we ask are those shares about to take off let's start with bob pisani down at the new york stock exchangend we were tooling along modestly positive and slipping a little bit and then about an hour ago we got some reports -- not confirmed that apple might be slowing hiring and you see what the effect was. apple was positive and most big-cap tech was positive on the day and we moved in negative territory on that, and predictably apple suppliers moved down and the important thing is think of the context here remember, apple only gets a third of its revenues in the united states. about 25% of apple's revenues are over in europe would it be any surprise if sales were slower in europe? and they get about 20% of their sales in china would it be any surprise given the lockdowns if there was slowdown even in the revenues. this is not entirely shocking assuming that this information is true that we move slightly to the downside the question is would it affect the broader markets and so far the earnings have not been dramatically dropping in the overall market so apple is the most important stock in

the markets, stocks, bonds, commodities and the surge we're seeing year to date let's start with bob pisanisession highs, bob? >> ending on a great note for the month here i just want to point out the energy and metal stocks are moving again exxon just had incredible numbers. profits are up essentially 100% for the full year. i'm not sure you want to see metals and commodity stocks moving up when you want inflation to go down these are proxies for inflation. freeport's having another good run and nucor and these are all commodity names here so keep an eye on that i love when the boring stocks go up i love caterpillar because they're global companies and they're on a tear. ingersoll-rand on a bit of a tear ingersoll-rand has been fantastic recently caterpillar is up 10% in a couple of weeks. some of these global industrials are really back. as far as the big movers on the s&p, when amazon and tesla have a big move up the whole consumer discretionary sector gets dragged up and that's definitely happening. apple is helping had the tech sector here and nice run here. look at that, that is a fiv

let's get down to bob pisani at the new york stock exchange. bob?kelly, we're having a strange earnings season because we're getting a real distortion of some of the earnings picture let me show you. the real issue is the tremendous profits oil companies have been making we're expecting earnings growths of 5.7%. okay, fair enough and much of this is due to the fact that energy companies are gushing profits. if you remove energy from the s&p 500 equation it's actually down earnings estimates are down 3% for the second quarter >> how about some bright spots other than energy which is expected to see a profit increase of 239%, that is not a typo there the other big profit areas, their revenues were higher than anticipated and they're a big winner pharmaceuticals will have good numbers also they'll be up 20% and this is in terms of earnings increases and stocks like merck and pfizer have reflected the better outlook. how about trouble spots that are out there. let's take a look at the big-cap stocks microsoft is fine. they'll be fine, alphabet is okay a

down 450 inflation absolutely remains the key driver and peak inflation debates are still raging bob pisani is at the new york stock exchange with more bob? >> reporter: this peak inflation narrative is not dead but is on the defensive. investors are start to go hear a barrage of cautious comments from corporate america about higher costs, rates and a slowing consumer a small but persistent group insists peak inflation is indeed here they cite, for example, oil, 27% off the highs. copper, 35% off. declining freight cost not necessarily in the data yet. here is the bear case which is still the dominant narrative labor and material costs are going to remain high for many months companies will be forced to keep raising prices even in the face of weaker demand, inflation is indeed very high and will persist at these levels for many months forcing the fed to be even more aggressive companies will be forced to raise prices as a result earnings expectations will drop 10% to 20% and the multiples, the p/e, will contract from 16.5 to 14 to 15 all of these forces here will bring the market down at le

marcos stocks, bonds, commodities and a look at europe's unfolding energy crisis let's start with bob pisanin at the new york stock exchange dow's turned green, bob. >> yes a little bit better. we are down 80 points on the dow right now, but we were green briefly earlier, but it is still 2-1 declining to advancing stocks and you were mentioning some of the software and computer names and the group in the thematic area is everything associated with social media look at meta down. that stock was down $320 in february it was cut in half and a lot of analyst comments and needham cut them to underperform just yesterday and twitter also weak and match group and these are different kind of sectors and snap, the whole social media set is on the down side. more predictable are the casinos and the macao, and mgm and a lot of the other casinos on the weak side the electric vehicles/autos and alternative vehicle space and tesla is weighing on some of these. plug power is notable on some of these and plug power and it's weak and separately in the same space, gm, that's right near 31 and that's right near

bob pisani our next guest watches it all very closely and says there are a few names beyond big tech to pay attention to right now we'll get those in just a moment from stephanie link, chief investment strategist and portfolio manager at hightower advisers, also a cnbc contributor. let's start with the macro picture, stephanie take us through some of the numbers that you'll be looking for and with particular note that some of the inflation numbers we will be seeing are rear-view mirror kind of numbers. >> yeah. it's a huge week, tyler, this week the next five days we'll learn a lot about the economy and where we're going, where we were and where we're going and we'll learn about monetary policy and the fed and of course got profits. in terms of the data, the three data points i'm looking for for the economic side of things and this is the second quarter good-bye and the preliminary number, believe it or not, the number expected is still 2.3% positive that's a year over year number, probably a bit too high. in term of the inflation figures, core pce at 4.8% year over year is expected.

all right that said, we see stocks rallying somewhat from where we were going into the decision bob pisanit's turñ to you, build on the point bill was making and what else do you think traders are talking about? there was no dissent in this decision, by the way >> a very muted reaction and i'm looking at technology stocks virtually unchanged since they announced. the s&p up six or seven points and very muted the question is what will the stock market really want the stock market wants to validate the current belief that any recession might be mild. how might powell validate that he's got to convince everyone that the fed rate hikes are pretty much front and loaded and they'll be done by the end of the year and they have to come to believe that powell believes that there are some signs the economy is slowing and that there are some signs inflation is popping and it's unfortunate that they'll provide that kind of validation. the bulls are saying well, maybe jackson hole and they'll have clearer signs and he can have the signal at that point and right now, you have a little bit of everything

let's get caught up on stocks, bonds and why it could be the most bearish thing out there bob pisani,'s kick it off with you >> there was a bit of a reversal today and we topped out at 95. immediately the market moved down a little bit and maybe justifiably so bond market was weaker in the last day or so and concern about the slowing economy and that's the debate what side of that debate are you on and you can see the s&p here. what a great week, we were up 2% at the open. let's call it a tech reset and that's actually what's going on because we've had phenomenal runs in technology stocks. i keep highlighting this has been the last week and a half here and you see the reversal today and all of the growthier sections and tech and general and communications services all weaker here. i just want to show you the semis that are down today, but what a run they have had and nvidia which was at a 52-week low was up six day in a row and they're giving back some of the gains. you see how choppy the action is and they've put together strings of upside some days and what's leading today? well, al

bonds, commodities and software stocks coming back down to earth let's begin with the rally and bob pisani 5 to 1 advancing the declining stocks that's a pretty good number for a generally down week. that's the only up day for the week the problem is the volume is not there yet. we're not seeing enthusiastic buying and sort of an exhaustion of the sellers at this point, but what they are going for is a little more of the growthier part of the market and ark innovation, and cathie wood having a good day and the retail on the strong retail sales numbers, good day and these are all growthy sectors of the market big-cap tech, good day overall a mixed week apple's up about 1% overall for the week, but that's up today. microsoft is still overall down for the week and they're mostly on the upside. nvidia up, google up and google has had a tough week alphabet down 6% for the week. elsewhere, another strong day. people are playing the travel and leisure play right now so we've got some of the casinos that are strong today. the airlines generally are up. hilton and some of the hotels also are having

look at the auto industry which is a good thought and the macro landscape and let's begin with bob pisanirst day of trading. bob? >> you know, we just had a nice little -- i was just talking to my producer kristen chang. in the last few minutes mostly it's consumer names, procter & gamble has had a nice prove up, mcdonald's has had a nice move up and procter & gamble and we're sitting at the highs of the day and a nice move in the second half of the trading day and at the same time we're seeing significant new lows here and it's mostly situate in the semiconductors and micron had negative comments about weakening consumer demands and cell phone sales potentially and before that we were in a downtrend and there's the big kahuna in that space, lam research and advanced micro here look at how fast things change here freeport-mcmorran was at 52-week high and three months ago it was the darling and metals were all the rage because the global economy was reopening. guess what 52-week low today. copper has had a new low and it's amazing how fast the sentiment has changed from the global reopenin

bob pisani at the new york stock exchange with the latest bob?and we're at the highs of the day, believe it or not >> yes, the s&p 500 is 15 points under water, but a lot better than it was earlier in the day things turned around in the middle of the morning when fed governor waller came out and implied he would support 75 basis points in july he's still data dependent and the market did lift a bit on that i'll tell you two things that happened that were very interesting. the growthier part of the market was up the invesco qqq trust, the nasdaq 100 essentially has gone positive for the day look at the tech names of the day and they were down notably, and now positive, apple, qualcomm, advanced micro, teradyne and these are the big leadership stocks in the technology group the other sector and the bottom line here is the bulls really want to buy growth in the growth stocks and they keep nibbling on the tech names the other thing that moved is there's an inflation play at the same time that's going on inflation plays andconsumer staple names and th

and it seems to be better and you bring up the ten-year yields and they're drifting higher and bob pisanid us healthcare, staples and the expensive parts of the market are underperforming and this feels kind of risk on and bullish in terms of the fundamentals. what do you think? >> listen, i couldn't agree more, and i think that the market is agreeing with you. okay consider this. 324 last and two-year note yields is 347. the ten-year note yields are currently trading 304 and the first back-to-back is on pace for the month of july and their high-yield close is 47 basis points higher just shy of 350. the market agree requests you and we are now starting to think about what is on the back side of the tightening cycle and that's why many investors are starting to get friendly not only to the equity markets, but i think you'll see more of the buying side approach some of these options. >> thank you very much >>> let's turn to energy now which is one of these odd spoiled sports because when demand looks better, pippa, then oil starts to rise and that spoils it. what are you seeing in oil today

those are all tech microsoft, amazon, alphabet, tesla down 27% or more bob pisani joining us. i guess that's the question here, what microsoft and alphabet stocks are telling us today, a lot of this has been pricing. >> that's the point. the takeaway from tech so far is it's not pretty, but a lot of the bad news is already priced in microsoft cited a whole litany of issues to account for it. foreign exchange, production shutdowns in china, deteriorating pc market in june, reductions in advertising spending still the stock is up almost 5%. when the onion is peeled away, the most important core business, cloud and commercial bookings was relatively rock solid despite the fears. that's the point it's the same with alphabet. the slowest revenue growth in two years. with the exception of apple, the five largest stocks you heard there in the s&p, it's all tech, if you call tesla a tech stock as well as meta and nvidia, all underperforming the s&p 500 this year except apple. the average decline of these top seven names has been 31% this year, 31%. these stocks are collectively -- the

unless that's been delayed, we are also learning about the health of the economy and earnings bob pisani is standing by with corporate america. the president will have ceos with him. >> it's sort of a mixed bag of reports. today, in fact, after the close, the half way mark, on the one hand, positive reports from industrial giant honeywell beat expectations and the ceo said they were confident and demand would remain strong in the aerospace business that they worked in in the second half of the year pharmaceutical giant pfizer reported record sales due to covid vaccines and the antivirals and they affirmed guidance and hershey, which saw higher raw material costs and they were able to raise overall prices, kelly, 9.5% and we're talking mostly chocolate bars. that's quite a price hike, 9.5%. stanley, black & decker missed earnings and the revenue expectations for the second quarter and they cut their guidance for a full year due to a combination of higher costs and lower demand black & decker was a darling of the do it yourself, crowd during covid and you've seen it's gone essentially all

across stocks, bonds, commodities and the latest on europe's energy crisis let's start down with bob pisanithe new york stock exchange where stocks have erased -- the dow has erased a pretty sizeable loss, bob. >> that's right. the s&p has been positive since 11:00 eastern time the dow is now flat on the day here's what's important. they are continuing to pick at the growth story this has been just huge in the last week or so. all of the growth sectors and the s&p has been going up. cathie woods' ark funds have had a great one or two weeks they're up and that's an inflationary indicator and that's moving to the down side as far as what else is moving, travel stocks having a tough time of it and think, we had the airlines reporting, but they've had a very nice run in the last couple of weeks. so that's not surprising, perhaps they're down today on their earnings report. travel, of course, we said carnival a billion dollars in new stock sales out there, and that was a little bit of a surprise to the market, i think, but again, both of the cruise lines have been doing very well, recently. as f

will be back right after this >>> and welcome to the etf edge portion of "halftime report," i'm bob pisani after hours trading has slowly been growing in the last few years, but now are you ready for an etf for after hours trading our next guest says you should be bruce levine is the ceo of night shares, recently launched a night shares 500 etf, both seek to capture value from the night effect this is a phenomenon where overnight markets have outperformed the day trading you've got a new company now this is a whole new ball game. you're seeking to capture after hours tradings in large cap stocks explain how this works what are you owning here, and what's the rationale for owning anything in after hours trading? >> thanks, bob this night effect is some really interesting research that most of the return historically has come overnight, and it's come with less volatility our etfs are designed to invest in the overnight session where buying at the close and selling at the open and essentially during the day were sitting in cash and treasuries. so we sort of toggle on and off in a very differe

i'm bob pisani, the first sij l stock etfs launched at the end of last week access launched eight etfsle an investor to make bullish or bearish bets on five well-known companies, tesla, nvidia, paypal, nike and pfizer. how do they work let's ask the ceo of access investments. greg, these are the first single stock etfs in the u.s. there's eight of them. tell us how they work and what are you getting when you buy these etfs >> sure, bob, well, these etfs are designed to provide amplified exposure on single stocks stocks like tesla and nvidia and others, and they're designed for active traders traders that are looking to make tactical trading decisions on a daily basis. and as this market has matured for leveraged etfs, you know, we're excited to bring the single stock etf access to the u.s. market. >> so as always, we say this all the time with leverage products, greg, they reset every single day so even after a few days, the actual returns might differ. now, the s.e.c. has not been particularly friendly to these products in the past, greg, and just last week the s.e.c. chairman gary ge

. >>> let's get to bob pisani. bob. >> s&p 5004100, we're moving into a whole any trading range the bulls were right growth is back in these sectors. consumer discretionary is doing great we're at '99 the by earnings movers are all positive procter is weighing on the consumer staples because of the cautious guidance they gave. the earnings apocalypse has not materialized these numbers have essentially not changed much at all. years all-jeer expecting growth that does not happen with a recession. recessions usually produce earnings declines. , earnings typically will drop 10% to 20% peak to trough in a serious recession, even 40%. we're not seeing anything close to that. earnings up 8.8. this is not recessionary-type indications. so we've been waiting for this to happen, and it's not. a lot of people are finally looking to say, if we're going to get a downturn, it certainly will be pretty mild, and this is very much in vogue right now so you see the communication services down a lot. that's because of big declines a

let's get to bob pisani. >> 11 scepters up in the s&p.s is a nice start because it is a broad rally. we have almost an 80% upside. all 11 scepters up. they are picking on the growth of your parts because this is a bull narrative emerging about the fourth quarter. semis are strong, communication services, this is the growth of your market banks. what is lacking? some of the more with the consumer-oriented healthcare for example consumer staples lacking although still on the upside. who have had three fairly good days for most of the travel names. so, some of the crews shot, cruise ships, the airlines doing a little bit better. still some hope there on travel continuing appear. the importance there is big tech today. even apple is of of the upside. the big names all up about 2%. apple is flat here on the day. it's been a pretty good considering what happened yesterday. for yesterday, maybe they are selling a hiring story. remind everyone where the revenue comes from apple. only a third of avenue apple's revenues are in the united states. it

. >> we haven't mentioned musk or twitter or tesla or -- >> or bob pisani >> twitter's stock has movedply in the last couple days on the growing belief that there is going to be something that results in shareholders getting more than the current stock price based on the fact that he has a very weak case, it would appear, in terms of arguing that he can leetchave this deal. we went into it in detail yesterday. there's been concern as well about the financing considering the deal, morgan stanley leading that indicates that financing is secure at this point there were some questions because even though the deal itself is not subject to a financing condition, if a judge were to order specific performance, there's the possibility they could still somehow back out not going to be the case >> no. >> a lot of people are reading a judgment calmed the cake deal, for lack of a better term, kkr deal, where, in fact, the same chancellor, mccormick, who's likely getsing this case, said, no, no, no, your financing cannot back out because you were the reason they were worried about it in the first pl

we're pretty flat on the s&p bob pisani, good morning >> flatish open. is underperforming because unitedhealth is down $6. that's weighing on it a little bit. other than that, a flatish open. the bulls finally have a little momentum the s&p above its 50-day moving average, 7%, 8% above the june 16th low for the s&p look at the sectors. they're still picky. this has been the trend the last week or so they're still picky on the growthier parts of the s&p look at cathie wood's ark innovation block, zoom, twilio all up 2%, 2.5% that's been a nice mover consumer discretionary another growth part, tech holding up better banks are flatish today but prior to that three days in a row here i just want to point out that picking on the growthier parts, this is a big theme for the bulls for the fourth quarter just since the june 16th bottom on the s&p 500 cathie wood's ark innovation, that's not a typo. up another 2%, 3% today. consumer discretionary, technology this is all the growth parts of the s&p and speculative technology meantime, energy down about 7% so you g

. >> thank you, bob pisani, and take a look at the bond report, and the fed is meeting today, and wer tomorrow for the time being, the curve is best low three it might imply a target of two we'll be right back. >>> keep your eye on coinbase, facing a federal probe they say we look forward to engaging with the s.e.c. o matter. >>> dow down 84. don't go away. >>> you have nucor tonight >> yeah. the stock's down so much, but look, we cannot just say, well, i guess that's the consumers these are companies, well, i guess that's the players these are coaches. >> jim, we'll see you at 6:00. >>> in the meantime, dow down 126 on this tuesday. we'll be right back. don't go anywhere. (ted) after talking and texting for years, we got married... for the family plan. (jane) and then we really expanded our family... for the wireless savings. (ted) it seemed like the responsible thing to do. (jane) and then, just yesterday, my sister told me about visible. (sister) yeah, get unlimited data for as low as $25 a month. no family needed. (vo) family plan savings without the family. get visible. single-l

. >>> let's get over to bob pisani and see what's going on?t of middle of the morning, but great week. you have to watch the growthier sectors of the market, so take a look today cathie wood's ark fun has been doing terrific lately tesla is great the home building stocks are doing well again, they're back, and energy is holding up with a great start. look at the earnings this week hca, excellent numbers, amex had offthe chart great numbers, tesla did, still strong, even dr horton, that shushed a warning about slower demand, those stocks have been rallying, too, we're about 20% through the earnings season. about 100 companies have reported revenues are up. these are good revenue numbers, almost 11% the earnings still in line with expectations, so a big difference between revenues and earnings that's a bit of margin pressure. here's the important thing the average stock after the earnings have come out is up 0.6% i know you hear about some big misses, of course, out there, but the average stock is trading up after its earnings report one of the