bob pisani tracking the action from the new york stock exchange bob? >> tyler, when you go for a year with no 5% correction, this is the kind of thing that happens here you get a sudden woosh, although it was from an unexpected source let's remind everybody about the market risk that exists. there is not one or two. there is several many times we talk about the seasonality, september and october being seasonal weak months we have got the debt ceiling drama, the delta variant wave, the fed speaking this week here's a little bit out of left field. we knew about ever grand, but we zb know about the systemic risk or whether it was systemic now there is debate whether it is or is not that's a factor that didn't exist even a week ago that has come out of left field if you look at what's weak here today other man most of the market you see it is the global growth story, things like materials and energy the steel stocks, freeport mcmoran, mosaic. big global material companies. on top of that you see the big global oil companies and oil and exploration companie

and a rising market makes geniuses of us all bob pisani looking at how those active traders have done so far this year. hey, bob >> reporter: you're going to be very happy the numbers are great because the markets are up and we have new data from charles schwab particularly the trading in their brokerage accounts not bad at all average accounts up over 22% the s&p up about 30% in that time period, so this is pretty good considering a lot of people have bonds in their account. these aren't day traders they do about 14 trades a quarter. that's about one trade a week. conservative portfolio not all over the place average account has just 12 positions. one thing that's very interesting they love tech stocks all the stuff we talk about at cnbc they're involved in apple is the most popular. tesla. these are not surprises here amazon a couple surprises if you look further down microsoft and nvidia are there nio was a surprise, an electric vehicle company. you don't see facebook or alphabet but see nio a little bit of differentiation in terms of what they're interested in. who has the most mo

we are going to dig deep sbeer the rally and see what the bulls are buying and what they aren't, bob pisani is down on the new york stock exchange. >> the bears are stunned even the bulls are stunned right now. monday we were down 5% and the bears were sitting around saying finally, we are going get a 10% correction it is about time they have been crushed people have been emailing, why are rerallying can you explain to us? i can give you ideas of what people are talking about powell communicated do not conflate the taper with rate hikes. it is not coming for a long time those rate hikes there is generally a lot of confidence in the economic recovery yes, there is issues around what's going on with the covid variant. but we are still moving forward on that. there is a little bit of optimism about these washington comments that there may be a framework, quote, unquote, for a human infrastructure package, some deal coming down road put it together, you have got a rally. even china is being pushed aside. people believe that can be managed somehow. we'll see. the cyclicals are on fire. anything

great analysis our bob pisani down at the nyse. suppose the sort of thing i can't quite wrap my head around is that, like bob said, you have stocks which are reassured about the fed, but at the same time bond yields are moving higher usually higher bond yields is because they're thinking, okay, fed's going to move, but then stocks don't want the fed. if you could just kind of bring this all together for me >> i think that's kind of easy from my perspective. we've bought and paid for the rally and stocks, and the ongoing news of more spending, and today the agreement by the congressional democrats that they have a framework agreement on the biden agenda all continues to fuel what's going on in equities we talked about the parking lot of liquidity in terms of the reverse repo market. this all fits in but the issue now gets even a little bit more complicated when you add in what's going on with europe, bank of england. okay, let's start at the beginning, kelly the charts say it all. here's tens and 30s starting this morning and you can

. >> steve, stay there, we will bring our panel back, bob pisani will also comment in a moment. the markets are relatively unchanged from a few moments ago. as we know, the first move is often the wrong one and it is often right 24 hours later and things change 28 times in between. liz, our point, is the taper which could happening over the next six weeks, is that a tightening or not? the point is, everything is getting tighter. their talking about the taper. moving the first rate hike into 2022 that's all pretty consistent with -- i don't want to use the word hawkish because it's priced in but the idea that the evolution is happening, the pandemic framework is going away, they are getting us back to something more normal >> yeah, the evolution is happening. but it's happening very, very slowly i think steve said this earlier today on a different program, that even if they taper at the speed that we are expecting, they are still buying a lot of bonds through the first half of 2022 so it's not as if suddenly the liquidity is going to leave the system or leave the picture. there i

. >> joining us in a "closing bell" exclusive, doug cifu along with bob pisani. y gensler basically came out and said there there's not the best execution -- he spend a thirty of the time talking about payment for order flow are investors really being harmed by payment for order flow >> thanks very much for having me on. i think cat gegorically they ar not 95% of the brokers, wealth managers, do not take payment for workflow they still route to wholesales and to market centers based on execution quality, and a guarantee of execution much the brokers that do take it for order flow, still routing solely based on price improvement and execution policy so he's conflating the issue and the inherent conflict, which has been addressed and dealt with for the last 30 years by the s.e.c. two separate issues, and the date around price yoismt is so overwhelmingly compelling. $11 billion, and zero commission trading in this country. game, set, match >> gensler has another problem he seems to have a beef with you and citadel, the two largest players in the market. he says there

let's go over to bob pisani for more bob?porter: while we're waiting for delta to work its way through the system, you're right. we have a very busy fall season on top of that first two-thirds that's been very busy. let me show you what's going on here eamon is right we're dealing with a record year potentially another 90 to 110 ipos, about 375 ipos raising $125 billion now this would be a record year, that $125 billion in terms of the amount of money raised, and the second biggest year in terms of the deal size, that 375 second only to 2000. remember that one, of course, was all the internet stocks involved and some big consumer names, names you would know about here not obscure software companies warby parker they license brands like eddie bauer. allbirds, a lot of consumer names are likely to go they haven't formally filed yet but instacart, the big grocery delivery company, chobani, those yogurt, greek yogurts, sweetgreen, flipkart, the walmart spinout and impossible foods, plant-based meat products and toast will likely

eye on those earning situations and right now no deceleration carl, back to you. >> bob, thanks bob pisaniw down 213 to start this tuesday morning. by the way, keep your eye on the bond market and see how treasuries fare this morning talk about the ten-year right around 137 that's about highest since august 26th. as we do have a bunch of speakers on deck for the week. williams, kaplan, evans, mester, watching for news, of course, about a potential reappointment for jay powell we'll be right back. (vo) this is more than glass and steel... and stone. it's awe. beauty. the measure of progress. it's where people meet people. where cultures and bonds are made between us. where we create things together. open each other's minds. raise each other's ambitions. and do together, what we can't do apart. this is space for dreams. loopnet. the most popular place to find a space. what the world needs now... is people. people who see flight a little bit differently. so it takes less fuel to bring people together... and make faraway places feel a little closer... with engines that power planes more effici

. >> dow hanging on to 35 points this morning let's get to bob pisani. >> flattish open despite the facthat august retail sales and notably philly fed much better than anticipated. let's take a look at the sectors. it's not that bad so far in september. we're down about 1%, banks up today as yields are up a little bit. but banks have been really sideways since february, not a big momentum player at all we see apparel doing better, auto doing better as well. industrials kind of disappointing, a little flattish, big names, your honeywells, 3m not doing much at all today. tech is down because there's some weakness in semiconductors and china is just a mess forget act the casinos they've got some other big problems i'll get to in a minute here the thing i'm most concerned about is we've been seeing a very slow deterioration in the advance decline line that is very closely watched by technicians as a sign of when you have either near-term or long-term market tops. about 15% of the s&p 500 is 20% below their 52-week highs. that's kind of a significant number more so if you get deeper down into

can the numbers meet the lofty expectations with all the worries that are out there bob pisani joins us now. >> hello as we approach the end of the third quarter, investors are carefully watching earnings estimates for the third and the fourth quarter for clues on how stocks will trade in the final three months of the year earnings estimates for the s&p 500 have been steadily rising and are now expected to grow over 45% versus just 25% growth expected back on april 1st actual earnings reports have beaten by very wide margins. 18 to 20% in most cases, forcing future estimates to be revised higher future s&p earnings for the third quarter are expected to be up 29% from a year ago in recent week, those estimates have stopped rising, but not because of worries about the economy. it's because there have been no earnings reports for several weeks for the analysts so play off of that's what they need to change the estimates. that's changing because they're starting to get earnings reports. today, auto zone reported earnings and comparable sales that were much better than expected today, aft

. >> futures did look a little weak earlier on, let's get to bob pisani >> hey, guys, we started on thewe've now switched to the upside here tech has been strong china's getting clobbered again, folks, but that's not what's moving the market. it's tech holding up take a look at the sectors, a little bit of weakness in some of the cyclical groups, energy, industrials were down, now flipped positive, but tech keeps holding up and communication services, which is essentially a technology sector at this point, and that's really the key to the markets right now. so the problem the market's having, and there's a little bit of anxiety below the surface is there's not a lot of visibility right now. we have a lack of visibility on two fronts, on the impact of the delta variant on various parts of the economy, particularly the travel area, and on the costs associated with the inflation we've been seeing, particularly on commodity costs and labor costs. this is causing a little bit of anxiety. you've seen some recent warnings we've been telling you about this week, for example some of the airlines

today remained near record highs september has been the weakest month of the year historically bob pisani with more on what to expect in the post-summer period bob, what do you say, wake me up when september ends? >> no, hopefully, not. september, you're right, traditionally the weakest month of the year, but tradition doesn't mean too much in the post-covid-19 world. the three most important market movers are flashing positive signals. first earnings growth for the third and the fourth quarter is still accelerating second, profit margins are still at record highs, 13% for the s&p 500. that's a record. and finally, interest rates remain low, though they have been rising recently record earnings and record margins leave the markets very vulnerable, so the risks are a significant growth slowdown due to the delta variant second, big risk, a profit march decline due to higher wage and material costs finally, the worry that this could combine to cause earnings to decelerate. who would win and lose if the reopening story faltered the market is betting earnings growth will remain strong in growt

bob pisani breaks it done for us >> hello kelly, what a week.he bulls are confused the bears are confused we have had tremendous volatility and not a lot of movement ultimately. that's what makes everybody a bit crazy. there is very good reason for people to be concerned if the bears had any week of this year to make an argument why we should finally get that long-awaited 5 to 10% correction, my heavens, this was it look at the issues the market has had to deal with first off the supply chain problems that kelly was just talking about there. then this confusion in washington with the continuing resolution and the debt ceiling confusion. we have got all this confusion over boosters and who should get what and what we should be doing. we have got the china ripple effects going on with evergrande, the crypto crackdown going on this is a lot to digest. i thinkcaly had a very good point with nike. this is a major big global company talking about supply chain problems out there they had to lower their guidance we heard this with fedex this week produc

back to bob pisani at the new york stock exchange to tell what you say he sees. >> very tricky momentor the markets. we have washington dysfunction, but this is mostly about the rise in interest rates, which is putting a lot of pressure on tech stocks. just take a look again today they're to the downside. i would note apple's down 8 or 9% from its high microsoft's down 5% or so. 6% so it's not really a true panic situation, but we're off the highs. you heard about these energy stocks they had a terrific rally since oil's moving towards that $75 level. that's the highest in seven years. these are great rallies, but energy's 3% of the s&p there's only so much money you can throw at these things and they get so overbought they stop going up essential wly big banks have had a nice rally. up significantly, but here, too, significantly overbought and essentially they've stopped going up today as well industrials and materials have had a tough time because china slowed down on the delta variant. that's been a big issue. we normally should see these stocks doing well on the global recovery, b

visit indeed.com/hire >>> welcome to the etf edge portion of "halftime report" i'm bob pisani tax warso etfs senate finance committee chairman has proposed a new tax on etfs to help pay for the $3.5 trillion budget plan the measure would stop investors to avoid capital gains on in kind transactions. traders can swap the underlying asset for another without producing capital gains. one of the primary tax advantages of etf. etf industry is fighting back. let's talk to the ceo of the investment company institute which represents mutual funds and etfs, briefly. what is in kind transaction. why do the democrats want to tax it why is this a threat to the etf industry >> big time transactions are how etfs manage their portfolios make sure their prices follow the market senator wyden want to tax these investments. it's basically to raise money. it's bad policy. it will punish investors, people who are trying to invest for the long term will see tax bills every year they will see more taxes this is going to discourage them from doing long term investing this is exactly the wrong type of policy

yeah, that's exactly right and hats off to hu for this great investigative journalism and bob pisanih, scott, the likelihood of coincidence here that somebody bought 8,000 calls for a nicol ended up going to the -- the $40,000 became worth $2 million. the coincidence just doesn't smell right. i suspect that just like hu has been writing, that a lot of people will be looking into this to see, because into labor day, scott it was trading about 153 contracts a day. we -- our blog, we put it up last week for unusual activity on the ninth of september. and sure enough, there were several days that it looked pretty darn suspicious where it traded into the thousands and even tens of thousands of shares, just ahead of this announced deal with goldman. it certainly seems like somebody may have had tomorrow's newspaper today, scott. >> hu, i give you the last word. is the s.e.c. staying anything any regulatory arm looking into this. >> we reached out -- gary gensler went on the show and said that the s.e.c. is strapped and understaffed so i anticipate that they're going to look at this and hop

will hold and the evergrande situation has now passed and that will do a lot in terms of sentiment bob pisani earlier today highlighted something i thought was really important the technical damage that's been done underneath the market and 48% of the stocks right now are above the 200-day moving average. what that means in terms of is this a buyable market today, and obviously appears to be. yesterday you bought caterpillar and diamondback energy on the sell-off, and perhaps a lot of that related to the evergrande situation and today you're buying more dow chemical and you're looking for opportunity to put more money to work in this sort of environment >> look, it's hard to time the market and you're a day trader i'm not good enough to do that and nor would i do that. that's not my process and not my strategy i focused on fundamentals and what does that mean? i look at a number one or number two player in industry and i hope they can get on sale and you root for them to go down so you can buy more of them and that's what i did today in terms of dow by the way, the last couple of weeks i boug

but it's interesting we had bob pisani reporting on this and we are told they have access to these documentsit will be interesting to see if there is anything in there that actually comes out in a follow-up report from gary gensler. >> fantastic fantastic reporting, kate. thanks so much. >>> meantime, our next guest says apple's attempts to knee cap advertising is working let's bring in cnbc contributor and founder of substack newsletter big technology alex great read here. the issue i see is that it is not that facebook's ads aren't working but they can't track how well the ads are working do you think facebook will be able to fix this measurement issue? >> i would say they're one in the same, right. because what happens an advertizer runs an ad on facebook and they can determine if they were effective that way and optimize space off of that when they can't measure, they can't optimize effective and the ads work less good facebook will move from what it calls a deterministic model and what that means in layman speak is we're going to move from what we know to what we think based off of soph

his rudin management company owns four companies in the financial district and he is joined by bob pisaniyou, kelly. bill, thanks very much for joining us i remember talking to you right after 9/11 and for those of us that was down here, it was a time of tremendous grief and fear, and frankly pessimism. when i talked to you yesterday, you described what has happened downtown as a minor miracle. what do you mean by that >> i think we have to look at it in historical perspective. go back and you and i talked many times in the mid '90s when lower manhattan had 30 million feet of vacant space that's 30% we created the blueprint to diversify lower manhattan's economy. it used to be 70% financial service, 30% others. today it's 30% financial service and 70% education, many others we created a plan to convert older obsolete office buildings to residential and we were heading in the right direction. but obviously 9/11 was a major tragic event for everybody in downtown the city, the country. and we had to take a step back i think at that time there were maybe 20,000 people living in lower manhatta

i'm bob pisani this will likely be a record year for the ipo market and fall season will be cholk full names going public including fresh market, instacart, sweet green, impossible foods here to talk about it, kathleen smith, runs the basket of the most recent ipos and brian schaffer at invest tech capital allowing employees and shareholders to get liquidity while the company is still private. kathleen, first eight months, 279 ipos raised $96 billion. what is the outlook for the final four months and could we make it a record year? >> the numbers are already astonishing. and the reason the issuance has been so good is back in 2020, the renaissance ip off the index that the eft tracks which is a basket of already traded companies was up over 100% compared to the s&p 500. much better. and that sort of opened the floodgates for the second half of '20 and into the first half of '21 we had a little pullback in the summertime and now the index is outperforming the s&p over the last three months. that triggers an opening of the ipo market and we are seeing that coming up we expect to end the

hand recount and when you do a hand recount with policies that election experts say are not the bob pisani you are -- best practices you are likely to come up with a different number when you do different recounts with different elections, we've often seen this where the number might be different by a dozen ballots when you're counting that many ballots, especially with a hand recount. i think we have to point to the fact that whatever this report says, the policies did not give any election expert, anyone who has run an election, a whole lot of trust. i think they have to be taken with a big grain of salt even if the people who had conclusions before still have those same conclusions now. >> mr. dowd, as soon as i saw this news out of texas i was having a get me matt dowd. you are the only person who can explain this to us. this texas audit was announced literally hours after trump pushed governor abbott to do it. why is he giving into this? >> well, thanks for having me, stephanie. let me just explain for your viewers sort of what's happened in the last 24 hours here. so president trump

. >>> bob pisani with the etfs to watch today. good to see you direct indexing is attracting attention as a new form of investing. when you load an s&p 500 index you can't vote in shareholder meetings nor buy or sell the underlying stocks. with direct indexing you own the stocks in the index directly you can customize it any way you want own apple but not own exxon for example and do tax loss harvesting selling the losers and using the loss to reduce your tax liability. should you consider dumping your boring index etf and do direct indexing let's talk with patrick of oshaughnessy asset management and dave knotting from etf trends patrick, explain how this works. you can essentially slice and dice the s&p 500 or any other index any way you want, correct? >> yeah, you started the explanation a nice way imagine you had an etf provider designing an etf just for you. a convenient way to think about this the unbundling of the etfs, rather than own it indirectly you have a brokerage account someone trades and helps you manage according

let's get to bob pisani. oints off of the lows global big industrial names, industrials, materials were on the weak side, energy also on the weak side, china of course, mchi sort of the proxy for china. more defensive sectors health care generally holding up better you heard is all throughout the morning, seasonality, a rather weak couple weeks coming, and trying to figure out the ever -- evergrande fallout and to the extend there's actual systemic risks. and that's why they're concerned about some spread of contagion that's associated with that. in terms of what's going on, we're off of the lows. if you look at some of the things associated with the global markets and the cyclical markets, oil and gas have been weak, copper miners have been weak value has come off its lows, and the jet, the global airline etf, we've already had a turnaround 15 minutes, in terms of thematic tech, that's been weak it's about a 2% decline that we've been seeing overall, so you see things like cathie woods' ark funds, some of the

. >> josh, thank you for that run down let's get to bob pisani. bob? >> this is a lot, very tricky market energy we have been talking about. global demand for oil high and limited constrained supplies a great run in energy stocks names up 15% energy is 3% of the s&p 500. pile all you want into it. it won't move the index that much tech is 40%. and you can see they're still up today and a lot pushed to the limit as far as how far they can go banks similar situation. nice move up some up 10% or so as rates moved up but again a little bit overbought and stopped going up and most of the big names are down today industrials and materials with a slightly different problem hitting also supply chain issues and the slow down in china weighed on them. you see mixed overall today. consumer staples, different situation, too having supply chain issues and problems with raising prices an issue. most names down 5%, 6%, 7% on the month. i got a lot of people messaging today covering tech saying interest rates went up in january and february with a correction in februa

>>> let's go over to bob pisani now. he's got more on the action today. b. >> yeah, unfortunately this jobs report doesn't help the stock market what i hear from the traders is it's playing into the stagflation argument, so we have somewhat higher wage numbers, which is good for workers, and weaker job growth. that's the stagflation story so take a look at the major indices. you can see gold likes this, obviously, up a little bit the dollar doesn't particularly. the dollar has been trending down for the last few weeks, and it's kind of blah to a negative, a slight negative for stocks overall. you see the s&p weak but not terribly weak. if you look at the major se sectors, banks up a little bit, rates up a little bit more little bit higher rates definitely will help the banks a bit. but everything else, techs we're waiting for covid to pass. that's what the market is doing. tech would be a beneficiary for any continuation of concerns around covid but everything else, you know, that's cyclical like consumer discretionary, some of the housing stocks are weak

let's get to bob pisani. >> you don't normally see this, carl, because banks and oils are pushing the dow up having a big day that's pushing up the dow. s&p is up, because apple, microsoft, cisco, just the name stocks that are tech are pushing the s&p down, because it's market cap weighted. so industry weighting lesson here here at the sector, you see the nice move up with the energy stocks banking finally deciding to move materials is part of the global growth story, so this story today is about higher rates and the global recovery. there you see tech lacking that's because of concerns about higher rates higher rates and the global recovery overall there are some vague concerns over the weekend, shades of 2011, when the s&p downgraded the u.s. rating. there were supply chain concerns that were very real. but just take a look here at n nike it's down 70%, is the global bulls are continues to say, guys, they want business is great, vietnam will come back online, all this is going to go away probably, but it's taking a lot longer than people had thought. the bulls are right. it is going

bob pisani has a break down and josh lipton. bob, the movers here. >> there's an old saying when stocks take the stairs up and the elevator down. remember no 5% move in a whole year so this is what happens you get the sudden whooshes. we have been emphasizing that the global reopening story is essentially topped out in may and june and looking at the proxy names, freeport mcmoran, a classic example about 30% off the highs that they hit so if you look at materials and energy the stocks are down and freeport $45 back in may. those are weaker today here. here's the sectors here. banks, energy, tech and china of course a big concern a lot of debate about evergrande and whether it's systemic risk level heads think that it is not and the chinese will step in on that there's the steel corporations weaker as far as the energy stocks goes similar situation. topped out that while ago. xle is a big mover here. apache global names similar situation with the consumer cyclicals ford and general motors also have been weak in the last several mo

. >> thank you bob pisani let's get to jim and stop trading. >> look, one of the things people are noth did sell its life sciences business, dan, remember remember larry was there, great, but he needed the money. now he's on the offense. he's spending money to buy an ultrasound business i think is incredibly good, bk medical, had it gone public would be worth a great deal and this is the beginning of what i think is the expansion of a business that is so good, the health care business, mri, ultrasound. congratulations to them. finally in a position to -- larry has got it so that they have the balance sheet to pay $1.45 billion for a company, the deal closes in 2022 and that's why the stock is up. the emphasis larry is playing offense. a lot are cheering for larry because we're cheering for ge and this is a positive sign. >> tonight >> okay. tonight i got a company that we're seeing right in front of us, bob bennett from engagesmart. the biggest get, in a long time, wynn resorts, matt mad dox is macau in play we're going to find out, things even president xi doesn't know i know right no

. >> bob, thanks, bob pisani coming up in the next hour, the commander of that first all-civilian crewspace. first of all, keep an eye on the bond reports, treasuries, a lot of discussion about the ten-year yield moving further into a breakout vix close to 19, most sectors are in fact red. we're back in just a moment. ♪♪ in boxing or any other business, one day, you're gonna take a hit you didn't see coming. do you stay down? or do you get up? [announcer] and this fight is a long way from over, leonard is coming back. ♪♪ ♪♪ if you're 55 and up, t- mobile has plans built just for you. ♪♪ whether you need a single line or lines for family members, you'll get great value on america's most reliable 5g network. like 2 lines of unlimited for just $27.50 a line. only at t-mobile. i wonder how the firm's doing without its fearless leader. you sure you want to leave that all behind? yeah. stay restless with the rx. crafted by lexus. experience amazing at your lexus dealer. >>> as we put the week into some context, travel has broken out expedia is going to be your number one gainer for the week

let's get to bob pisani. >> good morning, guys, happy wednesday.ere is it's a flattish open, carl's right, but supply chain issues are going on longer than anticipated, starting to weigh on the market. take a look at the sectors here. materials have been on the weak side tech also is slightly on the weak side, consumer discretionary flattish, banks have been moving sideways for months now you see a flattish open. beneath that, i would call this great numbers, strong demand everywhere but kind of story and but mostly is around labor and supply chain issues. the big discussion today was around sherwin williams and what they were talking about. they did emphasize they've had terrific demand, strong demand raw material availability is not improving, so in the second quarter their sales were impacted 3.5% negatively because inability to get raw materials in the third quarter now they're saying sales are going to be impacted in the high single digits this is going on longer than people anticipated and we've seen this, we saw this yesterday with ppg, same

we haven't done that since february let's get to bob pisani. >> carl, of course i'm thinking about tomorrow remember friends and family who died on 9/11, we also remember the day the markets reopened that was september 17th, the heroes who rang the opening bell on that day and the struggle of those who worked downtown in the aftermath. there were very deep psychological scars on all of us who worked downtown. that only gradually emerged, everyone down here had a friend or family member who had died. there was also the grim reality of working downtown in the aftermath, the financial district had morphed into a partly closed arm camp it was almost impossible to cross canal street the dividing line between soho china town and the financial district, unless you were a resident or worked at the nyse or wall street police were everywhere on every corner and nobody knew if there was going to be another attack coming there was above all, the smoldering pit of the world trade center, the smoke would not disappear for more than a year, and it could be seen for miles around the worst was the smell. th

vix back below 19 and get to bob pisani. >> hey, guys, happy tuesday. cpi, the big story wa weaker than expected undercutting a little bit. good for 20 points at 8:30 eastern time on the s&p 500. off the highs now, but still to the up side. look at the sector leaders, and they've been leaders throughout the month, really. energy and semiconductors two of the big market leaders and hasn't ban huge out performance from a lot of sectors this month, but consumer discretionary up health care, banks weak essentially sideways the down for many, many months, not been a leadership group for a long time complaining, a trendless market. not quite true s&p down about 1%. a few modest out performers not many most in the tech space look here. technology, sectors like semiconductors have been strong recently cloud technology's doing well. energy in the cyclical group the one big outperformer amongst cyclicals. nasdaq 100, flat-ish remember s&p down about 1% more interesting, the down side trends seen. pharmaceutical down. heard about concerns be a the government getti

let's get to bob pisani. >> the endless bid continues people are amazed but every day there's an endless bid this was a very nice open. i know it doesn't seem that way. three to one advancing to declining stocks with no particular market mover. that's a nice open, and it's broad. i've been telling you there's been some complaints about some of the traders, the breadth of the market is narrowing a little bit. they don't like that, energy stocks up, industrials up, tech up, health care, heck, that's most of the market right there you've got your cyclicals, your growth stocks moving, everything the only thing that hasn't been participating is bank stocks bank stocks have been sideways for a long time now. you can't get a tremendous amount of loan growth or a tremendous amount of interest rate acceleration from that particular sector. the earnings are just about over, but i just want to highlight cig nit. this is a very interesting story. nobody quite expected the numbers to be as strong as they are, we know of course jewelry bounced back nicely but not quite as nice as this kind of numbers

let's get to bob pisani. >> the 3m's up over 1%, cost pressures, margin pressures floating around outre. other sectors doing well including energy seven-year high, companies like cabot oil doing really well, banks, techs holding in there, health carement your two main growth sectors tech and health care holding in there. retailers are weak they've been weak for a while. of course we had the market headwinds today, the main concern of course is cost pressures. 3m now joining ppg, sherwin williams, even pulte from last week talking about higher labor and material costs we do have some negative seasonal trends, of course in september and october. some concerns about slower economic growth due to the variant. remember, we have a big ipo season coming up there's going to be a lot of new supply warby parker will probably be next week, not entirely clear, but it's going to be a really big season if the market continues to hold up, and that will be some supply issues overall. you heard about 3m, cfo talking at a morgan stanley conference, talking about inflation being higher than they thought

. >>> wlbob pisani has a look at tech products and luke meanster is here to weigh in. bob? >> the important thing is rates and the reopening and it is a little bit about value let's show you what's going on the big tech names are weak today. the dow up with bank stocks up and oil stocks up. a price weighted index but the s&p is not and weighing on the s&p. cisco, apple, nvidia to the downside what's going on here the three things that are putting pressure on these stocks the whole reopening story is favoring cyclicals generically secondly higher rates. generally tough on technology stocks more so than other cyclical stocks out there and finally had big runs most up 20%, 30%, 40% this year. the valuations are very high on them as for the month the s&p closing out the month down 1%. look at the other big tech names weaker not dramatic underperformance but happening and that's part of this concern about the reopening and the higher rate story. don't get too concerned about this it is a great year tech is still a big outperformer for the year and this is an equal weight index s