bob pisani is live at new york stock exchange and bertha coombs is live at nasdaq. >> the big caps are getting the big lift after yesterday's selloff. on average volume at this point in terms of the large caps the nasdaq 100, some of the biggest leaders, alibaba after that blowout number. and yahoo! is getting a lift along with it. yahoo! today gaining $3 billion more for marisa myer to play with. avantgo finishing it's deal. lots of disappointments as well green mountain coffee priceline, tesla and whole foods today having a huge volume day. it has lost almost as much as it did about three years ago after another disappointing quarter. whole foods now going after

but as bob pisani tells us much more needs to be done. >> five years after the flash crash, regulators have implemented a number of rear forms -- reforms to reduce the chance it could happen again. the most important was the creation of stock circuit breakers designed to halt trading when a stock moves outside of a narrow band above or below where it is currently trading. rules for market wide circuit brakers were changed and now traded will be halted if the s&p 500 dropped 7% or more during the trading day. s.e.c. commissioner dan gallagher said the market solutions is safer. >> five years later we look back and there are a number of measures taken to address that incident itself but the fact is we have a lot to do to understand the equity market structure. >> indeed many participants would like to see more changes made. maryjo white wants to see high frequency traders register with the scc and has floated the idea of an anti-disruptive trading rule when the markets are volatile. >> and the s.e.c. has an advisory committee on what changes should be made from here but the regulator see

bob pisani from the new york stock exchange has more on today's weak close to april. >> reporter: it was a poor end to the month as several big trades started to unwind a bit. and remember there have been three trades that have been big winners for this year. first, the dollar. second long germany and number three, long health care. particularly biotech. these are what traders call crowded longs. a lot of traders bought into these trades and are sitting on a lot of profits. all three of those trades have come unwound a bit this week. what happened? well first, weak economic data caused the dollar to weaken. the dollar index down nearly 4% just this week. that one long trade that's not working. as the dollar is weakened, the euro has strengthened. bad news for the german stock market down 4% this year because of a stronger euro makes that country's exports more expensive. that second long trade that isn't working. finally, some recent disappointments in earnings from several biotech companies including leader biogen called a pullback in that space. biogen down almost 12% this year alo

. >> bob pisani more or thatn that later. >> exactly.ons is one of the leading time share companies in the world getting ready for its investor day tomorrow. you'll see them in just a few moments up here today. joining us for more is the company's ceo stephen weiss from post nine for his take on the economy and the company's growth plans. good to see you. >> thanks for having me. >> we were having this debate about kohl's, the retailer which actually saw more damage from the drop in oil because of the weak growth in that particular part of the company then benefit from consumers. what are you seeing? >> well, we're reasonably bullish about how we see this year kind of framing up. our sales on our first quarter were up 9.5%. and all of our pointers and indicators we typically work at are things moving in the right direction for us. >> are people more inclined to go to your resorts with lower oil prices? >> keep in mind, most of the people that travel to our resorts are people who own and people who bought and are going regardless of oil p

bob pisani. let's look at stocks on the move. caribbean from overweight to neutral saying they will benefit from china and the asia pacific region. take two is up sharply after beating estimates and the maker of the hit video game and they will buy that and stock is up a whopping 16%. it's still 4.07. the drought in california is giving way to new technology, making homes more water efficient. how exactly? that is straight ahead on power lunch. plus, hail the size of tennis balls making road travel in west texas difficult. the video and the information on that next. that next. the design evolves the engineering advances. but the passion to drive a mercedes-benz is something that is common... to every generation of enthusiast. the 2015 dream machines, from mercedes-benz. today's icons. tomorrow's legends. visit the dream machine event today for up to $3,500 towards purchase. >> this video was shown outside of texas showing hail falling from a storm that prompted a tornado warning. it was the size of tennis balls coming down hard a

. >> bob pisani has more on that as part of today's rally. bob? >> you've been talking about the impact higher rates had on the markets this week. it was tough. today, lower rates having a positive impact. i'm here at the knight capital group. smile, jason. here's the panel here. home builders reits, building material stocks all doing well. home depot up 12 potpot potpot up 2.5%. mohawk, mhk up 3%. that's right near a new home. d.r. horton one of the biggest home builders in the country, up almost 1%. that was a lot higher earlier in the day. new home company, up as well. ceo will be ringing the close be bell. scott stole up 13 14%. as long as we keep rates stable these kinds of interest rate groups generally do a lot better. back to you. >> i'm sure they'd love to get to sps 30 or 50. see what i did there? >> yes, nice. >> thank you, bob. >>> we have 48 minutes before the closing bell. the dow and nasdaq are higher by more than 1% with a strong rally under way here. >> always a joy having you along. >>> by the way, the chief investment officer th

. >>> as for the bond yield, it continues to decline and bob pisani has more on why the stock market is bothered by the high rates. >> stocks dropped again today and agai traders are having trouble digesting a drop. the yields had been rising for days and today the yields rose to the highest in months since march. and what is driving that. copper and other base medals have been rising and that is fuelling inflation worries. another problem is what is going on with european bonds. german bonds have gone from 15 basis points to 50 basis points. as big bond players like bill gross and jeff gun lock have been saying the short yields and other bond yields means treasuries had to respond. and there is a big unwind of successful trades recently. remember traders have made a lot of money on several positions. first, low on the dollar, second short on the euro and third short on the euro. and today the euro was at the highest level since february and oil highest in the year and euro is down #%. and so the result is utilities and telecom and reits all under performed today. i'm bobs at the new

bob pisani what's that all about >> it launched the bit coin index. surprise.exchange calculated and die simi natd index for bit coin. this gives a real-time price of bit coin based on the coin base exchange. they facilitate currencies in 26 countries. there are other bit coin indexes out there. but the nyse is getting behind it. crypto currencies are getting more real and customers are interested in it and asking about it. the issue is to me is what's next. >> whole universe of customers that never seen bit coin data will see it routinely. now my guess, guys is that the goal is to create tradeable products around the index. that's coming. the nyse has an information page. nyse.com/indices. back to you. >>> thank you, bob. the move by the nyse comes at the same time as the nasdaq started to trade the currency. far cry from the shadowy markets bit coin was a part of a year ago. is it on its way to becoming a legitimate currency and investment? matt, let me begin with you. why do you think this is a pivotal point for bit coin both as a currency and as an investme

from yelp's post at the nyse when that story came out, bob pisani is actually there now with the details. what was a pretty wild day of trading for that stock, bob? >> reporter: it was just a couple of hours ago. poor mike. 's been typing his finger off the last couple of hours. this is the designated market maker. michael here -- we're up 26% but that's not the real interesting thing. this is the volume. 26 million shares. yelp would normally do 3 million shares a day. we're eight times that and it is only 3:00 in the afbl. a wild day of trading. i covered the ipo for this company right here a couple years ago. early 2012. it went public at $15. then it rocketed to $100 oh about a year ago. it was $101 but from there slowly to the down sides. they had a big miss two weeks ago on their earnings. their guidance wasn't very good. they have three basic problems right now. one, the ad biz is continuing to slow down. they have lots of competition. number two. and number three, it is expensive. do the maths on the earnings. it is 90 times current earnings. i'm not even talking about the future

we'll talk about this this afternoon. >> bob pisani. ten year a shade below 2.3. >> have you ever heard that expression an accident waiting to happen? treasuries for weeks have been data point away from a big sell-off. they've been looking for any excuse. we can talk about housing and how wonderful it looked. look at the previous two months and think about all the data that didn't rebound from the winner. if there is one area that makes sense that cold weather would have kept activity down it would be housing. housing has the type of snapback all the other data points like retail sales haven't included. and what happened to treasury rates? boom! they popped. this is something to pay attention to. you are going to hear many say the economy is wonderful. rates going up. i would say that's not exactly the real flavor of what happened today. look at intraday of 10 open the chart up to mid december. bund didn't spring back the way ours sprung back. the reason. there used to be a time on trading jackets where it used to say free markets for f

bob pisani is live with where we saw gains and losses and what expected from retail this week. first up the answer to this question. did we see growth this earnings season? >> we are pretty close to seeing an actual earnings growth picture for all of this season. let's take you to the score cart. through this morning, we have got about 447 of the 500 companies in the s&p 500 that have reported earnings. among those, 67% beat estimates. the caveat there as always is maybe it's on lower expectations. # they have about one in four will say close to 23% missed estimates. we talk about the idea that we might see growth if things go on track for the remaining 10 or 11% yet to report. we could see about two plus percent earnings growth. that's not robust but we were expecting a decline into the season. something to keep an eye on. # if you look at what's going on happen this week tuesday, tomorrow you got zillow and aleons. ralph lauren and cisco a big tech name. kohl's and nordstrom on thursday. that will be key. remember it gives us good picture about whether or not the economy is d

we have to keep an eye on that. >> bob pisani. are equities still your best bet? joining us is the chairman of holland and company. portfolio manager. gentlemen, great of you to join us. are you concerned about what we are seeing in the bond market and what that means for the stock market. >> the buy market is going to control the short-term direction of the stock market. 8:00 this morning, the german buns are controlling u.s. interest rates in the market as well. they are trading as the day went on and came down. they went from the loss. >> it's part of what you are talking about. that is companies are buying other companies at 20% premiums and the private market value of the companies that are doing this activity is well above where we are today. i think the fundamental values is higher than it is but short-term it would be nice to have cash. >> always nice to have cash. you are thinking the valuations might look a little stretched and given the risk-reward, is it better to be in stocks than bonds. >> i would argue that equities are trading at about 18 times ear

thank you very much, bob pisani. hot players in the social media space have cooled down. is there a bubble at work in silicon valley and is it getting ready to pop? here's julia boorstin with more. hi, there, julia. >> we are seeing a fall from grace of three companies as investors wonder whether they can keep up growth. linked in shares plummeting more than 20% today. this company's worst day ever as a public company on weak guidance for the and the rest of the year. yesterday yelp tanked on to disappointing guidance and twitter spiralled down after the warning that the ad products won't generate revenue as quickly as hoped. facebook draws none of these concerns with 1.44 billion yuzers and the portfolio of apps are growing. it improving results with products like video ads. facebook shares are down over the past week and a half since the company reported results that were impacted by foreign exchange rates. industry watchers are talking about the top of the market and having that conversation on twitter. they are pointing to the three stocks declines and tweeting is thi

let's go down to the floor of the stock exchange and join bob pisani to see how they are commenting. bob? >> and not a lot of movement. take a look at the s&p. etf and spider here. we improved a point and a half here and i think the reason we are not seeing a big reaction is this is pretty much what was expected. the focus seems to be on improving employment picture. a little bit of slightly hawkish comment with the labor market and full strength as steve mentioned and economic head winds. she coupled them with dovish comments and the fed would take several years for the funds to return to normal. and the pace of hikes will be gradual again. her words. take a look at interest rate sensitive sectors like banks. the bank etf with not a lot of movement. the treasury etfs that i watched and the short-term and the long-term ones. the shy or the tlh and any of those out there. again, with those, not much movement overall. a muted market move. a slight move to the downside in the tlh. a slight move up in yields and a shorter term out there. the to three-year and shy is essentially no movemen

we've got bob pisani on the floor. >> nice start. may first. puppet full screen sectors here.ancials. we've been talking about the impact of the dollar. several companies today. very significant impacts. newell rubber maid. look how much higher these numbers for core sales growth would be if there was no currency impact. that's an enormous number. clorox gave their 2015 sales guidance up 1% 2%. not bad for a company like clorox. they made it clear they would have been 2% higher, 3% to 5% on the up side. all the impact we've been showing you graphically the impact on the stronger dollar. clorox guidance better than expected despite the currency impact. we talked about exxon yesterday. chevron upstreamed profit decimated down stream was big. 2015 $1.6 about. 2014, $4.3 billion. 65% decline in upstream profit. this is the refining. $1.4 billion. first quarter last year, $700 million. it doubled. it's still, the upstream is the bigger pot. this time they are almost even. there is a big hole in the profits. this is the same thing exxon showed yesterday. this is why companies want h

i think bob pisani said 21.20. they will be screaming on the streets.is it for the first hour of power. thank you so much. happy mother's day to you as well. over to you for the second hour of power. >> thank you very much. have a great weekend, guys. welcome to a jobs day stock rally friday. the dow is up 255 points. this is all thanks to the april jobs number and 223,000 jobs in april. that was the lowest in seven years. good but not great numbers. that may be just the point. toni is at pimco and bank of america and merrill lynch. it was good but may be not good enough that the fed will be forced to act sooner than later. was this the tweet spot for jobs. >> the important thing is that the fed will move from june or july and september instead. it's difficult for the fed to move high. this is the thesis they had for a while, a idea of a new neutral from policy rates are lower. where is it that central banks need to put their rates to be satisfied when they are satisfied with economic continues. that rate in europe japan and the u.s. is lower than in th

let's go down to bob pisani. it feels like we are in a bit of a tight range.ryone wants to know when we will break out whether it's the up or the downside. i feel like over the last six weeks, it is moving two steps forward and two steps back. groundhog day. you heard rick talking about the ten-year. yields moved down and that moved the stock market up and that may be the important factor. we moved 30 or 40 points or so as the bond auction came out around 1:00 eastern time. the yields moved down and the dow moved into positive territory. interest rate-sensitive stocks like telecom moving up. telecom here on the interstay. that was nice. you heard courtney talking about macy's and dillards kohl's and nordstrom are putting pressure on the market. traffic is increasing and meter inventories and job growth. we are not getting much about that. is jcpenney after the close. sales have been good. we will see. that's going to be an important one after the close. >> bob, thank you very much. bob pisani. up next, the battle brewing in housing and we are not talking about

it's impressive to have metals be the market leaders. >> bob pisani here on the floor. tyler, over to you. >> we will go to nasdaq and bertha coombs is there. >> health care and financials is the theme for technology. infrastructure spending help the revenues with top expectations with boosting the outlook. the company took over and that was part of the reason they saw a surge when it came to health it infrastructure. in health care biotech is rebounding as well. they moved into correctional territory for the high. they are coming off of there and led by exact sciences. they had a blowout quarter in part on testing kit sales. also isis in a sharing of licensing with buyer of ag. apple is once again dragging here today. down for the fourth and fifth days. it's above it's moving average, it continues to be a drag. back to you. >> bertha coombs at the nasdaq. it's one of the longest bull markets on record but there might be troubling signs emerging right now. check out this chart of oil. crude flirting with $60. right now it is just near that mark. we haven't hit that poin

transportation stocks have really shown today, gaining altitude, bob pisani is at the post where most the airline stocks trade right now. bob? big rally today. >> yes. it's interesting. transports had a tough time in april, particularly the airline stocks. i'm here at the post. john mkcthatnamerney. let me show you the chart here. this was southwest, at $43. went all the way down to $40 as oil spiked up to the highs for the year. these are what i call japanese candlesticks, which a lot of guys watch when they're down here. generally the news trend is very good. fares are higher and the airlines are more profitable. southwest may double their earnings this year. summer travel demand has been strong. the important thing, most of the airlines are still trying to find ways to reduce capacity even though business is great they want capacity down because they're managing for profits, bill and kelly. they're not managing just for revenues anymore. they used to try to maximize revenues. now they just want to make profits. that's starting to shine through. the higher oil is a little bit of a p

bob pisani is with me. look at this bob.ay's alaska of the dow transports and of crude oil. you would think they would move in opposite directions. look at how they track each other very carefully. goldman sachs saying it sees oil down to $45 a barrel by october. and they thought the selloff in airlines was overdone. that put a bid under the transports at that time today and they track pretty evenly here. >> it's pretty remarkable. i think the amazing thing is what happened yesterday with the airlines highlights the fact that a lot of people are hiding out in certain areas where they anticipate business is going to be fairly good. biotech is another area with a lot of small cap and mid cap names. these are not huge companies. so you have a lot of people just sort of sitting there waiting for them to move up and then you have certain problems here. by the way, best buy is very interesting because it indicates our online buying habits. people will go to stores and buy phones appliances televisions, but they are not going to bu

bob pisani what's wrong with the transports?nly thing moving right now. >> it cost too much money to fly. have you tried to fly anywhere? now some vague talk very vague, that maybe they'll add capacity and maybe cut fares to low-cost carriers. is this not good news that fares will go down? >> for us. >> everybody is freaking out, oh heavens, they made so much money for so long i'd be happy to trade lower stock prices on the airlines for a lot cheaper airfares. this is me as a consumer. >> they have the same size jet, they just add more seats. >> we're going to be in the bathroom. >> sardine time. >> exactly. the other thing is everybody keeps talking about the imminent rate hike that's coming. it's not not going to be june. everybody is crowded into september. of course, the market finds ways to confound people. my attitude has been one and done in september. they actually issue a statement saying they're not going to do it anymore. that's the only way they'll get a rate hike and not freak out the markets. dividend payers moved

bob pisani on the stocks exchange. the 2010 flash crash. >> i wrote about that trader talk.tures. janet yellin made comments and they moved to the downside. they had a little trouble and the move right down there. that was an issue. the dollar weakened on the poor adp report and that has been a respect for the federals and the energy names. those are the two sectors and we are in the red on all the major sector. we are getting very heavy volume again today. i mentioned this yesterday. etfs that short the bond market. ultra 20 pressuretreasury which is shorting the treasuries. heavy volume and interest rate sensitive groups. telecom and reit on the downside. oil is new high territory. the oil and uso also has big volume and tracks a near term future in oil. finally the big miss our friends have an unusual miss. the stock market not surprising on days that that happened is down. this only happened six times. a big miss like this and the s&p traded down 83% of the time. the deline of 0.6%. that's exactly what the s&p 500 is down. 0.6%. very accurately predicting how the market

but all of that is after and as bob pisani said, mel, trading begets trading.in there trading this thing not based on ptg taking avon out, but rather just because there's some blood in the water and the stock is squeezing some shorts. that seems to be the main reason. >> it does smell like a short squeeze here. you noticed some actual unusual activity in u.p.s. >> yeah. this one i really liked and i jumped on it because there was strong unusual activity in the first 15 minutes of trading. it continued throughout the morning. right now it's traded, i believe, over 50000 calls as well. normal for u.p.s. is about 7800. so this would be the sort of footsteps or footprints, mel that you'd see if for instance, goldman, credit swiss, barclay's, whoever, was providing over-the-counter options to an activist so they could accumulate a large position. so these aren't the footprints are that actual activist but most likely somebody is trying to protect themselves against a trade they did over the counter. >> so amassing that position. >> it certainly smells like that. sto

bob pisani is back on the floor & what kinds of funds are they talking about? financial stability and oversight and these are the things you are worried about. buried deep is etfs. they are exploring and raise lick righty and they have concerns regarding fire sales. there have been years of liquidity issues and etfs is power lunch. we have talked about certain classes that raise some concerns like referage and inverse. less rick wid markets. leveraged loans. we tend to avoid it because we are concerned about it. in the overall market pretty healthy. here's what i think is going on. the real debate and they are looking at nonbank financial ferms. they don't want any part of it. the foc focusing on products. there is a lot of politics going on. look at the report. in this report they have virtually dozens of different things they are concerned about. including etfs the bond mutual funds and market structure and interest rate risk and high frequency trading. this is all in the 150 page report. my bottom line on this is i have no concerns about recommending claims

. >> bob pisani is on the floor. >> thank you very much.en sectors of the s&p are to the down side. rising yields is the big issue. not surprisingly interest-rate sensitive sectors under pressure today. you look at reits, utilities, hell come home builders. all are leading the move to the down side. europe is weak. traders here have been driven crazy trying to figure out the sources of the rise yields. spain is under pressure. france across the border under pressure. is it the german bund driving things or u.s. fundamentals? some say rising inflation is obviously an issue. they are having trouble figuring out where the various sources of the influence are. you mentioned eded gap here. april sales down 12%. it's down 3% here. they are blaming it on the easter holiday. put up the full screen. gap reported much lower sales for the quarter, down 4% but their earnings guidance of 53 to 54 cents is in line with expectations. top line more than expected. earnings in line some big happened here. they just have amazing cost controls. they are not go

let's get to bob pisani. >> great volume here. 4 million shares already changing hands.nly 7.7 million floated. very small float for these companies. huge crowd standing around here. important thing is the price target was $14 to $16, priced overnight at $17 and opened at $28. now trading at 26 and change. founded in 2004 by a canadian entrepreneur who is here. he'll be talking to us in a few minutes. the crowd is still there. we are still waiting for another e-commerce company to open on the nasdaq. that is baozun owned by alibaba. they priced below expectations but very good so far this quarter. back to you. >>> mcdonald's shareholder meeting getting under way in oakland just outside of chicago. protesters outside the meeting ensuring their voices are heard for a 15 minimum wage for those in the front line. mcdonald's management is expected to resist calls from big shareholders to make it easier for them to nominate directors to the board. joining us now is matrix asset advisors chief investment strategist and a mcdonald's shareholder, david katz. welcome to the progra

bob pisani is on the floor with more. >> there is some confusion, because the indices aren't going inthat's causing some dow. let me show you what we're talking about they ought to be moving. here's the good news we're at a new headline and that was up about 2.4% year to date. the transports though hit their highs way back in december and have not moved up to new highs. not even close. utilities slightly different story, also down 5% because interest rates have been moving have been moving up. a slightly different story. why is this happen the disparity between industrials and the transports. the u.s. economy is still improving, health care has been great this year unitedhealth in the dow is strong. disney is doing well. aerospace has had a good year overall, so boeing has been doing well. the do it yourself home improvement business has been particularly strong. so broad swaths of the u.s. economy are represented in the dow industrials that are doing well. that's what the industrials are supposed to be doing. now look at the -- you'll see biand large there's big problems with railroa

. >> and bob pisani is on the floor -- >> only so much you can do.ou try to dress up well and keep the markets going here. we're flat today, but all ten sectors started to the down side. i think it's picking up here consumers just went positive and airlines have been -- -- the big debate was could we brea on you decisively to new highs. a number of people on our air regularly think so. >> we're at 2117 would be the history highs, but back to what the traders were saying. upside breakout is coming. he had a bold call saying we're definitely going to break out. a lot depends on whether we can do that on retailers, because they're going to start reporting. they've had an ugly time this quarter, looking to prices here so gap will report next week. nordstrom i think is reporting on thursday kohl's is on thursday macy's on wednesday, j.c. penney is also middle of the week retail stocks i think the guidance has been very cautious here. we're waiting for the retail sales to come out. remember, it's been fairly ugly. before that it was three ugly months s so

. >> bob pisani on the floor with more of what's moving. >> any one time on the tv dial either "the shawshankn" or "the godfather" is airing somewhere. we've got a mixed picture today. some of the oil stocks on the down side. europe is on the mixed side. i want to talk about gap a little bit here it. was amazed that even though it was in line they reiterated their guidance online sales were down 2% year over year. what is that? port delays? online trends were up elsewhere. this is about brand weakness. you can see it here in this full screen. gap down 10%. the only bright spot is old navy doing a roughly 3% comp there. i'm sorry, but they need to work on that brand overall. ann is being bought. they had traffic challenges and talked about soft product performance there stock is up because of the deal going on, but that company has a lot of issues. campbell was a good report. global baking was good. that was up 5%. bolt house was good. bolt house is only about 15% of the revenues. the core of the company is the soup division. they call it simple meals. u.s. soup down 10%, ready-to-serve soups

joining ug right now, jeremy hill and bob pisani is here as well.notes about the market. one of the questions you're asking are whether central banks are losing control over global bond markets. the cynics will say did they ever have control? yields are rising right now. do they want that to be happening. >> i don't think they want that to be happening but there's a lot of evidence they have control over global bond markets. the bond yields have sold off enough where we'll see buyers come back. what i mean is the circularity of credit you have to fulfill certain statutory obligations. buying a treasury bonn at 1.9% is worse than buying it at 2.2% which is where we are today. >> bob, what kind of impact is this having on stocks? >> it's really causing traders to get confused because the exact cause of it is difficult to figure out. is it the german bund market the fundamentals in the u.s.? is it a problem with liquidity in the bond market? it's hard to sort out the thread. you can see the influence. look at the three-year option. at 1:00 the option c

bob pisani and bertha, you are first. >> the nasdaq showing a lot of technical weakness. the small cap intext and the mid-cap index are below the 50-day moving average. we are watching them trade here on strong volume. the qqq at the etf for the nasdaq 100 at the day's full volume here midway through the day. biotechs as usual among the worst performers. biotech and chips are pacing one another's declines. biotechs yesterday were among the biggest gainers. giving back the gig gains they had yesterday. the biotech indeces are about 10% from the all time highs back in march. they had trouble getting above that level. in terms of the big lek losers the chips are among the big decliners. apple off 2%. and today buck it is the trend is netflix on an up great over at b of a hitting an all time high. back to you. >> the dow did down by triple-digits. the losses have been accelerating. what is pushing them down? >> they are having a hissy fit over higher interest rates. take a look at 10-year bond yields. remember what happened earlier this morning? the services number came out a

this is a year-to-date chart we'll show you, just this continued move lower, bob pisani and david darstr's low right now and earlier in the session we were below 12. haven't been there in a while. >> it hit the low as yellen's speech came out and everyone saw there is nothing new. she was spewing the standard line. we dropped down at this point. but remember something, we have holidays here and the vix looked out 30 days. there's not as many trading days. that's another reason the vix may be lower, just sort of a technical reason overall. >> it feels like a coiled spring. >> well said. there's this complacency and non nonchalant nonchalant. coil spring is perfect. >> it goes very well with a chianti. >> i have to leave it there. >> thank you, professor, as well. >> i want the four vs by the way. >> big housing data next week. >> how'sing is another key component. we'll talk about this next hour as well. we are going out with the lows of the session, the dow down 47 s&p down 4 and the nasdaq down as well. stay tuned. much more coming up now on the second hour of the "closing bell." >>> w

bob pisani is live at new york stock exchange and bertha coombs is live at nasdaq. >> the big caps areafter yesterday's selloff. on average volume at this point in terms of the large caps the nasdaq 100, some of the biggest leaders, alibaba after that blowout number. and yahoo! is getting a lift along with it. yahoo! today gaining $3 billion more for marisa myer to play with. avantgo finishing it's deal. lots of disappointments as well green mountain coffee priceline, tesla and whole foods today having a huge volume day. it has lost almost as much as it did about three years ago after another disappointing quarter. whole foods now going after millennials. if you want to read more on millennials and health care check out cnbc.com. >> we will. thanks for that. let's get out to bob at the new york stocks exchange. it was an interesting morning. back and forth between gains and losses. at this stage the gains seem to be winning. >> we were starting the day very early in the morning, 5:30 in the morning, futures were down. it slowly came back as germany and europe came back sorts of talk ab

bob pisani the dow is up 218. >> 10-1 advancing to declining stocks. that is a strong start. 10-1. look at futures. we moved 10 points on the s&p futures right at the open. we are up a about 20 points. not only did it move here it moved in europe, as well. germany popped up. we moved the european stock market. you see 8:30 eastern time germany popped up there. the bottom line here is march weakness is being ignored. there is no, the phrase i heard this morning is bleed through. no bleed through to the second square. that is moving things. broad rally. a lot of stuff up 1%. materials, tech energy health care, industrials. that is a broad rally. when you get health care and materials both up better than 1%, that's what i'm talking about. one thing i'm puzzled about, natural gas took off this morning. i don't see a lot. there is a report they shut down their power reactor in new jersey because of a glitch last night that. would increase reliance on nat gas. natural gas stocks up bet per. now they are on the down side. they were all up earlier on here. ugly week for china. the shenzhen

in the meantime we'll go to bob pisani on the floor. >> good morning, guys. futures on the trade deficit. doesn't normally happen. the imports were up big. exports were only up fractionally. you'll see gdp revised downward. it was a terrible report and did move the market. energy, good news here. oil over $60 the first time since december. that is moving everything. technology to the down side. estee lauder historic high. great numbers. currency impact was 10 cents. >> tomorrow is the fifth anniversary of the flash crash. i spoke with s.e.c. commissioner dan gallagher. he said the markets are safer thanks to new s.e.c. initiatives, particularly the new circuit breaker rules. as for that london trader arrested for part of the flash crash, the s.e.c. stands by its original report but working out to sort out the facts. his strongest comments came on the subject of regulation and reiterated his call for the s.e.c. and cftc to merge into one body. >> it makes no sense. we are one of the few, if not the only countries in the world that has a bifurcated system of re

myaccount >>> heading to the close with the dow down 14 joining us premiere wealth first allied and bob pisanis well. we talked about the rise in yields and treasuries and you're pointing to maybe one of the causes the continued rise of the euro as well the dollar has stumbled, too, right. >> exactly. on a day like today, the dollar stumbles because of weak retail sales and the euro pop up there's a correlation. bond prices tend do go down yields go up. and i think if we see some more of that we'll see a rise in equities as well. >> bob? >> i think the important thing right now is the markets are really rattled because we can't separate the threads and why yields are going up. i think the german bund rocketing up created that relative value play that's really got people spooked. there may be fundamental issues in the united states, maybe telegraphing inflation is stronger than expected. finally, i think there's concerns about liquidity. that's a third factor that's played here. we can't figure out which one is the most important factor. and that's what's causing a lot of the confusion right no

but certainly a story today as bob pisani has been following throughout the day because the ripple effectsare the stocks most sensitive. >> i'm calling a little bit of a hisscy fit. look at reits, for example, utilities. all that are getting hit right now. i want to update on salesforce. salesforce has come out said they're not commenting on rumors about any possible takeover. we were reporting about a possible story on microsoft, might be interested in it. it was halted briefly in the middle of the day. i just want to point out other stocks like net suite in that space moved on this. they could be potential targets. oracle has a potential interest in net suite. a lot of stuff is moving around. if this interest rate story has legs, it will happen in the next few days with the nonfarm payrolls. >> second hour of the "closing bell" in five sections. i'll make my way back up there with sara. >>> i'm sara eisen in today for kelly evans. let's take a look at how we are finishing the day on wall street. breaking that two-day winning streak. the s&p 500 settling down 25 points, more than 1%. the