we will have the details we have to start with the big moves of equity and bob pisani is is the a new york stock exchange. >> we are well off the lows but still some weak mness in the market apple and the crowds you see flattish here. positive for the day most of the semiconductors are pass on the day. popular tech names, cathie wood stuff, still down off the lows but down 1%, 2%. you see tesla, twitter, on did declines materials and commodities weak today. they didn't have big selloffs this year. but they topped out. this is that peak everything story that i think is going to become more important. and in terms of where we are for the markets right now some frothiness coming out of the market thematic tech. mega cap tech 7% to 13% off the highs. reopening still strong going great but peaking. peak everything. peak earnings. peak economic data i want to see the minutes badly. emphasis on inflation continue square space went public at 48 the reference price was $50. i think this is the first company that's a direct listing that opened below the reference price. i think the market wants

let's get to bob pisani with a special guest this morning hey, bob. >> the nyse has been open since may even more today, let's talk to stacey cunningham, the president of the new york stock exchange, she joins me here, it's been a long time. >> it has been, bob. great to see you welcome back we couldn't be more excited to have you back in the building. >> i am too. >> and why now what is changing today what made you say may 10th, we're starting to call people back more. >> we've been doing the same thing that we've been doing the last year, monitoring what is happening locally and putting protections in place based on the local conditions, so we have back, since last may, when we reopened, we reopened with a various number of layers of protection and now that the local conditions are what they are, and they're much, much better and the prevalence rate locally is much lower, we can remove some of those layers alongside the fact that so many people are getting vaccinated, so the vaccinates are leading us to where we are today and keep monitoring conditions as we go forward. that is not go

i haven't seen bob pisani in months, all of these great traders.back they have been taking precautions to get back. march 19th, 2020 we had no idea

. >> let's bring in bob pisani as well bob, back here at the stock exchange, able to interact more immediatelys. what are people making of this selloff? >> the knee jerk reaction is sort of understandable because historically stock traders are taught to believe that sudden increases in expectation force inflation are negative for stocks this. makes some sense for example, higher interest rates, higher inflation increases input costs, increases material costs, increases labor costs. most importantly, stock traders are taught to believe that higher sudden inflation generally reduces p/e levels it puts downward pressure on prices because it puts -- it creates problem with the future stream of earnings expectations. the problem with this analysis is, it's true, but it's not always true. we are in a relative sweet spot. historically, 2%, 3% inpolice station in the stock market is not a bad thing. what usually is a bad thing is when you get suddenly rapid spikes up in inflation which we haven't had yet in broadway or when you get inflation what he the economy is tanked, inflation in recessionary per

let's get to bob pisani. morning, bob. >> good morning, guys a little bit of a feel of a flushout, i say that very heavy volume at the open, ten to one declining to advancing stock, an unusual number and i want to look at the sectors, to point out something very important, i know everybody is focused on tech but it is not the worst performer, actually energy and cyclical sector, industrials, and materials, are doing poorly as well this goes to what i call the peak reopening story we have been talking about the last few weeks, this is as good as it get, focus on that for a moment. let me show you tech here. mega cap tech. you know the story here. mega cap tech is down. 10, 12, 14, 15%. apple is 15% off of its recent high microsoft, about that. a little bit more for the chip names and nvidia is probably about 15, 16%. some of the other ones like xilinx maybe a little bit more in the 20% range off of the 52-week skies. it is the thematic tech funds, cathie woods, and all of the clean energy etfs, 35 to 40% of of

get to bob pisani, we have an appear that is up 0.55%, bob.ng week >> yes, in fact, it has been a very important week, volatile but important. so we got a nice start to the day, three to one, advancing to declining stocks, and the story for the week, on the macro front, on the investing front, grows back, boy, semis have had a great week, with good news from applied materials, semiconductor business up, ficely this week -- nicely this week, tech is up nicely and cyclicals/value, it is down to the energy, banks, down for the week and you see up a little bit here this is an important week. why is that? because the fed indicated this he had people out who want to start talking about the tapering at least talking and that's good enough for the market just that they're having the discussion, and some people are talking about it, talking about talking about, that's good enough and look what happened to the stock bharkt this week we're flat on the s&p. the 10-year yield is flat, 1.61, and the vix has gone from 19 to 20, 5%, not statistically signific

bob pisani has more. bob? actually right at the open a little disappointing, but a lot of agreed volume today royal in alaska, they'll be selling there, but good volume in the airlines delta and american have a good day. when will quiet le, big mess acentering, bank of america, all 52-week highs today. it's really on the reopening story. here's a group i isle bell you didn't think would you hitting new highs. >> reit index is at a new high, and. avalon, camden properties, those are two of the biggest apartment owners, and cbre, this is the old coldwell banker. it's a commercial t. and realogy holdingsle at a high gold has been doing nothing all year the last month it's just been roaring up. maybe some alternative place to say go with people who weren't happy with the bitcoin volatility right now, but we're right here a high for the year guys, thanks for you. >> let's talk about consumer conferred. it is still nearly as high as it has been since the pandemic began. as you see right there, up about a tenth of a

let's get to bob pisani, hey, bob. >> good morning, guys.t open essentially but a word that biden is willing to compromise on the corporate tax rate, getting a lot of play on trading desks and people realizing we're not going to see these big increases in tax, we'll see some but not anything near what the original proposals were you can see the trend here, the bias is once again, towards the reopening plays, the material, the industrials, energy doing well, the story for the second quarter, ever since the start of april, these have tended to outperform, tech has tended to underperform let me show you how the sectors are doing since the start of the quarter. now this is april 1st. the start of the second quarter i'm talking about. and you see the bias towards the reopening here with materials, energy, banks, outperforming, communication services doing well but tech and the s&p up about 5% for the quarter, the second quarter, and tech is the laggard here, up about 2%, anded of course, a lot of the more affected of tech aspects, particularly ca

dow is lower remember do you 35,000 we're close are to 34,000, 800 points from that 35,000 mark bob pisani has move on the stock exchange hi there, bob. >> hello there, courtney we are down but stable very interestingturnarounds have happened in the middle of the day. first issues that everybody is most concerned about is megacap tech many of these stocks, 10%, 12% off of the high, megacap has held up better it has more long-term investors who will stay with it. what's more concerning is what we see with the more spec la activity tech areas. a lot of these names you're looking at here, they're 40%, 50% off of their 52-week highs now ear seeing investors start to say, well, how far down do we have to go here? 50% off, that's a pretty steep discount i think we're starting to see people pick around at the bottom in some of these speculative tech names meantime keep your eye on the reopening stocks a lot of these names have run up tremendously dr horton, for example, was $65 at the beginning of the your it's $99 pulte. these stocks have had big, big run-ups. general motors has tunnel since nov

bob pisani has more on that angle. bob? >> hello good to see you. everybody loves thematic tech investing. all exploding in popularity but watch out. morningstar warns the majority do not outperform the markets. they have high fees and high failure rates and run the risk of too much concentration. while it did well in 2020 the record is poorer over longer periods. morningstar found 30% over 10 years of these funds closed. only 36% outperformed the market this is a 10-year bull market. why the underperformance by its nature it is prone to investors chasing hot themes they also have very high fees that eat into the returns investors get. you can invest right now in an s&p 500 icndex fund for almost nothing and a small number of actively traded funds have fees and ark innovation fund is concentrated ownership means that the stock prices may be subject to the whims of investors. you see the list here. positions of almost 20% for cathie wood's funds. back to you. >> you can make the bets and make them right but hard to repeat that time after time. you ma

you can see there the nasdaq lagging up one quarter of 1% bob pisani has more on that story. bob? >> hello, dom. it's a mixed day reopening sectors, industrials, banks, toerls doing better but the key story is tech stabilize. tech up throughout particularly mega cap with a nice open up throughout the morning flattish right now with the big names and the chip stocks marginally to the upside there was a lot of worries that tech is starting to reset lower particularly after the earnings story and then some numbers here i would n't say tech is resetting lower but bifurcating. if you look at where it is compared to the 52 week highs and in the last couple of months most of them in the mid single digits and the chip names line nvidia apple about 10% off the high but pretty moddist considering the big moves the stocks have had. what's hit hard is the thematic tech stuff clean energy is killed in the months arng, all the cathie wood stuff. lithium battery and electric vehicles this is the stuff often marginal and doesn't make money and since foeb there's concerns about profitability and t

maybe this year they get the spotlight in washington as gary genzler takes over bob pisani has more. hey, bob. >> tyler he was set to testify about gamestop and he did but he was asked about regulation of the crypto market and made it clear there was room for more regulation. >> i think that this market this is close to $2 trillion crypto asset market is one that the benefits from greater investor protection it would be good to consider if it was -- if you would ask my thoughts to consider whether to bring greater investor protection to the crypto exchanges and if that were the case because right now the exchanges trading in these crypto asets do not have a regulatory frame work either at the s.e.c. or sister agency the commodity futures trading commission that could instill greater confidence right now there's not a market regulator around these crypto exchanges. and thus there's really not a protection against fraud or manipulation >> gensler is not asked about a bitcoin etf and curious. he is however going to have to give a thumbs up or a thumbs down to those applications later thi

the nasdaq down 2% today and in danger of turning negative for the year let's go to bob pisani at the new york stock exchange for more on today's selloff bob? >> we are seeing stocks react negatively to mozestly higher inflation figures. not clear it's bad for stocks at this level in the long run but nobody's asking any questions today. the average stock down 1.5% today. volume is heavier. sectors with run-ups are lower retail with a great reopen this year tech stocks also notably weaker. they tend to get hurt when rates go up. growth stocks. bank stocks doing better you see energy, oil sitting near a new high a few beneficiaries today. look at the big mega cap tech name just the general theory is growth stocks tend to get hurt more than value stocks that's the sort of knee jerk reaction and how the market is reacting again not clear this is a long term situation if you look at some of the big reopening sectors and interest rate sensitive growns, for example, higher rates potentially affecting the home builders these stocks had tremendous moves this year and partly on the reopening st

. >>> bob pisani has today's etf edge >> one sector continue the with record inflows another record quarterther record month joining us is the man who runs the biggest etf family in the world. e's armando senre. you launched the carbon transition readiness etf you just did the that two weeks ago and you already have $1.3 billion in assets. has climbbecome the wheel steer the esg ship >> for investors, climate is top of mind. foe eye low investors to incorporate climate into their sustainable views and portfolios in the case of the low-carbon transition, both of them were close to $2 billion in assets, largest activity at launch ever. i think the reason it's exciting is because we work with -- we partner with some of the most sophisticated investors in the world. and that's a way for investors to get exposure to the russell 1000, but with 50% lower cashin emotions in the overall portfolio. very exciting. like you said, we just crossed $100 billion in assets at blackrock. one of the areas weably the category will grow by 2030. >> i'm amazing there such a strong interest from a new class of in

. >>> thank you, rahel >>> bob pisani has today's etf edge >> money continues to pour into etfs, but are having a tougher time of it let's talk with charles ellis, author of "winning the loser's game." in the new edition you say evident for index-backed invests is stronger than ever. why is that? >> well, things change i loved being 18, 20, 25 that was a wonderful time, but i'm not in my advanced 80s i have to recognize and be prepared to adapt. there's been a big change in the way investing goes years ago active investing was really fun, easy to do almost. and for people very bright and working hard, it was something they should accomplish, but times change times change, times change all the advantages we had back then have been put behind us we used to go to inside information in meetings, now it's against the law we used to have research that others didn't, that's gone now everybody has bloomberg terminals. the information flow, and everybody has it, makes everybody equal. if you're going to a fight and you're 6'2", i'm 5'10", you're going to win if it's a knife fight, i might foo

now, let's kick things off with bob pisani for more of the names movie today. it interest rates will have to rise

now, let's kick things off with bob pisani for more of the names movie today. secretary yellen thinks it interest rates will have to rise >> jon mentioned some subsector of the technology. the semiconductors have really had a tough time of it but in particular, since we had earnings season, so most of these are down now, you see these drops today, another group more off of their highs, the darling of last year, one of the big winners last year, so cloud computing stocks here, i would say they're 20%, 25% off their highs generally. again, they also hit their highs in mid january, but they too have been weaker in the last couple weeks now to clean energy, this group is even more off the highs a big, big darling last year, any kind of clean energy, any solar, anything in that particular space, wind, anything like that. sunrun, fuel spell these stocks are down even more. many of thom in this group are down 40, 50, even 60%. mid ebruary, that's when a lot of the shall we call them speculative names stopped going up let mess just show you tech, there's a short term p

let's get to bob pisani.od morning guys and i will show up for that margarita as well and carl is right. the problem is tech stocks and its been a problem since earnings season began. let's take a look at the sectors. energy is holding up all right banks are holding up all right go further down. consumer successionry week and there is the tech. i've chosen april 26th that was the week we really got into the heart of earnings season and the big tech names started coming out and there's been a pretty consistent decline in technology since the earnings came out that is not evident in other sectors. so on april 26th here. energy has done already. financials have done all right industrials have done all right. little weakness in consumer discretion ary because of tech heavy counties it is very consistent across subsectors of technology i'm picking april 26th as the day. the next full screen, right across the board semi conductors have been weak you go down the list apple is down 5%, for example, since april 26th v

all sec tors green except for energy let's get to bob pisani. hey, bob. >> good morning, carl. was hot but not much of a reaction it's growth that is leading. and most of the concern obviously was yesterday, and a lot of that move up today a little hotter and obviously im bedded in stock prices take a look at the sectors the tech is leading. and tech and consumer discretionary up, and you can see, banks doing okay, too, industrials not far behind and energy a good day yesterday, with oil right near a new high, lagging a little bit today so that's not a big surprise and mega cap tech doing well, but remember, mega cap tech was never really the big problem most of it down around 10 purse from the 52-week highs the fundamental guys really stuck with mega cap tech because the valuations were quite reasonable it was schematic tech, speculative tech that had a hard time that's bouncing back as well today. we like to look at ark innovation, up 1%. clean energy, 3d printing, cloud computing. this is schematic technology, that had such a tremendous run, last year, that's run into tremen

energy is roughly flat vix below 20 let's get to bob pisani. good morning, bob. >> happy monday.espite all of these concerns we're only less than 2% from an historic high on the s&p, take a look at the sectors for the month, reopening stocks but tech is leading today, great 2% moves up in some of the semiconductors, all the leader board, materials, industrials, modest gains, banks, energies flattish, slightly down, slightly up, in and out. the important thing is not a lot of new highs, financials, morgan stanley, citi had new highs but by and large about the eopenin in may as we get into the last week here. energy, materials, banks, industrials, there's the reopening sector, tech has been lagging, as you see, it was up today, trying to make a bit of a comeback and the good news the fed has begun the tapering conversation starting last week and the question of course is can they actually get across to the other side, hold the market's hands and the bears have been saying this is it, peak everything, peak economy, earnings, reopening. the bulls are saying the fed might be able to s

let's check in with bob pisani at the new york stock exchange for what's moving today. >> hello, tyler. it's a mixed market. health care, some other things like consumer staples doing well but the selling pressure in technology is an issue take a look at the mega-cap tech names here everything down 1% to 2% as a group this is 10%, 13 % frm the 52-week highs but held up better this is the clean energy funds cathie woods' ark funds. remember as a group here we are talking about down 30%, 35%, even 45% from the 52-week highs most hit in february show you the speculative tech names. cathie wood holds in the ark fund here. you can see down more than the rest of the market today tesla. we are talking off 40%, 45% off the 52-week highs and when does the momentum traders have abandoned this come back in to play this again? it's not there right now fundamental guys were not interested in this stock another thing to keep an eye on is reopening trade in general. remember february and march? the airlines up 30% in about a month. it is not works very well today. united is up boosting capacity in ju

let's go to bob pisani for more. hi. >> hello we are up but off the highs. buying yields moved down and bank stocks as well. but we are still doing really well and the reopening stocks matter so seeing steel stocks like nucor at new highs. restaurant companies and food delivery like domino's pizza, the companies package delivery companies like u.p.s. doing well and carmax new highs one group that's not reported yet, 60% earnings season, are retailers on an additional month and are to get the april ending quarters and many are hitting new highs and also really been moving up on the reopening story so new highs in gap, ross stores, ralph lauren, ptapestry however everyone is still buying stuff for their homes and not right to the stay-at-home trade suspect work as much anymore big companies across the stay-at-home trade do well the paint companies, sherwin williams new high every single day. mohawk in the carpet business and the broader retailers for the home, the target and home depots and lowe's regularly hitting 52-week highs. anything to complain about apr

check in with bob pisani at the new york stock exchange. >> tyler, it's been a wild week. today we're right about right in the middle here. mega cap tech stocks growth is back most are up this week. apple might be down fractionally see weaker in the middle of the day. basically growth is back what do i mean look at the winners and losers this week. it is the growth sector. clean energy stocks. ark innovation fund is up nicely the cyclical, the value sector, energy and industrials and materials all down it's been a pretty wild week if you look at the dow we have a 1,000-point swing in the dow most of that is around the fed announcement the fed minutes. the big story this week was the minutes because they started to talk about the fact that some people want to talk about tapering and maybe raising rates down the road. that's enough for the market to have a discussion that it started. what's the effect? essentially you see here we are really flat for the week even interest rates. remember the bear case for the markets. this is it peak everything. peak earnings. peak economic

let's get to bob pisani. y, bob >> and i hope it is going to be good news about seeing your smiling face right down here at the nyse with me let's hope that will happen real soon flattish day, flattish open, but remember, we're closing out the month on the flattish side, but the reopening story is very real take a look at the sectors not a lot to wright write home about. retailers, nice open despite nordstrom's disappointment overall, and industrials still up, tech is on the flattish side, right now, and that's been the story throughout most of the month here and if you take a look at some of the other sectors out there, the retailers are kind of mixed this morning, so for example, nordstrom, a real disappointment, on the numbers, and they didn't raise their guidance now, remember, macy's raised some guidance, kohl's raised some guidance with an amazing year, and macy's is up 60% and kohl's has been flying probably up 40%, and in order stnordstro not so much and not all of the retailers are winning but in gene

glad you could join us on this lovely monday in may let's check in with bob pisani at the new york stock exchange >> hello at the highs of the day. throw in technology and reopening you have a good day overall. take a look at the semiconductor stocks they had huge moves up last year sideways in the year but nice moves up today 5% is a lot for these big cap technology names same with mega cap tech. they have been under performing in may as the reopening trade still has been predominant good day today from facebook, microsoft, apple when you get these names up 2%, almost 20% of the s&p the s&p will be up almost regardless for the most popular tech etfs, just brutal februaries and marches as interest rates moved up and stable recently there's the big names why this is a broad advance in the general technology space reopening also doing well today and why the consumer discretionary group is up so much the travel stocks, the royal caribbeans, marriott international, hilton all doing better they had the big moves back in february and also been more stable recently. what does it all mean? 2% fr

bob pisani making bullish comments about it this week. people definitely tuned into that dom chu thank you. >>> let's turn to washington where president biden is expected to deliver roarks on his $2 trillion infrastructure plan this afternoon as his american families plan to fund child care and other initiatives is catching heat a new report found the plan will cost $700 billion more than the white house estimated due the tax credits and other benefits in it. for more let's bring in the vice president's chief economic adviser mike pooil and ylan moi. >> i would like to start with what kelly just alluded to there have been so many estimates of how much the american families plan is going to cost, how much revenue it is going the raise and the exact it is going to have on the economy. a model estimated this plan would be a drag on growth because the debt would be so large. i know you don't agree with that explain to us what they got wrong or what they didn't understand >> thank you for having me, first off. a couple of thoughts first we thi

let's bring in bob pisani now. >> we are up as you mentioned but well off the highs the problem is there's selling pressure against in the thematic tech space that we love to cover. look at the sectors. we started off with technology well in the lead tech still up but off the highs. energy is lagging today but a good day yesterday oil near a new high. mega cap tech up but off the new high semis were high right at the open and have essentially been sliding throughout most of the day. want to keep an eye on the thematic tech. cathie wood's ark funds. that's the thematic technology a darling last year. a tough time this year and you see these up today after a big down move yesterday and now turned negative. watch particularly cloud computing stocks and talking about them for last two weeks and most 50% off the 52-week highs they hit back in february as interest rates started to move up. started up about 1.5%, 2%. they have by the middle of the day moved to the downside. still not a clear bottom we have been debating when there will be. these tech stocks down 15% to 25%. we have fundamental pe

what do the markets actually want from this fed bob pisani has more. >> it is complicated the federal reserve maybe trying to protect a coherent vision of what it expects on policy and put rate hikes, but the market can't seem the agree on what version of the fed they want it to be. hawkish? dovish to begin tapering and raising rates in the near future or do they want to put it off as the fed seems imply it will? a couple of months ago the markets were concerned the economy was going to be so strong the feds would raise rates sooner than anticipated. that sentiment was stoked yesterday when they said approximate the economy continued to make progress towards the committee's goals it might be appropriate to begin discussing a plan for adjusting the pace of asset purchases. surprisingly, this comment, the stock market barely moved on it. it is up today it is suggesting that perhaps the market is getting more comfortable with the fed becoming a tad more proactive. many want communication from the fed to begin right now they want to hear now in a the fed is thinking about thinking about c

but this morning, bob pisani, a warning from morning starbu on h dangers of this kind of investing. >very much a warning everybody loves thematic tech investing, electric vehicles, e sports, robotics, cloud computing all exploding in popularity watch out. morning star's majority -- >> bob, i think we're going to get your mic on. guys, let's continue this theme while bob gets ready this is prime for the arc investment thesis. high growth, high returns in the longer run, and we've certainly seen an easing of that trade, at least this year, even though it was so hot last year and it's so interesting to note, though, over the last few weeks or so, cathie wood and arc have been doubling down on some of their trades and introducing new ones that fit into the thematic tech. bob is going to tell us if you look at history and we'll come back to you, bob, if you look at history, this may not necessarily pay off, right we'll let you continue here. >> yeah. the important thing, everybody loves thematic investing thematic tech investing did very, very well. remember, e-sports, robotics, cloud comp

. >> now i'm wondering, jenny, as bob pisani was talking about earlier today, as to whether the value trade, the reopening trade or whatever trade you want to call it is peaking inand of itself you are involved in a lot of these kinds of stocks, right whether it is chevron or duke or kinder morgan, williams, dow, right. these stocks are not that far away from their 52-week highs, and they're a heck of a long way off of their 52-week lows. so maybe all of it is already in. >> i don't think so. here is why i don't think so i have a list of, i don't know, like ten different reasons, but the primary reason, and this is the most important, is that the valuation gap still remains incredibly wide. s&p growth is currently trading at a 27 times multiple s&p value is currently trading at a 17 times multiple so when we talk about wiping off the excess, it has been wiped -- it is being wiped off, but the depressed stocks, the depressed sectors, financials, materials, energy, the ones that have -- even though they're up a lot, they're still a long way to go historically -- >> based on what >> -- d

distancing is required the new york stock exchange president, stacy cunningham, explains to our own bob pisanitart rolling back some of those covid restrictions. >> now that the local conditions are what they are and they're much, much better and the prevalence rate locally is much lower, we can remove some of those layers alongside the fact that so many people are getting vaccinated. >> as you just saw, media organization including our own also back at the big board >>> amazon reports last year it blocked 10 billion phony listings on its site that's up 67% from the year before the company reports counterfeiters were trying to take advantage of shoppers who were buying more online because of the pandemic. >>> and chipotle announcing today it's hiking wages for restaurant workers, saying that by the end of next month crew members will make on average $15 an hour. the company says it will also start offering bonuses for employee referrals the ceo, brian mcnichol says that business is picking up now that covid cases are declining. >> we are trying to play catchue united states last month added 18

viewer wrote in and said it's nice to hear just the ambient audio behind your mic there at the nyse, bob pisani. we'll see you later. let's get to rick santelli as well who brought the cpi number at 8:30, hey, rick >> it's been a while i'm jealous bob is on the floor. i'll be back on my trading floor soon, god willing and if you look at some of the data this morning, we have to go over again, it was so hot, as you look at the headline number, up 0.8. it goes back to june of 2008 since we had a higher month over month headline cpi this is the all-important food and energy this series goes back to 1957. up 0.9 we haven't seen a number like that, well, going back to 1981 yes, 1981. and finally, the year over year headline that really captured my imagination, up 4.2%, rebusted right through the floor handle, haven't seen a number that big on a year over year headline since september of 2008. so these really are big numbers. >> in terms of whether they're transient or not, nobody can answer that question but it seems a bit counter-intuitive that the period of transience is going to be very short, do

. >> bob, thanks bob pisani let's get to rick. >> you know carl, it is so interesting to really dig downe get this straight two weeks ago we settled 10 year note yield at 162. today, we're dribbling down, as you see on the two week chart. we're down at 158. so we're down two basis points we've had just weeks and weeks of closing in the 6160s. and we're not going rate raise rate or taper without months of guidance all of that is creating this rally. i don't buy it i think the reopening trade has a little vinegar left in it. and i think that central banks aren't necessarily the friend of any market these days. but the fact that they are in the driveway warming up the car for us, even though they have no idea when they are gonna have to put it in drive and floor to it get out of easy money policy i know that we're talking about various bank -- goreman, for example, potentially seeing a taper at the end of this year. i'm with him let's look at a month to date of tens and bunds bunds have gotten more aggressive, you can see they are turning. as a matter of fact all sovereigns are turning and

not a surprise vix back to 22 1/2 lets get to bob pisani. >> tech's down 1 1/2% but already well offhe lows. the rest of the market is not doing that well either lot of stuff down about the same amount energy weak here materials doing a little better. banks were lower and they are off of their lows, industrials down about 1%. people keep wanted to know what's going on with the market and it is pretty simple, folks the sentiment has changed. the markets not generally dominated by fundamentals. it is dominated by sentiment and momentum and so sentiment and momentum has shifted. it is shifted from growth/tech to value, to industrials, to materials. so banks, to the reopening names. speculative tech, the stuff we like to talk about, the teledock and the zoom video and all the cathie wood stuff has been hit hard as rates inched up and inflation fears. this has been a problem since february the higher rates in inflation kills the speculative names. none of the fundamental investors want to touch that stuff so there is no one to sell to and they go down fundamental investors still support.

. >> obviously, guys, we're off the initial lows, s&p is down about 7 points let's get to bob pisani choppy the last six days. we are essentially flat for the month. the problem is the reopening story is not pushing stocks forward, and tech is weak, and has been weak for the last couple of weeks, take a look at the sectors, and utilities, that's a defensive lead right there, and banks and tech right there lagging with some of the consumer discretionary names and thematic tech, it is the problem, and the mega cap tech and the clean energy stock, cathie wood and the ark innovation fund, cloud computing, 3d printing, cyber security, all of these, 30, 35, 40% off their 52-week highs which we keep pointing out happened in february, when the rates started moving up. that's when the they that theic t thematic groups started getting hit. and as for the reopening, it is getting harder to push the market forward on good news. carl was talking about united. boosting capacity in july. nothing. no moves at all in the airline stocks these stocks have been essentially sidelines since march. they mo

we're led by some of the reopening names in the financial and energy space let's get to bob pisani. >uldn't it be with the earnings and the reopening news, tremendous economic news on top of tremendous earnings take a look at the sectors it's energy and bank, the reopening sectors and seeing some industrials up, tech is doing okay, and defensive names like reits, utility, they're lagging, so this is the reopening story. if you look at the leaders in the s&p leader board i look at the s&p rather than the dow, you can see it's all the reopening names once again, so you get u.p.s., another new high, fedex is not far, material names like freeport mcmoran and high end consumer names like united rentals doing well today. and we're about 60% through earnings season. 300 companies reported not only is the numbers blowout, but the guidance is very good on top of that. so remember, 60% reporting we're essentially up close to 40% compared to the first quarter of last year close to 50%, excuse me. but the beat is what's important. 23%. those are titanic numbers. remember historically, the beat us

i haven't seen bob pisani in months, all of these great traders. it is a little more empty than normal. >> about half the traders are back they have been taking precautions to get back. march 19th, 2020 we had no idea we thought we'll be out for a few weeks, see what happens. >> we thought the sell-off might last a little while and what a ferocious rally we've seen since then just extraordinary. >> it's the same and the whole world has changed at the same time. >> and it's good to be back on a day with a lot of market action. let's get to it. what is driving action today the market divergence is playing out once again the dow setting a record high, though its well off its best levels while the nasdaq is sinking as facebook and alphabet pull back on an analyst's downgrade. tesla making a big move lower as well the energy sectors in focus following a ransomware attack on colonial pipeline, one of the largest pipelines in the u.s and we're keeping an eye on crypto dogecoin prices plummeting following elon musk's appearance on "saturday night live" whe

at 162 it has been a turbulent week, and it ends, brynn, with what i'm calling pisani's great debate because i thought bobd it out so perfectly earlier. i want you guys to weigh in on this key question. the bear case, this is as good as it gets the bull case, fed is going to get it right, why are you so worried about it they've got it under control earnings are going to be great the economy is going to boom and everything will be okay. which is it, brynn, bull case, bear case? >> well, maybe it is somewhere in the middle, but i will say this how can it not be as good as it gets when from february of 2020 to april of 2021, last month, we've had 54% of gdp in fiscal monetary stimulus. we have a great consumer, fantastic earnings, and so you have this mosaic of so much overstimulus, also healthy balance sheets so i think this year could easily be as good as it gets because i don't know how growth can be so strong going forward once the fed stops to inject $120 billion per month, and once washington stops putting trillions of dollars of new spending into the economy. that's just not sustainable. so i think ri