bob pisani at the new york exchange with more >> hi brian, explain this to me.il had its best week of the year that's a pretty poor response. given oil has gone from $42 to almost $50 in just a month so here is the problem after being burned badly all year on oil and oil company estimates, the street is scepticle. no one can get their hands on the price and nobody, in january, oils around $50 and analysts can confidently say oil is about $50 in a third quarter. wrong, it went straight down and now it is starting to recover. analysts forecast a strong recovery of earnings above oil it is not nearly as expected a few months ago it does not help much if you got a big oil executive essentially saying we'll never hear a oil rally ever, yes, royal dutch ceo van beurden says we have quote, "lower for ever" no wonder these oil companies are focusing on just keeping costs down >> back to you brian >>> bob pisani, long day, thank you. jim, you are our future now. what's your thinking >> we look at the year out trade. it is aconsolidation now, we are at the topside of that

i'm bob pisani as the new york stock exchange. joining us now with his predictions is mike thompson. nice to have you here. let's start with the key sectors that we're going to be fos tomorrow. how important are financials? >> very important. second most important growth. expecting about 7%, but more importantly, the financials offer leadership in terms of earnings growth and they're a harbinger of good things to come. particularly when we see strong earnings, we see it consistent with strong earnings from this sector. >> i think your prediction is overall profits will grow 9 to 10%, but a lot is it not true, .ike, comes from energ you've got energy going up 64%. if i strip out energy, are profits as healthy as 9 to 10%? >> well, just to kind of right set, currently, the consensus is b about 6%, but what happens is analysts tend to guide low. compan guide lower generally and analysts take their numbers lore. fear of unz performancing and that's something that they have to watch out p for. the key thg here is that energy is a small

i'm bob pisani at the new york stock exchange. >>he for t second? here's what history tells us. the average return for the past 20 years for the final six months of the year shows a gain of about 2.5% for all three of the major indexes. a little higher than that for nasdaq as you see. brad mcmillan, chief investment officer at commonwealth financial joins us now to discuss. brad, i see in your forecast that you have the s&p 500 moving up to about 2500. that's about what? 20% from here, right? >> just about there. and i think that's going to be about par for the course. >> what do you think drives it to that level and what are your worries? >> well, where we are right now, we've seen the market come back on fundamentals. and i think the fundamentals, the earnings are going to continue to improve. that should carry the market up higher. >> so, what about the fact that economic growth has not been as strong as some people thought it would be? the administration is hoping for something close to 3%. but som of the forecasts that came out this morning came out at 1.5, 1.6%. does that

bob pisani takes a look. >> reporter: it's not just retailers. now there's a broader concern, amazon has the potential to disrupt middlemen in general. here's the issue. if you don't make the object you're selling, or you don't have some sort of intellectual property, then you're just a middleman. and you're increasingly more vulnerable. so, amazon is taking aim at middlemen in the whole industrial space and beyond. in 2005, they bought a business called smallparts.com. in 2020, it was renamed amazon supply with the idea of supplying industrial and commercial customers. in 2015, it was re-branded again, this time it's called amazon business. and it's got a bigger goal, to be a supplier to the entire business-to-business community. amazon b corporate buyers according to crane. and passed $1 billion in sales according to reuters. that's big. g to impact industrial distributors like granger. they sell screws and pumps and tools and other parts for industrial america. last week, goldman sachs urged investors to sell granger in a note as well as genui

bob pisani explains. >> reporter: amazon is putting retail ipos on notice.he announcement today that amazon would be entering the meal kit delivery business that hammered competitor blue apron for another 10% tee kledecline. it's been pretty much straight down since the second day of trading and broke below $7 today. this is leading to a wider discussion within the ipo market mace. how much can amazon disrupt other retail operations particularly those waiting to go public? john from ipo scoop called amazon the 800 pound gorilla in the room. they have the money and the facilities, he says, to make anything work if they want it to. now, pet i.q., this is a distributor of low-cost pet medications, plans to go public on the nasdaq this friday. they don't mention amazon as a direct competitor, they note the companies you might not think of like leslie, mars, all compete in the pet health and wellness category. self-other retail ipos could go public in the next few weeks, sun basket, fresh direct, also meal delivery in germany, and yedi which makes coolers. amazon

bob pisani at the new york stock exchange with more >> hi, brian explain this to me oil had its bestof the year it was up almost 9%, but the energy etf, the xle, was up only 2% that's a pretty poor response, given oil has gone from $42 to almost $50 in just a month so here's the problem. after being burned badly, all year on oil and oil company earnings estimates, the street is very skeptical fed oil can stay over $50. so look at exxonmobil. it hit a 52-week low today, because it missed on earnings. international production was lower than expected. now, chevron did a bit better, it beat expectations no one can get their hands around the price or even the direction of oil, i mean, nobody in january, this is an example, when oil was around $50, analysts confidently said oil would be about $56 by the third quarter. wrong. it went straight down to about $42 and is only now starting to recover. analysts had also forecast a very strong recovery in earnings for big oil. now, earnings are above last year, but not nearly as much as analyst expected a few months ago. finally, it doesn't help m

bob pisani has more on what's driving the market. >> the stock market has a high class problem right now. an awful lot is going right. first and foremost, earnings have been strong. we're past the halfway mark. earnings are up more than 10% year over year. revenues are up 5%. estimates are strong for the third quarter, as well. valuations are higher, all right. but the margins are comfortable as long as there is earnings growth and the economy is improving. and the global economy has been improving. money is flowing into european stocks this year. the credit markets are in great shape. defaults are low. and a recession, nowhere on the horizon, next, the dollar's been dropping. providing a tailwind for exsporters. and rates are low. and the fed's reiterated this week that rates will stay low for a long time and nobody's expecting a rate hike until de. all right. what could go wrong with this? yes, washington's a mess. but the markets doengt care as long as tax cuts are somewhere on the horizon. in 2018 has proven good enough so far. there's definitely some kind of premium in the marke

let's go to bob pisani where stocks are rioting the earnings wave to more and more records.hat's driving the action today, bob? >> it's a pretty strange day when the dow is up 100 points and s&p is up only 2 points. it's a limited number of stocks and a price-weighted index this is what we've been seeing all year you have market leaders and two market leaders and market laggard like energy when it slows down a little bit. oil at $48 constant rotation without losing the key leadership group is why markets are at highs a couple stocks beside boeing. new highs on many of them and advanced microhad a terrific report broadcom, new highs. up 19% the guidance is up 23% these are fantastic numbers. they've gotten into all new businesses in the last few years. this is why amd continues to be a star in the space. slept report overall pricing has been increasing in the last year or so and the chinese aren't importing nearly importing as much. better economic conditions that's a major factor. overall, right now, i want to mention the asset managers and as the stock market goes up, more

bob pisani.alley back ain moment with michael phelps versus a great white shark. >>> just news on jared kushner. after that interview with the senate intelligence committee the white house is saying kushner will make a statement at the white house after his interview concludes. i'm sure we will take that live when it does happen. this russia news doesn't seem to be going away but some new information out of jared kushner over the past few hours about how insignificant he is saying his role in that meeting was. meanwhile, it was supposed to be michael phelps versus a great white shark. find out how they did but not in the way they were hoping for. turns out the olympic athlete ended up racing a computer simulated shark that beat him by two seconds and almost immediately social media outrage came pouring in. one tweet saying you mean to tell me michael phelps didn't race a shark i'm mad. another great white shark top speed 25 miles per hour. michael phelps top speed 6 miles per hour. it was obvious

but i think bob pisani is here watching the market. bob, i'll turn to new terms of market reaction that steve mentions any turn really in either yields or financials? anything beyond the bit in tech we saw this morning? >> she did make an interesting comment related to the banks she said she open to tests for strongter formers. the kbe, the bank index did move up a little bit on that of course, anything reducing regulatory pressure object banks will be a positive overall. so small move up in the bank stocks on. that also she made a very interesting comment on the labor market the labor market is quite tight. we may see pressure on cages these are things concerning people in the second half of the year margins are very high level right now, 10% and wage pressure will erode the margins. i personally, of course woshgs love to see wage pressure happening. but bottom line is a number of companies have already come out and said they're seeing pressure on wages darden made a comment recently fedex made a comment about this autozone mentioned

. >> thank you >> let's get to bob pisani at the stock exchange the date and time of rate hikes aside, is today a day where despite the headlines of the rest of the media, the fed trumps trump >> yes yellen and oil to a lesser extent are what moved the market it wasn't her q & a, it was the written testimony early on the two things that moved it, yellen implied rates may not have to rise much because we are not far from the neutral funds rate, whatever that might be, and oil, the crude inventories were down, saudi arabia cutting august shipments, that helps this all pushed bond yields down that's helped bond proxies, utilities, consumer staples. five to one advancing to declining stocks nice even emerging markets, interest rate sensitive. banks have been down throughout the day as rates have been down a little bit we will get four big banks, all four reporting on friday couple moved into positive territory. the declines are modest. oil has been up all day, helping some of the oil companies, downn the year the dow industrials and transports at new high big names like boeing, caterpilla

single most important factor and those numbers are improving. >> bob pisani, as always, see you soon, thank you. >> okay. >>> on deck, one sector of the market having a total breakdown here. >>> plus, we have talked a lot about the so-called death of the mall but is it really as bad as some think we actually found some bright spots. >>> of course, always working to help you make money and grow your investments coming up, favorite picks of a top analyst all ahead. (baby crying) (slow jazz music) ♪ fly me to the moon ♪ and let me play (bell ring) you're in the match app. now tap on the new missed connections feature. it says i've crossed paths with kate six times this week. that is a lot of times. she's cute too! yea! how did i miss her? you didn't. match picked it up for you. check out new missed connections on match. start for free today! usaa gives me the and the security just like the marines did. the process through usaa is so effortless, that you feel like you're a part of the family. i love that i can pass the membership to my children. we're the williams family, and we're usaa m

other parts of his life cooking but his favorite restaurant -- >> you know who knows italy well, bob pisani floor good morning, bob. >> yes, sir. prefer southern cooking being a southerner myself but those milan niece, a little highfalutin i'llgo to italy with you any time. we started positive and slipped negative but that's not the case in the rest of the world i've been getting el-mails all morning doesn't anyone care about north korea. right now risk on around the world, korea up, korea at a historic high last week, and it's up fractionally today germany at a historic high two weeks ago, up fractionally most of europe up fractionally the s&p has slipped essentially into flat territory. look at the 10-year note yield, essentially on the flat side right now. crude is down but had a huge run. just recently, in fact, we talked early on monday about the reflation trade potentially coming back. i ink tit's still early to call that since the end of june here wheat and soybeans and crude up 5%, 10-year yield up 6.5%. just a week, but it's pretty impressive moves and helped certainly one of the o

earnings season so far has been fairly strong, bob pisani explains why the oil patch could, could be a threat to the stock rally. >> earning are humming along with gains of more than 10% now expected for the s&p 500 in the second quarter. there's one potential little fly in the oiptment out there, and that's big oil. exxon mobil, chevron and other big names will be reporting tomorrow. something unusual is happening. because oil never rallied in the second quarter as everyone thought, analysts have been continuing to take down oil company earnings estimates into july. they're continuing to lower them to the third quarter. how did this happen? it's happened because no one can get the price of oil right, they can't get the direction of oil right whether it's up or down. in january when it was well over 50, analysts constantly predicted it would average around $56 by july of this year. wrong, it promptly went straight down bottoming around $42 in june. why has everyone been so wrong? because global oil cheaters are big cheaters. russia did nothing to help cut production. bad news for oil

let's get to bob pisani. hey, bob. >> record highs. happy tuesday, everyone. because of the earnings situation, despite a few misses out there. right across the board strong open, 3-1, advancing to declining stocks great open take a look at the sectors all the ones you like having lead the market when the global economy is expanding, financials, materials. stocks moving a little because google is down 3% here and the banks are also leading europe, by the way, also doing well 2017 as the year of europe money flowing into european equities, up today german business confidence numbers came out in july fresh record highs this is the third straight month. talk about euphoric, head of the german business clements fuest said sentiment among german business is euphoric with prices this high you've got to have a good beat and very positive commentary to really move the needle significantly. caterpillar, of course very positive company. there's a company moving stocks forward. utx was okay very, very small beat overall for them they did talk bay better overall outlook.

bob pisani. yields at some pretty critical levels. to rick santelli. >> not only are yields at critical levels they turned at critical levels. pretty darn big move. look at one week you can see that it broke the range pattern that it started to establish. but here is the money ball chart. many traders on this floor had it right. we did an exchange on it a week ago. 2.41 was an area that traders were paying attention to for the resistance. it was high in may and significant high given the order of how we had big moves really since the election and all the extremes. you want to pay attention to that. the new area to pay attention to, some things never change. 2.27. you want to pay close attention to thatthat. pay close attention to the distance and yield separation because if there is ever a recalibration of the relative value trade that would be significant. everybody is asking the same question. was janet yellen dovish? why was she dovish many blogs gave us clues. playing with the rate has a different take in the global hierarchy of h

bob pisani is live from the new york stock exchange. hi, melissa the market is doing fine a lot of comments about paul ryan saying that he's going to start legislation to overhaul the tax code as soon as they get back from the summer recess. that's helping things. yes, still very much alive s&p is doing well. very rarely when you see the s&p doing better than the dow jones industrial average in the meantime, banks are doing well and morgan stanley had good wealth management. u.s. bancorp based in minneapolis, they did better loan growth was up 3.5%. most are 1 or 2% banks are doing better and tech stocks are doing well. all of the f.a.n.g. stocks are doing better facebook, amazon, microsoft is there, netflix at a new high as well we've had a weak dollar for a while now. that's helping some of the aerospace stocks boeing is there, stanley black & decker and borgwarner. and for at&t, new 52-week lows for at&t it's down 16% of the year. of course, we're still waiting on that time warner merger the dow is up 33 points. back to you. >> thank

. >> let's get to bob pisani with the dow down this morning. good morning, bob. >> good morning.rouble from the banks this morning. sectors, energy modest start on the upside interest rate sensitive. reit, utilities slightly better on the idea of the ten-year being weaker banks moving down a little bit guys talked about goldman, bank of america the regional banks are starting to report. those are the ones i like, like comerica reported today. that's no trading. the big thing is long growth, interest income and noninterest income there's comerica down about 1% their guidance, their 2017 guidance take a look at this, average loan growth up 1%. they had talked about 1% to 2% good energy book this is okay but not great that's the primary reason it's down, mediocre loan growth very sensitive to the short end of the curve that will help them out. it's not moving as much as they had hoped. noninterest income these are the fees everybody gets charged growing for years. 30 to 40% of their total revenue base now that's been growing. that's a good point. credit quality has been strong those

bob pisani has a closer look >> reporter: dow hitting a record high and the s&p just a stone's throw away from one. financials rose early on when janet yellen mentioned that she was open to easing regulatory burdens on on the banks. they also got a boost on bond yields crude oil prices closed up on reports that i'll demand is picking up even in the face of more proufrkductionproduction. and yellen said that achieving president trump's ghchdp growth goal would be very challenging, her words. and it would appear that the congressional budget office agrees cbo estimates gdp would grow at a rate of 1.9% under trump's budget proposals the cbo also estimates trump's budget blueprint would not balance the budget, butted in would reduce the deficit by a third over the next decade republicans released yet another draft of their proposed health care reform bill which will cover are more out of pocket costs and offer on more options for americans to buy lower premium plans. but so far several senators have already said they would still vote no. health care stocks rose on the session. i'm would

. >> thank you so much, bob pisani >> then they had a nice little lift and new, we expect these to be a nice little lift. that seems to be what people are expecting. some loan growth, we've seen the interest rates improvement i like the big banks the most. >> goldman sachs is in until next week, but would you be be concerned about goldman? >> last week wasn't as bad as snap, but it was a lousy quarter. and the stock traded that way, but now, it's 22 level, that's been the line in the sand. i can't believe they're going to have back-to-back lousy quarters jpmorgan on the 14th, tomorrow, that's going to set the tone, which will probably be good. >> the other thing, so c car, that was a nice bump, but we haven't seen the buy backs yet they're not in the market. dif kend increases have happened but doesn't matter how they do tomorrow i think we're going to have some bit of hope priced in here on lower regulation and better yield. i think otherwise, it's going to be a spectacular quarter to be b clear, year over year, revenues were flat to down it's not like they're going that much better.

bigger pick tower here and bob pisani was alluding to this earlier.s struggle in its transformation its legacy business continues to slow while it's trying to grow its higher margin next gen including cloud computing and revenue groueff to $8.1 billion, and that's down from the double-digit growth rate we saw in the first quarter shares are down, now they appear to be about flat for ibm as investors digest this, and we'll be on the call later as well. >> appreciate that just looking through the results here as well as she mentioned, guys, there's a lot built into the back half expectations ibm ceo martin schroeter will join us slowly, a first on cnbc interview, to talk about these numbers coming up. what do you guys think at first blush? >> i think reaffirming back half guidances is a net positive. maybe the market is taking comfort there, but it's the same story. it's a struggle to kind of piflt towards the growth areas very low tax rate again and more financial, you know, maneuver with 1.4 billion in buybacks from the quarter so it seems, again, lik

bob pisani joins us now with more >> seems like it should be higher, but it's not, so certain things do seem to move the market it dipped when the trump tax cut seemed in pearl, but not for long, so there's several ek pla nations for whoi the markets haven't moved much in the last two years, first, thanks to advances in trading technology like automated trading, the markets become extroemly efficient and traders can now m employ fist sated hedges to reduce volatility. collectively, they may be working. second, etfs and the move to passive investing are playing a role in reducing volatility. a lot of people are no longer trying to figure out if coca k e ra or pep is are trying to -- and this may be the most important factor the fed has tamped down volatility for years by keeping rates low and encouraging people to buy equities its massive program. that's now ending more easy money from the bank of japan are certainly lowering volatility overseas, now, remember, the markets ultimately trade on a multiple of earnings and they're at historic highs and the global economy is improving, and

bob pisani is in the middle of the action here. boy, the nasdaq took it on the chin for a little while, hu? >> we've seen a classic midday dip in the markets because certain parts of the market are absurdly overbought. what is absurdly overbought? >> going on 14, 15, 16, 17 days in a row, the entire sector. f.a.n.g. stocks in particular, biotech stocks, for example and they said they would take profits first in the cascade of stocks in the f.a.n.g. stocks and look at the s&p. this happened somewhere around 12:15 or 112:20 or so and started with some of the bigger nasdaq names, including the biotech and then cascaded on look at marketship leadership group like visa. fantastic numbers overall. up 25% on the year just started cascading a little bit before 12:00 and then just moved down fairly quickly. that's a typical one caterpillar has turned around rather dramatically recently it, too, just a midday drop right there. right around and a little after 12:30. saw the same thing with the commodities stock which have done very well u.s.

outpacing the s&p 500 year to date let's get down to bob pisani for a closer look. >> thanks very muchat's right remind viewers the cnbc is a measure and grouping of companies best leveraging the pro pry takery innovation for profit several major tech makes it, names, of course, are leading that charge including oracle and microsoft. let's bring in the man behind the index, david martin joining us from melbourne, awe stral gentleman. david, thank you for joining us. the cnbc iq 100. the goal sin ovation i guess the question is how exactly do you measure that? >> well, bob, listen, the core measure is not just what companies are spending money on either an acquiring technology or building in house technology. it's really the companies who are anticipating forward market opportunities and then making sure they have the pro propriet rights anticipation is super pofrnlt you're seeing the index continues find the companies that are actually leading each one of their sectors and more importantly reaching across sectors to make huge market impacts. >> and several tech names of course right at

the s&p 500 hits a new record high today let's send it down to bob pisani on the floor >> hello recordighs, 2 to 1 advancing to declining stocks. let's call it earnings take a look at the big movers. c caterpillar, construction is great help mcdonald's had good global same-store sales and traffic gm generally good north american numbers. united technology down a bit here they beat but the beat wasn't much and when you got stocks moving this far, prices this high, you need a significant beat to really most stock forward or they start taking profits. you see that with united tech. heaven help if you you missed. look at what happened to 3m. there was a small miss there that stock is down notably today. you can see seagate missed by a wide margin, 30% you can see the stock really getting hammered here, down 15%. we know enough we have a quarter of the s&p 500 reporting. more beating on the top and bottom lines and beating by a greater percentage that's why the market is doing so well. the prices are high. you really need to have a good beat or really good guidance to really move a stock fo

and our bob pisani crunching those numbers ahead of the results and coming up with what could be a pretty> it's

and our bob pisani crunching those numbers ahead of the results and coming up with what could be a pretty good story to tell >> it's early, scott, but, yes, i'm optimistic now, look, we've only had about two dozen companies, 5% of the s&p reporting, but nike, oracle, darden, for example, all had very good things to say. and collectively, these 23 so far have had very good earnings. so right now, 23 companies reporting earnings they're up 12% that's a good number that continues the end of that earnings recession that started three quarters ago here's the important thing look at the revenues up 8.5% that is a very important number, because now it's not just cost-cutting or buybacks, people have been complaining about, now we're really seeing revenues 90% exceeding the estimates for those 23 that's way, way above normal what about the other 95% okay, so far, the estimates are 2% lower than the start of the quarter. that's important, because you know, scott, analysts normally lower their numbers as we go through the quarter. but the average is about 4%. so analysts aren't lowering the numbers

let's get to bob pisani. >> higher yields producing winners and losers banks had great momentum for theast week and a half jpmorgan on the upside regional banks up. kbe, at the high evident level since march. there's your etf for the bank. on the ascent. interest rates the losers. they are having a tougher time your reits and telecom and home construction to the down side. heavy volume exchange traded fund high yield etf and the other one that's in the investment grade corporate bond group also getting very heavy volume today. the retail, another down day o'reilly automotive stock down, continuing fallout from the amazon story here. this has been going on for several weeks now. want to point out any do it yourself market has been weak. home depot is sitting right near the lowest levels since going back to march. even that's not working right now. guys, back to you. >> financials finishing the first half strongly. the xlf, etf attract bank stocks super. while the big banks boosted dividends after passing the stress test our next guest says there's a reason not to love the bank stocks. ja

results and then you get trading revenues week and that's what hurt goldman sachs >> thanks a lot, bob pisanithe new york stock exchange. jason goldberg is senior equity analyst at barclays. good to have you with us >> in the last quarter when it posted the big miss, we all thought it was a one off here it is, second time in a row also underperforming the rest of the sector does goldman have a trading problem? >> it was a challenging quarter and experience is a very low volatility and not a lot of conviction from investors. a lot of the things that weighed on q-1 results and carried into q-2, it was a challenging quarter in the commodity space, and it resulted in a tough quarter for the company. you know, going forward, we think they could benefit from further diversifying their customer base and they're not as big as serving some of the more traditional asset managers and they've been more focused on hedge funds and we think further diversifying the customer base may make a lower lows and also could limit the higher highs >> at the same time, we're seeing the stock reaction and it's fairly d

bob pisani joins us at post 9 and he's got more on that story. >> and we move post 9.put it right over here. we're standing next you to this is a really amazing story the banks are reporting the numbers here we got this boring line called noninterest income it's a term that fees that banks charge customers for businesses and consumers. it's a business that is just growing like mad so for some of the large retail banks, it's close to 40% of the income look at these numbers here some growth and that makes sense. they charge for fees for years so they come in all shapes and sizes. you're a consumer. you know what they're like, transaction fees, insufficient fund fees and credit card fees fees for the deposit slips even. look at the typical ones a lot of complaints about overdraft fees, for example. the average overdraft fee for a checking account is $33.04 in 2016 that is down from 2015 before that, it had increased for 17 straight years. now that adds up to a lot of profits for the banks. j.p. morgan made $1.9 billion from overdraft charges last year wells made $1.8 bill

. >>> welcome back as we kickoff our biggest season with bob pisani with more >> it is a mixed day, weused on earnings and had some big numbers. some highlights here, santanley works came out and remember the tool business is really great. 70% of their sales, stocks are trading down here about 3% today. here is what's interesting organic growth is specific and it is about 8% people are buying their products and volumes are up 9%. here is what the problem is. pressure on all of these sellers of goods to lower prices called the amazon effect or whatever you want to. people still have buying these stuff. elsewhere, oils are up and energy stocks are down cutting the production further and that's helping oils. they had a good earning reports and north america production is strong the ceo is talking about the fact that showing signs of going down tuesday reported on friday did not say the same thing finally, we are getting a big tobacco deal that's closing tonight, closing their deal and creating the world's largest tobacco company by revenue and market share and that company, of course, com

bob pisani is at the new york stock exchange phil lebeau with gm. we begin with bob at the big board. >> 2-1 declining stocks. more winners than losers on the story. let's look at several dow components caterpillar great global sales overall. good guidance. mcdonald's strong global same store sales and traffic. utx had a good number, a small beat but that's not enough in this market you need to have a nice beat to get your stock moving up they didn't quite have that. heaven help you if you missed though 3m at a small miss seagate big miss here. we've got the 25% of the s&p reporting. what's the lesson so far more beating on the top and bottom line and by a bigger percentage that's why the market's up but prices are high. you've got to have a really good beat, a really good guidance to move the stock caterpillar is the good example there. heaven help you if you miss because you're penalized heavily. one big winner is an asset group here all of the money managers are hitting new highs. t. rowe and eaton and frank inwill these guys are paid as a sets un

but the index is up about 16 points let's get to bob pisani this morning. > good morning, guys. we have a modest gain in the markets. the leaders today are retail as target has upped their numbers for the second quarter, talked about better than expected outlook. tech stocks are leading the way. bank stocks are up, and energy's basically on the downside. that's really been the story so far for the quarter. we saw brian cornell had a very interesting comment, saying falling better than expected results in the first quarter this is the ceo of target. we've seen additional broad-based improvement in traffic and category sales trends in the second quarter, despite continued challenges in the competitive environment. that's helping the retail groups macy's up a little bit, as well. walmart also on the upside the rally yesterday has spilled overseas we have nice bumps up in india, in hong kong this morning, south korea, taiwan weighted emerging markets are breaking out. we are hitting new higs and in some cases historic highs s as e rally overseas has continued on

bob pisani the stock markets had been holding above and earnings have been improving earnings were negativeor s & p 500. technology is 25% and almost of the s & p. you know semiconductors have been on fire and everyone knows this financials are going to be reporting tomorrow the biggest banks are going to have good trading operations, long-terms have not been moved much and that's helping them we'll see moderate improvements in loan growth look at numbers of energy, that's going to move big as well the numbers are terrible of the second quarter last year look at the kbe, we had some modest move. earnings for the energy companies had been coming down because earnings have been lower because we had oil at 40 to $45 instead of $60 they have been taken the numbers down that's why these stocks have been coming down stocks move to relations to the earning ex peck tapectationexpes we are talking a lot about this including things of a stronger dollar we have not seen it yet, there are some concerns out there. metroplex c janet yellen referenced that this morning the good news, we are seeing more ca

too credulous of putin's intentions >> no reset buttons so far bill crystal with t >> thank you bob pisanie market exchan exchange look at what it is having on the influence of the side. we are up across the board, not just tech leading but transports are having a great week overall. small caps are up, bank stocks and retailer also contributing and weaker early on. they are moving up in the middle of the day as well we have a nice week for industrial stocks. this is what i call the sleeper group of the week and the last several weeks so we have new high and airlines have doing well and transport as are doing well essentially the nice moves up. the e is setting at a two-year low. we are getting across the board and again of big names and anadarko petroleum and apache and devon energy and baker hughes, it is still a 52 week close essentially and stocks have been no energy at all for the last several months. we have nice moves up. tech continues with the lead and healthcare is doing well and transport's holding fairly well and some of the industrial sleeper groups are moving up guys, back to

i've got standing here just waiting for a bus here on the floor of the new york stock exchange, bob pisaniur cash ubs financial services what do you make of the reaction we had a pretty good rally on monday and now we're giving it back. >> looked like we would get started. looked like it was new money for the new month, first day and then it wore out dead right on. markets are concerned about a global inch up in yields and interest rates, and they are a little concerned nobody thinks the ecb is going to raise and the whole idea of tapering and whatever. you would have thought with the korean news there would be a flight to safety. >> yes, yes. >> people would rush into bonds. >> that's not happening. >> and they didn't do that the other key factor was oil, and as you pointed out inventories helped in the morning and then at 1:00 when the energy stocks started to fade, oil rolled over. it broke down below 46 it almost threatened to break 45, and then last minute we had 350 million to buy on the bell, and that helped us get off the bottom for the bell. >> we've had this debate for many years

what's interesting, bob pisani is the correlation we're seeing finally with the transports.s the highest level we've seen on oil since late may the transports are at their lowest level since late may. i'm just saying. >> and the amazing thing about this week, despite everything, s&p is flat. oil is up 9% best week in ages and exxon mobile hit at 52-week low today. production was on the disappointing side and earnings misses overall and that was a very difficult time for them the conference call was ver tough. >> lots to get to coming up here we'll get you set for the apple earnings coming up next week as well on the second hour of "closing bell" with kelly evans and company. have the a great weekend, kelly. >> thank you, bill welcome to "closing bell," everybody. i'm kelly evans. here's how we're finishing up the session on wall street today we have one record close for you. a 35-point gain on the dow 21,831, a new closing high it's closed up 21,800, took two sessions to go from above 21,7 to above 21, 8, 171 points shy of the 22,000 mark the s&p 500 dropping to 2472 the nas

bob pisani we get more earnings tonight this time it's microsoft, ebay, visa and capital one. >> i justant to point out the transports are really hurting again. >> yes. >> did you see what the ceo of csx said fossil fuels are dead. boy, did that get a lot of comments basically implying we're not going to invest a lot of capital spending and chipping coal around the country and fossil fuels are dead. that's one of the moments like the volvo comments, we're going to be in electric cars that may be a real pivotal point. c.h. robinson kind of missed, union pacific talked about tough pricing in the coal business and transports are having a tough day for the second day in a row. >> the dow down 21 points on the close. stay tuned for the earnings from microsoft, ebay, visa and capital one and the second hour of "closing bell" with kelly evans and company. see you tomorrow, kell >> thank you, bill welcome to "closing bell," everybody. i'm kelly evans. looks liky with a couple record more highs on wall street today. see how things shake out because the s&p 500 is right on the line the dow though

think about this last year at this time they were negative, bob pisani two weeks ago the yield on the-year bound was at .25. reflation is the word they used. not seeing it in gold as gold is hitting its lowest level in months and the last trade on 100 before gold was beginning of the year. >> big concern is that central banks may not be as accommodative anymore. never mind, they are not actually raising rates except for the fed. that interest rate story was the big one for the week we saw banks rall exand we saw a fairly broad real, bill, besides banks, semiconductors moved up rather nicely, biotech and industrials, big move up in industrials this week despite the fact that ge hit a two-year low. >> free toothpaste for everybody. colgate is bringing "closing bell." stay tunes for the second hour of "closing bell." >>> welcome to the "closing bell." i'm sara eisen in today for kelly evans. bill will be rejoining us in just a moment. a look at how we're finish willing the day up and the week. it was a shortened holiday trading week, and we go out on a positive know. the s&p 500 closing

we're at 9.38, bob pisani, as the volatility goes lower and sprint is out as well with their report thatdid approach the apparently warren buffett and john malone about possible investments in the company, and that stock popped on those reports, up 4.75% right now. >> and he drives a tough bargain. >> both of them do which one are you talking about? >> i'll go with buffet on that one. so i'll take the under on that $60 oil. we know what happens every time it starts moving up there, they increase the production the production is already still high at $44, $45 a couple things important, tech is continuing to lead, microsoft, paypal, a bunch of smaller tech names and facebook as well and the aerospace stocks every single day, rockwell, boeing, all on the upside, lockheed martin moving today the bank stocks a little bit weaker i think the important thing trading profits a little less than expected because the volatility is low. the poor cpi number means yields are lower. that's a little pressure on them in the future and finally, remember, they tend to sell off bank stocks going into the jpm

we started the week around 2.34 we're at 2.23 and change and oil, what a weak volatility again, bob pisani higher, above $47 a barrel until we got reports today that even though the rig count in the u.s. went down, opec production is going up, and that pushed prices down. >> yeah, and oil got hit -- oil stocks got hit pretty well dollar store is very interesting because the euro hit a new high for the euro against the dollar and you want to see what it will do to european stocks. all the exporters, when your currency high, tough on the exporters. look at the automotive stocks all down rather noticeably different topic. we had an ipo at the nasdaq. a distributor of pet suppliers, pet iq, they did really well, priced at $16 at the high end of the market and that's one of the best successful ipos of the year the earnings picture here, almost at 10% earnings in the second quarter, bill, and that's the reason that the stock market is doing well. >> the dow going down 36 points today, but we get ready for a very, very busy week of earnings next week. we'll get you set up coming up on the second

the senate banking committee, and we're back where we started again, context is everything, and bob pisanirrow morning we get earnings, the beginning of the earnings parade from are the bank we get city and wells fargo and jorg anne and pen pnc financial. >> the story is trading should be a little bit better for the big banks and also ipos and m & a activity will be a little bit better we'll hear from the big banks on that the most important thing is interest rates, long-term rates not up much but the long-term rates are up in the second quarter. that's a little bit of a help and we hope to see a little bit of loan growth going on so overall we'll got a modestly positive commentary and, of course, jamie dimon always has the most color that's what we're looking to quote early in the morning. >> out first thing tomorrow morning and that's coming up on the second hour of "closing bell" with the dow up 24 points on the close see you tomorrow, kell >> thank you, bill welcome to "closing bell," everybody. i'm kelly evans, and for the second consecutive day the dow is closing at a record high ear