bob pisani, i understand a lot of people are gathering around the gm trading post.ed, right, hasn't started trading again is there a possibility according to rumors maybe they're waiting for more news to come out? >> right now, here's all the guys. you think there's nothing happening on the floor anymore. these people are waiting for the stock to open. the nyse can't open the stock until the company has notified them that all news is out. that's what "news pending" is. they say stop trading, we want all the news and information out. as of now, we are waiting for the company to say we have made all the news available, you can now release it. and the guys upstairs will call over to the dmm right there, the designated market maker, and say you can now begin trading. that's how it happens. they didn't decide to do this just themselves. as of now, they are still waiting for all the news to come out. i know everybody thinks all the news is out but there's a legal process that goes on here and probably have to start trading fairly soon. given indications once that happens

bob pisani also working on the story. he scored the man behind some, brad cakatsuyama, in his starri role in the michael lewis book "flash boys." he created iex, a new trading platform. he joins us. >> brad, thanks for joining us. the hearing is just completed a few minutes ago. the second panel is now done. quite a lively panel. was there any consensus among the panel participants. >> you realize that, you know, across the industry people realize certain things need to change. the one word we kept hearing was transparency, disclosure, and that's something we support greatly. part of the problem is most people didn't even realize that a conflict existed, so the existence of this conflict creates conversation. it's our job in the industry to take that, move it forward and address some of those conflicts. you did not argue whole hog that the system needs to be broken down. if you argue that the cornerstone of the current structure should be carefully studied, but not torn apart. you argued in pilot programs to make modest c

so let's get to trading action, such as there is much trading action, bob pisani, there hasn't been much in recent days. >> there hasn't been a lot of volume. that was the subject of the recent conference on exchanges that we had with sandra o'neil just a few days ago. it's not a roaring recovery, tyler, i want to put up the s&p futures. this morning when we got the jobs report, basically in line, there you see 830, that's when the market moved to the up side. it does respond on the up side to the jobs report. maybe 3%, that seems to be good enough for the market. even though we have anxiety, stock's up, bonds up right now. tyler is right s volatility has virtually collapsed at this point. we're at 18-month lows essentially. look at this longer term. this lower period has corresponded with lower rates, higher stock prices and lower volumes. look at this,, going back to 2005. we're essentially where we were in 2007. it's a little steeper if you go out on vick futures, so it's down around 11 right here where we are, but you see 15 and 15.75, a steeper yield curve, but still not very high,

so with us, bob pisani and cnbc market analyst, kenny.minute because we've had so much breaking news. kenny, what do you make of the market today? how much of this is linked, perhaps, to the president's statements about iraq? >> i think it's linked to that, i think it's linked to the weak macrodata today and linked to yesterday's weak data and political news. it's a catalyst, right? it's giving traders especially, not even the investors, traders a reason to take some money off the table. >> we've been weaker, by the way, since the words leaked out that the iranians may be getting involved in iraq. bear that in mind. one piece of perspective on oil, you know how much iraq makes every day? 3 million barrels. you know, kenny, how much the united states production every day is? 8 million barrels and growing by 1 million a day. we are becoming one of the biggest exporters, producers, in the world. hopefully it will be exporting as well. perspective on the iraq situation. not saying it's not serious. >> right, but oil at $105 a barrel is certai

but bob pisani here with me at post nine. before the break we told that you bob put together a list of seven tlaensd will revolutionize stock trading. we gave you four. bob's here to give us the rest. >> sue, gonna be a wild future. first, digital avatar is my favorite. they are coming. the am of information, all information, but particularly financial information is going to explode. this is going to make investing vastly more complicated. don't worry, you will have a digital avatar able to hunt down opportunities according to your own specifications, like in the movie "her," you will have an assistant, say, hey, charlotte, i'm really worried about thailand, can you adjust my portfolio to lower my exposure? think google partnering with charles schwab, going to be great. another trend, wall street jobs are not gonna go away. a lot of people believe that. no, some jobs will be lost, but we are going to see more demand for market research analysts, management analysts, to help these companies operate more efficiently and softwa

bob pisani. when we come back, a robot with the heart of a human.ogy that's either a huge leap forward or the end of the houlen race as we know it. uman race as we know it. (vo) watching. waiting. for that moment, where right place meets right time. and when i find it- i go for it. (announcer) at scottrade, we share your passion for trading. that's why we give you the edge, with innovative charting and trading features, plus powerful mobile apps so you're always connected, wherever you are. because at scottrade, our passion is to power yours. that's keeping you from the healthcare you deserve. at humana, we believe if healthcare changes, if it becomes simpler... if frustration and paperwork decrease... if grandparents get to live at home instead of in a home... the gap begins to close. so let's simplify things. let's close the gap between people and care. ♪ let's close the gap between people and care. you need to see this. show 'em the curve. ♪ do you know what this means? the greater the curvature, the bigger the difference. [sci-fi tractor beam so

let's send it over to bob pisani with a plus one this morning. >> thank you, simon.of them, that's a lot. what does it mean? let's talk to kathleen smith, principal at renaissance capital. 18 this week, kathleen, a lot for the market to absorb. are we at some top in the ipo market right now? >> 18 is an incredible week in that we haven't seen a week like that in a june week like that since year 2000. talking about high levels of issuance but if you poe back to 2000, the number of deals and the dollars raised are so much more still than what we're seeing now. >> we'll have -- if we have almost 130 so far this year in the first half. we'll do 250, 260 this year, that's a lot. but your point it's not much compared to the last time we had a real bubble in '99-2000. >> go back to those years weep did 500. >> 500, way as much back then? in yes. terms of the dollars raised $100 billion in each year. and that's almost twice as much as we're seeing now. >> another reason, you're one of the people that think we're not in a bubble for ipos. another point you make, the amount of

. >> bob pisani on the floor. he okay. actually, bob, before we get to you, we're going to hq.ng news. >> david, the last ditch appeal to wipe out his insider trading conviction has failed, u.s. supreme court denying rajaratnam's appeal a short time ago. he is serving 11-year prison sentence. this also really vindicates the u.s. attorney and his crackdown on insider trading because the things that rajaratnam challenge the wiretap evidence used to convict him and the idea that the recipient of insider trading information has to know that it was obtained illegally. the supreme court denying without explanation the last-ditch appeal. he'll continue to serve his 11-year prison term. the key aereo case, hampton pearson is at the supreme court, we'll have that if it comes out. >> thank you, let's get to the aforementioned bob pisani on the floor. more of what happens moving. >> good morning. gold and oil to the upside. metals to upside. market's on the weaker end, financials are down, some transports are down once again. other than that everybody's talking about what you mentioned, t

let's get straight down to bob pisani. bob, give us something to chew on at the start of this trading week. >> one of the reasons that the markets are near new highs is because we continue to get this fabulous rotation that's been going on month after month, where one sector lags, another comes up and takes the space for it. so far month to date, here's the market leaders, in and financial stocks, they lacked for a while and now have come up in a big, bick way. now here's a bit of a worry here. we're all used to low volatility. there's been more volatility in the energy sector. remember we've had very low oil prices and very stable prices, but all week, that's because they're concerned this low volatility may by coming to an end with all the stuff going on in iraq. brent is near nine-month highs back on thursday. the bottom like is be careful about getting too complacent. low volatility doesn't necessarily stay low forever. >> bob, thank you very much, sir. >>> three years ago on this show, we started talking about this ide

let's get to bob pisani. we're down 55 points, bob. hardly a collapse, but in this market we're at least finally seeing some volatility either way. >> yeah, and that's because we're seeing some movement on housing, as well as on energy. that's what's moving the market. put the s&p 500 up. you see the move up right here in that's the home building numbers. diane was talking about the great -- this is oil and energy stocks dropping. take a look. i want to show you exxon mobil. they have been weakening before about 1:00 on that recent downturn, but exxon mobil, chevron, all the big energy names started moving down very quickly. that's why we saw the downturn, partly the downturn in the dow jones industrial average. want to talk about one or two other things quickly here. a look at they ipos 18 coming this week. the first one was a chinese energy that was priced today at $12. kay public, a little over $14, this is the first of the big wave of ipos. you see it holding up around $15. good start for the ipo business this week. finally i just

add bob pisani to it.find out why one of the world's biggest investment banks likes these stocks. there they are. if you're listening on satellite radio, you'll find out coming up. you're watching cn kcnbc, first business worldwide. [ male announcer ] if you can't stand the heat, get off the test track. get the mercedes-benz you've been burning for at the summer event, going on now at your authorized mercedes-benz dealer. hurry, before this opportunity cools off. ♪ you wouldn't have it she any other way.our toes. but your erectile dysfunction - it could be a question of blood flow. cialis tadalafil for daily use helps you be ready anytime the moment's right. you can be more confident in your ability to be ready. and the same cialis is the only daily ed tablet approved to treat ed and symptoms of bph, like needing to go frequently or urgently. tell your doctor about all your medical conditions and medicines, and ask if your heart is healthy enough for sex. do not take cialis if you take nitrates for chest p

bob pisani has the head of the nasdaq. mr. pisani? >> of course, bob griso.bust speech by the s.e.c. chairwoman mary jo white. bob, your reaction to mary jo white's calls for a comprehensive review of market structure? >> i think it was a very thoughtful speech. certainly i think we're fortunate to have mary jo in the position during this period of time. and i think it speaks well for the value of transparent markets. >> she seemed to be concerned about two areas. the first one is high-frequency trading. she wants high-frequency traders to register with the s.e.c. apparently she wants to know more about who they are, what kind of trading they do. are you in favor of that idea? >> i think she's highlighting a very few that are not registered officially as a broker dealer to pull them into the broker-dealer regulatory regime is a good thing. >> concerned about the potentially disruptive effect of high-frequency trading particularly at times of volatility in the market. she seems to want to institute some kind of speed bump for high volatility. is that a good id

you might have heard bob pisani talking about it earlier this week, now, people on twitter at jim cramer are constantly asking me, if not carping, if they should be in this deals. go pro comes public times during the week. i need to know where the deal is priced, if they don't expand the deal at the last minute meeting add more shares and if they price it in the middle of the range as they did with the successful market deal yesterday you'll want to buy. if they yam? as much stock as possible, please take a pass, especially if you can't get in on the actual deal. here's the bottom line -- we are now in the homestretch of the quarter, hurtling through the first half of the year, barring a takeover of the oil fields in southern iraq, it would indeed send the national price of gasoline soaring to $5, i think we'll glide nicely through next week, once again use intraday sell offs like we seal to get every day, to pick up the stocks i've been recommending, including those soon tore covered in cramer's cup, which is coming up right after the break. >>> let's take a call from robert in florida.

. >> bob pisani was the first with the number directly from ism. the ceo was apologetic and will tell you, said this happened within the past year due to a software problem. i have no reason to believe there's any conspiracy theory with ism, they've been at it since 1948. the market pmi was in line and 6 of 7 pmis were in line and now this conforms with that. >> thanks so much. >>> coming up, lots of market moving headlines expected from apple when tim cook's keynote kicks off in less than an hour. and we'll go for a preview. >>> and big developments on pharmaceutical stocks. we'll get the latest plus an exclusive interview with the ceo of ariad. and a chief strategist will tell you what stocks to focus on and will give you a wide range after the break. with all the opinions about stocks out there, how do you know which ones to follow? the equity summary score consolidates the ratings of up to 10 independent research providers into a single score that's weighted based on how accurate they've been in the past. i'm howard spielberg of fidelity invest

bob pisani is here as well.he'sing telling us the vix isn't quite the right barometer anymore. >>> you penned an interesting piece that volatility may bring every investor back into the market if we have a period of calm. >> you and i do back to cover the 19 -- the vxo spiked to 170. volatility spiked to 80 during the 2008 crisis. and to show what volatility looks like. typically -- with periods of more intense volatility, you follow them with periods of calm. if you go back to the middle of the last decades and maybe again down. just because the vix is low does not mean it can't stay there. in my estimation, if the market ain't broke, don't vix it. [ laughter ] >> we have a low volatility environment and i think we're going to stay there for a while. >> i love the idea you're calling this the new neutral, you're basically appealing to the retail investor, saying this may better your opportunity, this is markets as they were be, but i'm just looking at the vote one of going under way. you can vote on this now at

. >>> our bob pisani has the details. >>> that's the biggest since august, now shares in dubai builder arab tech holding, take a look, drop 10% after the company confirmed staff layoffs. arab tech is one of the biggest builders, one of the most heavily traded stocks. the dubai, of course, is famous for the huge development known as the palm islands build by dubai world, the investment arm of the government. it also owns the p-world one of the largest marine terminal operators in the world. the, first there's enormous amounts of money tied up in the -- second, there's been considerable investment in companies in the middle east, tick laically of united arab emirates by u.s. investors. and into frontier markets like nigeria and the middle east. >>> you see the decline there. on top of that, many etfs, including the eem, the largest emerging market etf, now classified several middle east exchanges as emerging markets, not frontier markets, so the weighting is in other indexes as well. the uae central bank mentioned a few weeks ago they were concerned about overheating in the property mark

with us, more on today's markets, "fast money" trader brian kelly, and importantly, we've added bob pisanithe mix, bob, because eric schneiderman is going after barclays for their dart pool. what are the implications here? >> well, we're still waiting for the actual press conference to begin and get actual information, but early indications are that they are looking into the concept that barclays may have misrepresented information in its dart pool and may have disadvantaged clients that were not barclays clients over barclays clients. we need to get more information on this, frankly, because the press conference is about to begin. but if that is actually the case, there would clearly be some violations here. the s.e.c. has said many times in the fast that price time priority is very important, best execution. you cannot favor your clients over other clients, even in a dart pool, and if they have some information, if sneiderman has some information that they have, in fact, done that, that's a serious allegation. >> it is. and we're going to keep people posted on that when we hear from eric

. >> with all that dow is down 37 and bob pisani is on the floor. hey, bob. >> good morning. the weak side here. nasdaq weaker than the rest of the market. all ten sectors of the s&p 500 started the day to the downside. i think there's a little anxiety about what's going on in europe. europe has been weak since the open. futures down, bonds have been down. yields moving to the upside. mr. draghi, head of the ecb will be talking thursday, press conference, a lot of expectations. they're expecting a very aggressive multistep program from the european central bank. they're expecting rate cuts, expecting these long-term refinancing operations, the ltro. these are low cost loans to the banks. they did this twice before, expecting them to revive that program. talking about asset backed security purchase programs. of course qe programs. potentially. and, of course, have to buy sovereign debt, corporate bonds of some kind and that's xwli cated over there. a lot of moving parts to this. the point is the market is expecting them to do something very aggressive and the concern i think t

guys, back to you. >> thanks very much, bob pisani.san at this teleat the cme group in chicago, good morning, rick. >> you know, i know conventional wisdom makes things so easy, right? something happens geopolitically, something happens in iraq, we're supposed to see a flight to safety. and many, stride there has been a certain amount of safety. but once again, i guess safety is on the eye of the beholder. pretty much every second of trading, most of the rally is 30-year bond auction yesterday. look at a two-day chart, that was at 11:00 eastern. this morning, if you had no idea something was going on in the mid east in iraq, you would not notice it by the appreciatreasu. open the chart up to february. you can see where the comp goes with this. but one of the main drivers, to much of the trade, you don't see and you're certainly not going to see it looking at a map of the middle east is the flattening trade. look at five versus ten. look at an interday, look at a two day. we are moving to fresh almost two year flats as we hover at 90 on

let's go to bob pisani who spoke with her. was said is this >> reporter: bottom line is, she gave a comprehensive review of market structure. what she thinks is right and what she thinks ought to be changed. i caught up with chairwoman white as she was leaving the conference. she insisted to me, the markets are not rigged. >> the clear message, the parkts aren't rigged. we have the strongest, most resilient marketed in the world. men, doesn't mean they're perfect and we're constantly working on them to make them fairer and to better serve all investors and companies, trying to raise capital. >> do you think a more forceful statement would have been appropriate given the amount of coverage this man's comment that the markets were rigged got? >> resilient in the world and not rigged and not broken and trying to improve them at all times is a pretty strong statement. >> thanks so much. >> thank you. >> there you go. absolutely not rigged. but the bottom line is this. she had a very spirited defense of the current market structure.

to bob pisani -- say again. >> zhopin. >> i have it to get my pronunciations. >> bob knows how to pronouncefferent things. >> i do. the interest four ipos, gopro is getting a lot of attention here. 17.8 million shares, 17 to 24, billion dollars in revenues and profitable. that was interesting. more of the cameras. we've been playing with gopro on the floor to see how it looks. put up with this video. we played with it several months ago, brought a camera down. you can get really wide angle views. when i'm standing here really tight shots of everybody, this is 180 degrees. this is me wearing a gopro on the floor walking around. how wide, it's essentially 180 degrees. they don't just want to sell cameras. they want to be a video company like apple. it's not about the phone it's about itunes. they want to build a media outlet on high energy sports. see if they got that. with a billion in revenues they're moving in the right direction. i went downstairs, jim was talking to some people in the ipo that day for a different ipo. candid shots of people standing there with it on your chest basically.

bob pisani is with them. >> had ello, tyler. less's speak with rich rapetto, he's in charge of the conference. rich, first topic is what's going on with the volume that we are seeing and the low interest rates. what are ceos telling you about what that means for the market and the economy? >> they certainly acknowledge there isn't the trading level we saw. retail was engaged. volumes are up. it's come dramatically down over the last couple months. i think they attribute it to uncertain economy, you know, things geopolitically are uncertain. there isn't a direction in the market. >> thomas petrfield got a laugh from laugh from the audience when the markets aren't movie, we -- >> they stocks much higher a few months ago, much lower right now. >> that's absolutely correct. market makers make money when they have volatility. it's not high right now. it's a question, you know, whether it will come back in the summer. investors certainly looking towards summer. >> the other big topic, high-frequency trading, the impact -- is there a s

bob pisani is here with me. not a bad monday with the bulls. >> i'm worried. >> what happened? >> over the weekend all of a sudden the bears have capitulated. people seem to be throwing in the towel. this is the most hated rally, ever. so hear's your headline. "wall street journal" today, they said themselves, clear skies for u.s. shares. does that not make you worry? stocks are not overvalued. you know the drill. when beam start getting bullish, i get worried. merck is buys, my friend that covers this says that companies -- that's not a typo, 232% gain. it's dragging dozens of biotechs up with it, some of it leek celldex therapy, we're back again to the biotechs being on in a very big way. low rates means home builders are back. we've had this enormous three-day rally, many of them up 6, 7, 9%. speaking of low yields. this morning e-mails all over, spanish bond yields now below u.s. bondees. as a sign that everybody is saying etf leaders, it looks like january again, socl, that's all the twitters, facebooks, all on the up side. transports doing well. the xsd, the semiconductor

bob pisani joins me here. >> and rather predictably, we came off of our highs, briefly went into negativetoday. the xop is at a history high, but we're sees movement in the etfs. look at the in etf, the iye. i mean, like four times normal. somebody is moving into energy, but elsewhere somebody is moving into industrials as well. that's had very big volume, coming off the lows. technology, iyw, very heavy volume in that as well today. that's not far from historic highs. health care even has had almost four times volume. and finally a note on utilities. xlu, up 13% year to date. in a year when -- when utilities lead the market. it's hard to get excited. >> it's the reach for yield, though. bob, appreciate it. >>> seema mody is back with us. >> the nasdaq is trading in a nair ro range, but keep a broader picture in mind form the nasdaq had been on a run up up with 5% outperforming the s&p 500. apple, a big bright spot for the index. ceo tim cook with a profile in "new york times" focusing on his impact on the company. chips have also been a source of strength. i feel like a broken record, bu

mean 250i78 we are seeing -- and bob pisani, of course, russell rebalance is in focus. >> that's rightthat's going to be at the close. this happens once a year it's going to rebalance. some will move into the 200 and vie versa. >> it's a very simple one to look at. >> sometimesing this related to oil. you can see the drop in some of energy stocks. guys, back to you. >> rick, for the week we saw the biggest move in bonds in more than a month. >> yes, definitely a substantial move, as we sit right now, we are down nine basis points on the week. after settles at 261. but i get the more important issue is there seems to be a lot of smart assets managers. we're talking about good reasons, collateral shortages, but in the end the market speaks for itself. maybe the thing that hits me the hardest is with so many bears out there, yields just keep going down. >> rick, thanks for that. forts about same-day delivery. amazon is getting into the one-hour delivery game. just the latest new business. we'll have the key details, plus a live preview of "amazon rising" coming up in just a few moments. m

joining us is tom liedion along with our very own bob pisani.to talk to you specifically to see if there's something with etfs that is driving this drop in volume or not. can you explain? >> it's been a slow steady ride. if you want a quick snapshot look at charles schwab, the largest custodian of etfs, over $200 billion and they continue to see ongoing growth, 20% just this last year. it's been amazing. >> so this is an e-trade problem is what you're saying? >> i think e-trade tends to have more active traders, although schwab has a trading activity account as well. >> a great point. is it the active trader that is not as active and maybe the boy and hold mentality is back? >> the structure of etfs does make it very easy to trade the etfs without trading the underlying stocks so there's a little bit of a point here that etfs are contributing to lower volume. this has been true for many, many years, something else going on, tom, a little bit bigger. it's a little strange when we see volatility going down as the markets are hitting new highs. i t

bob pisani in your element talking trading.ull swing despite a deadly pig virus. our resident bacon expert jane wells is live in the thick of things. jane? >> yes. sara, right now they're judging the best castrated males. this is happening through intense biosecurity measures because of the virus we're going to talk about what it's doing to supplies and chinese ownership of smithfield when we come back. we're moving our company to new york state. the numbers are impressive. over 400,000 new private sector jobs... making new york state number two in the nation in new private sector job creation... with 10 regional development strategies to fit your business needs. and now it's even better because they've introduced startup new york... with the state creating dozens of tax-free zones where businesses pay no taxes for ten years. become the next business to discover the new new york. [ male announcer ] see if your business qualifies. e become the next business to discover the new new york. financial noise financial noise financial

you heard howard lutnick mention it to bob pisani as well. still 15% below average. at 1927, at a new high for that indecks. >> stocks have been one of this year's hottest sectors so far, jackie deangelis highlights the names you need to know with the biggest potential. jackie. >> reporter: hey, good afternoon, guys. no shortage of sun here in the mo javy desert. as a matter of fact, the panels that you're seeing at the solar star project, they are flat right now because they are at their maximum capacity soaking in all the rays, but let's talk about the solar stocks because a lot of investors are out there wondering if these have run a little bit too fast as a group and some investors are taking a little bit of a pause here. now the analysts scale it all depends on where the companies are in the value chain. solar panel prices have dropped dramatically, squeezing margins, but the energy analyst at raymond james, he likes companies that provide services to end users and the specialty component makers as well. advanced energy industries is one of the names that is dow

just bob pisani bringing you highlights from the same conference.e just finished speaking with someone who says in 15 years it will be an entirely different world. in a world that's changing faster than ever, we believe outshining the competition tomorrow requires challenging your business inside and out today. at cognizant, we help forward-looking companies run better and run different - to give your customers every reason to keep looking for you. so if you're ready to see opportunities and see them through, we say: let's get to work. because the future belongs to those who challenge the present. i got more advice than i knew what to do with. what i needed was information i could trust on how to take care of me and my baby. luckily, unitedhealthcare has a simple program that helps moms stay on track with their doctors and get the right care and guidance-before and after the baby is born. simple is good right now. (anncr vo) innovations that work for you. that's health in numbers. unitedhealthcare. >>> welcome back. heading into the close here, it's

bob pisani is joining our group right now. what's going on. >> every day, the russell indexes rebalance. there are many russell indexes, but the russell 2000, the small cap, and the russell 1000, the big cap. a lot of money to these indiceses, about $5 trillion in the russell. so, there are thousands coming in and out and those in, like the s&p rebalancing, to the russell indexes have to buy and sell the various indexes going in. delphi automotive is behind me, coming out of the russell indexes because it's considered domicile in the uk. some are coming in from outside the united states, so there's a lot of movement. you can see guys lacking at the stocks and trying to figure out. all the action's going to come in the next two minutes. bill, we had 400 million shares changing hands here on the floor of the new york stock exchange up until a couple minutes ago. i wouldn't be surprised if we got 800 million to a billion. we may do 400 billion shares. it sounds remarkable. we'll double the volume for the entire day in the next tw

closing bell" exchange, scott wren from wells fargo, mark lucchini, hugh anderson from hightower and bob pisani and rick santelli. just to remind everybody, if the president begins speaking we'll have to be very rude and step in on the conversation to get to that statement there at the white house. scott wren, i'm looking at the leaders, sector leaders for this quarter that we're running out here. energy leads. utilities. the laggards in the s&p. consumer discretionary. consumer staples. it is clear defensive was the play this second quarter. what do you think the play will be in the third quarter? >> i don't think it's going to be defensive, bill. as a matter of fact, when we look out, i think it's going to be more cyclical. utilities had a great year so far. i think you're going to see more industrials, more technology. you might even see a little bit of consumer discretionary up as well. so i think we've been mixed to defensive the last three months have been a little more cyclical you could argue. but certainly it hasn't been as cyclical as we had expected. >> hugh anderson, speaking of ide

hi, bob pisani, how are you? >> how are you! >> we're getting there.ee minutes left in the trading day today. this is what the dow has done today. you had kind of a stutter step motion, as you often get after the fed's announcement at 2:00 eastern time. but then as the news conference went on and it was apparent that janet yellen's okay with the current levels of u.s. equity prices, the market was going higher. and we're finishing up near the highs of the day with a gain of about 95 points. what that served to do is push the s&p into record territory. we're not there on the dow. we're still about 45 points away from that, but the s&p now is in record territory by about five or six points with this 15-point gain. that's pretty good. what did the ten-year yield do today? as she was talking, yields were coming down a bit. we're down to 2.59 now. we did come lower at that point. one thing we're going to keep an eye on here, bob pisani, is the volatility, the vix, the fear indicator has now what we call a ten handle. it's in the ten range. a seven-year low,

bob pisani mentioned earlier. $2.8 billion and sources i say, that i speak to have said now that the momo correction roved almost completely, you'll see a very busy late summer. a very busy fall. box is going to be among them as far as i'm hearing. filed for ipo in late march, but, of course, the market very quickly reversed and they postponed that until market conditions recovered. as far as what we're hearing, a busy few weeks. gopro next week. alibaba, first-ish week of august. between now and then, not sounding like a slow summer. >> no vacation for you. no montauk for you, henry. >> watching you. >> exactly. >>> when we come back, a big, new bookstore in town and catch. you won't find it on any seattle street. you have to hook up to the internet. a special throwback thursday look at how people saw amazon way back in 1995. >>> plus, all of you watching out there, your chance to be part of "squawk alley." >> announcer: all the answers. now you can make your voice count, on cnbc live. go to cnbc.com/vote right now. let us know what side you're on, at cnbc.com/vote. .. i got more ad

brian, is we've seen those particular sectors more economically connected, and i think a few -- and bob pisani has been talking a lot about this, increasingly the market says the leaders are showing that people are betting on a second-half recovery. >> we're going to go for john harwood, we have a big show ahead, but to longtime viewers of "street signs", not to toot our own horn, we've been talking about this idea of three years ago. >> not popular, we were talking about it. >> the idea that things weren't great, but they were inching along. we've got a lot of positive commentary, jan hotse with positive comments. it's helping everything. overall, who can complain? >> who can complain? i think yesterday was the seventh record close for the s&p in about eight sessions. >> a new proposal in congress could give us two things that we need -- a tax break for corporations to bring overseas profits back home, and money to fix roads and bridges. could it actually happen? cnbc's john harwood joins us with a story that puts together, john, two gentlemen in congress who you probably wouldn't think would

. >>> bob pisani is at the global exchange conference with a special guest. >> hello there, guys, we'reol, the ceo of the big brokerage firms on the street. we're talking to all the heads of the brokerage firms and exchanges. eric, thanks for joining us. what's going on with the retail situation? volumes started off strong, but they dropped off dramatically. suddenly the ten-year yield is dropping. what are the ceos saying about what this means for trading in the economy? >> i think we've all seen the dearth in trading volume in the economy. i think there's a couple factors adding to that. if you look at the historical volatility, it's barely, not even in the teens now, barely above 10, i think it's between 11 and 12 today. volatility is a key factor in the marketplace. i think another interesting phenomenon that's going on out there is there's a lot of correlation going to 1. so owning the market, so owning an index, owning an etf that represents the index is going to give you good returns. so there's a tendency out there to really consequencen trait on owning the market as a whole. >>

. >>> we're going to go to bob pisani who had a chance to get to ms. who is at that conference where we find bob talking about new rules perhaps, regulations, proposals to address dark pools and flash trading. what did she tell you, bob? >> reporter: well, it's very interesting. sort of comprehensive review of the current market structure. i did get a chance to catch up with her as she was leaving the conference. and she insisted to me that the markets are not rigged. take a look. >> the clear message is the markets aren't rigged. we have the strongest, most resilient markets in the world. again, it doesn't mean they're perfect. and we obviously are constantly working on them to make them fairer and better serve all investors and companies, to try to raise capital. >> reporter: do you think a more forceful statement would have been appropriate given the amount of coverage this man's comment that the markets were rigged got? >> resilient in the world and not rigged and not broken and we're trying to improve them at all times is pretty strong statement, i

bob pisani is on the floor with more on that for us. >> the important thing about today, we don't hitast not yet. however, we've been seeing fabulous rotation, and that's why the market keeps moving towards new highs. let me show you what june looks like. in june we've had had two sectors move to the floor. energy stocks have been great performers and financials have been great performers. and then there's been other months prior to here where tech stocks have moved ahead health care has been a market leader at one point or another. then fell back. so you keep getting this rotation, and that's why the market keeps holding up so well. as for today, commodity stocks is what you want to look at because the china pmi data was very strong today. australia was probably the best market in asia. closer to china, pmi data. there you see some of the commodity stocks moving to the upside. housing-related stocks, excellent. may existing home sales numbers, up 4.9%, above expectations. bigger percentage gain since august 2011. by the way, we're going to get earnings reports this week. kb home repo

bob pisani can talk about exactly why we saw that big drop in gdp. >> health care spending.m. this was really a shocker. you always get revisions all the time. that's no surprise. but it's the magnitude. let me show you the three reads we had. you can see the big declines we had. this was the final read we had on the gdp for the first quarter. down 2.9%. but take a look at the second read we had was down 1%. and the first read that was back in april was up 0.1%. this is a huge revision, much bigger than normal, and generally it's due to the weaker pace of health care spending. there was apparently an overestimation of how much the aca might cost, the affordable care act might cost, but it was a little broader than that. there was also weakness in trade, weakness in housing. so health care i think was the largest component, but it wasn't just that. we're going to see some downward revisions in 2015 gdp. of course the consensus is let's just ignore it, it's backward-looking. well, i don't think that's a very healthy way to look at things. so right now a couple days ago the con

back on the floor, bob pisani. bob, sum it up today for us. >> well, look.he volume is still below normal. the vix is at 12. that's still historically very low. volume is still below normal. i'm not happy about the situation with oil going up a bit but i would point out that the overall market is not down much. oil stocks are up quite notably. airline stocks down 5%. i'm sorry, that's a little bit of an overreaction. reason that is happening is, airlines stocks have suddenly become momentum stocks in the last year. they never were before. delta, for example, is up almost 100% in nine months! is that an excuse for profit taking on a day like today? and the high beta stocks now. s&p is up 1%. delta goes up 1.6% on average on a daily basis. so when you get those kind of high beta names, when you get a day like today, they ten to move down a lot more than the overall market. that's a little bit understandable. as of right noe nw though, tyle we've gone 39 days without the s&p more than 1%. 39 days. thanks to my producer for pointing that out. >> that's amazing.

also bob pisani for more on today's markets. espite questions about the fed and geopolitical concerns. the important thing is move uh. we saw the consumer price index. hotter than expected. you don't see a lot of inflation is market is concerned it might manifest. is complacency an issue? what about inflation. >> we have talked about this on this show. going back to markets at that time end of last week saying it was raising the revenue outlook for the year. is there strength in the corporate space? are companies spending both on investment, tech and also in what we are seeing across the deal space putting the cash to work? >> yeah. i think the m & a part has excited investors. look at the stocks that are doing particularly well today. you've got expedia, king, trulia, netflix. some of the momentum names which might be take out targets. volume stronger than it's been lately. volume overall has been weak over the past 30 days. it will be interesting to see what addone's got. it's reporting earnings this afternoon. not a lot of ent

. >> thanks very much, bob pisani. omething bob mentioned the fight for allergan. 2:30 on friday, strange timing it would seem when we learned after allergan's stock halted that valiant was increasing yet again its offer for the company, only two days after having increased it originally. the 58/30 cash portion of the offer goes to $72 a share, roughly $23, little more than that above where valiant started its bidding for allergan, bidding against themselves of course. >> right. >> strange timing on that. they follow this up morning with what i would argue is perhaps even more important which is outlining a path here that is much more realistic and typical of what we see in a hostile fight. remember this reverend dam bill referendum bill ackman was talking about, none of it was bind,'s that he aout the door. pershing is trying to replace the board of directors at allerg allergan enough of them so they can say why he to this deal and there's the possibility of valeant moving to an exchange offer. it's on firmer and hosti

bob pisani on the floor. bob, welcome. sum up the weekend for us. and david darst is there as well.ving on but glad you have to sticking around. bob, sum up the week for us. >> s&p down roughly 4.8% for the week. a little bit of tumult in the oil sector. but today you see oil stabilized and you see the stock market has largely stabilized. a lot of these current events, issues are not going away. the ukraine isn't going away. falling off the front page. and certainly what's going on in iraq is not going away. but the market's been very stable. david, i think you'd agree quiet today, markets near new highs. maybe it's not terribly volatile at all for sure, but markets at new highs. investors certainly benefiting. >> bob, you've talked about the effect yesterday of the oil prices going up on the transportation stocks. your rails, your airlines, your truckers, the ones who use energy. so it's very good to see that that calmed down a little bit because that takes a little pressure off of them. i'm very heartened by the way the russell 2000 and the banks have done this month. they're up a

let's get to bob pisani on the floor. i think he's available.has more on what's moving. >> indeed. mixed market today. the cpi number did move the markets earlier on. take a look at treasuries. ten-year did move up. yields moved up. cpi, may. the expectation is 0.2%. 0.4. is there a lot of inflation? it defends who you are talking to. people are concerned so the fed watchers will be listening carefully for subtle changes to the narrative now. anything about wage pressures, for example. i don't see a lot of wage pressures now. obviously the market is sensitive to inflation, trying to get ahead of that or discussions about words like complacency from the fed. you see the ten-year note. look at the s&p futures. you can see futures move to the down side. we are still negative in all of the major indices now. let's take a look at the interest rate sensitive sectors. put up the screen for interest rates. there is the futures. put the interest rate sensitive stocks. they are on the down side. telecom moved up. they were weak on the open. stock gainers,

let's get to bob pisani on monday. >> good morning, guys. jimmy, good to have you back.t great morning up 19. materials doing well. technology stocks doing well. talking over the weekend with traders about 2014 and so far, it's shocking. everything's rallied. noticed? look at the board. gold's up 9%, as everybody's worried about inflation. some people are. sarp s&p 500 up 6%. msci world index up 4%. commodity etf, dbc up 4%. total bond market up over 2%. treasuries rallying even more than than everything has rallied in the first half of the year. for stocks, the reason we're up, all moves have occurred in the last five or six weeks. and that's because of the fabulous rotation story i've been telling you about the last several weeks. we had a great start with technology stocks. march and april, biotech, new tech stocks hit. techs fell down and may and june, high yield stocks rallied, utilities came back. in june, energy stocks and financial stocks rallied. the great rotation has had a huge impact on the market. the big of the surprise, i did an informal poll over the week

to bob pisani on the floor, gives us a look at what's moving this morning. bob? >> good morning.e're having a good week overall. another good day. stocks up. new record territory essentially. >> s&p up 2% this week. want to bring up today on the ipo situation because the risk looks like a firecracker down here. aristo. look over here, indications 52 to 55, 43 pricing and now indicated at 52 to 55. this is cloud computing but specifically they allow companies to optimize the data centers in the cloud and they're profitable. compare this to another company that is over on the nasdaq, ra, dshgs iant do treatments to restore bone density. 8 in line with the guidance. they had postponed their ipo from may. they were doing a deal, 5 million shares at 14 to 16. lower numbers here for radiant. wanted to do a $75 million deal in may, now doe doing a 50, $52 million deal. one is profitable, the other not. the other one is in a not so hot space. biotech not as hot as it used to be. cloud computing doing well off of its highs. third ipo, will bur ross's company, wl ross holding corp pricing

bob pisani, a new month, last month of the quarter. what are the big movers right now. >> first trading day of the month. usually get a little more volume. not seeing that today although we are in record territory. want to show you the s&p, little excitement in the middle of the day. suddenly around 10:00 the ism numbers came out much weaker than expected 53-3-.2 and turned around around 11:00 and revised the numbers, made a mistake in the conclusion and said it was 56. that was above expectation and then it was revised another time. you think they would get the slayings right. there's the little dip you see earlier in the day around the ism. it actually did move the markets. back in high territory. the new rawls on the-op emissions have been proposed by the white house and see the effect there. gold stocks, still can't get traction. gold was $1,300 and now $1,250, down $50 in the last week. follow through gold stocks on the weak side. some sectors are up. publishing is up a little bit. gwyneth was mentioned positively in baron's over

this is the best day it has had since april 7th, up about 10% today, bob pisani. what was this sell-off about? >> don't drive yourself crazy looking for a reason sometimes. >> that's my job, though. that's my job. >> i know. just watch the tape. what i saw here was the number one momentum group is energy, has been all month. it's the best performer on the s&p. we saw energy stocks, which were weaker late in the morning, sell off notably after about 1:00, 12:30, 1:00 eastern time. then we saw other momentum names, airline stocks, for example, weaken. we saw semiconductor stocks weaken. what does that mean? well, you had all sorts of ideas and rumors out there, but the bottom line is with momentum names in a market like this that's fairly thin, you don't need a lot of reasons to sell off. you need a rumor of a reason to possibly sell off. so, rather than exhaust yourself trying to figure out, was it iraq, was it syria, or was it a sloppy bond auction? i heard people mention the bond auction at 1-5. maybe that was a factor. whatever, we don't need a lot of excuses. w

bob pisani, talking during the break, green mountain up 7% lately. >> i got calls, all i heard was heavy mentioned that. went from 114 to 122 with heavy volume. other than, that the general market, the key is the slow grind higher has worked all summer, slow little increments. >> money analyst earlier in the show said this is a lot like betting on california chrome, the favorite nobody wants to bet on because the return won't be that strong. this is an unloved rally. >> 3-5 odds. you said 1944, the d-day invasion, landing on the beaches, made it possible for us to have this, need to salute them. >> like the vix a little higher. does the rally count if nobody shows up on it? that's the only issue. for the average investors stocks at new highs. it's a goldilocks situation right now. >> thanks, guys. going out and in fact we're going to be going out at the high of the day with the dow up about 83, 84 points. s&p up 8.5. stay tuned. the ceo of uber on that uber valuation that company was assigned today on the second hour of "closing bell" with kelly evans. have a good weekend, kell >> thank

bob pisani, that may set the tone for tomorrow but no real follow-through to yesterday's big rally. >ppened and it rolled off the markets' back. iraq has happened, which should have been a more eventful impact on the market as well because it will an oil component in it. >> the gold rally did nothing, too. >> there is a persistent underlying bid to the market. part of it is the buybacks that exist every day. when the market is down you get more buybacks. you're crazy if you don't notice that. gold, a lot of the gold bugs kept insisting yellen is signaling she's willing to tolerate higher levels of inflation. i don't know where they get this idea from but that was one of the main reasons i heard for the gold rally. yellen didn't signal that at all. she said a that it was noisy indicates to me that she didn't think inflation was a persistent problem. but the gold bugs seem to be reading that a different way, bill. >> we'll see you later, bill. going out with fractional gains for the dow and s&p. the nasdaq down five points. >>> stay tuned, speaking of the nasdaq, oracle reports earnings

s&p not going to get 2ness either but priest costa is back with us along with our own bob pisani.17 and 23? >> no, it matters for tv. 2000 on the s&p. >> we're on tv so it matters. >> for you guys it's important but as investors it really doesn't matter. >> you guys. >> but, you know, 2000 -- >> yo y doesn't it matter? it's ref tip of just where this market continues to go. >> it's a number. why wouldn't 16,99 matter? it a-to-me it's a percentage, where your portfolio is, how much it's up and the risk factor as it goes higher, that's what is important. numbers are numbers. >> strange rally that we've got, got to admit. the put call ratio is low, 0.8. very friends over there. vix almost in single digits. keep calling it the rodney dangerfield of rallies. >> the apple split. >> yes. >> was a big story today. >> yes. >> people are saying okay it's 90 something bucks. when will it get to 100? >> that's significant. people are looking at that stock as a regrabbing its leadership role. >> re-grabbing its leadership roelle and goes from having 300 million shares outstanding to 2.1 billio