. >> we'll talk with art cashin in a few minutes about levels tested and pushing some of the equity bearsat least explain what happened last week. >> right to give credit to some degree to the market for looking through some of the near-term issues a lot of the evidence says, wow, the october low has a lot of credibility built up just because of what's come since then last week market held where it probably had to to keep the benefit of the doubt for a little while the fascinating thing is the way we keep dialing forward when the expected rough stuff is going to come the journal has this piece, the recession is always six months away. >> the good dough recession, page run. >> that sounds familiar. in 2018 we overanticipated a recession. in all of 2019, it was late cycle, when is it going to happen so that is why i think a lot of the textbooks would tell you, well, you probably are due for something in the next couple quarters based on when the leading indicators dipped lower. you know, i think you can have a bullish case that says what do you think was happening last year hen the s&p went

art cashin. >> my pleasure, thank you. >>> bearish art.k their ai ethics teams, as a group of industry titans including elon musk have a new warning for owowarchers. sl dn. we're going to discuss with one of the authors behind that letter next. stay with us - psst! susan! with paycom, employees do their own payroll. - what's paycom? a magic payroll genie? - it's a payroll app. - payroll is way too complicated for the average person. - paycom guides them through it. missing or duplicate punches, pending expenses, unapproved pto, on and on. - why would employees wanna do all that? - this could be a stretch, but i think it's 'cause they wanna get paid correctly. i like getting paid correctly. what do you see on the horizon? uncertainty? or opportunity. whatever you see, at pgim we can help you rise to the challenges of today, when active investing and disciplined risk management are needed most. drawing on deep expertise across the world's public and private markets in pursuit of long-term returns... pgim. our investments shape tomorrow today

inflection point people will have to put money into the market and it will be a huge tail wind >> art cashin in the last hour, no one really wants to stick their neck out for the positive side, and he even mentioned maybe i'm sticking my neck out too far on the negative side thinking there's a 20% to 25% chance of retesting the october lows not an insignificant possibility. >> you brought up micron >> very, very cyclical >> this is head of micron's earnings he said the cycles go in three years. we're in the third year. pointed to the hp ceo talking about this has been drawn down and look at micron what companies have written down earnings expectations and what companies have not micron laid this groundwork six months ago it's not trading lower despite misses a lot of the stocks are pricing for 2024 already >> what if people are getting too bulled up because they look at the market and say, well, the s&p is up 5% the nasdaq up 14% or whatever it is to this point, but it's been so ridiculously top heavy that it's masking to, in some respects, how you started the show saying under the surface i

nasdaq up 0.8% the s&p higher by 0.5% 10-year yield 4% let's bring in art cashin who joins us on thengs. what do you make of all that fed speak yesterday and where the markets stand today? >> first of all, i hope you're getting overtime they have you carrying the ball day and night these days the fed speak yesterday, i think people might have overrated bostic a bit yes, the stock market moved up, but i think part of that was internal if you look at what happened with the dollar and to some degree what happened with yields, they did not move markedly after bostic, but we'll get a chance to see that again he's going to be talking late morning along with one or two others and through the conversation you and david were having about the impact of higher rates, keep your eye on the commercial property area we had one big default yesterday and with the three-day week going around, i think commercial property is going to be a problem. we've got a bank of japan meeting coming up with rumors they're going to change their negative interest rate policy and, guess what, the fed has stopped being

i think we all learn from cashin as a russian analyst. >> learning effort we have learned the articlen afghanistan and understanding the chinese view instability as a threat there seems to be an increasing or intensifying relationship with afghanistan and with those five chinese nationalists were injured. but it seems that we see the early days of the diplomacy and engagement looks like on the production of uav for surveillance and field operations. can you talk about the implications of the us withdrawal in the context of chinese advantage? >> whoever looks the most surprised. [laughter] and i'm thinking of it as a case study we are clearly out and they are struggling with the same things we did that how do you see it? in the context of their approach? >> i have been looking at the russia china reaction the debate during the withdrawal of both president trump biden that if we thought that of keeping then it would force them to take up more not just a free ride and we have been looking for for opportunities they may be pursuing to move into afghanistan for research reasons those that

art cashin lot of irish folks here at the new york stock exchange. >> yes, there are. >> plenty. >> yes> stocks are lower. >> it's a friday and st. patrick's day. >> he says, be careful because of the rumormongering. it's always going to be, be careful on st. patrick's day >> also be careful on the streets. lot of people with their heads in the gutter. i won't get into any details but you know after the st. patrick's day parade it's kind of ugly up there >>> before we head to break, it's time for a bond report. let's take a look at how treasuries are faring this morning. there they are the two-year note. think about where we were just -- where were we, sara, one week ago >> about 5%. >> a hundred basis points has been the decrease. we got to go i'm so glad we did this. i'm so glad we did this. i'm so glad we did this. i'm so glad we did this. i'm so... ...glad we did this. [kid plays drums] life is for living. let's partner for all of it. i'm so glad we did this. edward jones what causes a curve down there? is it peyronie's disease? will it get worse? how common is it? who can i talk to

i went and bought a burner phone with cashin called him.dfather made it through watergate and the iron scandal with his integrity completely intact. once he becomes aware of the fraud that is happening he will do everything he can to make it right now want to give them the opportunity because i think that he was 9,495 at the time. so, i met with john in person. then, he sent theranos some prodding questions. there was this one number that was in there, 49.2 percent that are calculated from the test was also in an email that i had sent to elizabeth. and about one month after that, i went to go have dinner with my parents. i walked in the door and my dad said have you been speaking with the wall street journal reporter? and i said, yes. [laughter] >> and he said well, they know. >> woman: after i left theranos i wanted to be as far away from them as possible. i was working another job.at this point i had talked with john carrier from the wall street journal who was doing an investigative report. so, i am at work one day working late and two o

. >> i think that's maybe some of the scramble that you see with some ofthese stocks down art cashinuare bank in 1982 which kicked off the savings and loan crisis, talking about the thai baht, things that people never heard of that became bigger problems, this may be very different, but, peter, i think you're raising some of the questions and those are things people are talking about off camera, in all areas of wall street right now >> and don't forget, this is not the only -- just to come back to the other topic of the day, apart from the jobs number, we also had the president's budget come out yesterday this is the -- almost none of that is going to be enacted into law, so it is probably not worth reading the whole thing, but it is the opening salvo in this dance of another big risk out there, which is there really is no plan on the debt limit as we move into the summer i think the broader point is we still have a very strong labor market, we still have a pretty strong consumer, on the other hand you're starting to see some of the fishers that come from -- come really from the rate