bob pisani joining us now. b. >> 7% year over year inflation is ridiculous and concerning, but it is not above the expectations that of i think that's one reason the market rallied and one reason the yields are lower we have moved 80 points on the s&p since yesterday's, powell's testimony. that's quite a move. let me show you the sectors because tech stocks rallied in that interval. bank stocks are finally starting to slow down a little bit. energy has been on a tear. it is finally slowing down a little compared to the rest of the market most of the time in the last two days consumer staples, utilities, more defensive stocks lagged a little bit. let me show you the tech names because it is a bifurcation today. the mega cap generally is doing better apple and microsoft generally outperforming but, once again, a lot of the speculative tech stuff, cathie wood's ark fun, zoom, you know the list, those are trading on the downside. so a split in technology stock today. energy stock taking a breather we have oil at $82

and bob pisani and -- >> diane, let's start with you what is it that we don't know about the most recent meeting that we could find out today with the result of these minutes? >> the biggest question is exactly how are they looking a the uncertainty wrarld ith rega omicron. jay powell mentioned it in his press conference and how much weight they are putting on warrants continuing to add to rather than subtract from inflation. this is the first variant wave we have had without fiscal stimulus that doesn't mean it won't still muck up supply chain and cause inflation problems but this is a very different kind of wave how much do they talk about that how much are they concerned about in a at this meeting going into the meeting, we saw a much more hawkish fed ready to lift off on rates sooner and much more rapidly. >> one of those issues is what happens here in the u.s., and also what happens in china that could affect the economy in a global economy in a way we haven't factors in beyond the fact that the fed is going to quicken its pace offin at thattering and going the raise interest rates

let's begin with bob pisani at the exchange bob?ler, this is a very interesting move in the stock market we had a rather significant decline early in the morning i want to show you the s&p 500 we were down almost 100 points so:30, 11:00 eastern time this morning. we have bounce the significantly. look at this weapon eliminated two thirds of the losses today that is a big move all of this, almost all of it is attributable to a midday rally in technology stocks we've been talking about megacap tech stocks, more speculative tech stocks, well, it's right across the board really in tech. microsoft, for example, is 314 on the close on friday, went all the way down to 305. look at this, we've almost done a expletely round trip even it believe it or not. speculative tech stocks. so, for example, square was 141 on friday. it hit 133 133. that's the lowest in a year and a half many of these cathie wood type of names were at lows. it's almost back to where it was on friday. megacap tech, speculative tech, all trying to plant a flag he. and all

of it and should we expect it to last throughout the quarter or is it already staging a comeback bob pisanis here >> energy has laggedfor five years and in the last few mornts we have seen the opposite. we are in for a little bit of mean reversion what is that it is the tendency for stock prices to revert to long-term averages since the fed began the massive program to pump money into the economy in the great financial crisis in 2009, the s&p has averaged 15% returns that is way above the historic norm going back more than 80, 90 years of about 10% now the fed is reversing that whole program, and some people are suggesting that mean reversion would be in order here that would be a period of sub optimal or sub normal returns, below 10% returns. we saw it recently in the short-term here with the mean reversion. 2021, of course technology stock was a dominant stock in the stock market the s&p was up 24% in 2021 it has been 5% or 6% since then. these are short term but indications that the market is starting to think this real estate investment trusts which lagged for a long time, had a very go

a chance to make things right here we will see if it happens. >> we will see de delano saporo, bob pisani bosa, thank you all. >>> now omicron is threatening theme park attendance and box office sales and disney plus numbers are slowing. up next we will talk to an analyst naming disney as a top pick despite all of that ♪ ♪ wow, we're crunching tons of polygons here! what's going on? where's regina? hi, i'm ladonna. i invest in invesco qqq, a fund that gives me access to the nasdaq-100 innovations, like real time cgi. okay... yeah... oh. don't worry i got it! become an agent of innovation with invesco qqq i - [narrator] introducing the grubhub guarantee: our promise to deliver the food you love on time, and give you the lowest price, or you'll get $5 off your next order. >>> welcome back disney is adding a new title, not one it necessarily wanted to it was the worst performing dow stock last year, falling 14% as it struggled to overcome lagging parks revenue and slowing disney plus growth. wells fargo today is naming it the top large cap growth idea for 2022, saying this year they will see

. >> thanks, bob pisani. >>> jim and "stop trading." >> last week shopify, it looks like it's not doingess with certain fulfillment operations and that people said, wait a second, maybe i am in etsy and that's wrong, maybe i am in this universe of companies where you buy things online and they are buy now, pay later and that's wrong. shopify had been a leader and people are saying, what do i pay for that and these are the problems what do i pay? i'd rather be in a company where i know what i should say, which is, say, under 20 times earnings with good growth than, like, wow, that stock went to 1,000 and it was raise prices. >> we got an upgrade out of stevens. they think the gmv guidance is good. >> that's a great piece. they had a sell. i like that. they go to hold. they have the opportunity to go high the ceo, i think he can do a good job you have a coinbase where you are now just down, down, down, and if bitcoin bounces, it's a win. >> what's on tonight >> we are going to figure out where the bitcoin bounces. >> interesting. >> yeah. >> got a good take and then this gentleman, ryan p

let's begin with bob pisani on stocks hi, bob. >> hello there, tyler.e are at the session lows for the day. i want to show you problems. we have had problems right from the open semiconductors have been an issue throughout the day a significant source of weakness look at teradyne they were talking about supply chain restraints lam research the same thing. guiding lower on guidance. you can see the affect on the other semiconductor area this goes down generally you have problems in the tech sector and then energy started positive oil at a multi year high and then off the highs in the middle of the day the stocks were at new highs all of them went straight down after that dramatically kind of maybe overbought a few sectors overbought maybe a pullback and caught people by surprise a midday decline. industrials, some problems in the beginning with industrials textron is a big global industrial big in the aviation business with disappointing numbers and guidance that was a surprise to the street because they with re respect -- weren't expecting those numbers

. >> let's check in with bob pisani bob, good morning. >> good morning, guys. it's a mixed open.sure do like energy stocks and for very good reason we're getting some reversion there in energy. let's take a look there. energy, new highs, a number of big names. banks had had a great run in 2022 so far. first down day in a while. tech still lagging a little bit and we'll talk about that in a minute i want to show you some of the energy stocks. chevron, it's remarkable to see them have this run that they're having energy has gone nowhere for five years and we're getting some what we call mean reversion in some of these beaten up sectors like energy. it's about time. mean reversions are a powerful idea on wall street. it's the idea that prices revert to their long-term averages. energy has been an underperformer for a long time but the stock market has had an amazing run since the federal reserve began pumping money into the economy back in 2009 to combat the great financial crisis and now they're reversing that we've had extraordinary period the s&p has been up 15% a year since 2009

morgan >> all right bob pisani, thank you.s going to be a big week with a lot of market moves, i suspect speaking of market moves, you have the selling accelerating for all the major averages with the dow now down 540 points and the s&p dipping below 4600, 4591 speaking of the s&p, take a look at some of the laggards. take two, the worst performer in the s&p down 14% right now we're going to have more on that deal coming up here in just a few moments on the show. you can see some of the other names that have been reopening plays like las vegas sands and retailers like the gap, leading the losses as ll n'gonyere.we have you want your data to be protected and secured. and your customers want seamless and easy. with ibm, you can do both. your company can monitor threats across your clouds, address all those regulations, and still create all new experiences. trustworthy ai powered security. retailers like the gap, leading have have amazing. jerry, you gotta to see this. seen it. trust me, after 15 walks... gets a little old. ugh e

we'll start with bob pisani as the markets are set to close with big gains, bob. >> thank you for getting, folks. we are ending on an up note. a couple days on an up note. at the highs of the day. all 11 sectors of s&p 500 on the upside a terrible week last week for semiconductors teradyne clobbered some buying interest why this is the important thing. seeing more buying interest late in the day on friday same with industrials. some disappointing reports of general electric, for example. textron. caterpillar with a fairly good report and didn't say anything about 2022 it was down and 211. went down and trying to stay positive at this point here been a drag on the dow energy stocks holding on going into the earnings for some of these companies and been a big market leader in the month one sector held up only 3% of the s&p 500 banks did well new highs on most. dropped about 10% in the 2 weeks or so after the earnings reports and stabilize. you can see the overall market is finally starting to show broader buying interest. after for what to look for, a number of people whose opinions i respe

. >>> s&p and nasdaq are trying to hold the flat line to bob pisani. good morning, bob. >> good morning. nice start two to one advancing declining stocks and the cyclical sectors we care about, take a look here. energy stocks, bank stocks, doing well, and tech is generally holding up very well some of the tech stuff weaker. consumer staples and health care lagging a little bit here. want to look at the tech sector, cathie wood's arc funds up fractionally at the open least lithium, social media, cloud computing stocks, generally flat what is moving the market right now, particularly those thematic tech stocks, the cathie wood stocks, and remember, there's three things that move the stock market one is dividend growth, two is earnings growth or lack of earnings growth, and the third is the market multiple, the p/e ratio, how much are you willing to spend for a dollar of future earnings at the present moment now if you take a look at some of these thematic tech stocks we can see clearly that what's moving them is multiple compression. that's what's going o

commodities and focusing on the run higher in natural gas as we conclude this segment but first go to bob pisanipinning day for stocks bob? >> it is a mess and no con virks in the rally we are movinging in a 100-point range on the s&p this is routine this week. every day is 100-point range still in the 4300, 4400 range. but no conviction right now. i want to emphasize and tyler mentioned visa the ceo had interesting comments about the economy. people say the economy is in good shape he said we do not believe that the surge in the pandemic will curtail the recovery cross border travel will continue to recover. there's an awful lot of damage been done. let's show you the new lows. semiconductors were the new market leaders first week of january. intel is at a new low today. skyworks as a supplier to apple is a new low industrials off the highs but number at new lows going into january. 3m at a new low today. boeing straight down since the earnings report and starbucks as a market leader six months ago is straight down in january. that's a 52-week low we want to believe omicron is peaking but the s

first we are going to hear from bob pisani on what we are hearing called the great rotation bob?tyler, the rotation is very real today it's happening again we are seeing cyclical stocks, bank stocks, energy stocks, industrial stocks hold up very well the theory here is omicron may slow down, but not derail the recovery that's very positive for the stock market overall what we are seeing, though, is some rotation in the tech names. this has been going on for the entire week, frankly if you lake a look at the mega cap tech names, okay they are having a tough time, down a bit on the week. but this is small potatoes given how volatile the tech stocks can be what is really happening is the fanatic tech names, shopify block, zillow, twilio, door dash if you put those up, you will see much greater declines here 14 fundraise for shopify, block. just one week, the declines we are seeing block is down 9% for the week. much bigger declines why is this happening? when interest rates rise when you have companies that have thin margins and high p/e ratios, that's what's going on, they are sold

going to let me walk the wall one more time because i did it so well last time let's begin with bob pisanind a market check hi, bob. >> hello there, tyler. so we are having problems figuring out what the inflation level is, but the good news is the economy is still strong and the market is reflecting that. look at energy this week we have had double digit gains in most of the big energy stocks oil is over $80. we have new high on exxon, a new high on conoco double digit gains on most of these. bank, new highs. financials right now, bank of america, wells fargo, zion pnc bark shire hathaway. regional banks like pnc also at new highs. the higher rates are chipping away at tech stocks. apple is only down 3%. if you look at mega cap tech microsoft is down 5 or 6% for the week it's not that bad although that's a lot compared to what we have seen recently the real tech wreck is in those cathie wood style stocks the shopifys, the blocks, the twilios, the zillows those are down double digits, most down 10%, 12% 14 drz and shopify down 18% finally, i want to mention gamestop they say they are going

let's begin with bob pisani on stocks well off the lows of the day. >> we were down 170 on the s&p 500 cut that almost in half the problem here is there's not a lot of conviction that this is a selling climax people are really waiting to see what the fed has to say on wednesday. that's the important event for the week shopify. there you see the s&p off the lows here but shopify is extraordinary why down $100 in the middle of the day. a 12% decline before it turned around here. shopify was now 920. around there zoom, for example, 148 on friday dropping dramatically. went down to 139 today now back to 150. so that was a 6% decline a lot of other stuff down like zoom meta, 303 on friday. went to 289. down 4, 4.5% it too made a comeback in positive a lot of big names that are in the consumer space like starbucks at 52-week lows at the opening and $96. went to 94 and below that middle of the day and then positive $96.76 that's a big cap name. other big cap names sitting at 52-week lows at the open in the consumer space best buy $96, went to $92 and then back to $98 this is a very, very larg

let's begin, though, with bob pisani on the markets as tech has been trading lower throughout the day? >> we had a sort of middling day going on nice moves up in banks, energy, some of the cyclical groups. then just about noontime tech started selling off dramatically that's why we are seeing the big decline. both sectors, the mega cap tech, microsofts, apple, nvidia, all the semiconductors, which had good news on taiwan semi selling off in the middle of the day. speculative speck, cathie wood stuff also selling off aggressively shopify, tesla dropped, block, roku, twilio, other stocks in that sector also down as well. elsewhere, though, very good news for bank stocks because we are holding up that doesn't usually happen. oog going into herbings season banks usually weaken but we are at new highs on many banks. the kbe, the bank etf very high a well a good sign for investors, indicators for bank earnings season meme stocks, gamestop getting hit hard today as well gamestop is around where it was march of 2021. it dropped noticeably in the middle of december to the 130 range but on very

we have to start with bob pisani on stock the dow now however at session lows >> yeah. market is having a hard time trying to figure out what direction it wants to take look at the s&p 500. we have witness all over the place today. we were as low as 4560, but then in the middle of the day we rallied to about 4600. now look, we are back to 4560. that's not only the lows for the day. it is essentially the lows for the monday we are near it, let's not quibble about a point or two the good news, we are getting relief from the earnings anxiety situation today. the banksgenerally did okay. now, the regional banks, u.s. bank corp. was disappointing in its guidance a couple of banks are reporting tomorrow, fifth third, key, regent's financial, mtb is reporting tomorrow they are weak in the middle of the day. there is is a source of some of the weakness i was encouraged by proctor and gamble different space but they had encouraging comments today they had 6% organizics sales growth half was because they were able to increase prices the other half because of volume growth 3% volu

let's bring in bob pisani.hat are your thoughts on this milestone. >> i think there are two issues here first of all, congratulations to aem. more importantly, there are two issues there is a valuation question and a macro question i think the macro question is the big issue. apple may be best in breed, but we know historically very well that companies with high levels of cash flow have problems when interest rates go up and the fed starts moving interest rates around that's an issue. this happened -- apple dropped just as much as other companies in 2018 when we saw ten-year yields start moving to the upside apple took a hit late in 2018 like all the other companies i don't think it is immune to the macro concerns about rising interest rates on the valuation, it is 31 times forward earnings that's historically very high for them all the apple bulls say don't worry about it they will outperform and do better than people think on the earnings per share growth. modest, very small earnings growth this year for appl

let's begin with bob pisani as the dow turns positive, but the nasdaq and s&p remain lower. >> all webout this morning was not dropping below yesterday lows a lot of technical concerns here, but we're not even close to that. we're about to go positive just like we did yesterday on the s&p 500. dow already did go positive. 422.20 was the low yesterday we're 160 points away from that. take a look at the sectors what's clear today is value over growth mostly financial names american express, good report there. zion and a lot of the regional banks doing well and the ultimate inflation trade, energy stocks, all moving higher today. marathon oil, schlumberger, all moving up. at the same time, the growth trade, technology, still struggling at this point even megacap names xilinx, nvidia, 30% off the highs for nvidia microsoft reporting tonight. apple's off the highs, but still to the downside. you can see this pro-value, pro-innovation and anti-growth trade. the s&p value ive has seen some very big block trades going off. somebody's making some bets in value today and the agricultural fund t

. >>> welcome to the etf portion of the halftime report i'm bob pisani inflation-fighting etfs are allt's talk about that with kevin o'leary chairman of oshares kevin, with inflation such an issue and how are you positioned and what should investors be positioning to address inflation. >> all of a sudden quality matters and cash flow matters and distributions in the form of dividends matter and sectors that have pricing power inflationary times and so one of the reasons we've seen such pressure in tech is that ps tend to get impressed and so if you'll be using an etf you want to have diversity around sectors that are really strong in pricing power. so think about this, health care right now as we're coming out of the pandemic at some point and all of the elective surgeries that haven't happened for the last two years will come piling in that matters and i'm talking out of the book when i say this, we focus on quality and cash distributions. ousa is up to 40% of my holdings and it is an etf that has high quality pieces of the s&p and it gets rid of and it's a rules-based etf that says g

let's begin with bob pisani who's looking at two trading indicators that are off to a good start thispisani >> hello, tyler. i just want to bring you up to date on the market because very interesting movement going on just below the surface here. i call it a rerating of the market look what's strong reopening. chevron, financials like jpmorgan industrials like caterpillar all having a great day megacap tech is down, but not dramatic apple, microsoft, amd. salesforce i'm watching the shopifys, twilios. they're the ones getting hit the most the ones that don't make a lot of money like the shopifys of the world, they're the ones that get hit here if you look at the equal weight s&p 500, rsp the symbol, it's doing very well. that means the broad market is advancing. that's very, very healthy right now. there's the white line the rsp. as for january, a lot of barometers out there people love their january barometers the santa claus rally is good today and it's normally good for a 1.4% increase and it's doing a lot better than that as of right now. there's also the first five-day indicator

markets, stocks, bonds, commodities the big story of the day, peloton plummeting let's begin with bob pisani'son on the rebound the question for you from me is why? >> it is an oversold condition i am concerned with what i am seeing in the middle of the day. we are trying to hammer out a bottom, which was yesterday at the close. but we are going in the wrong direction right now. apple was close to 170 a few hours ago. now it is down to 166. we have come well off of the highs. netflix has been terrible going into the earnings. all month. it is down about 15% thematic tech, the kathy woods stuff, the twilios are holding most of their gains, a little bit off of their highs but remember most of these stocks are down 50% they get days where they bounce a little bit because they are oversold good news and bad news about energy the good news, they are holding up near the highs. it has been the big mover for the year the bad news, oil price is a very good leading indicator of inflation. oil looks like it want to move towards $90. that's not good on the consumer side that's good orch the stock investor

i'm bob pisani etfs saw another record of inflows.t's ahead for to 22 let's talk to one of the top etf watchers in the country. tom, we saw nearly $1 trillion from inflows into etfs in 2021 assets under management now approaching $8 trillion. you say 2021's big themes, esg, thematic tech, not 2022. they'll give way to inflation themes what kind of inflation protected investments are you recommending >> well, bob, it's funny, everybody thinks about gold when they think about inflation gold actually had -- gld had net redemptions of almost $9 billion this year, it's all about spreading into areas like energy, which was a huge surprise we also saw agriculture, base metals, so some of those diversified etfs and those areas did very, very well. it was very, very surprising that we saw bonds not do so well tips, on the other hand, brought in a record $35 billion, so again, going forward into '22, i think we're going to see more of the same the big message to investors, bob, is, inflation and rising interest rates does not do well for your b

we turn to bob pisani for a look at what is going on in the market robert >> the important thing is we down today, but it is still a rotational market. now, i know it doesn't seem that way with the s&p down 50 or 60 points but let me show you the sectors and what is going on tech continues to be the worst performing sector of the year, in opposition to what it was in 2021 if you look, tech and energy stocks and bank stocks are holding up very well down a little bit today, but far and away holding up a lot better than technology. defensive names like health care, for example, utilities, also down a bit but holding up better so there's some kind of rotation that's going on in the market. mega cap tech, i think the most important thing about today is for the first time i am seeing a little extra selling pressure. nvidia is 20% off the highs it hit two months ago in november that's noticeable, double-digit declines from high apple is not there, down about 7% semis are getting hit more seriously. meantime, a lot of the speculative names, the cathie wood names hit 52-week lows today. so tell

. >>> welcome to the etf edge portion of halftime report i'm bob pisani active management is assuming an important role in the mutual fund and in the etf community. he's the global head of etf solutions at j.p. morgan and my old friend cio and director of research at etf trends brian, you see the largest incoming etf and why has active management become a big play in 2022 >> well, look, bob active management and active etfs combines the best of both worlds in my mind and you get the benefit throughout the day and transmission is transparent with the intentional outcomes that they can provide. ifyou think about the guests that were on the show just before this. they know exactly what they own and why they own it. every single stock or bond that's in an active portfolio that j.p. morgan provides, there's a portfolio manager that knows exactly why they own it in the portfolio and what they're trying to accomplish there >> as you point out there's a largest active in the jps fixed income play and we're excited about the latest launch which is the climate change solutions etf and the activ

meanwhile, we are folding 4600 let's get to bob pisani. two to one advancing to declines, that's a good signs. cathie wood's ark funds all up remember, this leaders this year have been energy and bank stocks, they're lacking alternates bit. a bit of a relief rally. i think the important thing is we had nice solid loan growth, a 4% beat, which is okay and luxury guys, over in europe, burberry and riche mond had good reports. it's a pretty slow start to earnings seasons they're beating by 7.4%. remember last quarter, the quarter before, they were beating 15% to 20% it's half. that's normal. that's what i'm saying it's going back to a more normal distribution i think it's not the fourth quarter that matters it's q1 and q2 do analysts believe the numbers will get better? the estimates have been coming down for the first quarter and second quarter this doesn't worry me too much it's very early. it all depends on the body language of the ceos are they going to enable the analysts to raise estimates. that's part of the problem we don't really kno

. >>> let's get to bob pisani. good morning, bob. >> hello, guys happy 2022 great start.ember, a lot of the world is closed lo london, china, so off so a great start. the semiconductor etf is us shiite of a new high there's two big sectors starting, but some of the more cyclical groups, defensive groups, so once again it's tech and a bit of banks, if you look at the big tech mover, amd, marvell, all goldman top picks, by the way, for 2022 all also, it's a deck dominated market the whole weekend was dominated about the tech bulls, a lot of the bears are arguing, this is the year for value to finally shine. the bulls are saying earnings and revenues will still le great. the bears are saying, this is it the fed's actions are going to finally slow down, the enormous technology/growth juggernaut that's existed for the last 10, 12, 13 years we've never seen growth outperform like this in the last ten year, but particularly the last five years. i'm going back to 2009, the s&p is up over 400% since 2009 since the fed started getting aggressive with the great financial crisis grow

let's get to bob pisani. good morning, bob. >> good morning, guys.'ve had three crumby days. take a look at the sectors, nice to see tech bouncing, the cathie wood's stuff is doing better she's had a rough month. banks and energy, they're on the flatter side, so it's really tech rallying, semis are flat, though we've had a bit of an issue here this is a different earnings season i'm watching very carefully the early reporters. 76% of companies reported are beating. 88% was where we were last name for the third quarter, and the beat numbers are lower, 8% beats. we were beating 15% the other quarters so they're half of what they were this is closer to a normal season that we're seeing last year was a bit of an anomaly. so we're in a bit of an earnings va vacuum right now the big problem is analysts aren't sure whether they should be raising or lowering estimates around omicron, an the fact that the federal reserve will be raising rates, around supply chains, nobody is really sure. you can see this in the analyst estimates. normally they start going up

. >> well, the bulls are grateful for visa and apple, adding about 100 to the dow let's get to bob pisani good morning, carl. boy, is there a lot of confusion out there, because we rallied in the futures at 8:30 when we had basically in line with the inflation expectations and people seemed relieved by that and this the open, we went straight down from there tech is holding up okay because of apple, primarily. but everything else is pretty much on the downside, including the industrials, of course, we got caterpillar's numbers. materials, energies had a good time this week and a good month overall. but it, too, is down today the semis are mostly trading down nvidia is down again of course, chevron missed earnings, although that nice boost in the yield there, the dividend yield, that's a big story. dividend boosts this quarter, caterpillar also a little bit weaker on caterpillar, just note that the numbers really were incredible quite amazing. caterpillar's sales were up 23%, operating margins were the problem. they dropped to 11.4%. caterpillar has always been in the 12% range. that's a m

bob pisani has more. >> we are 200 points, almost, off of the lows earlier in this week quite a turnaround tech in part nice to see. on energy z energy is also important, consumer tapeles. microsoft was the real keep. remember something here, tech can work in a rising interest rate environment, but earnings have to sound positive it provided the positive body language that people were looking for. that was the real key why we're moving to the up side. nvidia was down 35%, all the semis bouncing today this is a critical turnaround. the other beg theme is oil, inflation, geopolitics, the new high list is basically just energy stocks. exis -- seven-year high in oil a lot of geopolitics around oil and supply issues higher cost is still a big issue, but some companies are able to raise prices successfully, corning had a good report because they were able to raise costs. over the last -- this is corning -- we negotiated with our customers to increase prices in our contracts to share increase in costs more appropriately i we expect gross margins to expand accordingly. well, good for them, and tha

. >> isn't that incredible >> meanwhile, intraday highs on the dow and s&p. 4815 let's get to bob pisani>> good morning, carl. yeah, good start two to one advancing in the declining. that's better than it was yesterday. it's boring talking about rates, but the banks are doing great. the bank etf, up 4% this week and energy is doing great. energy is doing great without oil doing too much we're stuck around 75, $76 a barrel for oil take a look at the sectors here. banks and energy are leading, industrials doing okay today there's all of your cyclical group. the defensive sectors like health care, consumer staples are lagging a little bit we have nice rotation into cyclicals and growth defensive sectors lagging a little bit new highs today, not a lot of new highs considering the s&p is at a new high. apple, chevron, ford, coca-cola, devon is up there, some of the high beta energy names up there at new highs what's getting hit again cathie wood's ark fund down a little bit, lithium battery. apple accomplished this $3 trillion be fewer shares outstanding. they really do reduce share count, ma

bob pisani has more. up today and now it's slipping a little bit led by technology look at the major sectors. we want to watch tech holding on, but off of the highs energy has been a pretty performer. remember oil seven-year high right now. that's an important move we have seen banks slipping a little bit, but on the upside today. new high list, all energy stocks you have got chevron, you've got schlumberger, halliburton, marathon oil oil is a proxy for growth and inflation as well. so that's something you want to keep an eye on here. in terms of where we are, i call this the hope rally today. we have a fragile stalemate with the market right now the market's pricing aggressive rate hikes, but bulls want evidence that inflation is peaking and we don't have that yet. we don't have the data to support that kind of idea. so it's very murky you can see this looking at the earnings situation supply chain inflation story all over the place in the earnings commentary pricing was up 39% that's an amazing number t