bob pisani has more on today's move higher. >> reporter: stocks ended in tft green a slow but steady drift higher and with just onem trading day left in the month the dow is on pace to end down half a percent for june. the market showed signs of relief in the rare o absence trade-related headlines. industrial stocks materials stocks which were hit hard by trade related concerns had snmal gains. jpmorgan, citigroup, morgan stanley up. the xlf is a basket of financial stocks and itan finallyed to snap a 13-day losing streak as the federal reserve released results of the latest round of bank stress tests. remember,alech and finan are the two largest sectors in the s&p 500. they have been massively oversold for months. in particular have been oversold. for the year the s&p 500 is up just about 1.5%. its worst showing since. 20 sectors that led the chart through most of the quarter weakened as the second quarter has come to a close. that sector is le small cap stocks, russell 2000, facebook, apple, netflix and semiconductors. there is a lot of good news for the second half. buybacks are s

bob pisani has more on what is pressuring stocks. >> stocks traded lower, but closed around session highs. nasdaq smallh caps b eking out small gains. tech and faang stocks look ed t be flipping the market, but banks failed tol rallyough they moved up towards the close. investors with roried about the threat of a trade war between the.s. and china and went through the list china has rolled out in retaliation. chipmakers, soybean farmers, they're among the victims of this. semiconductor names lintel, broad com and lamb research all came under prsure. intel got ungraded by a firm. and if you sti t thinkde uncertainty issm no big deal, l caps tell a different story. russell 2000 is up about ha11%. erre twice what the s&p 500 is up this qua small caps have left exposure to international trade war than big caps. finally, one other factor could be seasonality. the dow has been down roughly 1% in the june option expirationsc day was on friday. that's one of the big volume day of the year. i'm bob pisani at the new york stock exchange. >> the commerce department today announced an investeation in

for the "nightly business report" i'm bob pisani. >>> and more marketpside is what billionaire hedge fund manager sees as well. paul tutor s jonesd today he believes the second half of this year is going to be in his word, phenomenal. even with higher interest rates >> think we'll see rates lose -- significantly higher beginning in the late third quarter and early 4 fourth quarter and i think it is interesting because i think the stock market also has the ability to go a lot higher at the end othe year. >> but he added that move higher will not be sustainable and said higher interest rates could lead to arecession. tuones famously called the stock market cash back in october of 1987. >>> and today's upgrades an. downgrad dumont mine grading was rated from morgan stably the potential approval of new projects and price target now $40 and that stock was up slightly to $38.79. that same analyst at morgan stanley downgraded brett gold from equal weight and the firm said the stocks underperformance looks set to hrntinuegh the rest of the year, price target now $12 and that stock fell a fra

bob pisani has more on today's topsy today. >> reporter: the rally fizzled out with 350 points trading range. traders having a tough time making sensef why i call the yo yo stock market. the white house backing off s of those harsh measures to restrict chinese investments in the u.s. the reality is, trade issues and a potential trade war are f from over. tech stocks wasted no time rolling over, so semi-conductor names that would be -- utilities, consumer staples, they all closed higher. bank stocks haven't budged. that a record. goldman sachs, morgan stanley they're down 20% fl their recent highs. they're in bear market territory. these banks are getting hammered by fears of a flattening curve.y enid provide some relief today. oil is over $72. oil is a much smaller sector than banks and technology. we're coming u on the end of the month and of course the end of the second ioquarter. pe funds and other groups are likely moving around a lot of money. h they'ring to rebalance their holdings. for "nightly business report," i'm bob pisani at the new york stock >>> and, by the way, today's s

bob pisani is at the nyse to break the rest down. >> hi, melissa cryptocurrency is facing a crisis offidence it's mostly around the security exchanges. bitcoin prices fell 6% after japan's financial regulator ordered several crypto exchanges to step up their game to prevent money laundering, terrorist financing and unauthorized access who could blame them break-ins at two south korean exchanges have been a real blow to security and confidence on wednesday, south korean bithumb had $30 million crypto stolen last week coinrail, another south korean exchange, had been hacked losing over $40 million in altcoins. they said they would suspend the creation of new accounts speaking of confidence, earlier this week there was a withering assessment from the bank for international settlements. these are the central banks for other central banks around the world. on sunday, they released a report saying cryptos were unstable they consume too much electricity and they were subject to too much manipulation and fraud to ever work as a medium of exchange finally, this technical pattern, oh, it could

experience amazing at your lexus dealer. " despite skepticism from the powers that be bob pisani is breaking it down from the global exchangeconferc. hi, bob. >> hello, mess illissa, the char spoke us to exclusively and he made it clear that he supported the development of block chain technology and even said it could be especially beneficial to the securities industry >> i think block chain technology has tremendous promise for the securities industry eliminating costs and the cost of verification in the securities industry is incredibly high. if we can make that more efficient, terrific. >> but the crypto community is eagerly waiting for clarification from the sec on three important issues first, whether icos, initial coin offerings are securities and hence regulated by the sec and if enhanced coins are securities and finally, what criteria would be metfor bitcoin etf and we've been waiting for a couple of years about this clayton declined to comment on how the sec ruled on these issues and he made it clear that ex regulationse to conform to regarding the sale of securities >> i understand

let's get to bob pisani for a closer look. good morning, bob. >> good morning, guys.d news is that we're off the lows the bad news is not by much. s&p 500, 2717 was our low moments ago. we're off of that, but the problem is very simple take a look at the sectors here. not only are the usual names affected by the trade concerns -- i mean industrials and materials, transports, for example -- but a broader tech group is being affected. metals and mining, transports are classic industrials, materials. they're all affected by the trade names. semi conductors, probably the worse day in two or three months here all the big names are down three, four, even 5% in the case of advanced micro. momentum names, your classic faang names are all down roughly 2% facebook, google, amazon, other names in that group, apple all to the downside as well. then you have what i call faang plus names alibaba, nvidia, baidu not just industrial materials but high momentum tech names are down you can capture this in an etf several are out there. s sphb, you can see a slow downturn there there's a

bob pisani at the nyse trade and immigration dominating the political headlines today.sident speaking in just the last hour. kayla tausche is live at the white house with more. >> reporter: melissa, at this hour, the president is scheduled to meet with the two republican senators who would potentially hold the purse strings for a wall at the southern border. shelley moore capito chairs the subcommittee that deals with homeland security spending on the overaappropriations committ the senate which is chaired by richard shelby those two lawmakers are going to be at the white house talking to the president about this and broader immigration, which has taken on new urgency as the president asks for wall funding, tighter security at the border, and his zero tolerance policy that was put in place by the justice department a couple of months ago has garnered increasing criticism from other lawmakers within the republican party, even the president's wife as of today. nbc news is reporting that hhs has more than 11,700 minors in custody and just more than 500 in just the last fou

front line not an energy stock you get the point here, all moving 5%, 6%, 7% on the day. >> bob pisanixchange coming up tomorrow, tune in to ""squawk box"" early when former uber chief brand officer bozoma ierewin l joins us in her first tvntvi sceeaving uber. this is a story about mail and packages. and it's also a story about people. people who rely on us every day to deliver their dreams they're handing us more than mail they're handing us their business and while we make more e-commerce deliveries to homes than anyone elsein th, we never forget... that your business is our business the united states postal service. priority: you ♪ anyone can get you ready, holiday inn express gets you the readiest. because ready gives a pep talk. showtime! but the readiest gives a pep rally. i cleared my inbox! holiday inn express, be the readiest. >>> i'm scott wapner on "the half time report" what's happened to the rally's resurgence should we focus on a june swoon? where the market and your money is headed. sell the mouse house, the call from one firm as the fight over fox looks about to heat up

back to you. >> bob pisani, thank you big breaking news on the supreme court.o to eamon javerse, anthony kennedy decided to retire this will be a major opportunity for president trump to appoint a new justice to the supreme court. you remember that justice kennedy was appointed to the court, nominated for the court by president ronald reagan although he's come under criticism for many conservatives who feel he has in effect become a swing justice between the liberal and consecutive factions on the supremeourt thident here will have an opportunity to nominate a very traditional conservative who might not fall in that swing mentality on the supreme court and all of those decisions that we've seen that have been 5-4 in recent years and countless 5-4 decisions on this court. kennedy was the person on the court making the deciding vote it will be a case of the president having an opportunity to nominate someone in line request neil go such a big opportunity with the departure and big opportunity for the trump white house, guys. >> one of the tab ticks that paid off

. >> let's go to bob pisani at the nyse >> hi there tyler, there is several attempts to rally at the bottom all of them failed are in another attempt to rally of 12 or 14 points above the s&p of where we were an hour ago. the usual suspects, industrials and materials had been notably on the downside all throughout the day. here you see the big materials name and all the steel stocks and the big industrial names and transport and a lot of logistics and ch robinson and fedex and caterpillar and boeing the two most common names then we have the other problem, the big momentum names you know what's been moving the markets all year the fang name and the seven conductor name all of them are having problems today. you see semis like this and i have not seen these kinds decline in several months and you have the big momentum name outside. i call them big fang plus names and netflix you see there, too but also companies like allibab or twitter, i call them fang plus, these are big momentum names and start to get out and you see the volume picking up there. semiconductor have been fantastic th

back to you, melissa. >> thank you very much, bob pisani >>> so as the underdogs take on the reigning dogs it reminded me of the biggest underdog story. >> u.s. olympic team >> no, close. >> you getting into harvard. >> never gets old, does it little david defeating goliath we thought we would play a game with the underdog or top dogs. which are the better bets? the davids or the goliaths a literal would you rather, if you will, so we'll start with tim and you're going to look at dunkin' versus starbucks dunkin' being the underdog, the david, starbucks the top dog, which one? >> no question, goliath. you have a dynamic here where david has outperformed by about 50% or so in the last three yea years. why would i want to get in this trade on the side of dunkin' when dunkin' is running into slower growth? i think that multiple isn't deserved kevin johnson gave a long chat where he didn't have a chance to rationalize a lot of these u.s. comp numbers that knocked the stock down dramatically so there's no reason to me, you're selling starbucks. i would be owning starbucks over dunki dunkin'

the consumer discretionary is on fire a number of stocks hit fresh record highs bob pisani is at the new york stock exchange with all the details. hey, bob. >> consumer discretionary includes clothes, appliances, retailers, even home builders. the s&p 500 consumer discretionary is at an historic high it's the only sector hitting a new high thanks to big moves up and several critical subsectors. first, retail stocks have exploded in the last month as the earnings come and it was just outstanding traffic was strong, inventories were low in the last four weeks macy's, kohl's, if i have any's all up 30%. that's not a typo, 30% l brands, tjx and gap up auto and auto motive, gm, ford, delphi, goodyear have all rallied off the february and marleaus third, two big fang stocks are in the consumer discretionary. netflix and amazon with netflix up nearly 3% amazon up nearly 4% this month it doesn't sound like much but the market capitalizations are so high that even my modest single digit moves dramatically drags up the sector. finally, home building stocks are also in this sector as well. they

bob pisani at the nyse.ec has come out very recently so you wonder if the boom in ico are people rushing to markets to get their coins out. >> mostly icos have been overseas, over in asia. the u.s. is not really a big player in the ico market, but what's happening now and bob's spot on. we'll wait and see type of mode right now. everybody's saying show me of the great. show me the product. i want to see this thing come out. also, everybody and their brother is coming and saying how do i do ico. you have just massive amount of supply with everybody that's rushed into it. it feels very much like bitcoin did in december where we had a sky high valuations. it's very frothy and people are starting to say, i'm going to put the brakes on the icos right now. i got my portfolio, i don't need a seventh or eighth ico. they're not as hot as they used to be. >> do the coins from an ico trade on a secondary market? >> no. there's not the problem of a bubble valuation because they're only valued at the price in which you p

they chose walgreens back to you. >> all right thank you, bob pisani.ping an eye on oracle, that stock down 7.5% this morning after anearnings report on the surface was fine a lot of analysts calling it solid revenue and eps about in line or a beat the concern is the reporting around cloud oracle saying it's no longer going to break out simple cloud results and analysts wondering is this confirming some concerns around growth rates in the cloud. oracle in the past and here has countered that no, really, what they're doing is emphasizing the fact that people who have older oracle licenses are able to port those over to the cloud, so it doesn't make as much sense to distinguish between the license business and the cloud business. but some who are skeptical of oracle's growth rate in the d e concerned that this is an attempt to cover up a lack of momentum in the cloud space. we always say time will tell, carl, on these things. >> jury still out? >> all the cliches but really, time will tell because after a while, over time, you're able to see the growth in

our own bob pisani is -- turn that off and move away from all this trade chaos and uncertainty for just a second. here is what we do know. three main things. china's in a bear market. the yield curve is as flat as its been since 2007 and the fed still in hiking mode. if those three things don't change, are we heading back to retest the market lows of the year guy? >> the s&p, the market low was 25 or 35ish months ago. to test that level again would be devastating. i don't happen to think we're going to do it. i think the market's had every opportunity to get down with those levels with the merging markets down considerably. with china in a bear market, we haven't been able to do it. today was a lot of noise, a lot of tariff noise and a positive comments out of the white house gets this all back. to me this is just noise. with that said, i do think the fed and we talked about it for the last couple weeks, they're hawkish tone, that wednesday at two and a half weeks ago is the biggest concern in the marketplace. >> i think -- i look at a market which is outside out of technology. look at

let's head down to bob pisani. >> awfully close we are doing it without the leaderships of the banksake a look at sector right now. retail have been on fire and staples and some of food stocks are doing well and healthcare with some new highs and hmo's. tech are not doing that much either we are still advancing despite the two big sectors not contributing a lot retailers, new highs all over the place. look at kohl's, some of these stocks are up 25% in the last three weeks, all time high for tjx and ross and kohl's. just amazing we have some modest health from health care and some hmo's sectors are up some of the medical device maker. of course, on merger deals going on still nothing in utilities and no rally and new lows right across the board and a lotf big names with duke energy and also new lows. very close to 2800 the important thing is the right sector have been leading it, tech and banks with a little help from retails and the trade war do hold the marks in march, not now. so far, no signs they're going to react over the stronger economy. >> guys, back to you >> bob pisani on t

y r "nighsiness report" i'm bob pisani at the new york stock exchange. t trump administration doubling down on the tariff strategygainst china with the request for up to $400 billion on additional tariffs. >> as the global trade battle intensifies, president trump defended new tariffs, his weapon of choice to fight china's unfair tradece prac >> we have to do something about it. ey maybe gree it has been unfair for the last 25 years. somehow that doesn't seem to work so easily. >> reporter: the tactic slap new fees on chinese goods coming into the u.s. first targeting dish washers and aircraft parts. after china said it would retaliate trump targeted $200 billion more. the resting policy would touch the majority of goods coming into the u.s. from china which totalled 500 billion dollars last year. by comparison the u.s. sent billion in goods to china. that is why the proponent of the crategy sayshina has more to lose. >> that's what you would d if you were crazy and really wanted to end free trade. w thatt you would do if it was a negotiating positio and

i'm going to bring in bob pisani now. llar as bob joins me >> 5% up for the quarter we've been talking about in the impact of the companies. there's a couple things going on today. obviously the message of the markets is cfius was a good development early on but it's not sufficient and the whole tariff issue still floats out there. number one number two, if you look at the big movers that are down today, semiconductors, biotech, consumer discretionary all of these had a great quarter until a few days ago what i'm saying -- yes there's -- often there is end of the quarter machinations you have companies like pension funds out there that have to rebalance. unfortunately, they don't publish any numbers to us. it's a little bit of reading the tea leaves here. i think there's a little bit of that going on here it's unusual to see consumer discretionary weak all of a sudden biotech's been down for several days in a row here not necessarily impacted by trade concerns the russell is another good example. it's been a fantastic quar

earnings are continuing to get stronger >> i'm sorry to interrupt you, but on this very point, bob pisani raised a couple of times that we may actually be getting to the point where the tariffs are becoming real and therefore you will start to see an impact in earnings and that could bring down estimates >> right and if i did see that, then i would breaking news becoecome mt i think when you take a look overall, that hasn't happened yet so it's putting the cart before the horse investors are worried about the trade noise, but the meat and potatoes are really the fact that we've had tax cuts, deregulation, and economic backdrop that looks like over 4% for the second quarter, and this trade noise right now, it's still the peas, it's not the meat and potatoes so i think that they should be looking at that and until it's time to really see that drop, if that -- that doesn't materialize, we could see earnings get stronger if we get bigger >> omar, what do you think >> well, i think, you know, the fact that we have more volatility in the market is just a natural -- today is talking about trade

the longest losing streak since march 2017 bob pisani is tracking it from the new york stock exchange. >> let's take a look at the s&p 500. different pattern today. remember we've had a pattern about the right first hour and then rally into the close. not happening today. we are going the other way and this is clearly tariff related take a look at the sectors industrials, materials weighing on the market and you also have energy we can ak as well we're seeing a lot of industrials hit new lows all of a sudden so you have kummins, general dynamic, is black and decker, ge, much of this somewhat related to the tariff situation. the autos, we talked about daimler, that strange warning they had that duties on u.s.-built vehicles would hurt their earnings of course going from alabama to china. the duties haven't come in yet, but they't been confirmed yet, but they called it out. a lot of people thought that was strange. you see that effect on many car makers and finally, the market is very clearly saying that the united states is winning. so here we have for the quarter your top line is the

foror "nightly business r" i'm bob pisani at the new york stock exchange. >> now, one smaller business o is watching this trade fight very closely, because her company too a hit. when cheap chinese products began flooding the markehe here inu.s., but as kate rogers reports tonight, she did hymething about it and she won. >> cat leonard has run auburn manufacturing for almost four decades. the company has two facility in maine and manufactures heat and fire resistant fabrics, selling to businesses in oil, petroleum, shipbuilding and even the u.s. navy. a few years ago she began losing sizable contracts. leonard watched about 30% of her business in fabric sappear, causing her to lay off ten employees, about 20% of her workforce. she began to explore why. s we delved further into that, we found that the materials weremoming fro china. we were losing contracts. we found these pricesere up to 30% less than our prices. >> thengroducts were b sold to her competitors. >> that was when we said, look, we got to do something. >> leonard hired a law firm that handles trade matte and helped her fil

bob pisani is at the new york stock exchange with more >> and just off the lows, but you're right, trade wars are the issue. and you can see this clearly the secretary sotors that get ad are the ones that are down and that of course industrial stocks and material stocks. energy hasn't been a big could be rib butscontributor for a lo. take a look at what is going on here if you look at the standard industrials. melissa mentioned caterpillar, these are like proxies for trade wars you see all to the down side the market is not concerned about these tariffs, they are concerned about other tariffs and the whole thing escalating as far as where we are this week, sectors, good news tech still the leader and so on is consumer discretionary. retail is not the leader it was, but media stocks have been leaders this week. energy, i call it one trader said more dull than down and i think that is right. had a big run up, now drifting a bit lower. and then we have of course consumer staple stocks some people are saying they should be the next leader. i think this is a secular problem. but we're over th

let's get to bob pisani. hi, bob. >> you're right, carl.ials and industrials still weighing on the tariffs story and not doing much here. the open down, still down. take a look at the sectors leadership there, the semiconductors are still doing well number one, number two, consumer discretionary okay and you see it to the down side and you mentioned some of the aerospace names with nth general dynamic with your usual group of caterpillar and some of the other once, johnson control and the bigindustrial name all to the down side affecting the tariffs there. i think the daimler announcement is significant i said be careful here because they're starting to price in the possibilities and companies in certain spaces like industrials and autos could be lowerg numbers and there it is. >> you can say it's premature. the tariffs haven't been confirmed yet so maybe they're jumping the gun and they have steel costs and maybe emissions issues and something is getting covered up here and it's a shot across the bowe a across the bow and a warning sign on

much less than we were at the top, dow down .6%, and a third percent at the s&p >> let's get to bob pisani bob? >> well, i think -- i love this animation. michelle, you've known me for a long time, you tell me if my hair is gray >> i love that animation >> you'd tell me too >> i love it and envy it >> grasso would tell me about the hair you know what happens in the business if the hair gets gray trade is a big issue -- thank you very much, get rid of that trade is a big issue here. important thing, where are the markets going here upright, pushing on 2800 we're not falling apart. the trade, the second tariff issue, the second list that's out there is a big worry, not the one we got now could be more coming here, raw term costs are up, inflation issues, and i want to know what's going on with the dollar trade. that's a problem for the multinationals and emerging markets. here's the trade name. that's not bad only at 147 and change at the low at the open, so this is not a terrible mess here consumer staples are the problem. minor rally friday, they said, they'll rotate no, guys, that's not h

down 300 at the bell bob pisani was in the middle of the action, bob?portant thing here, kelly, three days in a row, there's been trade worries, and three days in a row, look at the s&p bottom in the first hour, and we have risen throughout the day. this is a consistent pattern that we've been seeing russell even ended the day positively it's the same sectors being affected, industrials, take a look, industrials, materials, and semiconductors consistently are the sectors that are hit the most here. all of them came off the their lows, but not dramatically look at the dow laggards today boeing was 338 another the lows, closing 341, and united technologies, put the stocks together, half of the declines in the dow industrials damage is concentrated in small areas of industrials, materials, and some of the semiconductors names. take a look at the transportation sector, notably weakness there, and here, again, logistics companies, the companies that move stuff around the world like robinson and expediters, and other names in there in that group, all of them

. >> bob pisani at the new york stock exchange are deals a reason to buy staples at a time when the marketsvolatile? you may be looking for safety. is that a reason >> if they were cheap i would say yes but they're not. for all the reasons he cited there's a lot of secular pressure here that i don't see it abating and if you look at something like p&g, that's not cheap. those pressures are there, i don't know what nelson peltz could do cost cutting isn't a way to get to the promised land. >> so we thought we'd play match maker. each trader will pick two names they think would be a perfect match. >> in a similar vein, again mills which has been on its knees, i think buying by walmart. there's synergies in terms of retail products, walmart could sell it internally as their own brand. i like this trade, i think it e's tenth of the market capital. why not. >> why does walmart need a general mills? >> if they want to get into the brands business, why wouldn't they it makes sense, valuation is probably such where if you want to take on amazon at their own game you need to bolster up your bench. >

for more on today's trade, let's get to bob pisani at the new york stock exchange. >> group of seven didn't move the markets. korea didn't either, even though we have less chance of a trade war with china, you'd expect a little more. let's look at the markets. we have the modest fed drift that's the sendty for the market to rise modestly in the 24 hours before the fed announcement. we are getting that. we have big names moving tesla and twitter are up nicely. we have historic highs consumer discretionary at high, russell 2000, historic highs and that extraordinary leadership from the retail group, folks, retail has just gone parabolic again today. nice moves up, jcpenney, kohl's, estee lauder. look at the last month, since the earnings reports came out. this is the s&p retail sector. straight up. we're talking 9% since the start of the month alone even the online retailers, there's an etf for that, and these are the online guys, so amazon, paypal, etsy, 1-800-flowers, almost the same thing. that's unusual that's up almost 10% on the month. big, big mover one group that lost its mojo,

. >>> now let's get out to bob pisani at the sandler o'neill global exchange conference. bob?d tim hockey here talking to us. >> there is movement you mentioned our ims index. investors getting re-engaged and seeing net cash flow is back in. ca levs in our accounts are at historic lows >> we had the surge of volatility, volume through the roof andpp o a bit march, april, may was quiet. looked like 2017 you're saying investor activity actually did pick up >> yeah. >> is that because t market started coming back? >> a littl etame back littl and after maybe it was the volatility and the corrections once that dissipated, let's get back to basic investing and put money dideeebound which wasa bit of e trajectory of our retail investor. >> you had a great yr. the stock up 20% a lot of the broke have done well in general. i'm wondering what the impact of the tax cut has been for you s d rt your stock is dowell >>olutelthe tax cut's meant it was a big increase in our eps and outlook, ntion we're not alone in that. it was a big shift. >> what was your tax basis before >> high 30s and no

. >> in new york city bob pisani is at a conference. lking about where all the es business is going. you were listening to larry kudlow react to that. he was saying president trump's policies are a key driver of economic growth. we are seeing 25% increase of earnings in the first quarter. how much do you think is attributable to the lower taxes the regulatory rollback that larry was just talking about >> you take a 37, 35 to 37% corporatdrop t 21, you give 14 points to ev y making money in america. they are all going to roll they are all going toearn more money. they are going to invest in plant and equipment. it's really -- that tax cut, people do not understand how strong that is for corporate america. and that creates jobs. creates growth you double that down with the fact they are cutting regulation, letting banks do more business, and you are going to see a really, really nice economic pop from what people say is the end of the cycle. i think what could have been the end of the cycle was just given three more years because he just

bob pisani let's get to td pi, too. rick santelli at the cm nenk chicago.morning, rick >> good morning, carl. today we have, at lease at this point in the session, a parallel shift in the curve maturities are down basically a couple of basis points, that after, of course, we are holding on a flat curve. yoknow, the 10s minus 2s hovering just above 240 basis points these are levels we haven't seen since the fall of 2007 now, if you look at a two-day of 10s, you know, yesterday we popped a mid today we gave a lot of it back but that isn't the point the point is, as you look at this may 1st chart, that we held the gains that we had, the sell-off that occurred after the solid jobs report friday, and we continue to hold here's something interesting on that chart you're looking at if you look at the high-yield close and the low-yield close, the midpoint $2.95s about where we failed yesterday. that's not lost on floor traders. many are using that as a intraday pivot looking at a two-year chart of bund yields, they're down four basis points today, down at 38 guess

bob pisani joins us from the stock exchange. >> the dow about to break the losing streak.he bad news is some of the market lead remembers slipping in the middle of the day let's look at what is moving us. at the start was a good day. we had a positive flash pmi for manufacturing numbers over in europe positive over at opec. they are increasing production not as much as some people anticipated. oil is up. bank stress tests were good. trade talk, rumors of a trade deal with china. semiconductors, a big leadership group. they had a good start. they were up nicely. then they drooped. in the last hour we have had other troubles here. bank stocks were great at the open on passing the stress test. in the last hour they started going into into negative territory. the retailers have been fabulous all month. they drooped her a little bit of a lack of energy the one thing holding things up, the energy companies marathon, high beta ims names. movement in oil, they tend to move up naysly they are holding their gains. >>> summer is officially here. the days are getting shorter now. and

what is behind the slump let's ask bob pisani and mike santoli. >> i think the big thing here, second half of the year, clarity is not quite as great as it was say on january 1 so five things that i'm identifying for the future that is a little bit of a worry one is clearly the trade impact on earnings particularly in materials and industrials and technology and then we've got the flatter yield curve that is essentially taking out banks as a leadership group for the last several week. and then we have the dollar index up 6%, it is killing emerging market stocks and then we have the slower global growth first in europe where earnings are in the mid single digits. 5% in europe right now slower growth. and of course we've seen the slower growth in china and we've been talking about that, china down 20% this year off of its highs. >> to me the big explanation for why we've seen pressure is mostly it's come from overseas currency pressures as well it actually feels slightly as a milder version of the second half of march. that was toward the end of a quarter, the fed that just raised rates

. >> thank you very much, bob pisani let's bring in the co-author of that study amin shams great to haveith us. >> excited to be here. thank you. >> we've got the report here if you were called in front of regulators, what would you say to them? >> i would say that -- so any investors,he first thing they need is to trust the first thing a market needs to grow naturally is integrity so we find evidences that the rise in bitcoin during the boom of 2017 may not be all driven by demand based stories. >> when you take a look at the charts of all of the coins fortp and following crash, they are all highly correlated. did you find any other sort of possible manipulation when it comes to other coins using tether so of course cryptocurrency prices are already correlated. it's very hard to distinguish between different cryptocurrencies, but we look at the s sectio some major lae cryptocurrencies and we show that the price of all of those cryptocurrencies was affected >> there areo many reports, amin, about the so-called bitcoin whales out there i'm wondering if that's an area where you thiney eith

as the currency tries to break out of tight tradening range bob pisani >> bitcoin moved in a range about in early february to nearly 12,000 in march it's settled down the last couple of weeks moving at an unusually narrow range about 600. that range has also corresponded with generally lower trading volume in the cnbc future contracts the last couple of weeks. what's going i think there is a little bit of a hangover from the big volumes that we saw in may prices rose in mid may remember, as they were high expectations going into that consensus conference in new york that was may 14th to the 16th. and while there were a few interesting developments there, the fedex ceo said block chain was the next big disruption. nothing really earth shaking came out of it so it is understandable that things might calm down after such high expectations also i think a lot of people are very aware that the sec needs to address several regulatory issues, including whether all icos are securities and need to regist wrert sec whether all coins are -- are securities and more specific criteria for approval of b

our bob pisani is at the sandler o'neal global exchange conference in new york with the interactive brokers ceo thomas peterffy, and as i'm saying, he does have a good story to tell on what this stock has done over the last year plus >> and he has been a stellar outperformer thomas peterffy, an old friend of mine and cnbc joining us here i start by asking how the markets are. you're a terrific market observer i asked you and was shocked to hear you're bearish. you have been bullish for so long what has happened in your viewpoint? >> i turned bullish on the night that the election results came in and i turned bearish two days ago. >> two days ago? >> two days ago. and the reason for that is that i see a greater and more powerful part of the country is trying to do whatever they can to unseat trump. even at the large expense to the economy. and i see that illustrated in the trade talks. so my take is that the united states after the second world war has done a number of trade deals, tariff deals, in order to try to assist in rebuilding the rest of the world's economy that was in shambles afte

joining me now is bob pisani showing you the agenda items on the docket for next week bob, what's up> the market is somewhat unstoppable right now. we got terrific economic growth. we have earnings that are going up through the second and third quarter and may hit another record in the third quarter. we have the fed that is somewhat accommodative to the markets overall. takes a lot to pull the market down now >> bob, thank you very much. there's the bell up 74 on the dow ringing the big board is conduent, and at tkelly has the second hour of the closing bell. >> thank you, wilf, welcome, i'm kelly evans, this is the day and the week on wall street, dow gained 71 points, close to the highs of the session on the bell just turned positive after european markets closed halfway through the day. the nasdaq composite lagging, but adding points at 7645. the small cap up a quarter personality to 1672, and nasdaq and russell notch a good all-time highs this week the dow having the best week in several here, and, of course, we're going into the weekend ahead of so many market moving events next

bringing in bob pisani to look at oil as we bring in bob.s, wgi up 3%. >> $73 who thought the week as a whole, but up again today >> energy with a good couple days now the negative sector >> all over the stress tests when they come out in the next half hour. the dividend yes aields are get better >> absolutely. >> wells fargo at 3. other local banks at 2.2 only 2% dividend yield we used to look forward to the day, finally let them go, pay some dividends no doubt they'll raise the dividends a bit, but they already up there the other observation on the banks, never seen them this oversold look at relative strength indicators that indicates how they perform against other sectors, there's oversold as the financial crisis ten years ago simply put, in a technical basis, those are screaming buys right now, i don't do that thing, but i tell you the way the technical looks. >> other thing to see the performance. up there for us. that's fascinating likes of morgan stanley, struggling last week, up 2% approaching this decision. >> again, look what happ

leading the charge today interest rates, ten-year yields are higher the dow up 105 let's get to bob pisaniial guest for us bob? >> thank you, sara at the sandler o'neill global exchange, the head of all the exchanges talking about what's going on special guest right now, jay clayton, the chairman of the s.e.c. exclusively on cnbc. just want to get that little plug in. you had a very interesting discussion with all the members here talked about a sense of responsibility to protect investors. are there areas of investing that you are concerned about now where you feel investors are being taken advantage of some areas you feel the s.e.c. needs to act on? >> thanks for being here we are always concerned there are areas where investors are being exploited, paying too much, being defrauded. that's our job and we are looking for that everywhere whether it's old frauds, pump and dump in the penny stock area or some of the frauds in today's ico market every woman and man at the s.e.c. comes to work every day thinking about our main street investors and how to protect them >> you brought up icos let

bob pisani what it means for the shareholders involved, bob >> investors appear to want this deal toh, and with some good reason there's a consolidation story here there's a cost savings story here that's attractive when you have an industry with low multiples they are taking the bait in the past several weeks, media stocks handlely handled the markets, improving the market for more media mergers, cost savings, a value add for the investors, however, skepticins says it adds to at&t's cash fw, does not address the core problem for the cable side and competitors are willing to pay money for content offering a consumer-friendly experience with little or no ads. traders believe approval improves sentiment for m&a in general, certainly for deals like this. even if the judge rules in favor of the deal, the doj may seek to appeal the case through the d.c. circuit court. they close june 18th, the judge would need to issue a stay before that to halt the deal from closing if they paid injunction preventing them from closing the deal, the agreement expires. remember, that's june 21st the agreem

bob pisani let's get to rick santelli good morning, rick good morning, carl can we see retail sales strongersure we can, but it was darn close. and yet yields are actually lower. if you look at a one week or the two-year you can see the volatility that we've had whether it was our central bank yesterday or the ecb today, but then again we're still down a basis point and look at one week of ten, down two basis points and it certainly looks like 295 like this could be the tenth day in a row that we close in the 290s, one week of boons and look at the far right and the volatility he's had and it's still holding up okay at 44 basis points and it is down on the day, but what's going up in europe and in my opinion what will occur with the bank of japan tomorrow and these are big reasons depressing our yield where the relative value pressures are pushing to the downside with the domestic economy and pushing it to the down side with the current fed strategic outlook, so to speak the yield curve, it continues to pancake out on us in a very methodical fashion and one week at ten minus 2s and august wa

let's check in with bob pisani this morning. >> i just want to start with the ipo., my head's been spinning here let me show you what's going on. we have bj's, the big one today and that is at the highend and $37.5 million and already we have indications of $18 to $20 and this is the big membership club 200 stores around the east coast. it's a well-known company here and the bad news, and a lot of debt and this is a big ldo and lots of competition and slow growth i think it's fair to sayy 18 to 20 is good we have another one over here and i want to point out, bright fuel, we don't have indications on it and it is a big provider of commercial landscaping services and they're the largest landscaper, $22, and thanks the low end of the price talk, $22 to $25 this has been a rather remarkable day and a remarkable week, and for ipos and let me show you what's going on here. i'm still waiting for the final numbers to tally up and we've had at least 13, possibly 14 coming here and we have a lot of good ones here >> 27 to 29 since the month of june and that's been since 2015

bob pisani is with me on the floor of the new york stock exchange as usual, quiet going intohe meeting. >> we are kind of flattish but we have leadership from health care because that time warner deal is helping some of the health care stocks we are not getting leadership from the. >> about, though, and energy this has been a problem for a couple of weeks now. they were, and they are not anymore. nsumer discretionary, historic high the retailers are doing well semis okay right thousand with -- a little more help froc. time warner/at&t deal is a dig influence. the health care group mergers, krsk acquiring aetna, aetna up nicely cigna acquiring he can press script, disney is a potential acquirer of the fox assets yet being down this morning, and then rocketed straight up up here a lot of call options. the ar out there, they have been short disney and long fox on this merger arb deal. >> and reverse. >> that's right. i think there are some bets here they may not necessarily be winner of the fox assets, too, going on as well. >> yeah. >> that is the most likely explanation for what happene

on iranian exports up 3.5% on wti today look at the sector performance, that clearly plays out bob pisanis here now once he gets the microphone on, but there's sector performance energy, clear performer at 1.3%, and telco underperforming, and tech with a nice rebound up .5%, but, of course, down yesterday, and as bob is joining me, you also look at the ge share price year to date, down 21% having had a nice jump today, but, clearly, today's jump, well, that's just the intraday there's the jump today in perspective down sharply year to date >> the ceo assured us this morning this was going to be the end, no more changes, essentially down to three sectors at this point. that's the important thing i think what matters here toda is the financial stocks. every single day, 12 days in a row, the xlf declining this has never happened before in the history of the s&p, not seen 12 consecutive declines, and across the board, whether you look at the big companies in the insurance area like chubb or traveler's down, regional banks like pnc, big sectors in there, and financial services like blackrock,

. >>> dow turning positive trying to avoid a seventh straight losing session bob pisani joins us. >> look at the the s&p 500 the low was this the first hour. this happened the last four or five days. we move up here. the important point is, leadership is back in the sectors. industrials and materials are lagging the overall market look at cummins, 3m. caterpillar, eaton, still to the downside weighing on the dow as well. shows you the tariff issue hasn't gone away meantime, else, his for i high this is the russel, the nasdaq, the mid cap, even the micro cap at historic highs. big changes in the dow general electric is out. >> i know it makes sense for ge to come out, do you feel that walgreen's was not the obvious choice to go into the dow? >> i think part of that is what has been talked about on wreath as kind the warren buffett problem. warren buffett doesn't want to split his stock and he is being emulated by hundreds and hundreds of other managers the netflix of the world, amazons of the world, in the old days when a stock got to be $100 it would get split four for one and you wo

our bob pisani has more on downtown's revival >> reporter: the financial district of new york is experi a renaissance downtown now a major hub for tech, media and advertising firms. 61,000 people lived in the financial district more than ever b there is tourists galore, so many that you can barely walk down the street. 8% increase from 2016. hotel business is booming as well there are 7,000 hotel rooms and 32 hotels downtown and another 2,000 are under construction >> while there are still financial firms here, we got tech and media and creative firms who come down and change the look and field of the neighborhood >> the world trade center, it is taking a while the 8 million space is sewcoming lease and newly opening three world nt, nearly 40% leased downtown leaderstrying to improve traffic flows and moving to right in front of the ncac. >> let's bring in the man behind the incredible building. joining me, chairman of silverstein property >> thank you for being with us >> my pleasure >> what does it mean of the rebirth? >> well, it is part of the series of steps forward. we have been t

shanghai at two and a half year lows, international markets hurt becauseof the domestic bringin in bob pisani to show you asset classes, we had not seen a rise or too much movement >> great job with navarro, no plans to impose additional investment restrictions. unfortunately, that leavs confused about what exactly the plans are. this is the problem. it's not clear exactly what the intentions of the administration are. >> i know it's going to affect the market, calming the market, he did that, down 313 points at the close on the dow ringing the bell here at the new york stock exchange, brian kelly, and rex now kelly has the second hour of "closing bell. >> congrats to brian kelly ringing the closing bell welcome, everybody, i'm kelly evans. dow down nearly 500 at the lows, closed down 326 points, weak, but could have been worse. markets concerned all day that the u.s. investment in tech, and that's why the nasdaq was the worst. and dow down 22453, and then we heard from trade representative peter navarro who soothed the market, and there were no plans, he said, no block investments, and that

risk averse sector, which is the story really there, and let's look at the week to date of oil bob pisanime, getting a big jump today because of the opec meeting, not increasing production as much as expected, 5.6% up, and then one week to date chart as well was dax, a nice bounce today as european equities, but down 3% for the week as a whole, which highlights even though we got better declines this week, europe suffering much more >> yes we got a little bit of good news the manufacturing numbers today, the pmi for europe better than expected, and, you know, europe's in a slow down. their earnings numbers, economic numbers generally are well below ours that's a little bit of good news europe up 1% the thing about this week, the damage, the industrials down 3%, materials down 3%, and there's your trade. in fact, semiconductors also rolled over a little bit, and rolled over a little more today, and i think the thing to watch here, over the weekend, there have been unsourced reports all day that the trump, some people in the trump administration are in favor of restarting the negotiations w

attention, seemingly, there are other factors at play when it comes to the recent market volatility bob pisaniark santoli are on the floor of the new york stock exchange with more bob, what else is at play? >> well, there's a couple things going on first, you've seen some of these momentum stocks and f.a.n.g. stocks kind of rocky recently. netflix doesn't have anything to do with tariffs, really, and yet yesterday it was really noticeably weak. i think there may be some issues about lightniening up we've got stories about pension funds having to lighten up on certain stocks because they've had big runs and particularly in the technology group and they're are rebalancing during this week and that dollar index is up 5% this year. this quarter, we've seen oracle, red hat make comments and i don't know if you've noticed, mike and i were talking about this, the xlf, the financial etf, is down 12 days in a row. i was shocked. i called peter, our data guy i go back 20 years, we can't find when it's been down 12 days in a row and you see names like chubb and the insurance companies and travelers, pnc

bob pisani is here, banks near the bottom, and telecoms with a decent day >> things are not helping outfore energy's not helping out we still got that rotation that's still there, so consumer discretionary, great with the retail, great with the media names that have been doing well. tech has been holding up i think the bulls should be very happy. look, you mentioned the ecb, no rate hike. that's what moved germany, and that's what moved the euro down. no rate hike until 2019. >> calm down >> important thing is, that's what moved the market. number two, look at the china tariff thing today we were expecting 1300, now they are talking about 800. less of an impact. finally, the fed, look, if you would have said nine months ago the fed's going to go from four to -- from three to four, the market would have been down much, much more, bigger, much bigger now economy is really strong, and i think a lot of people see retail sales spectacular today, and they see we can handle higher interest rates with the economy strong again, we're not seeing a lot of volatility in the market might get some to