let's bring in peloton investor, managing partner hans tung and bob pisani bob, can you give us lay ofand what environment they're walking into >> tough one you saw bertha noting decline. it is true, pinterest is up overall, this week, these stocks are being killed pinterest down 10%, 12%. slack had a new low, down 10%. lyft at a new low, down 10%. smile direct, remember, they priced above the range $23, 19 to 22. it is $14 now. we are watching peloton, waiting for that to open here. there are some indications i saw earlier on twitter, maybe 25 we have to confirm that, see what's going on. the point is we're in a tough ipo market my biggest indicator, ipo, big performer on the year, up 30% is down notably the last several days, up 23% on the year, lowest level since february what we're seeing is push back on valuations and companies that are not profitable and i think we have governance issues, share class, insider dealings, i think that's having impact with some companies as well. >> hans, let's bring you in as well peloton, big brand, big name, but i've got a problem with it maybe yo

bob pisani has more from the new york stock exchange. >> reporter: zpit the recent spate of economicssimism is high and appearso be growening. the latest quarterly duke university country of cfos says pessimism has green this year despite record low unapproximate and healthy consumer. of 225 cfos taking part. 53% bleach the country will be in recession by the end of the third quarter next year. 67% say we will be in a recession byou theh quarter of next year. knows are high numbers. the results align with a similarly glum outlook for the monthly bank of america merrill lynch fund manager survey from tuesda fund managers around the world. that survey found about 40% year. a recession next that's the highest level of pessimism since august of 2009. bond managers continue to expect low growth and low rates' they think central bank stimulus will be needed. wh is everybody so pessimistic? you could blame it on extreme global growth uncertainty. but trade wars which is the main part are onl part of the equation. so cfos are worried about germany wsh for examplef one the largest economies i

bob pisani reports from the new york stock exchge. >> stocks failed to clo highary fourth straight week but the dwound s&p sitting shy of new highs.de on t developments a aly food. the s&p lost today on word that chinese officials cut t trip to the u.s. short without dwichg reasons. soe predictably saw global lo farm heaea h industrials like caterpillar and others sell off with semi conductors over fears th u.s. china trade talks may no go as well as some anticipated. still the market hasar proven remarkably resil ynt. little changed this week despite badinis besides trade. the surge in oil and poor mcindustrial obstruction and investors remainut cautious a chasing the all-time highs ahead of pivotal trade negotiations. we saw that today. the federal res rve also seems to move to the sidelines on rate action for the moment. cyclical sectors sense foif to the global enomy backing down in week including streelgts industrials and metals and mienls and retailers and regional banks. next week no shoragef s catalyst, including a look at second quarter photocopied. personal income, consumer gn

for "nightly business rort," bob pisani at the new york stock exchange. >> sharps of apple weighed on market today and market value fell back below a trillion dollars after a goldman sachs analysts dropped the price target on the stock, saying apple's plan to bdle newest iphoneith a free year of the streaming video slfs harm hardware margins have a material pugativetimpact on earnings. apple dd the call late this amp saying, quote we do not expect the ieroduction of apple tv plus, including the accounting treatment for the seice to have material impact on our financial results. nevertheless, apple shares fel about 2% in trade today. and very late today, we learned that disney ceo bob iger has resigned from apple's board. no reason was given. but asno you disney is also launching a streaming video service to be called disney plus. > well, apple and other tech companies are being tar ted by a house panel. laakers made a public demand for documents and st letters directly to ceo as it deepens investigations into big tech wer and potential anti-competitive behavior. ylan mui in . waingt >

obviously a given back to you. >> that would be a great sign, bob, if that continues thank you, sir bob pisani. >>> the year has also seen a number of high-profile companies go public with peloton, smile direct club and wework next in line total proceeds raised topped $42 billion, a 20% increase nearly from last year but with some high-profile problems at uber, lyft, and wework, is the tide about to turn against the rest of these offerings. dan primack is business editor at axios and leslie picker great to see you both. dan, what's at stake here for the next crop of offerings is the going degetting tougher? >> i don't think it necessarily is when i think of wework, for example, that's probably a lot like uber and lyft, worth $40 billion in the private market, but whou think back to uber and lyft, for all the press about them and all we focused on them, remember things like zoom and beyond meat, which went public around the same time and have done really well. this time there's wework, but also data dog and smile direct club, which might do very, very well. >> and leslie, it almost seems like t

let's bring in bob pisani to talk about that and overall iep landscape. >> we heard valuation is notre, does this mean the ipo market is overrated. slack, first earnings report, growth wasn't as strong as people thought, not a good idea, growth is not as strong. some software companies, now there's jitteriness. this week we had three big names, all being upsized waiting for smile direct to open 19 to 22 pricing at 23 looks like and ten x genomics. upped it to 38 it opened at $54 talking little more than a week ago, 31 to 35. we open at $55 a gene sequencing company, biotech is a hot space overall we wait tomorrow for cloud fair. another software company, out there, website security and other things, was 10 to 12, 35 million to 10 to 12, now 12 to 14 i guess the point is yes, there are concerns on valuation, particularly on software, but the market is acting like it still wants this stuff in general. >> speaking of which, get the latest, bertha coombs watching for opening trade on the nasdaq. >> we don't have opening price, they priced at $23 smile direct is a direct to consumer compa

bob pisani with our etf edge.julia boorstin on netflix. >> well, scott, netflix acquiring the streaming rights to "seinfeld," one of the most popular series on television. netflix will offer all 180 episodes to the u.s. and to most subscribers around the world when this five-year deal starts in 2021. right now hulu has domestic streaming rights to "seinfeld." and amazon has most of the foreign rights. we don't have a dollar number for how much netflix is spending on this, but it is reportedly more than the $500 million that nbc universal reportedly played for the office. those are the other most popular shows that are in this streaming wars right now. what we are really seeing is all of the different giants pay up for the library properties that are considered so valuable for consumers. big investment there by netflix to kick in in 2021. stock is trading down just a third of a percent. >> coming off the lows of that. thank you. julia boorstin out in l.a. >>> we're answering your questions on mcdonald's, square, so

bob pisani, options bulls alimrertisacarm rr and energy.te po" bk in 30 seconds. >>> bristol-myers is up more than five percent and bullish options traders are betting that the bounce can continue. john is joining us from chicago with more. pete, you're up first. >> we talked about one of these. it was the october 50s buying on september 10. they bought 13,000 of those. stock was trading about 48. a couple days later they rolled out again and roll out of those into november and decide to go for the next strike hire. now we're seeing even more buying and going all the way out to the june 60 calls. trading for about a dollar. these are well out of the money. stock was trading 50.5. they have been right. the stock has been moving to the upside going from 48 to 50 now. i had rolled out of that first hit that we had had into the next. i'm still holding on to the next. i know i feel comfortable holding this thing and maybe roll out into june y. like what we are seeing. usg. there we go. natural gas. basically with it is right now. we had huge nov

the time all you bitcoin bulls were waiting for launching long awaited bitcoin features and bob pisaninental exchange launched their long awaited bitcoin futures market on sunday called backed that aims to make bitcoin easier to use as a medium of exchange that hasn't quite happened yet due largely to the volume tilt of the cryptocurrency. an interesting twist abbt teamed one starbucks in a venture that might allow them o toen convert bitcoin to u.s. dollars that could be used at starbucks. again, down the road potentially. the new futures pod comes a little less than two years after rival cme launched their own bitcoin futures product. a similar product was discoined in march bakkt bitcoin futures has two twists to distinguish itself physical delivery. cme settles contracts in cash. traders who hold a bakkt product will be delivered in bitcoin why physical some may want to hold bitcoin long term. second the contracts ex-pfeifer after a single day a single day it's an interesting idea think about merchants. if you are a merchant and want to cash out can you do it in a day and get your

a lot of ground covered, for sure let's get straight to the market reaction right now bob pisani's over at the new york stock exchange. and we did see a move toward session lows,but we've recovered since then >> that's right, dom we are off the lows but still modest weakness in several sectors. semiconductors like zille yix, communications services, netflix notably weak today this is one reason, the nasdaq, by the way, turned negative for the week so, the big issue here is what's next now that the fed is finished we're just shy of new highs. everybody knows that the question is whether investors will be willing to push the markets to new high territory now that the fed has essentially moved to the sidelines. investors are optimistic look, the s&p is really not changed this week, despite a string of potentially bad news -- iran, the surge in oil, the spike in the repo rates, the poor china industrial production and retail sales numbers not good news overall. the elephant in the room is trade and tariffs, and that's going to dictate how much up side there is right now. but those cyclical

bob pisani at the new york stock exchange. >> a lot of talk about a great rotation taking place.ut what exactly are we rotating out of andinto? there is confusion about different ways to slis and dies the mechanic. let's try to sort out some of the differences. first, cyclical verses defensive stock. since bond yield bottomed last weeks. checkically sense i have like banks, transportation stocks, energy, retail have all outperformed. these are call cyclicals because they tend to better when the global economy is imoving. nef lagged most of the year on concerns that global growth slows. at the same time defensive stocks strong most of the year have begun underperforming. that means consumer staples, real estate, utilities all down 1% t to past week. then growth versus value. companies that a growing earnings understandably, the typically technology stocks. lue stocks typically considered cheap and underperformed the market. energy ks.udes banks, retailers, and those sectors have done better on in recent rally in the last week. there is another phrase, momentum stocks. they're stoc

let's check in with bob pisani >> we sort of had a three-strike hit to stocks today. we started positive, but began weakening just after 10:00 when we had the consumer confidence numbers a little bit weaker than expected strike one remember, the u.s. consumer is helping prop up the world economy so that's not trivial. then president trump began emphasizing the negatives on china trade in his u.n. speech that was about 10:20 or so, saying that china had not adopted promised reforms and it consistently stole intellectual property that's strike two. finally about an hour ago, we got louder impeachment talk, speaker pelosi said the announcement might be made later today, although we don't know what the announcement is going to be. this is a very volatile day in what has been a rather unvolatile month we've been in a very, very narrow trading range for the last several weeks now really small ranges. we haven't moved in a 1% range for three weeks. that's going to be broken today. predictably, if you take a look, stocks lagging today include banks socks like jpmorgan, the in

bob pisani walks us through today's return o volatility. >> a toxic group of economi data.rade and politics brought volatility back to the markets. stocks started positive but began weakeni after the open on weaker consumer confidence numbers. remember the u.s. consumer is propping up the world economy procs shortly after 10:00 a.m. eastern time the president emphasized nchgts about china on his u.n. speh and citing micron has an example of theft ofel igentle property. a then impeachment talk got lewd louders nancy pelosi said they would she would would make an announce mtdegarding impeachment. market came off the lows when the president announced a release of the transcript of the conversation with the ukraine president but stocksrifted wer into the close. the first day by the way the s&p moved more than 1range in the last three weeks. for "nightly business report" bob missfy at the new york stock exchange. >> so why does "wana street jo suddenly care about politics in washington? we're joined by jeff busch,bu strategist at the washington update welcome back, nice to see u

let's get over to bob pisani for the stocks that are leading us higher bob?een a very strange quarter overall. if you would have told me at the start of the month that everything that was up would be essentially defensive, i would have said you were crazy, given the move that we saw earlier in the year in cyclicals. yet, take a look here. what do you think of the market when you've got a quarter where the leading sector is treasury and gold on top of that! sectors in terms of equities, the leaders are utilities and consumer staples folks, look at this long and hard you will not see a more defensive rally in a long, long time meantime, the laggards q3 essentially gave the thumbs down to global economic growth all of the decliners were essentially tied to the cyclical sectors. metals and mining, energy, materials and banks. the lone exception being health care a little more defensive. that had problems as biotech sold off late in the quarter of course, on concerns about slower growth in that particular sector guys, back to you. >> bob, thanks very much >> mike,

bob pisani looking at the movers at the nyc bertha coombs does the same at the nasdaq bob, over to youas a difficult day. let me show it to you graphically. we started off with consumer sentiment around 10:00 that was a little disappointing. the president's speech emphasizing the negatives on china, saying it had not adopted promised reforms, consistently stole intellectual property, is that second circle there and and we had speaker pelosi making an announcement on impeachment later in the day and we turned around that the president tweeted he would be releasing a transcript of his conversation with the ukraine president tomorrow, but we still ended near the lows for the day. the usual suspects were down we saw banks down, saw goldman sachs and industrials down like cart pillar. a big down day many of the energy stocks with oil down. procter & gamble and walmart, as we've been noting, one of the few sectors on the upside. consumer names, those are historic highs for both of them. guys, back to you. >> bob, thank you very much for that the nasdaq jumpunderperforming other major average

bob pisani. >>> chicago pmi due out in moments for now. let's head to the bond pits.s at the bond pits in chicago. hey, rick. >> three-day of two year gives you quite a bit of information rates do move up on days like today. we're up a couple of basis points across the curve. as you see over the three-day, we're not going anywhere but we are firm. one week of ten years shows you the basically the same thing lots of sideways activity, much hovering between the high 160s and low 170s bund yields, they have ticked up a bit relative to the history. but truly minus 56, minus 57 now is a nice cushion for minus 71 the historic low yield close dollar index once again, for the last couple of weeks on a tear, firm all year, remember, we're up a little over 3% for this quarter, which ends today. you can see the strength on a two-day chart it really comes home if you lob ok at may 1st of 201 where we're getting our fresh 28-month highs, and, of course, as we await the september read to the chicago pmi, we're always very cognizant of the notion there is a lot of ways to try to int

increase was driven by a jump in vehicle spending and let's drill down on the markets now with bob pisani. a lot of potential headlines here >> yeah, that u.s. consumer, that retail sales very important. we're saving the world dow on pace for its eighth straight gain. that is quite a move s&p 500 on track for a third straight weekly advance. remember the big drivers, better u.s./china trade headline, lower geopolitical tensions, expectations of more rate cuts and most importantly, a strong u.s. consumer. august retail sales both beat. u.s. consumer is saving the world economy right now and that is result willing in cyclical sectors you see here banks, transport, retailers and energy, they have all rallied nicely this week. and other rallying again today finally another strong ipo, web security firm cloudflare just went public, opened at $18 still strong right now $18.53 software is a big sector, but recent ipos are down for the week kelly, back to you >> makes it all the more remarkable thanks very much >>> in the span of less than ten hours yesterday, we got reports of a possible trade d

that an unlikely group of leaders that have been moving the needle let's get more on this from bob pisani if i went to you on january 1st of this year and i said bob, i'm going to make you a bet. a new tire or pocket square that utilities are going b to be some of the hottest stocks of the year you probably would have said you got to stop drinking on the day after new year's, but it's been a very unusual mix of leaders. >> consumer staple, i would not have bet on that one those defensive name, but they were the market loade ersleader. but i want to concentraton today because we're grinding higher on an odd mix so for example, you look at moving us forward today. health care stock, material stock, technology high kind of an unusual mix lagging today are some cyclicals. retail stocks, industrials, energy it's a little odd because we've been moving higher recently partly in hopes for progress on trade and indeed, today, the u.s. and china today are set to resume face-to-face taubs to the first titalks for the first tim couple of months we want to highlight a very important move here. big buy

>> look, i think what you're looking at here is the tail of two sides of the atlantic, as bob pisani pointed out i don't think the data in the u.s. is weak enough to really push politics at this point. you can look at polling data, you can look at sort of how the democratic race is unfolding, but ultimately as we look at markets here, we're looking longer term and for us the most interesting thing about the last couple of weeks was that you've seen some -- you saw some of that real rotation devalue, that was from a rates trade, right? so rates started to rise as they come back, that's reversed somewhat. if the fed is going to keepcuttinkeepcu keep cutting, are we in a rotation, are they starting in a recession in the u.s., one we don't see on the near-term horizons >> bond yields are sinking today and you wonder if people are going to put back on the big momentum trade jason, what is the general advice for investors here? >> one thing that investors continue to look for is income you want ability and willingness to pay you see a number of not expensive i wouldn't call it cyclicals bu

texas instruments, sherwin-williams and duke energy for more on what's powering the markets down to bob pisani on the floor of the new york stock exchange. >> hello, melissa. we are approaching an historic high, 3027 is the intraday high, 3025 is the closing high that goes back to july. the check list, the reasons that got us here is really very short. just take a look at what we've been moving, what's been moving. we got first of all momentum on trade talks. that's the most important thing we've been seeing. decent economic data in the united states as well and we've had hopes for aggressive central bank action as well. and that's about it. that's the whole check list that resulted in somewhat lower concerns about recession fears out there and the i remember packet on the markets in the past week has been rather dramatic just take a look at what's been happening. we've seen bond yield nast lifted the single most important thing but after that we've had a very big crowded trade that has unwound somewhat that involved going long defensive sectors like consumer staples and utilities and shorting

the market ending mix after the rate cut but it doesn't mean fierce of recession have been erased bob pisanithe nyse with more bob. >> melissa, despite the recent spate of stronger economic data in the u.s. pessimism is still high and it appears to be growing the latest quarterly duke university of cfo shows out of 225 cfos 53% bleach mts will be in recession next year and 67% say recession by the end of next year, the the fourth quarter and glum outlook from the global fund manager outlook on tuesday that survey more than 100 global fund managers found roughly 40% expect a recession next year as well the highest since august of 2019 fund managers continue to expect low growth and low rates and central bank stimulus will be needed why all the pessimism? blame it on extreme global growth uncertainty but trade wars are only part of equation cfos are worried about germany one of the largest economy he is in the world having flat or negative growth. plus fears of broader slowdown in china they seem to see a strong u.s. by itself may not be enough to save the day it's not clear what part of the w

we're down 80 but the nasdaq again underperforming with a more than 1% decline let's check in with bob pisanicking this for us at the new york stock exchange. bob. >> we were having a nice, quiet closing friday session near the end of the month and here we are all of a sudden right in the middle of the day, there's that big decline there. on reports, nothing confirmed here, that the white house was considering limiting investments in china stocks that are listed down here that are chinese stocks of course, some of the big names like baidu and alibaba, immediate lly plunged rather noticeably some other names also dropped. there's a lot of debate about whether the white house can call up the nyse and nasdaq and tell them to delist the stock it's not clear that they can do that that's being debated right now as for the month, kelly, we were all concerned there would be a horrible situation where we would drop it hasn't really happened. we're off the highs but still up 2% for the month why are we up? thank bank stocks for that the market turned around when we saw interest rates finally starting t

now to bob pisani. >> since thursday, we have had a bottom in treasury yields and we have had a rallyn cyclical stocks that is continuing in today, seema. so transports having a great day. norfolk southern, some of the deep cyclicals like caterpillar strong defensive names that have been momentum stocks recently have been lagging merck, proctor, coca-cola, kimberly clark, all lagging so far. it's those momentum names that are sort of pulling back we've had fin tech stocks like paypal and visa, they've been strong all year. waste management has been strong wallet disney has been strong. that's what a momentum stock is. they have been lagging here. there's definitely rotation going on in the market we are closing at the highs for the day, the dow jones industrial average up 60 points. >> welcome to the "closing bell." i'm morgan brennan in for sara eisen. >> i'm wilfred frost alongside mike santoli a fantastic final 15, 20 minutes of trade to the s&p positive the nasdaq was just negative at the close. the dow, as bob pisani just said, closing at the highs of the session, up 70 points or

bob pisani is monitoring the situation at the new york stock exchange and sarah fisher is with axios duncan, you said look, there's a price in which you'd be abeer of pell top, but it's pretty, it's well below where we're trading at here. >> this is an example where you're buying a stock and not the company. the company easter risk. but i'm more interested at $14 a share and not 27 >> why that number >> if you look at fundamentals, to really love the stock, you have to believe is going to do what uber did. everybody had doubt about uber when it first started growing. they said oh my god, it's going to take up so much of the market this could never be a big company. it grew the cab market by three to five times. you have to believe in the peloton case, it's going to grow the gym market by three to five times. i think it's really hard because uber was cheaper than a cab. a >> and sarah, people in the last couple of weeks have focused on a business mod el it's their use of music. they have a lawsuit that's doubled to $300 million against them saying they found 1300 more songs used witho

that's good enough >> more now on the tug of war between dwrout and value there's a lot going on bob pisaniat the new york stock exchange with more on this shift. what are they saying downtown, bob? >> great to see you. it's time for etf edge you were talking about this at the top with all the guys rotation the story etfs are benefitting from that a lot of volume down here. take a look at value outperforming growth the largest value etf. ive is the symbol. in the last week, growth, you see it doing nothing it's flat. value sectors are right now, retail, banks, energy and industrials, they're also outperform ng the last week. no surprise there, so what's going on here? nick, chris, now an etf consultant joins me now to discuss. this corresponded with the bottom in yields wednesday or thursday last week we've turned around. what's the story is it because of optimism on trade talks? because we don't believe there's a recession in 2020? why the bottom of the yields >> if you even draw a line between that 90% chance everybody thought we were going to have a recession with the end of august to no

. >> bob, thanks very much bob pisani, appreciate it, sir. >>> the price of oil soaring has knocked out 5.7 million barrels of daily oil production. our top five refineries produce half of that amount. the white house placing the blame on iran for these attacks. for more on the fallout, joining me are amy jaffey, on the council of foreign relelations how much should people expect the price of oil to spike from here, do you think >> we have always had it go as high as 20%, and i think there's going to be more on the horizon. this is all going to turn now on what the response is either from saudi arabia and/or the u.s. to this attack. this turns into some kind of hot ore, we'll have a hell of a lot more higher price to go. if they somehow back down like the saudis have been doing for the past year or so, and suffered repeated drone attacks other types of attacks, then things will calm down quickly. >> what was your first reaction when you saw these brazen blatant attacks over the weekend, just as somebody who has been in the energy markets for so long, what did this immediately say to you

session highs the s&p a little more moderate up a quarter percent for more let's check in with bob pisaniing all the action down at the new york stock exchange robert, what stands out to you today? >> we were fading early on take a look at the s&p 500, kelly. then the president came out with an impromptu commentary saying a china deal may happen sooner than you think and that lifted the market into positive territory. that's what's been moving us today. nike's been helping us on the dow. but that whole valuation created an optimism over global slowdowns. china deal has been fading for a while. couple of weeks now. the retail, industrial banks, all rallied in the beginning of september. they've been moving down and instead kelly all those defensive names, the consumer staples, utilities, internal names, hitti new highs down a little bit today. i think biggest concern, the recent ipo market, good barometer of sentiment it's been really poor recently lyft is at a new low pager duty was great out of the gate it's been fading a lot of these names down 10% or more this week and the ipo etf that

lots with josh over the next hour big stories we're watching today, bob pisani is digging into major rotations, plus watching three stories of intersection of government and business eamon javers has the latest. california's gig worker bill and probe into amazon. bob, let's start with you. >> wilf, rotating out of defensive groups like staples and value today, economically sensitive groups take a look, for example, energy and disaster still 20% off its historic highs nice move up for some of these big energy stocks today. industrials, banks and retail, generically called value stocks but economically sensitive, too. some of the big energy names out there all on the upside today. even though oil is down the middle of the day. industrials like caterpillar is up 10%, boeing is up 5 or 6% it's been good overall for them. retailers rally. they've been badly beaten up throughout the year. lot of internal situations regarding some of the big department stores as well. they have also been rallying in the last several days as well. banks all up, 4 to 8% so far this week. again, that's somewhat

bob pisani has more. >> reporter: we are up but a different market today than a last few days. what's back is the old momentum names. paypal and mastercard and visa are moving some tech names like semiconductors are back. old consumer staple stocks they were momentum. kimberly-clark is big. what's not moving is energy and retail and industrial stocks banks are kind of flat as well they had a great run overall but still the rotation still moving very well. just want to highlight 3027 is the old intraday high for the s&p 500. we're ten point away from that that was also at the end of july >> we got an intraday s&p chart. what happened this morning we were all over the place >> reporter: we're going up and down based on bond yields. that's what move things. last week we bottomed on bone yields wednesday morning as yields started to lift the markets lifted this morning we went up and down depending on economic numbers and some of the discussions going back and forth on trade. that's really the marginal mover in the market. >> bob, thank you very much. those bonds are also moving be

we were down 32 points at the le more from bob b pisani at the new york stock exchange. hi, bob. >> hello, kelly. a modest pop here. we're at new highs it's up today, it's a different kind of market than the last five days. leshlly momentum is back old school momentum. remember those fin tech stocks, they lagged the last week. they're back again today some consumer staples that were big, kimberly clark lagging bi the upside today. semiconductors back a little bit. this has been a cyclical rally in the ls week or so so if you look here, we've had retail and bank and energy and industrial stocks rallying. this was beaten up on the global slow down. today if you look at things, ths not as strong as it's been in the last week. so retail, banks, energy stocks, fractionally up. industrials more on the flattish side they're not big market leaders how far can you go buying these on a sluggish global economy that's why i think wells fargo had a great call on caterpillar and deere saying we've had a great run with these stocks. caterpillar is up 10% but wells fargo said bounce on s

to bob pisani. >> thank you very much for nike. dow is up.ost half of that is due to nike about 30 points. mixed trading, very indeterminate day here this is one of the days you can't mca lot ake a lot of concs banks up a little bit, utilities unchanged. healthcare unchanged the trend really in last couple of weeks has been away from the value stocks, names we had, remember the big rally we saw a few weeks ago in retail and banks and industrials? that's faded in the last couple of weeks these had a great start to the month of september instead we have more defensive, not so much today, utilities, for example, are back essentially at historic highs. now it is essentially back to historic highs you see looking at that. elsewhere, the thing alarming to me, ipo market got slammed in the last couple of days, particularly yesterday the ipo etf, big gainer throughout the year, up 30%, now back to the lows, back to the early part of february and yesterday some of the recent ipos, some of the big software ipos really got slammed. so we had some of tho

to bob pisani. >> 2-1 advancing to declining stocks nice start to the morning.ody where we are, record high watch here, s&p here but you see sectors, back to cyclicals that are moving nicely here the banks, retailers, transports and energy this moved us forward the last six trading sessions it is that deep cyclical group the s&p, remember, 3027, old intraday high. we're 11 points away we'll have more if we get anywhere near that what you want to look at here now is the cyclicals this week, that's what moved everything banks up 8%. retailers up 8%. transports up 5% energy is up 3.5%. you get the point here this is clearly a cyclical rally. one thing interesting, we're unwinding the crowded trade we have been talking about. that was long defensive names like consumer staples and going short sectors like the cyclical groups one thing that hasn't been unwound is going long bond trade that is out. there were inflows in the bond funds this week. i keep waiting for this to collapse it just doesn't. i don't follow these weekly numbers that much. equity had inflows, taxa

. >> dow up 33 let's get to bob pisani.> thank you very much had a great week off in los angeles. one of my favorite cities. modest upside led by cyclicals, mr. mnuchin saying u.s./china made a lot of progress, his words on the trade talks you see the cyclical rally here. banks, semiconductors, energy, dow transports, that's your classic rally here and we had a number of things positive in the last couple of weeks overall. the important thing is we got progress on trade talks, that's mr. mnuchin's words. we also have a very strong u.s. consumer out there as well then we have an ecb meeting this week, they're expected to probably lower rates, a lot of people say they don't need to. i think the ecb is going to go down swinging on this very strong on the rate cuts, fed rate cut, likely next week all this coming together to get us not far from new highs. we're not there yet. if you look here, the dow industrials, this was just prior to the open by the way 2% from the historic highs nasdaq 2.7 i like the to point out the russell

bob pisani has more. >> reporter: the peloton ipo is part of a really larger problem. sky-high valuations and money losing companies the public is essentially saying here the prices for ipos are too hot even if the companies are built around sounds concepts so why is this happening a lot of people are pointing to the bankers. essentially being more loyal to private investors than public buyers but the private valuations are way out of sync what the public is willing to pay. it's now at the lowest since february the other stats of 120 ipos this year, 22 broke their ipo price on the first day of trade. pretty high. half of trading below their initial price. this is one example. datadog. up 26% when it went public now it's down 6% this week this is very typical of a lot of software poiz. the company got $29 but the bank suffered some reputational risk when you have a decline like this on the first day of trading. >> thank you very much let's the turn to you per which is trading well below it's may ipo price. >> reporter: perhaps you can call uber the elephant unicorn in t

let's get to bob pisani. >> happy tuesday, everybody.flat essentially but the trend here is the big cyclical rally we saw, it is starting to look a little old and little long in the tooth. let's look at the major sectors here china is impacting, the weak industrial production numbers still impacting, we're down almost 2% in shanghai, so metals and mining have been weak. china shares are weak here in the u.s., banks are weak, retails are a little on the weak side, energy has been down all throughout the morning, saw oil moving down on some of the recent headlines here. this was that big cyclical trade that was powerful in the last week and a half. see it slowing down a little bit. moving markets, we have the fed meeting today, a real dilemma here, we had great industrial production numbers in the u.s. as opposed to china, which had disappointing industrial production numbers yesterday the fed is in a conundrum about how strong they want to be on keep cutting rates story china's slowdown is continuing, that's out there that's a big issue r

to bob pisani. >> all happy monday.gh opening overseas and most of this has to do with the rather rotten pmi numbers that we got over in europe let's look at the s&p futures. can you figure out this is when it happened. this is our futures. should have seen europe this is 3:00 in not the morning. industrials here, cyclical sectors, that are weaker banks weak over in europe. industrials, materials, banks, communications, consumer staples, defensive group slightly on the upside over in europe, it is pretty ugly over there. dax is down, ftse is down. italy. shanghai is down here. and we also see hang seng. that's -- hang seng is down six days in a row now. pretty rough for them overall here other european stocks, big names that are out there, seeman's, glenco glencore, daimler, most of the autos are weak as well on the news of the week pmi numbers. we'll get them here in a few moments here ipos trading this week, interesting ones, i think. some of your european banks as you see on the weak side let's talk about some of the

to bob pisani. >> yield is up that's what it's all about yield up market from negative to positive hereion is that rotation story so a little bit flattish, maybe on the positive side for energy industrials, banks that's what's been moving recently that's that that value trade utilities and reits,e ive secto ral rallying banks up since the end of last week this is when the yield started moving up, transports and energy what we call the defensive names that are out there the consumer staple names and utilities and the real estate investment trusts. put up the next full screen, you see have been down since wednesday's close there. there is the move here that's what we're looking for. we call this the value trade overall here as far as what else is going on, nice to see some rotation, nice to see small caps moving russell 2000 up 2.5% this week s&p is essentially flat on the week can it keep going? i don't know it depends on the weeg can it keep going? i don't know depends what happens with the trade talks. we've got positive momentum. we've got although volatility. we've got high levels of

. >> worst day for fedex since 2008 it bob pisani. >> down, but could be worse.merck, some of the consumer names helping out we're back to the old slower global growth story, doo ue to fedex. transports are the weakest far and away banks, energy, metals and mining, there is your global cyclical type names, utilities holding up better, reits holding up better, consumer staples, looks like early part of september right now. for the transports, as carl mentioned, fedex down 11%. u.p.s., and you see, the logistics guys, jb hunt, expediters, some of the truckers, not surprising i agree with jim, a rather dispiriting report we saw overall from them. here what i want to point out with fedex, this is the canary in the coal mine we knew about this back in the early part of 2018 that's how far this stock has gone it was 30% off of its highs going into today now it is 40% off of its highs this was not something that the people were astonished about what was amazing, this ey lowerd the numbers for the 2020 estimates. that's what's got even more people throwing in the towel t

to bob pisani. >> rotation, baby. that's what's going on here. been waiting for this for a long time. and i think we're starting to see some early signs of it, too soon to make a trend here. but remember what has been weak, throughout most of the year, cyclical names we have seen banks weaker. energy generally weaker. industrials generally weaker holding up a little better today, banks, energy, industrials started positive, a little weaker. what has been strong throughout the year consumer staples, and semiconductors through a certain extent, different kinds of groups here. they're also a little weaker today. this is what i talk about the rotation a lot of questions yesterday that some momentum stocks had been weaker. that was the case. if you look here, some of the fin tech names, pay pal, mastercard, this is what happened yesterday, both down. some of the consumer names momentum names are price related. fin tech has been strong and consumer and defensive names have been strong merck was down yesterday kimberly-clark momentum names, weak what is

bob pisani is having a look at the big movers here at the stock exchange, and bertha coombs will do thedaq. bob, let's start with you. >> we are just near new highs at the s&p 500. not a lot of new highs in terms of new stocks. we had procter & gamble and walmart hit all-time highs today. consumer names have been doing well generally transports were weak today the shippers and the logistics companies have not had a good time of it, ever since fedex did their earnings announcement. that was a big disappointment a few days ago buyback story continues. remember, microsoft last week, big buyback, target, big buyback. towards the close toth, american express, $125 million buyback. remember, amex has been a huge buyback monster for the last five or six years. guys, back to you. >> bob, thanks >>> nasdaq closing lower for a second day in a row. bertha coombs has the details. >> it's for the third day in four, just edging lower. part of the reason we're not getting that big oomph from the tech sectors today you had apple and alphabet providing the upside, but they were waited down and offset by

pfizer is leading the dow, up 61, to bob pisani. >> happy friday, everybody we are knocking on the doorghs. tug of war between cyclicals and defensive stocks going on this week, for the moment, today, cyclicals are taking -- winning out here retailers up a little bit. energy started up, now turned negative, banks, industrials, also fractionally to the upside. this has been a remarkable week. a lot of theoretically bad things have happened this week and the market is largely shrugged them off. want to remind everyone that, you know, stuff could have gone wrong very easily here shrugging off iran issue, the big surge in oil that we have seen, that whole thing of spike in repo rates made a lot of people crazy about market plumbing and seems like a long time ago, but that was this week we shrugged all of this off. the old cyclical rally, that's faded, a little better todayment if you look at value, cyclical groups in the last few days, retail, transports, metals and mining, regional bank, all cyclicals, most are also value stocks in the last week. that rally that happened a few weeks ago, i

to bob pisani. >> very good start to the day.o declining stocks the important thing about today is this rotation that keeps going on there not a lot of clear leadership keeps flip-flopping back and forth. today, we have semiconductors up, consumer discretionary, retail, considered to be cyclical groups. banks which were doing well a couple of weeks ago flattish now. energy declining for the last couple of days the leadership is not clear. the point is that enough groups are up on any single day to keep basically the markets holding up we have gone sideways for the last two weeks on the s&p 500. we're only 1% from a new high on the s&p. not a lot of new highs we noted yesterday, walmart, procter & gamble, these are essentially historic highs once again, all of the utility stocks are the market leadership in terms of new high that's been going on really for the last several months overall. you see southern, duke energy. one 52-week low on the s&p 500, we talked about this yesterday, and that is fedex. fedex is essentially near a th

discuss with michelle over the next hour first, let's focus on the stories we're watching today bob pisani is covering the market moves as we approach new record highs dom chu is watching the surge in bond yields. eamon javers has the latest from the white house and morgan is having a look at pressure on big tech leslie picker has the details on wework's ipo, but bond, let's start with you >> that was the bottom for the stock market and it's the banks and other cyclicals that have led the rally. it's been a great week for jpmorgan this is an historic high today look at that move up for the last couple of weeks in jpmorgan it's up 6% in the last week or so industrials and materials, the other classic groups, have been strong, as well. so 3m is up about 5% in the last week the dow is up about 11%. caterpillar is up 9, almost 10% in the last five days. again, big cyclical rally that we've had. one comment on apple we were weak this morning. goldman sachs cut the company's price target there's news that lawmakers were seeking e-mails from tech executives see that pop in the middle of the day?

investments in china bob pisani watching the sell-off here at the exchange wilfred has the details on wells fargo's new cfo. and deeirdre bosa wraps up a crazy week >> that report earlier today that crossed the fire that got the market's attention was that the united states and folks here in the white house are considering various elements of ideas that would stem capital flows from the united states to china. my understanding is that report was 100% correct, but the big caveat here is this is the very early stage of a conversation and no decisions have been made, no timeline even for a decision on this. it would be a dramatic step, potentially. and the word i'm getting is this is all being considered in the terms of investor protection the idea here is to protect american investors from investing in chinese companies that may not be exactly what they're purported to be. that's where things stand now. but we'll follow this next week and see if it actually gains some traction. >> eamon, fair to say that this came as a surprise no just in terms of the potential measure, but the tone we'

the worst performer on the nasdaq 100 despitethe release of the iphone 11 tomorrow now over to bob pisanie new york stock exchange. >> thanks very much, frank we sort of ran out of steam today. defensive tone for most of the day. new look at the sectors on the up side, health care did well today. reits, utilities tech of course doing well because of the microsoft buyback but that was pretty much it. apple down for the day sector laggards were all the cyclical names these have been up and down all throughout the month remember, china trade negotiations supposedly started today, but energy, retail, banks, metals and mining, metals and mining very susceptible to trade talks, also all to the down side. home builders had a great day, great numbers on existing home sales, 17-month high pulte was up, horton's up, hovnanian's up owens korng on the flat side rematch, though, also hay very strong day on those existing home sales there's the closing bell dow jones industrial average is going to close essentially at the lows of the day, down 64 points the s&p 500 drifting into negative territory righ

we've got lots to discuss with dan, but let's drill down on the big stories we're watching today bob pisani is tracking the big reversal leslie picker has details. mike santoli has a special market dashboard ahead of fedex's earnings which hit after the bell and we'll have for you here on "closing bell. >> a big day in oil. oil dropped right after the open on a reuters story that saudi's oil output would be fully back online in the next two to three weeks. saudi's energy minister said that supply would indeed be back online by the end of september bottom line is this. big energy names that were up big yesterday. some of them double digits like apache and marathon, they had given back about half of their gains today. but elsewhere, the market overall, it's back to a more defensive tone all the cyclicals that rallied last week. metals, banks and industrials all trending down again today. >> bob, thank you. what do you do with energy stocks at the bottom of the happy todheap today >> so it doesn't matter about the energy stocks. they're less than 5% of the weight of the s&p 500. in a lot of wa