bill nygren is going to join us. >>> attacks on israel and the market reaction. let's bring in cnbc senior market commentator mike santoli. on "squawk box," mohammed el. >> s&p giving back about 40% of the gain from friday. if you look at a long-term chart, it's hard to identify these conflict points as being turning points. that being said, the market is in a rational, localized way, punishing those groups that seem like they're going to be, perhaps, disadvantaged, like the travel related. you get a bit in defense and energy. it's reflex. there's a lot else going on. we kind of had a cushion because oil prices backed off from their highs. treasury yields, they're proxies based on futures and etfs look like they're easing back a bit as well. you know, i think sentiment was already pretty reserved. it wasn't like everybody was bullish and excited. therefore, there wasn't a lot of risk appetite to immediately take out of the market. >> on oil, is there a sense it does anything more than set a higher floor? >> i don't think so. you can make the case in either direct

bill nygren is going to join us. >>> attacks on israel and the market reaction.tor mik