we mentioned our own bob pisani on this historic day. bob, your thoughts as you watch this from afar, both in terms of breadth, volume, and now durability. >> yeah. good morning, carl. i'm still at the etf.com conference in boca raton, just outside of boca, down actually in hollywood. so, a lot of participants here just marveling at how much the trading world has changed in the, oh, eight or nine years since the dow crossed over 10,000 decisively. the etf business was below $1 trillion. now it's $2.5 trillion business. and the way we trade, much more electronic trading. so a lot of people talking about how things are different. i think what's important now is that we're starting to see some action. so remember, the rally stalled because we didn't have much in the way of details on tax cuts, infrastructure spending, less regulations. we're not sure how much would actually materialize of those promises, and we weren't sure how much would be 2017 or 2018 events. but now we've seen in the last 24 hours some executive orders, all right? it's s

bob pisani takes a look at what may shape equities in the year ahead. >> reporter: stock rally, oil rally. everyone's bullish right now. but that's going to get tougher in 2017. here's three predictions. first, the stock rally will continue but will hit major headwinds. the s&p 500 will hit a series of historic highs again within donald trump's first 100 days but that will be it. the problem? market participants are anticipating higher revenues and earnings due to tax cuts and fiscal stimulus but reality won't match those high expectations. second, the oil rally will be a bust. american producers will ramp up production. that will keep prices down and the much-discussed agreement between opec and non-opec members to cut oil production will collapse among charges of widespread cheating. finally, 2017 will be the year stock ownership expands. the american public has seen declining levels of stock ownership for years. only 52% of households own stocks. rising gdp and greater optimism on the economy will finally reverse those trends in 2017 and folks who abandoned the market after the financi

let's get right to bob pisani on the floor of new york stock exchange. robert? >> 0.37. we kept going, what? it's got to go over that. and it didn't. we're close enough, folks. let's just evaluate where we are. the stuff that's pushing us right up against the door of dow 20,000, same stu

our colleague stateside, bob pisani took a closer look. >> the big problem is nobody really knows how to model this trump rally we've been in. the good news is so far fewer companies are guiding lower than usual for the fourth quarter. that's good news. but what we care about is guidance for 2017. and there's a good chance that most companies will not be doing dramatic fist pumps about earnings in the coming weeks. at least not earnings for the full year 2017. the question is how much will this magical potion of tax cuts, fiscal stimulus impact earnings for the companies overall? we don't have data. we just don't know. that's why analysts have been reluctant to raise 2017 earnings estimates. the current estimates show s&p earnings up 11% this year. that's a good jump. analysts had already predicated that on an improving economy. and that would help earnings. the estimates have not really changed since before the election. they have not incorporated any of the trump proposals in the earnings yet. the bottom line is no one is raising 2017 estimates for trump's proposals yet. a lot of co

bob pisani is live from inside etfs in hollywood, florida, that is, where the trump presidency is taking center stage. hello, bob. >> anybody for a trump etf? you can't just buy an etf that consists of stocks that might benefit from a trump presidency. not yet. there's plenty of discussion around constructing portfolios. aerospace, ita, as well as pkb, infrastructure spending they believe a trump presidency will see higher volatility, more debt. go long gold. more disagreement on whether trump will be bearish or bullish for the dollar. uup is what you want here. there have been contrarian plays e europe short on the dollar, eafe. the worry with trump is that long-term, traditional sector bets are very tricky. so, gear up for bets like oil and gas exploration, xop. defense and aerospace and pharmaceuticals, pjp. the best investing idea i've heard, twitter should sell co-location services to high frequency traders so they can be as close as possible to twitter servers so they get news of any trump tweets before anybody else. i know that sounds a little facetious but someone floated that pa

what i wanted to ask you about, bob pisani talked about the market not conditioned to deal with surprises right now particularly well. do you empathize with that view? >> negative surprises are always going to be something that the market doesn't necessarily handle well. the rally since the election needs to be put in context. that can increase earnings per share between 5 and 15%. the market is up about 6%. it looks like a reasonable response to the trump's proposals so i don't think the market is vulnerable, but we need execution on the proposals over the next several months. >> that would be the risk that even though it's an aggressive agenda and he does have a friendly congress, if things don't move along as quickly as the market is factoring in and this is something they brought up a number of times, is that the risk for the market? >> that's one of the risks. there is always risk, but i think that if progress is not made on this, but say by the summertime and into the third quarter, especially on corporate tax reform, the market will be disappointed on that. >> the president has twi

for "nightly business report" i'm bob pisani at the new york stock exchange. >> dramatic day on capitol hill. donald trump's nominee to lee the department of housing faced intense questioning by a senate panel and it led to some very heated exchanges. diana olick reports. >> reporter: dr. ben carson a neuroroe surgeon by trade told a senate panel that he was well qualified to lead the nation's housing agency and oversee its nearly $50 billion budget. >> a good ceo doesn't necessarily know everything about the business but he knows how to pick those people and how to use them and that is one of the marks of good leadership. >> but running an agency that directly effects the president-elect's business the real estate industry, was a top concern for massachusetts democratic senator elizabeth warren. she pressed carson to make a promise that no hud money would go to the trump empire. carson said he would use his moral judgment but would not rule it out. >> if there happens to be an extraordinarily good program that's working for millions of people and it turns out that someone that you're t

let's go to bob pisani. >> you're right. wild press conference and wild moves in the markets for a brief period. look at the dow jones industrial average, didn't take long after president-elect trump started speaking that the dow dropped about 100 points. he said drug companies would not be getting away with murder. pfizer, that moved down need limit merck was having a great day it also moved down. unh, all the healthcare stocks moved to the down side. he went on to talk about lockheed martin saying he would bring the f-35 costs way down. nothing he hasn't said before, but markets are hyper sensitive now. in the middle of the day, industrials, materials, tech rebounded. we saw a drop in tech stocks as well. banks doing nothing. no leadership this year at all. why these gyrations on statements he's sort of already made? look at the state of the market. we are hyper sensitive because the stock market is at historic highs, consumer confidence at highs, investment sentiment is bullish and volatility is near multi-year lows. this

straight to bob pisani on the new york stock exchange for the trading action this hour. hi, bob. >> the important thing is we hit our lows about 11:30 eastern time at the german close, just off the lows but not by much. it's dead even but doesn't feel that way. it feels a lot weaker. the dow is notably underperforming the rest of the market. dow is price weighted. goldman has been falling apart the last two days. 228, that's where they were in early december here. that stock drives all the rest of the dow down because it's such a big price stock. intel, caterpillar. the farther we get from tax cuts and infrastructure talk, the weaker the market gets. fluor, vulcan, marietta were on the plus side last week now they're on the down side. the farther away from tax cuts the weaker the market gets in this area. transports, u.p.s. lower guidance there. yesterday, problems with the airlines and that problem is still following through. you see united, delta. fedex also down and united parcel service. underarmour, that's not a typo there. decelerating sales growth. only good news t

let's get to bob pisani, bob. >> good morning, carl. happy monday everybody. the other way on dow 20,000. and that's because i think modest geopolitical risks still out there. teresa may talking about a somewhat harder brexit over in europe causie ining little prob there. look at european stocks though for the moment. of course the weak pound helps out european -- british exporter. so you do see british american tobacco, anglo american, unilever, all doing a little better. mostly on the downside particularly true among italian stocks and european banks there you see the flipside of that argument about brexit. here in the u.s. bonds up, stocks generally to the downside. that's putting some pressure on banks. but we're also seeing some pressure on some separate groups here. energy is weak here as we've seen oil down and natural gas down. and that's putting a lot of pressure on the natural gas names, your chesapeakes, southwesterns are also weak. and industrials and materials are weak as well. look at some of the big industrial names. industrials have done better

bob pisani's got more. >> reporter: i've been disappointed as well this time the calendar really is startingo fill up. we've got 12 deals in the pipeline. the first significant ipo of the year, this is keen group, pure play on the oil and gas fracking business. they play in all the right places. they're revenue fell in 2015 and 2016 like everyone else but opec cut output recently and there's hope business will be improving. looking to raise over $400 million. they had 16 million shares earlier in the week. with trading so strong, the market stamps for deals right now. a lot of pent-up demand right now jagged peak energy oil and gas. jeld-wen holding, they launched a $550 million. then we have laureate education, for profit higher education company. tough sell given how poorly this sector has performed. our tech unicorn of the year app die nammics. they're seeking to raise $132 million. that's a very low float. favored strategies of these tech firms seeking to go public. we'll see if that one works. retailers it's still real big problems. claire's they withdrew their plans for an ipo on tuesd

let's get to bob pisani on the floor. hey, bob. >> hello, carl. good to be back.ook at the s&p. we got down right at the open, but got worse after the president came on. looks to me like sell stops went off at some point. we lost about five points about 9:45 as the president started coming in. we're seeing lows of the day. sectors banks have been weak but they were weak in europe as well. transports have been weak. delta's computer problems are not helping at all. the russell 2000 is notable standout here in terms of major sectors, but energy and tech also on the weak side. high beta stuff, sort of a risk off day. if you look at stuff that moves more in the market like some oil and gas companies, cabot and murphy, regions, techs like nvidia and home builders generally most of them are still high beta movers all down a lot more than the overall markets here. not a lot of earnings here, but we're in the heart of the earnings season, about a third of the market has reported and numbers are pretty good overall. up about 7% for the s&p, blended numbers. revenue's up ab

. >> let's get to bob pisani see what else is moving down on the floor. , bob. >> little bit of a reversal, carl, good morning everyone, from the recent trend. little bit of a rehearsal. dollar's up, bond yields are up a little bit. that's encouraging. and we're also seeing the stock market up as well. take a look at the sectors that are moving. and it's encouraging. and we are happy that banks are leading because it's been a problem now for a number of weeks. not so encouraged about everything else. consumer staples not great. industrials are doing nothing. that's kind of disappointing. materials are doing nothing although they've had a good start to the year. and energy another dud today after days and days where energy stocks have been doing absolutely nothing. so let's review where we are right now in 2017 where the leaders and laggards are. technology has had a very good start. that surprised a lot of people because semis were so strong last year. usually try to sell them, but that has not happened. good news. health care big laggard last year. that's

. >>> let's get to bob pisani on the floor here see what's moving. orning, bob. >> good morning, carl. good to follow labor secretary because it's the employment number. most people down here feel that that kind of confirms three rate hikes at least for 2017. that's the number everybody was looking for was above consensus. so bond yields up, dollar up, what's not up that much a little surprisingly is stocks. only eight dow stocks up. let's look at the sectors. disney being helped by an upgrade, but banks are up. they haven't generally been up this week. this is kind of a trendless week still here. health care has been a modest market leader. it's not doing anything today. real estate had been doing a little bit better recently. it's not doing too much. goldman's been the big leader this week believe it or not. and it also not doing much. so if you look at the week here and you can see why i call it so trendless at this point. gold's been a big leader, i'm including the open this morning, and health care's been a big leader and real estate's been a big

let's get to bob pisani this morning. hey, bob. >> good morning, carl.t's the advanced/decline line that's important. 5-to-1 advance to decline, this has been happening, very positive market internals. over asia nikkei up 2%, another sort of quasi global rally. banks are leading and industrials are leading, not a lot on the new high list, united technologies, deere among the industrials, but not big new highs. but still slow steady advancing here. let's look right now where we're at in the markets. the most important is the belief in the global reflation trade. improving global economy, we saw that yesterday with the ism and the china manufacturing numbers. we're getting a steeper yield curve. we're getting improved jobs and improved consumer confidence. and we've got the whole trump effect of the lower -- belief in lower taxes, less regulations and a stimulus program. we've got headwinds. we've seen them popping up every once in a while. stronger dollar trade issues and possibility of a more aggressive fed than the market is anticipating. but so far tha

bob pisani has more. >> analysts are getting more cautious on backs.itigroup downgraded goldman sachs and co-america to sell saying we view the banks as trading stock and we don't see a wom compelling risk/reward for the group. and a regional bank said we believe share prices already discount the up side. none of this is terribly surprising, but it's kind of refreshing hearing caution from normally upbeat analysts. banks were huge outperformers in the fourth quarter. large banks up 30%. 28% since the election. here is the problem. banks have moved so fast, there is a risk that we could have a pull back before we move higher. and it's not because the fundamentals are bad. they're really improving. the yield curve steepened after the election. it's true yields have dropped in the last couple of weeks, but most analysts believe that the net interest margin will expand next year. secondly, more importantly for most banks, loan growth is expanding in the low to mid single dipping it range. so commercial and industrial loan growth is up 1.1%. real estate up

let's get right to bob pisani on the floor of new york stock exchange. robert? >> 0.37. we kept going, what? it's got to go over that. and it didn't. we're close enough, folks. let's just evaluate where we are. the stuff that's pushing us right up against the door of dow 20,000, same stuff that pushed us since the election. goldman has been the most important stock. i've said this for weeks, in the move to dow 20,000 since the election, that's up today. jp morgan. these stocks had paused for a while. also, big industrial names like united technology and boeing. they also paused. they're showing a little bit of signs. disney is starting to have a great year again. had a great year in 2016. got a great upgrade today from rbc. what's holding us back from getting to 20,000? johnson & johnson, laggards since the election. biggest disappointment, oil up, exxon and chevron down most of this week even though oil has stabilized. that's a bit of a disappointment and conundrum there. a bit of a mishmosh in terms of what's pushing us up. real estate, another big laggard. that's help

let's get to bob pisani with more on that. bob? >> several problems we've got.ittle bit of earnings jitter and a little bit of bonds jitter. bonds are rallying. take a look at 10-year yield. remember how banks have been, goldman sachs a big influence there. 10-year yields, 2.3%? that's the low yst since late november we've had, steadily down for the last month. this is putting a lot of pressure on the banks. it has been. remember, the bank rallies stopped in the middle of december, so kbe is what you want to look at, the big bank etf. it has slid a little bit here. here's your big banks. these are the banks that will be reporting tomorrow. everybody looking at jpmorgan's head, jamie dimon, for guidance on the state of the economy, see what's going on with them overall. they've been sliding for the last several days here. the important thing on banks is the earnings revisions have been going up for them overall for 2017. that's good news, but the stock prices moved up a lot faster. so, here's what's happened. on 2017, this is what we care about, earnings revision

." >>> bob pisani is joining us with highlights and hopefully to name some names. >> i will.t came off the lead panel, the moderator for investing in 2017, the number one topic from all of the panelists and people in the audience was trump and his impact on the markets, and specifically, trump etfs. you can't buy a trump etf right now. you can't buy an etf that has stocks that might be influenced by donald trump on it, but there was a number of attempts here at the panel to construct portfolios of etfs based on how trump might influence the market. so, here's a few that came out -- long etfs, for example, aerospace and defense. ita is the one here, and that got considerably more volume in november as mr. trump won the election. a lot of debate about gold. many people felt if you believe in higher volatility and higher inflation and more debt, you'll be interested in owning the gld. infrastructure and power shares, pkb has seen increased volume in hopes on a big deal on infrastructure. and a lot of disagreement on the u.s. dollar. some people say you should go long, but others

bob pisani has something earlier. hue 4 estimates are up 6.1. q-4 up 6.1. q-1 estimates up 13.8.an we live up to that bar and if we don't, what happens to the rally? >> i think that's why you don't want to make any real critical decisions until after we hear where earnings are going to be and what's guidance as it relates to the u.s. dollar itself. >> are we going to tread water in we get first earnings trickling in? >> let's talk about that because i think you walk into 2017 and you say to yourself, look, we talk in this quucountry about t loss of the middle class. the investment community has lost the middle class. on one side of it you have the buzz light year warren buffett strategy, to infinity and beyond with all positions. and there is nothing wrong with that. that's fine for passive investors. other side of that is you come to 2017 and say, hey, this is a very uncertain type of year. i need to go out and i need to seek alpha. so the moves are going to happen much faster. you look at it coming into today. i took off my bb&t today, financials. i had that. what what am i loo

bob pisani's talked about the market being spring loaded.have this the fourth biggest post election rally in history in donald trump's rally. we even call it the trump rally on our air. >> right. >> and yet now we're stuck into one of the narrowest one-month ranges we've ever seen on the dow. >> well, i think it could break out here. it's funny, get a stock like skywork, 40% of business is apple but broadened the internet of things connectivity. just on fire. up four last night, now up even more. ibm i regard as being a fine quarter stock was down three, now it's up. these are the kinds of switches mentally where people say, you know what, let's not be negative today. it's an concept to think the market could dance to the tune of what is regarded as being a peaceful transition. but the market is taking information that might have thought was negative and treating it positively. >> at least so far as you take a look there at the president-elect and his wife melania getting into an automobile on their way to their next stop. carl, are they hea

let's get to bob pisani, bob. >> good morning, carl. happy wednesday everybody.ds up, ten-year yields, dollar's generally up right now, mixed over in europe, cpi's heating up a little bit, generally to the downside on the open for stocks. let's take a look at sectors here. very defensive tone so your consumer staples, health care doing a little bit better, banks still not catching much of a bid. citi, goldman to the downside, energy, again, $51 on oil isn't exciting anybody. we haven't gone anywhere with energy at all this year. exxonmobil still down on the year. we talked about retail, target cutting full year 2016 outlook, but you see kohl's and jc penney down, they got downgraded at credit suisse so they're down big as well. if you look at target's comments and look at their sales here, down 3%, they made a big deal about the fact that digital sales were up 30%. most of these retailers their digital sales are high single digits, low teens. so it's not enough to really impact the overall numbers in any big way. that's the big problem right now flt target joins

in the meantime lelts get to bob pisani. bob. >> good morning, guys. while we're waiting for mr. tillerson to come on, modest upside to the stock market as we begin today. health care the big leader all year up 4%. another leader again today. biotechs been doing well. energy's on the upside. that's had a rough time. exxon's been down almost every day of the year even though oil has been bouncing around. energy doing well. and industrial materials up fractionally. that's up about 1%. what's going nowhere are the banks even though earnings season for the banks starts on friday. nothing has been happening with them for over a month, essentially. a lot of jitterness going into earnings season on friday and the reason is because expectations are very high. evercore isi i think had the best comment, said the bar on earnings has risen as expectations for growth have increased. slight misses in the third quarter resulted in rather big declines in a number of stocks. so there's a little bit of jitter riness here about that expectations. and i think jimmy had a great line this morning, we

let's get to bob pisani. bob. >> good morning, guys.y modest followthrough the last hour gains we had yesterday. take a look at sectors, industrials are leading here and for very obvious reason, that's because the transports particularly the railroads are strong. banks are flat. materials, techs okay, health care lagging again today. that's happened a lot this week here. put up the railroads, you heard the guys talking about that speculation about again canada pacific, excuse me, for csx. but i want to focus on union pacific because they beat by six cents. revenues were in line. but lance fritz, the ceo, had some positive comments. you know what's going on with coal, but they focus on other areas, higher energy prices, favorable agricultural markets, improving business and consumer confidence all support a return to positive volume growth, which is a big topic for the railroads. some positive comments. i think that's helping the railroads in addition to all the speculation surrounding csx. finally, we have a major downgrade of exxonmobi

let's get to bob pisani see what's going on on the floor. bob. >> good morning, carl.ing in the other direction again. let's take a look at sectors and what's going on here. we're finally getting a boost from energy exxon chevron been horrible all week. energy up, they're helping, doesn't matter big industrial names 3m and boeing weighing on the dow. bank stocks like goldman are weighing on the dow. banks have been sitting there again doing nothing overall. and there's pharma, that's pjp on the bottom. that's down 3% on the week. that's tweak risk right there. bottom line here is 2017 so far we're not getting a really clear narrative. so i've described the markets as a kind of coiled spring right now. we're priced for perfection. we are at new highs for stocks. we are at highs for investor sentiment. we're at highs for consumer sentiment. little volatile there and the most important thing is really high expectations for earnings boost in 2017. there are some people who think we could do $140 next year. we're at 118 on the s&p. that's like the 20% earnings boost. folks,

bob pisani channeling his best don johnson of mi"miami vice." >> we need a gain of 87 points or thereabouts to stay above 20,000. >> we'll try to show you some of the tape. >>> coming up we'll discuss where the dow goes next with some wall street veterans. the wharton school's jeremy siegel whose long predicted dow 20 k. stay with us. they're all ahead. >>> welcome back. history being made today. the dow finally trading above 20,000. it's been there all day, from the open this morning. and it looks, with about 30 minutes left, like it may stay there. up 148 points right now. look at some of the movers in the market today. boeing among the outperformers on the dow. aerospace giant reporting better than expected quarterly earnings. the full year revenue estimate fell shorter. united noting problems regarding the durability of a new turbo geared fan jet enging. seagate surging. it said it is seeing stronger demand for cloud-based products, shifting emphasis away from traditional storage. >> storage is on fire to quote one analyst. half an hour to go in the session. joining us now to talk about

bob pisani, people were wondering, where is bob on a day like today? going to talk to him in a moment, but a lot going on across all kinds of sectors,

. >> thank you, bob pisani. global strategist for jp morgan, alex, great to have you with us today. >> hi. >> how do you interpret the selloff we're seeing in the markets, particularly the 1% decline in the nasdaq? is it jitters over perhaps fears that trump may not be able to enact what has underpinned the rally so far, and that is tax reform and some sort of infrastructure spend? >> what we're seeing in the markets at the moment is a transition taking place, trance fri -- transition was never going to be an easy one and hiccups along the way, such as what we're seeing in the markets today. actually, investors' attention will start to focus back on what central banks are up to. now, we have a number of key meetings in the u.s., the uk and japan. since the collapse of lehman brothers, top central banks around the world have cut interest rates 700 times, one interest cut every three trading days and also combined it with ultra loose monetary policy. >> convince me that everybody is going to pay attention to centr

i'm joined by bob pisani, steve liesman, brian sullivan and melissa lee.d celebration across the country. we've seen both sides, i would say, lady and gentleman of the president today, pugnacious donald trump, who we got familiar with on the campaign trail and during the signing ceremony a few moments ago, we saw the dad, the grandfather, laughing, charismatic, sometimes funny donald trump. thoughts? >> what surprised me was the lack of details on what we are following here, which is tax cuts and infrastructure. the market has been looking for some kind of direction, some kind of guidance. he did not provide it. i thought he was quite strong on protectionism. we must protect ourselves from countries that are stealing our companies and destroying our jobs. rather strong language. you look for the markets here, defense stocks actually dropped a little bit on this infrastructure stocks that should have rallied actually dropped. the market didn't hear much in terms of the further guidance that this wanted. >> infrastructure stocks are still doing well. you loo

pisani was out yesterday? >> he was out yesterday. but he was -- to bob's credit -- >> he was out yesterday?> he's in florida. you didn't see him -- bob did come on our air. >> that is murphy's law. >> he was down there. >> he came via remote. >> thank god. >> in his white miami blazer. it was pretty cool. >> good for him. >> i wanted to be bob at that point. >> you're the one. dom, thank you, ed, charles will be with us. we have not heard from naomi campbell. you're staying, right? >> yes. >> is this glen campbell? >> we have to go. >> this glen campbell? >> took me a second. >> coming up, at&t earnings. >> it's rhinestone cowboy. >> the dollar pulling back from post-election highs. "squawk" returns in a moment. >> welcome back. at&t's fourth quarter earnings coming in line with expectations, coming in at 66 cents per share but revenue missed the mark slightly. here with more is barry shine from drexel hamilton. so, what do you think? >> so, as you said, revenue was a bit of a miss. if you dig into the numbers, you know, the big initiative for at&t should be on monetizing and realizing the