, and mike santoli is an associate editor for barron's. let me start off with you, richard. shea kline says is it true that the report that some democrats are pressing president obama not to run for re-election in 2012? now, you come to this as a hillary clinton supporter most recently, but is there any truth to that rumor? >> hansly, this is the -- honestly, this is the first time i've heard that suggested. we heard the silliness about switching biden and hillary, i don't think that's going to happen either. look, among democrats and, frankly, among a lot of independents, president obama is seen as having done a very nice job for the country, and i just think politically where would that challenge come from? would it come from the right? we saw there's not probably

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

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

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

let's get to mike santoli with a lowser look at the action, mike w all sectors working right now. >> it is very broad with the exception the epicenter reddit stocks that are on the decline taking the pressure off the portfolio restructuring. the shakeout from last week. 3.3% we gained back most of it. this is a two year chart of the s&p 500. we are hovering at the level where it fell apard part in the middle of last week. see if it can recover from that. i want to point out late january into early february of 2020. that's when you had a oopsy right there. it was a very, very orderly uptrend from the fourth quarter of the prior year just like this one was. you had this big gut check it hit the 50-day moving average as this did and it rose higher from there now i am not predicting the fall off the cliff that was obviously an outside shock that struck the market the point is we may have been in the market for a little bit of an excuse to back off some anyway look at some of these risk appetite indicators, subsectors of the marks arc investment, arc innovation, kind the flagship, almost

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 to you first.hs and lows. the dow, a high. the nasdaq, a low. which sums up the intraday performance quite well. >> yeah, it is a jagged rotation happening within the markets the mega caps that drive the nasdaq really having a rather messy elloff it is getting disorderly in things like an schedule tesla. and yes, you have that bid -- really a tenacious bid in the market every morning selloff has of the least been met with buying in the old economy stocks and the reopening trade. all that stuff is easy to observe. i think the bigger question is does it knock loose anything along the way? does it destabilize the market is this because you had a lot of preconditions in this for a pull back very low short interest. crowded positions. goldman sachs reminded us in a lot of the big growth stocks still. and hedge funds still with relatively stretched equity exposures. all of those things have been in the mix for a while now. the question is did thing get too erratic with the selling from big cap growth. by

mike santoli is here and today we've got barbara duran with us as well.last day of april but the dow, s&p and nasdaq on track for big monthly gains. the nasdaq higher for the sixth straight month, its longest monthly winning streak in more than three years and the monthly gains for the s&p, 5% for the week, flat for the session, down 0.8%. what's really driving that little bit of a pullback today >> i don't know if there's a specific driver except for the overall dynamic where investors are kind of just slughrugging w they see great economic numbers coming through we're up 11%, 11.5% on the s&p year to date over 5% of that happened in just the first two weeks of april that's the way the market runs, it kind of gets the returns in these chunks and then it settles out. so a lot of people thought, and maybe there still is, the makings for something more of a pronounced pullback because of where sentiment and positioning were and how far we're up in a year plus. you might be able to consider it a victory that we've essentially just gone sideways a couple of w

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

. >>> welcome back mike santoli here for his midday word the president said what he did in the stated now buffett fires backs at the critics. >> i think there's a lot of political noise around it. if biden can come out and have a populist message, and say this is a giveaway, and people that run the companies can say we are being careful in how we use our capital, and both are kind of right but the idea that you ston around your company to all of the employees and you have this big liability that was going to dilute everybody else and it's okay because we'll sop it up with cash for the shareholders, that's not great if you're paying more for the stock. buffett has been very, very strict about the idea that management teams would be more discerning about what price they get it ought and he used to have rules when he was buying back berkshire shares and above book value, and i think there's nuance to it i totally agree that the anti-buyback campaign is kind of demagoguery and it is not really based on how companies work, but it's not like this became the standard way companies deal with

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

i'm sara eisen >> i'm scott wapner in today for wilfred frost along with mike santoli.ok at how we closed things up. dow closed down by about 225 points 25,123 big deal for the s&p closing above its moving average. just at the end of the day made the run into the close technicians will take that as a decent sign about how this day ended even though there was some damage done. the nasdaq down 0.75%. the russell 2000 has been in correction territory it's down about 1% it was the weakest of the averages we're showing you right now. >> in just a few minutes, scott minerd joins us to analyze the market downturn. plus results from pbh and palo alto on deck we'll bring you the numbers as soon as we get them. joining us is josh brown still with us is courtney -- josh brown is still with us and also courtney gibson from loop capital. so, mike, you know, we did see all the sectors end lower. we do not see stocks end lower at the lows. we were down more than 400 points on the dow at one point what turned it around? >> the low in the ten-year treasury yield was just before noon als

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see you tomorrow now to "overtime" with mike santoli. >>> welcome to "overtime." mike santoli in for scott wapner we're just getting started we'll have breaking results from disney, earnings expected to cross at any second. we'll bring you the numbers as soon as they hit we begin with our talk of the tape cooling inflation sparking a red-hot rally. all three major averages firmly in the green as consumer price increases pulled back from a four decade high today's cpi print the fed is engineering a soft landing and

mike santoli what happened? >> it shows you how tentative this market s we spent more time this morning right around the year to date lows. in fact, made a marginal new low. we got this rally. bond yields calm down. it seems as if european markets closed we didn't have to worry about what is happening with the bank of england now taking pension funds have three days to sort out the exposures and rebalance the funds. the bank of england will no longer be supporting the bond market over there after that period that seemed to just be another excuse for the market to take this leg lower so you see here, we're basically testing that september 30 low level. you can call it a retest you can say that market hasn't accelerated to the down side we're oversold we need to get through the cpi number on thursday clearly, without the bond market really having another bit of a tantrum. take a look at growth versus value. it's been consistent growth stocks way down the mega cap tech stocks have been leaders this is a two year ch

senior markets commentator mike santoli is here at post 9. the weather. it's like one day we're worried who is next on the regional banks and the next day we're not. hard landing back in play until it isn't what do you see? >> a lot of things coming together to give the feel of a fragile setup 24 hours before the fed is likely to hike. the australia hiking rates overnight along with a batch of softer data and another run to me sets up that call is the fed overcommitted to hiking? they're going to go one too far. nobody thinks that 25 basis points -- i don't think 25 basis points changes the game one way or the other but it does turn the wheel one more time and that creates the funding pressures on the regional banks the frc solution as drum tight as it is is not a scalable thing if we have a lot of these banks in the situation i do think that's reflective of reasons for more persistent selling at the top end of the range. so that's where i would come down on exactly what is driving things now as we wait and want to go in on neutral footing. >

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read on the consumer first up, let's get to the market dashboard senior markets commentator mike santoli, pressure on tech, even though yields and the dollar are lower. >> and tech had raced higher you mentioned the alphabet move. that is good for a quarter of a percent of downside, so roughly one-fourth of the overall decline so far if you look at the s&p, it is bunched together over the last several days all of today's range is within yesterday's range. so you see the sort of tight little range right there in the last several days. we're still well above even, let's say, the february 1st lows on the s&p, which is around 4030, and that's the idea i would look at. if this pullback goes down to that level it's perfectly routine. if anything, it would be to be expected after the run we've had. it wouldn't be too much of today's decline in terms of the macro interpretation it really does seem as if things had overrun a little bit in the short term and are pulling back. but it's not to say nothing is going on macro-wise. take a look at the one-year treasury bill yield. it's actually been rea

mike santoli, i'll start with you., another record here. >> yes it's slow momentum but it's real momentum nobody would want to stay in the way of just a seasonal effect, the fact that we have this benign backdrop in which bonds are trading and given a pass to any soft economic. you have decent economic numbers this morning from the gdp, durable goods, which kind of fits right in with what the market has been trying to get hold of, which is that we've had a trough in economic activity. it's been forever since we've had even half a percent pullback i think that happens when essentially it's don't fight the tape and don't fight the fed type market. nobody is fighting this market. >> and that's helping bond yields as well today. >> absolutely. 1.76 or 1.77 on the ten-year that's confirming what the stock market has been trying to do. >> josh, santa rally >> i know people hate when you do this, and i'm going to commit not quite a chart crime but an index crime. if you pull out boeing and you pull out 3m and exxon, you proba

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