the dow down for the first time in nine days joining us for operations, art cashin here with us at postgreat to have you. >> thank you. >> so, markets down but it is the first time in nine days. any particular reasons that are cause for concern here >> well, you know, the market is being weighed on by the jump in the yields in the ten-year we talk about the ten-year the yield on the two-year is the highest it's been since 2008 that's a ten-year time horizon that's putting pressure on it. eight is enough. we had eight up in a row and that seems to be what you could hope for the home depot is a little bit of a factor in here. people beginning to question retail on several levels so that's of some concern. for now we'll call it a con solidation until it begins to worsen if they break 2700 in the s&p i'll get a little more anxious after that. >> you've been skeptical of higher rates over time. >> absolutely. >> are you convinced that 3.05, 3.10, 3.15 is a firm ceiling >> i'm not as convinced. i'm beginning to sense that the market is looking at a powell-led fed as being a bit more hawkish t

art cashin on the floor talked about a trapped door, broke down to the downside and saw the selling. you have trade tariff worries and you have a concerning note from jpmorgan about revenues going forward being relatively flat, and that weight on the financials. you see jpmorgan biggest laggard on the dow jones industrial average down 4.2%. the financials really came under pressure. american express, goldman sachs among the losers. ge has been a constant laggard. but you can see that the financials in particular got hit, not only because of the jpmorgan outlook but also because of the 10-year bond yield. and that has been front and center. we watched it so closely. we saw it hitting the recent highs of 3.128 on may 18. and look at it now, 2.78%. so it moved below the 50-day and moving lower these yields as everybody flocks into the for safety. and with that, we saw the vix, look at the vix, it tells volatility. indication of the fear and worries. look at that. 30% to the upside, and a quick peek at the financials once again, and down arrows, morgan stanley down 5%. financial sector s

in, i think, a lot of the rhetoric and bombast in washington and again looking at the numbers art cashin sent out a note saying we went down and bounced off the 100-day moving average we're trying to get used to this president that doesn't listen to veto corleone advice this administration tells everyone what they are thinking. there are some crucial things at stake. overall, markets are up but markets are behaving rationally because the whipsaw was getting a bit weary. >> if the summit doesn't happen and things grow more contentuous with china over trade, what is the fallout in the market? >> the issue i think is really trade with china i think largely north korea seems to be contained, and we seem to have a fairly strong presence with south korea and with the japanese. barring the unforeseen or real nuclear event. the real deal is the trade with china. as long as we don't escalate into an all-out trade war, i think outcomes and expectations are manageable >> i hear you guys you are back on the desk that it's a lot of noise, but the noise becomes deafening if it forces you to focus on t

. ♪ >>> about nine minutes until the opening bell we'll bring in art cashin.ow would you characterize the week we crossed over some april highs. >> yeah. we separated out clearly you see the russell two days in a row made record highs. that underscores the idea that the trade talks, tariff talks, and whatever are somewhat of a handicap russell paid up in smaller caps. mostly domestic businesses now we're having a couple of na >> sure. i can see the potential impact on iowa but what about the markets? do they care >> yeah. they actually do care. but the problem is, as they say, the headlines and conversations that are conflicting we had early reports that china was going to look for a deal and maybe $200 billion to the year that would be handy. cut some of the deficits in half then the president mid afternoon yesterday should know no way it's not happening now china seems to be backing up on it. we had a list of trudeau of canada saying we were very close. and then more trade representatives say we're a mile away nothing is close that's got the market confused

joining us right now to discuss further is new york stock exchange trader, art cashin, director of ubs financial services, art, good afternoon. >> good afternoon. >> thank you for joining us. how big is the 800-point broader market turn around since 11:00 a.m. yesterday staring declines in the face, and now back to flat >> you were staring more than declines in the face when you broke the 200-day moving average, there was a trap selloff, paused, rallied, and started to roll over, traders held their breath, they did not make a lower low that's what started the rally. had we made a lower low, i think you'd be about 1,000 points below where we are right now so the game's not over we'll keep testing this is like someone with a minor heart attack, and they want to know how strong do i feel can i thmake it to the end of t block or more than that. the market basically is taking its own pulse and own temperature, testing these levels to see where they want to go apple is a major part of the story today, and in fact, warren buffet doubled down on it, having one of its best days, and the dow, fo

> let's get to our closing bell exchange today talking about the markets, pro-share advisers, art cashinubs financial services and rick santelli from the cme in chicago. arthur, i want your two cents going into the close this weakness across the board, u.s. is warranted? >> well, first of all, that's what happens when you say "alexa, get me west minster. we had extra pressure, market on closes looked heavily to that sell side. that's pairing down, may ease things part is technical breakdown. as you apply noted, we were closed we have a two-day buildup. that's why it's severe breaking through the 100-moving day average on the s&p, then 2700, so the big concern is that much of this italian debt is held by the italian banks, and they are allowed to carry it at par. they don't have to market it federal debt, if the government de debt is treated as a par situation, they do not have to hedge it that's the concern in the situation, that most is not hedge e hedged >> rick, in terms of the moves seen in the bond market in eight hours, what does that take you back to in terms of memories as worryi

dealing with invasive species, provides us with clean air, clean water, it's -- they're the largest cashin sinks in the world, -- carbon sinks in the world, a good healthy forest. i thank the gentlelady for her amendment. i yield back. ms. stefanik: thank you. i yield to the chairman. i yield the chairman a minute. the chair: the gentleman from texas is recognized. mr. conaway: i thank the gentlelady. i have the great pleasure and honor representing a community called no trees, texas. me standing up in a forestry amendment might be odd, but i understand the great importance it has. holding off these invasive species is not a fix. we have to be aggressive to protect this natural resource we ts incredible legacy have been bestowed upon this great country. maintaining healthy forests are a great deal. aim supportive of the gentlelady's amendment and urge my colleagues to vote yes. with that i yield back. the chair: the gentlelady from new york is recognized. ms. stefanik: i yield back. the chair: the question is on the amendment offered by the the gentlewoman from new york. in the opinion of