that's diana olick. to jonathan krinsky. we put out a note saying we could get a short-term bounce.g that we're bouncing into the close today certainly off the lowest levels and the dow's up 370. the s&p's gone green. more specifically, what are you looking for? >> hi, scott. yeah. we were looking at a level on the s&p 500 where it gapped up from at the election back in november. that was 57.83. so we had the unfilled gap and we finally filled it today. we are pretty oversold. we know about internal breadth of the market and only about 17% of the s&p 500 is above its 50-day moving average. that's typically a good reading to get oversold countertrend rally. i think the issue we have is when we look beyond that rally we don't think the pullback on the s&p 500 itself is consistent with that deterioration and breadth. tip typically, the last time we saw that was in october of 2023. you typically see a 10% drop on the s&p 500. we think something around the 2 hun- 00 day moving average. >> that's the number you have in mind, would you be a buyer on that? >> it depends how we get there. wh

diana olick has the details in ore continuing series on climate start-ups. diana?e're talking about recycling scrap metal here. and not just making it easier, but keeping it domestic. traditionally, the majority of scrap shipped overseas and hand sorted or melted down into lower quality materials with limited uses. if you can sort it better, you can maintain its value better and reduce energy and emissions all at the same time. in markelle, indiana, thousands of tons of shredded aluminum are getting sorted into different alloys. that is, different types and grades of the metal. all using new technology from a local start-up called sortera. >> things that are end of life, like our cars and washing machines and forth, they get shredded and all of that mixed material is no longer valuable. we sort it so all of those pieces can then be reused and put back to better use. >> put back into domestic industries like automotive, construction, and aerospace. sortera buys the scrap, sorts it using a proprietary technology, and sells it back to companies like novellus, which ca

diana olick has the details. >> it does usually, that's right, tyler, but it did a lot this year. total application volume for the two weeks ending december 27th dropped nearly 22% compared with the week before that period, according to the mortgage bankers association. which did seasonal and holiday adjustments. now, during that time, the average rate of the 30-year fixed increased to 6.97% from 6.89% for loans with 20% down. rates were 21 basis points higher than they were the year before. and that's a change, as they had been lower on an annual comparison for much of 2024. applications for a mortgage to buy a home fell 13% during the two weeks and were 17% lower than the same period a year ago. the annual comparison still shows considerable weakness, and that's why the home builders had a rough end to the year. the itb, the home building etf, was down nearly 18% in the last month. names like lennar, pulte, and dr horton down in december after they shot much higher from july to november in anticipation of many more fed rate cuts, which, of course, we know, are not going to be as

diana olick joins us now. she's got more on that front. >> hi, becky, two weeks for the price of one. mortgage demand cratered to end 2024, thanked to a sharp rise in mortgage interest rates, total mortgage rate buy in ending december 27th dropped 21.9% compared with the week before that period, that according to the mortgage bankers association seasonally adjusted index, and an additional adjustment was made to account for the christmas holiday. during that time, the average rate on the 30-year fixed increased to 6.97% from 6.89 for loans with 20% down. rates were 21 basis points higher than they were the year before, and that's a big change because they had been lower on an annual comparison for much of 2024. applications to refinance a home loan, which is most sensitive, of course, to interest rate moves fell 36% from two weeks before and were 10% higher than the same week a year ago. applications for a mortgage to buy a home fell 13% during the two weeks, and were 17% lower than the same period one year ago. while december is typically