bob pisani at post eight.e haven't really discussed the impact on the exchange or on goldman and morgan stanley for that matter. >> well, look, i think there is the multiples for the big brokerage houses have lacked these kinds of deals and you get the rates up, you get more -- you get these ipos and we can raise numbers. i was looking at goldman sachs today saying how do they ever justify paying 255 remember it was at 165, but it's a different company if there's a lot more deals, different company if there's a lot more m&a, different company if there's more credit balance gain. so we got to be aware that these companies having anticipated some but haven't anticipated the hoopla. >> david solomon made comments this week at goldman, goldman has been part of 14 m&a deals in the first six weeks of the year. >> and i think this year is going to see as i've said many times some very large potential transactions. tmt certainly means technology, media telecom. i think when it comes to the telecom part of that we've g

bob pisani. >> a lot of fun today the company priced at $17 per share, it closed at 24.48. i call that a successful opening. now snap has a market cap, $34 billion. this is the same neighborhood as travellers, deere, general mills and marriott. why the healthy pop? the markets are trading near historic highs. second investors have been starved for a high demand ipo for a long time. third ipo returns have been strong. the average ipo is up 26% in the last year. and finally, the number of shares the company floated pretty small, just about 14% of the total shares outstanding. this was a great first day pop but a lot of tech companies have had great first days then they run into trouble within six months or so. item number one. facebook priced at 28.12 but had a terrible time after that. then we had twitter. they priced at 26 in 2013. huge first day. they closed almost $45 but it too was plunging six months later. and we have alibaba. they priced at $6 in 2014. their first day they closed at $93 but it too was dropping six months later and eventually went below it's ipo price

speaking of trades, let's get to bob pisani and see what's the latest we know. bob? >> indications have not changed, $23.50 to $24.50. so, remember this process. they priced it last night at $17. early indications $21 to $23. they upped that quickly to $22 to $24, but in the last hour, frankly, it's been very stable. this is one of the more stable ipos than some of the other ones like xpo that's moved around a lot. it's been coalescing around the $23 range. so, $23.50 to $24.50 is where we're at. i want to show you the process. this is the runner of goldman operations here. goldman is what we call the stabilizer. in a sense, they're the company that assembles the institutional book. shawn is sitting here. of course, he's in touch with the goldman desk that's assembling the book. you see patty murphy over there on the far end who is talking to traders on the floor and also helping assembling the book. and again, i emphasize this so many times, it's a beautiful mix of human beings that are sitting here looking at massive orders to buy and to sell stock and computerized

let's get to bob pisani, bob. >> good morning, guys.re waiting of course for our friends from canada, canada goose to open here, markets open nicely here, europe's up nicely. euro's up. of course the dollar was weak yesterday and of course the netherlands election helped. take a look what's going on here and carl's right. we're just a whisker from new highs right across the board. remember the old high on the dow jones industrial average 2115, so do the math there we're 34 points away on that the s&p 500 old high 2,400, so we're about 14 points away there. nasdaq composite, nasdaq 100 already hilt a new high, so we're five points, six points, carl's right just a couple points away from new highs right across the board here. sectors, folks, old leadership is back. call it the reflation trade, some call the trump rally, yesterday beaten up groups like energy and reits were rallying. huh-uh, this is old guard back here, financials, tech, materials, there it is, the reflation trade all to the upside here. the big debate of course last night

bob pisani explains the late day moves. >> the dow down just 59 points but that does not describe the high drama today. i liked the bill on fail if it went to a vote. but then word leaked pout the president was pulling the bill rather than have the vote why. ? they're keeping the repeal bill alive was important because getting rid of the taxes in obamacare would help offset the tax cuts the president is proposing. for the week, the dow is down 1.5%. that's the worst since september 9. traders are very eager to move to two others. next week, with earnings up 10%. the best snowing six years, traders are eager to change the subject to an improving economy. >> the ceo of charter communications was at the white house to announce its doigs invest in broad band infrastructure, move offshore call structures to the u.s. and create 20,000 jobs. >> we also committed to spend $25 billion in infrastructure capital over the next four years. that's the deployment of new infrastructure which also creates jobs. the whole thing is predicated on an opportunity to live in a more leaguer to climate. a tax

let's go to bob pisani.s coming into bonds this hour on the floor of the new york stock exchange. >> i think the way you square this, rick was asking this question, market going up, it essentially got what it wanted. braced for a slightly more hawkish. at least down here gradual means three rate hikes this year. i polled everybody. that's what they believe. if they would have implied four or more, it would have been a problem. as steve noted here, two more for 2017, that's exactly in line with with what people were expecting. modest upgrade. they left that in there. so i think that this is exactly in line with what the market was hoping for. you see the s&p, we were up eight points. that's a nice little rise. finally, take a look at the kbe, bank index, concerns of higher rates is moving down a little bit. can we be comfortable with the fact that they're moving away from the data-dependent mantra to we're going to start raising rates on a pretty regular basis? at least right now the market seems comfortable

back to you. >> bob pisani, thank you. let's get more on the president's comments that are sending stocks soaring today. kayla tausche is on the white house lawn. kayla? >> reporter: the president and his top advisers are meeting with gop leaders, talking about what was said in the speech last night, the priorities, the to-do list that the president set for congress and also about the process that is going to be getting under way. take a quick listen to the president's remarks. >> thank you very much. we're here to start the process and we think we'll have tremendous success. thank you very much. >> reporter: that process, of course, will be -- that process, of course, will be a very involved one because of the very long agenda that the president has set for congress. health care reform, though, being the very first thing they will be focused on. i'm told by an aid that the topic of the weekly republican conference meeting that happens tomorrow morning will be on health care reform and how to put the nuts and bolts that th

back to you. >> thank you very much, bob pisani. let's bring in global strategy at jp morgan, ben mandel. what do you make of what's going on? seems we are moving on headlines. interestingly we turned positive on the markets here, but we are moving around here. >> what happened yesterday, the issue of our health care is basically a question of are we removing a source of upside risk to the outlook? today and the events in london assert a lot of downside risks, some very scary. i like to focus on our baseline expectation, the resilience of equity markets is a function of fundamental. resilience of the u.s. economy. the u.s. economy is the amazing 2% economy. it was 2% in 2010, coming out of recession. disappointing 2%. in the depths of the euro crisis it was 2% in 2013 when the u.s. government shut down. this is an economy that's been extremely resilient to an ashocks. it supports a limitation on the downside risk. it's a continuation of this long -- >> is there a cap on the upside? we're up 5% or so. >> that's a very fair question.

for "nightly business report" i'm bob pisani at the new york stock exchange. >> the snap ipo was a big topic of discussion at the ypo edge conference made up of thousands of professionals from all across the global. tyler mathisen was there and asked the executive chairman of cisco about snap and whether it's the type of company that reflects the transition from the internet age to the digital age. >>> what will occur over this next two decades, but i have seen the movie before. this is like 1990 to 2010. the internet air and during the '90s we grew at 65% a year. so the key you've got to capture these transitions and they run for a long time. some companies do very well, some have setbacks. >> mr. chambers also said that regulatory changes are needed in this country to support startups and that the country needs five times as much startups going public to meet economic growth targets. >>> still ahead. why americans are borrowing more than ever to buy a vehicle? >>> the number of americans filing for unemployment benefits last week fell to a near 44 year low. jobless claims dropped 19,

it's a simple question but as bob pisani explains, the answer is a bit more complicated. >> stocks cleared two of three hurdles but the final hurdle may be most difficult one of all much we saw market friendly joum h. jut come from the dutch election. the dutch appeared to turn back a populous tide and the fed calm rate hike jitters by implying they will be gradual which means three hikes this year and three next year. the market convinced itself it can keep doing even though the fed is changing the stance from being data dependent to keep raci raising rates for a while. that is because of the trump rally, tax cuts and lower regulations and infrastructure spending that has arguably been the main driver of the rally. the question is has the market already discounted the full infect of trump's proposed policy plan? my opinion, not at all. there's still plenty of room for stocks to rally. it's one day for the markets to move on big hopes for pro growth plan. but another when you actually see real numbers. we don't have those numbers yet. and what that happens, i think we will likely get a sec

melissa, back to you. >> bob pisani, thank you.he best places to put your money to work next quarter? chief instrvestment strategist gabriella from jpmorgan asset management. good to see you. i mean, we entered the year with certain notions of what the trump trade was going to be and how they were going to do in the first quarter. we thought financials would be the clear winner. they're the third worst performing sector for the quarter. energy would also be strong. that was one of the worst performing sectors. how do we re-evaluate to reposition for the second? >> when i think about the trade this quarter, the factories being assets did much better than something like cash or quality fixed income, to me it's not necessarily a trump trade, it's a global reflags trade, it's a pickup economic data around the world and that is still very much the case. so as we go into the second quarter, that's the main factor we're watching. and as a result we still would be positioned much more for risk assets including the cyclical sectors some of

guys, back to you. >> thank you, bob pisani.n green lighted the merger between dow chemical and dupont on the condition the two chemical giants divest. the eventual plan is to split into three independent and publicly traded firms focused on agriculture, materials and specialty products. dupont spinoff continues to climb, chemours. up more than 370% the past 12 months. it is a global chemical maker behind brands such as it teflon and freon. an exclusive with the ceo. mark, thank you for joining us. we appreciate it. >> great to be here, melissa. >> i want to get your take on how much your company could possibly benefit from an infrastructure plan by the trump administration and by tack cuts. >> i think those two things can be nice little tail wind for us. to us that's sort of like gravy. what we really have going for us we've executed under perfection on our transformation plan. we've done everything we said we were going to do. and now it's really about innovation and new products to meet our customers' needs. >> you've put to

bob pisani, if you are one of those traders who thought a rate hike was coming in march as we've seen the fed funds futures, i didn't hear anything there to dissuade me from that thinking. >> not at all. the economy has essentially met the fed goals? that's very important. that signals a new phase in fed policy here. less worry about low inflation and less worry about global risks and more confident that they've attained their goals. i think it's an important inflection point. what's interesting is the market reaction. i call this very, very muted. we were down two points on the s&p 500. the market has been, obviously as you saw on the fed's funds future, expecting this kind of statement. i still think it's very important for them to state a goal that they essentially are meeting their fed goals right now. you can see the markets are not moving too much. gold, which has been down four days in a row here, 12.26. it rose just a little bit. 12.25 is what i had prior to the overall announcement. kbe, the bank index, essentially unchanged on that. market is remarkably stable on most of thi

let's check in with bob pisani. referenced the skinny-dip because we were down eight days but we only fell about 2% in that time. it was a slow bleed. >> reporter: you rarely see, brian, consumer confidence move the markets. it did today. stocks moved. things turned around. the dollar got stronger. ten-year yields got strong er. oil provided another boost. you see where the markets are at the highs of the day. take a look at the sectors. banks, industrials, materials. we used to call this the trump trade. a lot of guys are saying stop calling it that. let's call it the economy is improving trade. a whole move in the last few days to get away from washington and focus on the fundamentals and the earning situation. a big note out late last night, very typical example of this. fundamentals over politics is what we want. the indicators are strong. we saw that with the consumer numbers. no reason to walk away from the trade and buy on weakness. we talked yesterday, guys, about the great hope on earnings here up 10% for t

and bob pisani on the floor. and better thrtha coombs at the. they're still trying to convince the freedom caucus? >> this was supposed to be the low hanging fruit and the promise of president trump's pro-growth policies coming to bear depends on what happens this thursday when house republicans are set to vote on the american health care act. president trump meeting with republicans at the white house this afternoon to discuss the bill further, having posted photos on instragram with health republicans this morning and the hash tag pa #pass the bill. they say it is just business as usual trying to get a deal done. >> if the house passes something, i'll bring it up and then we'll bring egin to work o in the senate and you'll have lots of stories about various people lobbying for different parts of it and we'll try to move it across the floor next week. >> he said earlier that he was confident that the house would pass it, but then he said if. it cannot pass if more than 21 of 237 republicans oppose it. nbc news currently tallies 26 votes in jeop

thank you, bob pisani. so why does the correction seemingly never come?st money" friend joins us here on the set, tom. some people have been coming on saying they're waiting for a pullback to get in at better levels. >> maybe they're stuck at the border. they're not being let in. >> seriously. had. >> i don't know. it is a little mystifying. i would say, one, we haven't seen one for a long time. credit markets haven't really kept up with equity and commodities have it. so it feels like divergence. we have to ask, why hasn't this happened? i think ultimately maybe the best explanation is, since election day, this notion of pro growth and deregulation are such powerful stimulant that's the equities are really keeping stocks from having a deeper pullback. >> when you're out with your industry buddies talking about the lack of movement in the markets, does it come up that perhaps computerized trading and risk parity funds, they've fueled this slow and steady grind higher and this lack of movement in the market? we have low volatility probably sucking people i

i'm bob pisani, cnbc business news, new york. >>> we need to take a short break. check out world markets live, our blog. you can find us on twitter, @carolincnbc or @louisabojesen. loads of you being active. we'll see you in a second. >>> hello. welcome. yes, you're still watching "street signs." i'm carolin roth. >> i'm louisa bojesen. your headlines this morning. super exciting. we have a lot on the agenda. >> let's kick things off with ericsson. double the writedowns. ericsson shares sink after they say restructuring charges will be twice the original forecast. >>> two of tesco's top shareholders urge the british supermarket to drop its booker deal, saying the 3.7 billion pound acquisition is too expensive and badly timed. >>> shares in wolseley hit the top of the stoxx 600 after the building supplier reports a 25% rise in first half profit. >>> with 14 speeches expected this week from members of the federal reserve, investors will be all ears when chair janet yellen takes the stage later today. cnbc has an exclusive interview with the federal reserve vice chai

let's get to bob pisani on the floor. bob. >> good morning, carl.e trump hope trade as i like to call it very much alive. 2-to-1 advancing to declining stocks, major sectors, new highs all over the place. all the major banks are hitting 52-week highs right now. we're also seeing new highs in the tech names, apple new high, materials advancing nicely as well. industrials are doing well, boeing's at a new high, honeywell at a new high. this is really across the board rally, but particular strength in the financials and the industrials. as for trump and the markets, no, they did not get the specifics they wanted. and in that sense it was a disappointment, but it didn't matter. we didn't get anything on banks or dodd/frank or housing reform or russia or china and almost nothing on energy. it didn't matter. the speech gave a strong impression that the president could accomplish his goals. that's a win. the market has been giving trump the benefit of the doubt all along, and the rally has been holding on the belief that he can get his agenda passed. on th

let's get to bob pisani see wla what's moving. hey, bob. >> hi, carl. jim has it right as usual.'s look at the sectors. and they're right, the retailers are leading here. you can thank of course pvh. five below is a big help as well. bank stocks and banks are having a big problem here. they're down about 8% for the month, but once in a while they'll pull back and you'll see some leadership in the middle of the day. that's what i mean by this rotation. tech's the big leadership group, down today but not much. energy has been down, a lot of the big names down in double digits here. i've noted the growing technical damage in the market. we're still just about 2% off in the s&p, but a lot of etfs are down significantly. so exploration production companies, some of the big energy companies down 17%, metals and mining have had a tough time, the steel stocks have had a tough time, regional banks have had a particularly tough time. a lot of stuff is down in the mid teens right now. and retail of course a very tough time. retailers recent highs were back in november and december. and i'm

. >> bob pisani joining us with a look at what has been a successful ipo. a lot of questions, but focusing just on the number, they look good. >> bill with whiskers, a total turn on. this is where all the action happened. so remember, priced at $17, but opened at $24. 40% more. and it's held up, we're about $25 right now. traded almost 200 million shares. that's how many shares they floated. anytime you trade the 234r0eflo that is big volume. looks like we'll close above the initial price. why did it do so will? three reasons. number one, stock market is at a new high. and number two, there has been a lack of ipos out there. here it is coming to save the day. and finally, it has a small float, only 14 respect about % . $35 billion market cap, that is the top third of the s&p. they're not in the s&p, but look here, that is where norfolk southern is. it has the same market cap as deere, general mills, marriott. this is a big ipo, biggest since ali baba. we've had a number of first day pops that are big like 40% or no. twitter did it, box did it. some of the o

don't forget as bob pisani talked about there's this saudi aramco deal.see oil go through the floor and they are in charge. >> jim, what are you going to tackle tonight? >> we have apple hospitality, hotels are really the judge of how where countries doing in various regions and then boxed i like private companies i think one day could come public. i was out to dinner last night with my friend his birthday and a bunch of other guys, all people could talk about was peloton. >> really? >> i think peloton will come public this year. yeah, my wife likes the hip hop, so do i. >> we're still waiting on sole's eventual -- >> yeah, seoul cycle, fly wheel, got rachel w, i mean everybody has their person. it's a really interesting thing. but this peloton is taking the world by storm. >> we're going to watch that space. >> what a fun show. >> we had a good one today. >> yeah, it was good. >> we'll see you tonight, jim. >> okay. >> "mad money" 6:00 p.m. as jim says we're going to continue to talk health care, keystone and a lot more with former senator tom coburn. do

i heard bob pisani talk about low volumes. we're not see iing it in the options world. been averaging about 20 million a day. financials were active just the other day, now, they're coming after some of material space as well as energy name, so i jumped on kmi yesterday. >> they include europe and emerging markets, which had youds reversals. being play iing the downsided rates, breaking through this 230 range, playing the downside on small caps an high yield is how i stay in these trades. >> if you look at the eu, the headline, said to okay the dow dupont deal. that to me means it's more likely that -- deal is going to pass as well. so i've been long on santo, but i bought back my valiant. that's my trade, the riskiest trade that i hold. >> at what price. >> around 1060. >> 1060. all right. mark the tape. >> mark it. >> looking at me? >> 160 transports. looks like it wants to hold. i'm encouraged that the russell still holds 130. those are interesting things for me and i don't think the bio tech trade to the upside is finished yet. >>'s look at the move of the day. xlf

this morning's selloff right now bob pisani on the floor with all the details. >> hello, wilf.nd here long enough we may go positive. we've been down 23 points in the s&p, now only down six. a lot has to do with following the bond yields. let's look at the sectors. banks are still weak. it was a lot worse earlier in the day, believe me. trump trade, banks, industrials and tech stocks weak, energy still can't get oil towards $50, health care is the lone bish e beneficiary. show you that in a minute. look at the bank stocks. there of course big trump agenda beneficiaries, less regulation, tax cuts helping them. down 12% or 13% from recent highs. again, it's not a good day, but they are well off of their lows. another trump trade, industrials and infrastructure stocks, caterpillar, ingersoll-rand has been recently week. remember martin marietta and aecom also down 8%, 9%, 10% from recent highs. what's the beneficiary? it's health care not surprisingly. you see some of the drug names, pfizer, bristol-myers on the upside, molina, centene and tenet healthcare among hospitals all boun

bob pisani, tell us about that story. >> good to see you. the bulls are hoping a strong earnings season may provide a martial stabilizer for what's likely to be a rocky debate. now, look here, earnings for the s&p 500 are expected to be up 10.4% this quarter compared to the same last year. if that holds, it would be the biggest gain in nearly six years since the third quarter of 2011. that could change the conversation about an entirely comfortable rally pushing more towards the mund mentals. first, the two biggest sectors, technology and financials are said to deliver earnings gains of roughly 15% apiece. those are huge numbers and energy stocks, the other key piece here, after two years of declines, they're expected to e report positive ironings over all, so right now, we're in a delicate situation. be nice for ail to get over $50, but so far, the earnings expectations, very strong for this quarter. >> thanks. then the question becomes what's more important. tax x in the trump agenda or earnings. people are talking about earnings as much t

let's get to bob pisani. bob. >> good morning, carl. happy wednesday everybody.est declines in the market given what happened yesterday. let's take a look at the sectors and a lot of what we've seen recently which is sectors weak for fundamental reasons, banks on the ten-year, energy stocks on weak oil down, retail we know what's going on retail continue to be weak, tech's bouncing back. tough day for tech yesterday, but it moved up here. we were at the highest level since 2000 in the tech etf on monday. utilities also doing a little bit better here. we're in this very strange sort of middle ground now. i call it a stock's netherworld where the market's down but it's not really oversold yet. we haven't gotten to that area where you can say, oh, yeah, obviously the market should be buying. selling yesterday was heavy 4 billion shares but not panicking. very orderly all throughout the day and most sectors are still in up trends if you look at the longer term charts. that doesn't mean everything is working. we have noted certain etfs have already moved into correcti

patrick's day and talk to bob pisani. hey, bob. >> hey, melissa. here's what's going on. trend is your friend. since wednesday there hasn't been a lot of trend. we're still in an uptrend. all the gains came this week. just shy of new highs here. this ten-year, i don't like what's going on here, 2.5% on the ten-year, lowest level in nearly two weeks. the bank stocks. again this is not the first day we've had problems with bank stocks. earlier today they were down 1% or more. off their lows here. still a problem. kb, the bank etf. it's been diverging from the s&p 500 for the last three or four weeks here. that's that red line that you see. that's a bit of a problem. lowest levels since early february there for that. another source of concern, small caps. russell 2000 has been dramatically underperforming. red line versus the s&p, white line. you can see the under performance. supposed to have been big beneficiaries from the trump rally. it's been kind of crummy in the past week. that's another concern. they're continuing to correct today. they're also down. same story. they

let's get to bob pisani on the floor. good morning, bob. >> good morning, carl.e start to the day. let's take a look at the sector moves and finally a bounce in energy. we've been talking about those problems with oil recently to get a nice bounce we had the api last night showing a draw in crude. that's helping oil, materials, banks, consumer staples. threats to the market right now, let me point out, the energy etf down 8, 9% so far this year. a lot of oil stocks down double digits so far. that's the main threat here. in terms of like broader macro threats, a lot of talk about the dutch election going on today. we'll see how that ends up. i think the most important thing -- the two most important things is whether or not the fed is going to be hawk issue day and whether they changed the gdp forecast. we'll talk about that later in the day. and, of course, concerns about slowing and maybe derailed trump agenda. the market is not showing any signs of being concerned about that but it floats out there as a potential concern. in terms of where the market has been m

right now we go to bob pisani, if that's okay. >> sure. >> bob, there he is. >> good morning, david,, everybody. if you're looking to try to figure out what trend the market is moving in based on the open, i'm afraid you'll be disappointeded. it was exactly even on the advanced decline line and the sectors either side positive or negative, let's look, up moves generally in energy stocks. financials slightly to the upside, materials slightly upside, industrials unchanged, mildly on the upside. banks opened 50% up, 50% down in the banks so generally bb&t and zion opened down, fractionally upside, suntrust, huntington and citigroup on the upside. at the open it was 50/50. the big trend in the last day is wall street trying to get more focused on earnings and economic states and less on what goes on in washington. so toe bias lebkovic, typical, choose fundamentals over politics. he noted we've been talking not only the lead indicators strong but the earnings situations strong. that's the fundamentals part. he concludes along with a lot of people they don't see a good reason to walk away

let's get to bob pisani on the floor. hey, bob. >> good morning, carl. happy monday everybody.k at the sectors moving slightly more defensive tone to the market. remember health care's been a leader along with technology throughout the month here. so consumer staples leading right now. health care on the upside. tech's been the big market leader through the month up about 2%. that's flat right now. banks and energy have been the disappointment both down about 2%. show you that in a minute. remember, most sectors are up or down about 0.5% on the month, s&p up about 0.5%, but energy and banks are the disappointments here. energy stocks moving to the downside. there's not a lot of news out today on energy. inventories we know are still high, rig counts were rising. we saw that on friday. that trend's continuing. but you can see most of the major oil names still to the downside. xle, there's your etf for energy, that's the disappointment down 2% for the month. and really has been straight down if you take a look at the xle for the whole year it's down about 8% for the year. of cour

bob pisani is live on the floor that used to be a lot more crowded when he started down there. >> reporterthat's right. see this floor behind me? in 1997, michelle, when i first came here there were 5,000 people on the floor of the new york stock exchange. today about 450. this is all a direct result of technology. this illustrates an important point. there is a technical arms race going on among the asset managers and the winner is the average investor. trading platt porms this was all about the ability to create computer programs that were able to trade stocks at intervals far faster than humans could. for black rock and the asset managers the ability to create programs out of decades old investment methodologies. call it value investing, momentum investing, i don't care. thanks to advances in big data andalytics these styles can be put into algorithms and like a lot of the nyc traders have gone away so a lot of the active managers are going to go away. the problem, of course, these funds generate big fees so the trend has been a problem for firms that are associated with active manageme

let's go to bob pisani. he has more on what's moving. >> happy wednesday. mixed open right now. point out what's going on in europe. important day because has may has triggered the article 50 on brexit. look at europe here. london stocks, slightly to the upside right now. they were negative earlier. germany and france also to the upside. we have our first casualty you can argue from brexit. that's the merger between the deutsche boards and the london stock exchange. it's dead. it was formally blocked today, competition grounds they said. don't kid yourself this was a political decision. london would have been the main office of this and the european union was incomfortable having -- uncomfortable having them control the deutsche boards. so you can see both of those stocks trading to the upside. look at the u.s., mixed markets. it's intriguing that banks aren't down much even though the ten year is down 2.4. that's a worrisome spot here. banks were positive at the open. industrials were strong. fractionally to the downside here. you heard the guys talking about blackrock the bigg

let's get to bob pisani and get more on what's moving this morning. >> good morning, david.hursday, everybody. mixed market, but the key is the reflation trade is holding up pretty well, a second day in the low. look at the sectors, energy doing very well. oil up. conocophilli conocophillips' news is helpful. and banks are moving up. a problem at the ten year, and there's the reflation trade. tech also the market leader this quarter. look at the couple sectors moving, infrastructure is up a little. treasury secretary elaine chao said that trump would unveil an infrastructure plan later on this year. we don't have any details, we don't know anything, but you can see some of the classic infrastructure plays here moving up on that news as well. i think the bigger news this morning is the exploration of production names. all up on the conocophillips news. remember, you heard from -- they did sell the oil sands assets in western canada. look at that, conoco up 6%. they erased all their losses for the year. they've got $10 billion in cash and some synovus stock. conoco was down 8%

insights from bob pisani who has been walking the floor today. robert. >> 20,000 to 21,000 in less than five weeks, bill. five stocks account for half of the gains. number one, apple. about 120 points in the gain in the dow industrials. the,00 goldman sachs. about 110 points in the dow's gain of the 1,000-points gained. 11%. number two. boeing. all the aerospace stocks have been huge. boeing up dramatically in the last five weeks. that's 105 points of the gain in the dow. the big industrials that are out there doing so well on the trump trade. 3m is up about 85 points. added 85 points to the 1,000-point gain in the dow. johnson & johnson almost 80 points since january 25th. add it all together, about 500 points from those five stocks. only laggards. a little bit from exxon and chevron. not that much. exxon is probably 20 minus points on the dow and chevron is probably about that. but that's about it. almost no real losers since the dow passed 20,000. back to you. >> bob, we'll see you soon. >>> to the key takeaways from president trump's address

let's get to bob pisani see what's moving on the floor. hey, bob. >> good morning, carl.lume at the bottom. a lot of volume at the open and a lot of volume at the close on the rebalancing. right now let's take a look. we have what we've seen for a while, tech leadership and leadership in health care, but again this continuation of what i call rotation. stuff that's beaten up last few weeks has done better this week. so nothing ever really falls apart anymore. energy came as close as you possibly could get. that was down about 10% at the maximum, but so far this week gold's up 2%, that had gotten beaten up. russell 2000, small cap index, worries about that earlier, that's up 1.3%. reits are up, energy stocks which were the worst performers for a long time, they're up. so this rotation helps keep the market going here basically, so s&p 500 up fractionally as some of the laggards are up. there are a couple laggards out there, but again, not to any great extent. so banks, kbe, down fractionally for the week, it's been drifting around for the last month. we all know that yield

. >> bob pisani at the new york stock exchange. the d.c. is big, it is certainly an impactful thing but as a trards pointed out, allied financial, making concerning comments about loan delinquencies which he said spooked people as well. what are the traders saying? is it all d.c. or something else? >> no. you just brought up an important point. an aspect of this that relates to fundamental weakness. so there are three components and thank you for bringing that up, brian. three components to why we are down today. let me list them for you. number one is continuing fallout from the fomc, the dovishness the dollar and the bond market, bond yields dropped on the fomc meeting and continue to drop. that's follow through. number two, anxiety over the trump agenda, lot riding on the thursday vote in the house of representatives, fueling obamacare. the third part which brian alluded to, fundamental and commentary in the autos, energy we're at lows for the year in oil here. that's a fundamental which is independently of the other two issues going on.

bob pisani has more on what's moving. >> good morning.a little under assault right now. look at the sectors not surprisingly financials of course lower yields impacting, we have industrials, materials. there's the trump play right there. utilities on the upside on the lower yields. i think the senior economist this is what they said the risk that the markets are confronted with is one of trump's deal making claims. you can see that in the way that the markets are reacting today. big beneficiary banks, lower taxes and less regulation. higher rates potentially. all the big names down about 3%. all of them are down 10, 11, 12% this month alone. infrastructure of course another part of the trump agenda. most of the big names that are in the industrial area of the -- like martin marietta and the big engineering companies all down 8, 9, 10, 11, 12% so far this month. also down about 3% or more today. so the big question is how much is this going to impact the market and the multiples overall? the stock market is really expensive, we are trading

bob pisani brought up what will likely be a fed rate hike. rick santelli tracking interest rates at the cme. rickster. >> in front of the fed meeting flattening in the curve. short maturities like the two-year unchanged looking to intradays of 10, down 5 but it is up 15 on the year. and if you look at a two-day chart puts it in more perspective. yesterday's 2.63 yield close usurped september 19th of 2015 and pushed us back to july. key highs going back several years, 2.60 and 2.64. look at two etfs. hqd so pretty as a barometer, everybody was working together. seeing a little of this show up as they come off extreme levels and dip lower and dollar index. bob brought up the fed meeting. it certainly doesn't seem like it's going through the roof due to fed tightening. as a matter of fact, still 3/4 of a cent down on 2017. back to you. >> all right. rick, thank you very much. well, the president has certainly promised a lot of things about job, the economy, infrastructure and tax reform. it is a very ambitious agenda. but do most big money playe

i know bob pisani is and peter costa. guys, what do you make of the market reaction?in declining stock. you don't see that often. i think the key is less aggressive than people thought. you saw this in the overall move in the markets. the whole market moved up. interest rate sensitive group particularly. the key is right now, can the markets adopt the idea that the fed is moving away from the data-dependent approach and more towards the idea, we're going to start moving up rates on a regular basis. as long as they believe it's gradual. three this year, three next year, the market seems okay with that. >> goldilocks from the fed today? >> seems like it. >> got the hike you wanted. not too fast going forward. >> the comments afterwards were what really sparked people. i think everyone was expecting this. with them giving calculator saying this is exactly what we're looking for, slow and steady wins the race. me, i like to get it all done. next year, should nothing change -- data can change very quickly. you can see, if they're going to get the growth they're looking for

bob pisani. let's get to the bond pits as well check in with rick santelli.ay over at the cme in chicago. hey, rick. >> it is a big day. it's a big day. and i know all of my compadres all seeing how midday and fed speak plays out, but i have to tell you it seems like so much wasted energy. you know, we've had a huge run in stocks. think about back in the day of qe trying to raise the level of financial assets on somewhat of a faux premise. now at least we have a premise that things can happen. we have the right makeup to get it done. these opportunities don't come along and the dollar's taken a bit of a hiatus even after yesterday's run it's backed away from unchanged on the year. they should have just done it. they should have done it yesterday. two days ago. but to put all this focus is really taking away in my opinion from some of the trade that's going on in the markets for more fundamental reasons. the fund game is getting old. get on with business. if you look at a one-week of the two-year you can see it's up about a dozen basis points on the week. at t

bertha coombs filling in for bob pisani for us this morning. let's go to the bond pits.k santelli and the cme in chicago. hey, rick. >> good morning, carl. you know, let's start in europe because of course many eyes were focused in europe. it was mario draghi's big day. it's come and gone. a bit of a yawn actually. but it doesn't mean it's not important. it's just not necessarily important right now. look at a 24-hour chart of euro versus dollar. look at all that volatility. look at a one-week chart puts it in better perspective. but here's the real perspective and it's the same for the dollar which is basically the mirror image of the euro versus the dollar, dollar index, because it's such a significant portion of the dollar index as a valuation. this a year-to-date chart, keep it simple. see the low there, basically 1.04, see the high, basically 1.08. what's the middle? 1.06. where are we? we're basically at 1.061 right in the middle. and the dollar index is sort of in the middle as well. these aren't markets acting as though they're either very nervous or expecting bi

. >> let's go to pisani. bobup earlier, it was a shame you weren't ready, it was a nice segw segue. >> it's great to hear you talking together. we have had an important uptrend and an incentive that's moving the markets. let me show you what we have today. the two weak sectors, banks and energy. sort of weak here today. energy turned around, and it's been rallying. we had $50 oil here earlier in the week. i highlighted gold. it's up 8%. gold's had the best move in a year. that's one of the big winners for the quarter. speaking of the quarter, an unusual dispersion of the numbers. tech was a monster. small caps really underperformed. that's very unusual. 10 point difference between the nasdaq 100 and the russell 2000. we know that banks were weak. energy was down, but it's coming back as oil has been moving towards $50 so that trend has been turning around just in the last four or five days. elsewhere, europe and asia is mostly down. china up overnight. the march of the manufacturing in pmi in china was good. reme