steve kovac joining us there i turn to bob pisani, who is sitting here at post nine with me does it feeltottering? >> we moved up on the s&p in cyclicals. the lead sect today, transports. >> the worst last week >> exactly everything is up in the transports except the railroads. they're down today if you see what's going on here, look at how the cyclicals have led here industrials, energy, materials caterpillar has been strong, 3m, dow inc. up strong oil is up. materials have been doing well again today. there's your three classic cyclicals. i see gold down three days in a row. i see yields moving back up. this tells me the recession concerns that were so prevalent last week seem to be easing a bit. >> are we back to soft landing again? >> that's what the market seems to be telling us we're going back and forth they can't decide on that goldilocks scenario they want to get going here even in tech today -- >> s&p 500 positive. >> there we go even today, the weakness was in apple primarily. look at the semis. nvidia came back positive. and coca-cola, johnson & johnson, procter & gamble, mer

mohawk did well today. >> thanks to john and thanks to bob pisani that does it for us. cpi. morgan brennan and jon fortt sets you up for that right now. >> a mixed session for stocks as the s&p clings to 4100 the action is just getting started. welcome to "closing bell: overtime." i'm morgan brennan with jon fortt. we've got a big show coming your way. we'll talk to the ceo of company tilray whose stock is down on the back of a revenue miss. >> plus, crowdstrike ceo george kurtz will join us following the government's summit today in washington. >> let's get to our market panel. joining us are adam from vital knowledge and eric from kantor fitzgerald

. >>> coming up on "wex," our bob pisani looks into the recession fears and why it could be a downturn the market. stay with us across tiple sy globally, then analyze all that data with watson. okay, but this needs to meet our... security standards? yup. compliance standards? mm-hmm. so they get the insights they need... yup. in real time... check. . ..to make quick decisions? check. aaaand check. that's the hybrid cloud solution ibm and a global bank created. what will you create? ibm. let's create. with gold bond... you can age on your own terms. retinol overnight means... the smoothing benefits of retinol. are now for your whole body. plus, fast-working crepe corrector diminishes wrinkled skin in just two days. gold bond. champion your skin. (vo) with verizon, you can now get a private 5g network. so you can do more than connect your business, diminishes wrinkled skin in just two days. you can make it even smarter. now ports can know where every piece of cargo is. and where it's going. (dock worker) right on time. (vo) robots can predict breakdowns and order their own replacement pa

. >> rip roaring >> bob pisani has a way of making a flat day look interesting. bob?yours. >> my entire career is base odd than idea, basically thank you for that, tyler. narrow range and narrow leadership that's the problem, tyler, to summarize it there are things moving confined to defensive names, health care stocks and consumer stocks have been really the leaders in the group. we've been talking about mcdonald's every day, new and high, procter & gamble excellent report overall there we had coke, great pricing power. that's right near -- that's been moving very well walmart has been looking well recently that's at the high for 2023. merck close to breaking out. and there's only a very limited new high list, but it's all the consumer names, mondelez is sitting there, yum brands. crocs at a new high. a clorox, a defensive stock. also sitting at a 52-week high so we don't have any breakouts on top of that as tyler referenced we have a narrow trading range, not just today, today is about 20-point trading range, typical day the s&p will move maybe 40-point trading rang

let's get post to post with our bob pisani and see what's moving today. >> a lot of people unhappy with relatively calm trading action you just have to look where the action is. it's in defensive names. we talked about consumer staples, clorox, hershey at new highs. hca had great earnings on friday it's been a great performer. this is another new high all right, they do urgent care, they do hospitals, a lot of facilities you go in and do medical checkups in. maybe it's not terribly exciting, it's not tech, but it's consistent performer. that's a new high. speaking of a new high, this is an historic high, merck. merck, of course, is a dow deponent the problem with merck, it's a very low volatility stock, low beta beta of about 30 it means if the s&p is up 1%, merck would only be up about a third of a percent it doesn't move much on a daily basis so people don't notice the movement of it it's been a huge, steady performer for the last several months again, this is a new high. another one sneaking up, and it's been very iffy, either side of positive or negative, but exxonmobil is slowly cr

bob pisani. >>> turning to the retail investor and what's been an obviously volatile year for tradingvity morgan stanley downgrading the nasdaq exchange for growth concerns over that operator. on the flip side, money market funds seeing their fourth straight week of inflows so, to keep up with the shifting investor landscape, trading platform webull now offering 4.1% on uninvested cash. joining us at post 9, ceo anthony deniers with us. this points to the mindset, what is cash is value, right? what led you to this particular product? >> over the course of 2022 and the first quarter of 2023 we've seen retail investors with a flight to safety that safety whether it involves fixed income market, cash or index-based etfs, they're not actively involved in single index stocks we go to where the customers want to be right now that's in uninvested cash they're looking for returns. instead of seeing those -- that uninvested cash leave our platform, going to the local banks, going to cds at their local banks, we want to make sure our customers feel they have a place at webull to make some retur

state of dividends not just because jenny is here we're wondering are they growing or at risk our bob pisani has done a deep dive our chart of theays ll d awe do you ever worry we'll live forever? no, it's literally never crossed my mind. what if we live to like 100? that's 35 years of being retired. i don't want to outlive our money. and i have been eating all these stupid chia seeds! i could totally live to be 100! why do i keep taking such good care of my- since we started working with empower, we're able to get all our financial questions answered, so we don't have to worry. so you never- no. never. join 17 million people and take control of your financial future to empower what's next. start today at empower.com what do you get from the morgan stanley client experience? listening more than talking, and a personalized plan ♪ to guide you through a changing world. ♪ (seth) not to brag, but i just switched to verizon. (cecily) wow! to guide you through a changing world. (seth) and i got to choose the phone i wanted. for free. (cecily) not that you're bragging. (vo) switch and choose the 5g

bob pisani a look at one note catching our attention today, that's ubs out with this bull call on goldmanupgrading the stock to buy, raising a target to 385 ahead of earnings next week they say the company looks pretty well positioned with an attractive valuation and less exposure to consumer deposits than its pieeers joining us this morning, brendan hawkin of ubs. i thought it was fascinating because it involves a company that just worked very hard to evaluate their consumer exposure, but not as much as it appears, as you point out. >> and actually, they just had their investor day and backed away from the consumer lending effort to me, that was critically important, especially for the stock. the consumer, if they'll continue with consumer lending, that's a low multiple business, and you run the risk of de-rating. now that that has strategically been taken off the table, it's much more attractive easier to analyze and understand the outlook. >> where does it leave us in terms of capital market activity are you betting the back half does see some heating up >> it's certainly possible the

thank you for being here bob pisani, i turn to you as we head towards the two-minute warning. an issue i guess you want to call it pop following the minutes, as i said earlier, the market thinks this only means the fed will pause or cut and now it's maybe facing the reality of a slowdown. >> a lot of people want to blame the selloff on the fed minutes, 24 or so, the french bank president made comments at that time and said inflation is more broadly based than we thought, it's still too strong, too sticky the ecb may have to continue to hike that's not helpful for the markets overall but the fed minutes is norm agoly a snooze fest the banking crisis will preaccept tate a mild recession, that's the staff -- >> that's base case now. >> that's new and secondly, not anticipating cutting rates later this year so immediately they're undermining the goldilocks scenario you know this. if we had even mild recession, any kind of recession earnings normally, 10% to 20%, multiples can con contract 20%, and that's a mild case. we're not near that. >> in other words, earnings that are at, le

and maybe we will take some cash off and at some point we might get back into it. >> thank you bob pisanig one of the stories and the drag off the lows, 139. boeing, united health as well a bit of a drag. even though the numbers were good but you're talking about another stock that has done quite well of late. >> yes, and remember, it helps to have a $500 stock and when a $500 stock does well in the dow, it pulls the dow up, dow is a price-weighted index the soft landing piece is still intact earnings were brought down more aggressively than any other quarter, understandably. the numbers were better than expected and not as bad is a good way to characterize bank earnings we're down but the volume is light. we talked about this all week. the important thing. the advance decline line it is more of declining stocks than advancing stocks today but generally for the last two weeks, many more advancing than declining stocks we talked about the strength of the cyclicals. industrials keep advancing materials keep advancing energy keeps advancing then there's the defensive sectors that are advanci

. >>> a couple hours into trading here let's get post-to-post with bob pisani and see what's moving,some variation between different end indices. >> the s&p is faltering because we don't have goldilocks we need the data to slow down just enough to have the fed stop raising rates, but don't want it to slow down so much that we have a more serious recession. really tough to get goldilocks right, because we've had a string of economic releases that are a little weaker than the market had anticipated you can see the effect this is having on the cyclical sectors john deere is a good example, down 6% last woke, and another 4% today, after having a great run last week. everyone in this group, ingersoll, rand, caterpillar, all the big global industrials are down 5, 6, 7% this week. another little disturbing development. mike was talking about the banks here and bear upping zion. comerica is down along with all the other regionals. it was down 11%. now 38 that's a 10% drop here so those are now tradieing belo their recent trading ranges they had last week. that's not a good technical sign the

you can see where we stand get a lot more from bob pisani kind of curious as to what's standing out tovin mccarthy was introduced his proposals on the budget. he predictable blasted the president for being irresponsible on the deficits, the president added $6 trillion in national debt to the national debt he said defaulting on the debt is not an option he thinged that several times but said the biden administration has to negotiate and they said they were not negotiating in good faith. he's going to vote on lifting the debt ceiling for the next year that's going to be the house bill and wants to return spending to 2022 levels and limit growth of spending to 1% again, speaker is -- you see the speaker up there speaking right now with john who runs the new york stock exchange. he'll come down on the floor and maybe a chance to chat with him. it's not moving the stock market and the reason if there was concerns about a debt default that would move the markets. that's not what's happening right now. sort of a mixed market, three to two advancing to the declining stocks industrials had been

let's get to bob pisani who is looking at the sector break down because it is a picture, bob. >> it isays being threatened here, industrials, materials, some of the cyclicals have been very weak this morning, particularly in the dow. let's look at the sectors today. defensive names have been a little better, health care, consumer staples energy, though particularly materials and industrials and the banks have started to weaken again. oil is up today yet they're taking profits in someof the oil stocks that had huge runs up on that opec news. i think the big story today is those cyclicals, industry, materials. boeing dropped noticeably mid morning. caterpillar noticeably dropped, that is weighing on the dow. names like freeport and mosaic had been up. the regional banks are trading to the lower end of where they were last week got to keep an eye on that as well finally five up days the sentiment is remarkably poor yet the market is in an up trend. how do you reconcile that? the point is that the pain trade is to the upside and the important thing is we are moving here, sentiment poor wit

back to 4085 let's get to bob pisani. bob?e floor, in fact, we're standing right next to first republic bank. and here's clint carell, an old friend of mine an important thing about this, i want to show you the trading volume this is limit up, limit down volatility halts take a look at the volume, though 110 million shares to give you an idea, typical of these regional banks used to be 3 to 4 million shares a day. yesterday, it did 193 million shares from 3 to 4 million, to 100, routinely now doing 100 million shares in the last few days, as it's been moving to the downside ten heaviest volume days i want to show you the more regional banks here. here's comerica. the at least stable today. remember, this was 165 or so, before all the banking crisis went -- dropped down here. but it was 47, it rallied as it was going down and now it's back down to 41 this is part of the problem. they're having trouble stabilizing, most of them are trading at the low end of the trading range that they established in the late part of march. one o

when not they tend to rise again. >> they had a great performance. >> huge swings thanks bob pisani.s get to tesla this morning. one of the biggest s&p laggards of the morning down double digits in april alone. phil lebeau has more about a three-week low here, phil. >> carl, the big concern on wall street and with investors what we might see with tesla, q1 automotive growth merges why is that a focus? this is the fifth time the company has cut prices since january and while these will take effect in the second quarter it raises concerns about whether or not tesla's gross margins will come under greater margin than expected we'll talk about the level to focus on in a couple weeks they cut the model y prices by $2,000, model 3 by 1,000 here's the base prices for all of these models now. note worthy the 3 and y now under $50,000. the 3 was always under $50,000 now you're looking at the base coming in just under $42,000 nobody is expecting tesla to lose its dominance in evs in the u.s. in the fourth irst quarter theyd almost two out of every three electric vehicles in the u.s., but this

let's get over to bob pisani and get moreon what is going on today. >> it's groundhog day. 4100 on theng to break out, but we can't the sectors, the important thing about today is, kind of even, about 3 and 2 advancing to declining stocks what i find disappointing industrials. two big names reporting today. we had fastenal and delta, both numbers looked okay to me, delta looked very good, and yet they opened up and sold right into that ingersoll rand and illinois tool, they've been on a run, down today we had price cuts over at wells fargo. i think that might be affecting them as well the important thing is the market is grappling here about what it means to have a mild recession, which was the comment yesterday that we saw here so in a real mild recession f that's what happens, as the federal reserve staff said, you have a much different stock market than we have right now. you see earnings down 10 to 20% your see a multiple contractions of 20 to 25% is any of that happening no we're not close to anything. let me show you what the estimates are for the earnings for the four quarters h

let's get more from bob pisani hi, bob. >> we're breaking a nice three-day win streak here. it is very impressive when the big money center banks that are reporting are leading the s&p 500. so, jpmorgan, citigroup, leading the s&p, black rock and others leading the s&p 500, bank of america also not reporting, but also nice move to the upside net interest income generally very strong. reduced expectations, and they're doing better than those reduced expectations that could be a template for earnings season that we're seeing i think the contrast with the regional banks is very interesting. pnc had very good numbers. there is a whole thing about reducing their loan loss reserves the way i used to read this, this is a good thing that means credit quality is getting better that's generally a good sign i heard comments today it is a poor earnings beat when you do that but i find it a rather strange way to look at things. you see the regional banks underperforming today. pnc hit a 52-week low. so what has been happening is a widening gulf between the money center banks, and the reg

bob pisani >>> while investors will get a fresh read on inflation with cpi some progress being made notthe joe mhn job market steve liesman has more. >> yeah. some potential good news coming for inflation from a recent influx of workers into the job market more labor supply could be taking the edge off wage gains and lead to less inflation in the service sector the labor force has grown by 2.2 million the past four months some of that, the january statistical adjustment, but the past two months look to be real with 800,000 coming in in two months that's pushed up the participation rate with the prime age workforce hitting a milestone of surpassing the prepandemic percentage level goldman sachs writing, labor supply is now fully recovered to trend after declining substantially in the early part of the pandemic and under appreciated success. so why are people coming back in no single reason the reasons could include the idea that pandemic savings have run out, high inflation forcing people to work more than they wanted to, higher wages is a big thing with the opportunity cost you're leavi

let's get over to bob pisani now and see what's caught his attention so far this morning. bob?s been meant of selling this week but none is sticking several down days at the open and the markets have come back same today ashlgs though it is defenses take a look at the sectors, consumer staples, health care, utilities. energy has gone positive banks, which have been up and down all week, also starting to move into the red. that's really the story this week remember, a lot of big regional banks have potentially reported. we had regions financial report this morning it was a small miss. the stocks are generally trading up stability not where next year where they were, but stability is a good sign a big story this morning about some of the regional banks might be facing much more stringent regulation and i think that weighed on them early on as well bottom line is, some signs of bottoming in the regional banks is a good sign another positive sign for people worried about the effects of the banking crisis money market flows have stopped seeing big inflows. remember what happened dur

bob pisani is here, our senior markets correspondent.h, big shock. >> we're moving in the right direction. we're trying to break out 4124 was the old recent high. we're in february highs. >> 4125. >> we're early february highs. this about a mild recession, whatever that is, has everybody in a tizzy what happens in a real recession when you have a recession that's out there. an earnings decline of 10% to 20%, you will see a multiple contraction of 20 to 25% we're not even -- here are the numbers. we're not anywhere remotely in this neighborhood. in fact, earnings are to be up 0.9% we're going to have two negative quarters and the back end a sudden miracle will occur. we'll have a soft landing essentially. what's happened here is the market is positioned for no recession essentially, soft landing in extreme position and i want to show you where the strategists essentially. soft landing in an extreme position i want to show you where the strategists are. they know the market is really out there right now. so the estimate for this year is $2

let's bring in cnbc senior markets correspondent bob pisani we're on the cyclical trade again. >> i findical we're in the middle of a cyclical and they're all running, trying to distance themselves from the soft landing that's why i'm bullish our friend, an optimist for years and years, was sounding very -- let's not say pessimistic -- >> a little more cautious. >> and sara was pressing, are you going to bring your numbers down it was looking in that direction. chris harvey at wells fargo has a 4,200 year end target. we expect a 10% correction at 3,700 in the next three to six months so i'll tell what you the problem is put up the estimates for earnings and i'll show you why this is causing a lot of anxiety with the strategist community. put up the 2023 earnings estimates. the problem is in the second half of the year, so we have $56.84 for the q3. there it is. look how low the number is the first quarter, look at the third. $56.84, is a historic record, all-time for the print $58 is even bigger here is the problem. to believe these numbers, you have to embrace the soft landing idea beca

>>> we're a little under an hour into the trading day all the more reason to get to bob pisani who joins we haven't -- we're not even able to get to them in the last hour. >> strong earnings beats, almost across the board some stocks a little over priced and are down surprisingly like caterpillar. a little bit of a problem there. overall, they're not only not lowering the second half earnings system which is what everyone is afraid, some are raising the numbers. the sectors here and what we got here communication services have been great. meta has been strong comcast has been strong. our parent company banks, first republic is stabilized and up 10%. comerica and zion. consumer discretionary great hasbro had great numbers, ebay, amazon had great numbers health care is kind of mixed there. we got lily good, merck good, abbvie is a problem. that was a disappointment. one of the few disappointments semiconductors have been on a downslide in the last few days we should talk about that. some of these companies that have raised guidance i don't mean just beating estimates, but raised guidance m

bob pisani >>> it's the busiest week of earnings and we have you covered.uto space. julia boorstin covering spotify and seema watching 3m and ge. >> let's start with phil on gm. >> to an extent what bob was talking about a case where they beat on the bottom and top line, doesn't matter with investors right now. shares of general motors trading lower after the company reported better and revenue above expectations this is driven by the strength of the internal combustion engine its market 10.9%, an increase f the first quarter last year from the strength and demand of vehicles throughout. here's the cfo on "squawk box" this morning. >> we're still lapping a lot of last year's wholesale price increases we had to put through for higher material costs, higher logistic costs. the consumer remains strong and when you look at the new vehicle launches we have this year couple days with the high quality vehicles we have, couples are demanding that. >> the focus with general motors is on ev development the goal is to have 400,000 evs produced by the end of the first

bob pisani. >>> meantime, st.nt bullard said the fed can continue to hike while using other tools to handle financial stress his comments come as they await the latest balance sheet tonight after the bell and the jobs number tomorrow. our next guest says the fed has one more quarter point rate increase jim smiegel joins us here at post 9 great to have you. >> thanks for having me. >> powell has said, more additional firming may be appropriate. >> it may be appropriate bullard reinforced that this morning. we're in the camp we're not going to fight the fed we believe them. the market has taken less than a coin flip that we even get another 25 at the meeting. we think they give us another 25 and pause, not pivot it's all about the pause, not the pivot. >> are you a believer in historical patterns and what happens to the s&p once the 10-year, as it is today, near a six-month low, for example >> that's the most interesting part of the market we're in today. the market continues to price in this standard reaction funct

first republic shares are down bob pisani has more details at the new york stock exchange. bob?t was a weak day, but got weaker around 1:00 when there were reports out that the first republic was weighing an asset sale of up to $100 billion now remember, they were already down noticeably on yesterday's earnings reports that was a 40% drop in deposits. that was a lot steeper drop in deposits than anybody had anticipated. but we dropped even more on that this actually moved the overall market it moved bond yields lower which was a surprise to a lot of people and moved the regional banks. they're all moving lower today notably and remember what happened when the earnings came out for the regional banks they were generally okay, not worse than anticipated, and the stocks a couple weeks ago rose briefly on this as a result of what's been happening the last day or so, particularly today. these are all now trading towards the lower end of their recent trading ranges from a month ago going back to the banking crisis towards the lower end and that's an issue for the markets. take a look

. >>> two hours into trading time for a check on what's moving we go post to post with bob pisani the did just go negative and so did financials. energy is holding up. >> energy is holding up and financials are a bit of a problem. we started with consumer discretionary because all the travel stocks are weak because of the moves in energy here's delta the airlines have been all over the place. it went from 32 to 40, back -- a big move up in january, a big move down in march airlines rallied last weak decent volume, 4.2 million shares i want to show you exxon, because there's the big story right now. believe it or not, we are close to an historic high on exxon the old high was in february, about $119 there you see 12 million shares. the average is about 15, 16 million shares a day obviously, the opec news is moving up all the big oil names here again, this iss has only been up about 5% this year believe it or not, that is right near an historic high. sara was mentioning the financials once again, the bank stocks, the regional banks, the usual suspects, are trading towards the lower end

let's get post to post with bob pisani. >> we've been in the middle of this trading range and we werenks were better. they're not cooperating and tesla is not cooperating another sector not cooperating is energy. the oil was 83 four, five days ago. now it's $77 conoco was $110 at the close of friday that's one sector we're losing in the momentum category tesla has thrown a monkey wrench in the auto manufacturers. ford is a truck -/suv company they're trying to get big in the electric vehicle sector. that unit is losing money. this is throwing a monkey wrench into plans for a lot of companies. we talked about renault and they're not going to cut their prices even though it will hurt their market share i want to point out, a lot of earnings are still good. union pacific is fine, the railroads are good and most of the big global industrials, u.p.s., fedex, even caterpillar that had a rough patch, have all stabilized cyclicals, industrials and materials have been doing fairly well sara, back to you. >> bob, thank you. >>> turning now to another earnings mover, shares of philip morris are

bob pisani is at the new york stock exchange and let's go there now. bob?ft landing or hard land, they can't decide you can see this in the sectors and how crazy it's been in the last couple of weeks look at the cyclical group here. deere, caterpillar, cummins all up last week hoping for a softer landing and down essentially this week as the economic data has come in a little bit weaker than anticipated take a look at semiconductors. big leadership group in the last couple of weeks, generally all trading down today again, same reason, can't figure out whether they are getting a hard landing or soft landing defensive stocks are holding up good which is why the dow is up today and it has a lot of consumer staple stocks and health care stocks in it so johnson & johnson hopes for the settlement am again and procter & gamble trading to the upside. you don't see utilities lead the s&p 500 very often, first, but american electric leads the s&p 500 today. yeah look, this is, of course, as you saw yields come down on some of the big treasuries bonds, we saw utilitie

trading, stocks just off session lows as we're down 225, holding 4100 let's get post to post with bob pisani the jolts report had a bit of an impact on the market, particularly cyclical stocks i've been talking about caterpillar the last two weeks it's had a huge run. 214 to 230 in the last six or seven trade sessions opened today at 230 and straight down, right from the open, 230 down to 219. particularly after the jolts report boeing did the same thing. other cyclicals, here's john deere, virtually the same thing happened opened at 386, went to 415 last week and opens at 415 today straight down. that's a big move for john deere. low volatility stock, but straight down from 415, particularly after the jolts report oil also moved down. oil had a nice run, went to 82, dropped down to 80 after that. oil stocks had a great run the last few days, particularly yesterday. there's chevron, dow component, 155 to about 170 in five, six, seven trading sessions down today, most of the big oil names also trading down. the other big story of the day is the regional banks, which had been stable last week

. >> the and metals, too bob, thank you bob pisani. >>> it's not a bull market, it's not a bear market's a stalemate. that's our next guest's analysis the earnings season everyone was waiting for, no one to be found with an earnings per share beat right 73% in q1. joining us, bespoke investment co-founder paul hickey hi, paul beat rate of very high, 70%. what about revenues, margins and guidance >> what we're seeing is everything is relative to the last few quarters is -- has been a weakening trend. relative to long-term history it's been better than average. this earnings apocalypse everyone has been looking for hasn't quite happened. you just mentioned the eps beat rates. if you take the financials out of the equation, not that they're a big part of market, but the eps beat rate, 80% the revenue beat rate, 74% financials you're looking at closer to 50%. 60% beat rate on eps, less than 50 on sales. so, outside of the financials, we've seen some relatively strong results to your point about the -- where are margins, you look at consumer staples companies the numbers they're reporting a

let's get to bob pisani down at the new york stock exchange. positive, bob. >> you know, it's been positive since the middle of the day thanks to strength in some of the cyclicals as well as some of the consumer staples names and the low print on the s&p, kelly, was right at the open, essentially, and we've been moving up. we're about to go positive there. and that's because of the strength that we've been seeing generally in some of those cyclical names material stocks, caterpillar disaster last week, very strong, that's nice to see nucor, cummins the one thing that's not participating curiously is boeing, which started strong and it's been generally weaker through the afternoon. but that's the one stock that's sort of bucking the trend amongst some of the cyclicals. banks also stability there, we mentioned last week many of the big regional banks trading toward the low end of the trading range. even first republic bank which late friday night decided they were going to eliminate their dividend on their preferred shares, they too have tirnd po

the nasdaq up 2% big moves here bob pisani is at the new york stock exchange covering it all for us bobana was talking about a breadth thrust, what he means more advancing than declining stocks that's what we have been getting all week today, three to one advancing to declining stocks a lot in the consumer area today. earlier in cyclical areas. we have a breakout in the s&p 500 folks. this is year to date we're at the levels we saw in mid, early february, 41, 47, 58 59, and early february, breaking out of the range in the last couple of weeks, some of this, i mentioned earlier in the week, cyclicals like industrials but the last couple of days, consumer names have been strong as well. so that's what i mean, a very broad rally, mcdonald's at a new high, nike has been strong, starbucks is good, and even today some of the travel names, some of the hotels like hilton have been strong i would say tech is doing well today but not a lot of breakouts. the breakout stock in tech is meta we are 1%, 2% from a new high on meta believe it or not. after a terrible year last year, it had nice momentum

stay there this time, the dow is up 11, the s&p up 2, the nasdaq is down 11 points let's get to bob pisani more at the new york stock exchange >> hello, kelly. the important thing is i know the markets are flat on the indexes but we're in an uptrend in a number of big sectors they're playing the soft landing. that means cyclical stocks consumer discretionary, industrials, materials stocks. all moving, and even a smattering of growth stocks in the tech area. look at these defensive stocks l l lockheed on the great earnings report l3, northrop grumman they're at a new high. cyclicals are moving again take a look at some of the tech stocks not a lot of new highs not a lot of new highs in general. oracle as a new high, salesforce, new high, and nvidia, a double upgrade today that's been a monster throughout the whole year that's a new high as well. consumer discretionary stocks, small smatterings of auto stocks, auto related stocks as well as home builders hitting new highs. o'reilly auto, auto zone, new high all of the home builders have been notably strong. we have energy stocks, hess has be

indeed.com/hire >>> welcome back we are about two hours into the trading so let's go post to post with bob pisanik at what's moving. >> reporter: we're still trying to get decisively over the 4100 level. i want to show you how tough i think earnings season will be. delta missed on the bottom line but their full-year guidance was excellent. the second quarter was good. they talked about strong bookings overall this has been all over the place this morning it was as low as $32 that's a lot and that's a sign of cluelessness. there's a lot of different opinions if you want something interesting that's not terribly exciting, health care has been great. it was 119 this has been steadily moving up and rallying in the last few weeks some of the subsectors out there. all of those have been doing really well recently speaking of earnings, i know everybody will be fixated on jpmorgan tomorrow, pnc is a big super regional and they will be reporting tomorrow as well it is now up a little bit. earlier at 118 that would be a 52-week low on an intraday. remember, these banks, these regionals have been trading to

. >>> welcome back a couple hours into trading, let's get post to post with bob pisani and see what'sing. >> getting this goldilocks soft landing thing really right so the bulls want the economy to slow down so the fed will stop raising interest rates but they don't want it to slow down too much because then it will be a severe recession they go back and forth the stock market goes back and forth playing that game and it's been confusing i want to show you caterpillar, which is the most important stock of the week. this is the lowest we've seen in a few months here. this thing rallied a few weeks ago, 212, went to $230 a couple of weeks ago this week it's down 8%, 9% it's been straight down, essentially on concerns that the global economy won't be as strong as we anticipated here. same thing, the same problem is happening with the techs remember we had this big rally in technology stocks a little while ago. look at salesforce salesforce had a great rally moved to the upside. it was $200 at the close last week $191 it's down 5%, straight down for this week. that's reflecting, again, so

dow has shaved some losses let's get post to post with bob pisani. >> we're off the lows of the s&p 500d on their preferred stock. you're going to hear a lot about loan books with the banks coming in remember, this is a company that had a lot of mortgages on its books. so, when interest rates go up, the value of that loan book goes down you're going to hear a lot about loan book value in the next few days but look what's going on here with the big regional banks. comerica last week they were drifting lower. it was 45 to $40 it went down to now it's bouncing back volume is much, much lighter we were doing millions of shares a day last week. it's calmed down and back to middle of its trading range. that's a good sign you want quiet with regional banks. meantime, another important bounce, caterpillar, sort of a proxy for global growth. this fell apart last week. it was $230, went to $209 and that was a big concern for the marketover all the volume is much lower here. we were doing 4 million shares, north of 4 million shares a day in caterpillar last week again, much calmer price bounce and

bob pisani talked about that a moment ago we're playing defense here because of the uncertainty associatedith all of these different moving parts so you've got, you know, more stable demand categories, health care, energy, staples, utilities that are cheap, they've got very good dividend yields and they're likely to continue to do well, regardless of how good or how bad this metric tomorrow comes out and what the fed does and how good or bad earnings season is so our point of view is let's play defense here a little bit until we've got some clarity on what a couple of these moving parts are. >> sure. and i imagine that's going to be more than inflation. jobless claims in particular over the next month or two, things like that thanks so much for your time today. we appreciate it. >> thanks for having me back. >> you got it. >>> still to come, the irs gearing up for a major crackdown on the wealthy and on corporate america. we have the details next >>> and as we head to break, take a look at carmax on pace for its best day since november. a 10% pop after the earnings report overcoming a host

gaining thanks to energy but the nasdaq which had been the leader is down nearly 1% let's get to bob pisani exchange. >> we're starting the second quarter and people who were anticipating some kind of modest sell-off given the huge move in tech stocks are a little disappointed if you're bullish you'll be very happy. nvidia after a 90% move up you would think you'd see profit taking in the second quarter not happening. micron is down a fraction. apple has been flat lining all day. that is remarkable given the moods. microsoft also only down 1%. instead, what is under a little pressure is some of the discretionary stuff. tesla is in the discretionary group, a stock specific story but travel stocks have been weak through the day because of the move up in energy we saw thanks to opec. carnival, royal caribbean, expedia, airlines like united and american also to the down side we have seen some very nice moves up in some of the lick lickal names last week -- some of the cyclical names. caterpillar had a nice run g.m. is down today some of the consumer names have done well. last week was good for

. >>> in the meantime we're going to get an update with bob pisani with the dow down 283 points bob. >> well, i think the important thing is considering how controversial the jolts numbers are, it has had quite a bit of impact on the stock market the most important thing you want to look at today is the cyclical stocks simply collapsed when those numbers came out. so caterpillar, for example, some of the big material names like new core and the steel stocks moved down rather dramatically that's had quite an impact on the market because those stocks had some real momentum in the prior week treasury yields moved down rather dramatically on top of that, so utility stocks that compete against treasury held up comparatively well we had defensive names, for example, procter & gamble, that have held up reasonably well in the stock market so again, two sectors that moved rather notably as the yields moved to the downside. the other thing we saw was gold moved up rather dramatically gold moved up over $2,000 and it's now at a 52-week high essentially. what's moved is all the big gold names wh

with us to make the case for united health care ahead of its earnings report tomorrow morning, bob pisanig day as we head into the close. jack, i feel like we're on a one-way train to no way here it's like harvey at the top, toomey in the middle, and now at the bottom of the show you want us to get defensive and cautious too? >> i think there's a really good chance this market is ahead of its skis we look at multiples that keep going up, fundamentals that keep getting worse. i have a really hard time imagining that we don't see some sort of stumble at some point in the next couple of weeks, couple of months. long-term, scott, i'm still a big bull when it comes to this equity market. we're still a long ways off from where we were in january of last year i think it haser everything to with your time horizon a little longer term, i wouldn't mind putting money. >> why are we rallying on what has been aside from two cooler than expected inflation reports still not, you know, fabulous, why are we rallying? >> i think it is a lot to do with that inflation report i think people are misreading it

. >>> awe couple hours into trading let's get post to post with bob pisani. >> the important thing here 1% from a new high, but you wouldn't know it just looking at the charts right now. i want to show you some things moving here. we were talking about the banks a few moments ago. charles schwab had excellent numbers overall, but the issue was the deposits here. eps was good but deposits were down 11% the first quarter, 30% on the year. they're pausing their buybacks this shift to the higher cost of funds is going to press the revenue for the next few quarters i made fun of my mother calling me saying, i'm pulling my money out of savings and putting it into treasuries, a lot of people are doing that elsewhere, energy a big mover in the last couple of weeks oil kind of moved dramatically from the end of march. we were in the 60s, it went into the 80s on oil ess was a monster, 122 at the end of march, went to 150. starting to run out of steam as push in oil about as far as you possibly can this was a very big leadership group here finally, i want to show you what's going on with the consu

a little over an hour into trading let's get a look at the markets from the perspective of one bob pisani0 range. traders find that boring but there's things moving, defensive sectors, particularly consumer staples have been strong recently health care, also a sector that's been doing well what's drooping is the semiconductor sector which was very strong a couple weeks ago and the banks. banks are sort of back to the middle of their trading rings they were at show you consumer staple names, coke, amazing pricing power, that's hitting the highest level since august, new high for clorox, mondelez, walmart at a high for the year, procter & gamble broke out on friday terrific numbers there, 4% from a new high the staple stocks are moving we're about 20% through earnings season and the story here so far is, believe it or not, the estimates for the first quarter are going higher they're down from a year ago but the estimates have been raised in the last couple weeks and actually going up. second quarter, third quarter, fourth quarter numbers are seeing slightly lower numbers here overall, on th

. >> we'll see if the market keeps skating by bob pisani. >>> that does it for this hour of "squawk on with us for the next hour >>> good thursday morning. welcome to another hour of "squawk on the street. i'm carl quintanilla and sara eisen. setting the agenda, bernstein remaining bearish on tesla after what he calls a meaningful shift in rhetoric. >>> plus, citi's nathan sheets pushing back the timeline for recession in the u.s he joins us to