dominic chu takes a look. >> reporter: it's a holiday shortened trading week on wall street. but that doesn't mean we won't get some fireworks on the heels of memorial day monday. on the macro front, among the important data points to consider that are coming out, we'll get pending home sales tomorrow, which measures how many previously owned homes are under contract for sale but haven't yet closed. now, it's seen as a leading indicator for existing home sales. on thursday we'll get manufacturing data as well as auto sales numbers for the month of may. that leads up to friday, when we get the may jobs report considered by many to be the most important economic release each month. we're pretty much done with earnings season this quarter, but some notable reports have yet to be released. michael coors and palo alto networks are among those that, the this week. canada goose gives its first ever report as a public company. many companies are on vacation, and as a result markets could be more volatile since it might not take as much positive or negative news to sway of fewer numbe

dominic chu reports from florida. >> reporter: one of america's biggest companies is making a big bet on the popularity of golf. shipping and transportation giant fedex just announced a deal to continue sponsoring the pga fedexcup playoffs for another ten years. fedex thinks any money is money well spent. >> it's a great deal for our employees. it's a great deal for our shareholders. and it's a great deal for our customers. it allianigns very much with ou social responsibility platform. we love what this platform brings to us. >> reporter: the sponsorship deal is the biggest ever for the pga tour and it comes at a time when the future of golf is in question. last year saw the bankruptcy of retailer golfsmith and nike to exit the golf equipment industry. but this season has gotten off to a roaring start and a host of events that have produced the most dramatic story line in years. >> never have you seen the average age of a winner be as young as this was we have 88 players in 23 countries. week in and week out, we've gone between ten and 15 players that have a shot to win midday on sun

dominic chu has more on the week that was on wall street and why it wasn't that bad. >> reporter: the week didn't start off with any real fireworks. but by the time wednesday morning came around, there was a feel like we actually might see that long-awaited pullback for stocks that's been absent for so long. wall street had been shaking off the headlines from washington for weeks and even months. but the possibility of interference by the white house in an active fbi investigation was enough to rattle things a little bit, enough to push stocks down on wednesday by the most in around eight months, certainly the most in 2017. and it put a real end to that run of calm and steady markets over the last few months. in the end, though, it was just another small blip on the market's radar. gains posted by stocks on thursday and friday returned major indices to just fractional losses on the week overall. on a sector basis, the relative winners for the week were the s&p 500 real estate sector, also consumer staples and utilities. each of those considered perhaps more defensive in nature, less e

dominic chu takes a look at whether wall street will heat up along with the temperatures. >> reporter: there have only been a handful of days so far this year where the s&p 500 has moved up or down by 1% or more. but that quiet move higher toward record levels isn't something that many traders expect to continue this summer. >> i think we're going to have washington continue to dictate our markets. while participants stand on the sidelines and watch. >> i think we're going to get out of this range we've been. we're going to go to the upside once the us. >> i'd like to be more optimistic but i'm a little concerned. i think when the president comes back into the country we're going to go back into a bumpy politicizing again. so i'm going to lean to the sell in may and go away crowd. >> sell in may and go away is something many traders are thinking about. the summertime has been a modestly weaker period for stocks. according to market analytics firm kenshow the s&p has averaged a loss of 1.2% between may 31 and august 31, and there are more possible catalysts for potential roller coaster

. >> dominic chu at headquarters. guy, what do you make?> they got it higher for the second quarter. not the full year. if they gave decent guidance for the full year, the stock would be at least unchanged, not yunward. i see why people might want to downgrade the stock. you have to take a little bit of leap of faith for amd here. i'm willing to take that risk. >> i think it's always a little bit weird when they don't raise it accordingly for the full year. >> i'll tell you what, it might take a little bit for this to work itself out for that exact reason. it will be a show-me, prove it to me stock. as long as it holds above $12, i think you're okay getting in about that level, maybe give it 10 more krepts. but i think you're okay there. >> apple reporting earnings after the bell tomorrow. we break down all the action. hey, mike. >> hi there. we saw about two times the average daily call volume in apple. over 400,000 call options, trading the most opening activity within the weekly 150 calls, over 22 1/2 thousand traded just over a clar. th

dominic chu takes a look at whether wall street will heat up along with the temperatures. >> reporter: there have only been a handful of days so far this year where the s&p 500 has moved up or down by 1% or more. but that quiet move

we've got phil lebeau on that angle and dominic chu. dom, let's kick it off with you. >> the numbers are staggering with regard to why trump is focusing on germany. let's take a look at some of the numbers behind it. germany does have a sizable trade deficit with the united states. last year $114 billion of u.s. imports we buy versus $50 billion of stuff we sold the trade deficit about $65 billion. it's big but let's put it in context. some of the other big trade deficits made with other trading partners. 2016 trading goods, china, a whopping $347 billion deficit there. japan the second biggest at $69 billion. germany ranks $65 billion. third place and mexico is $63 billion. perhaps why donald trump is focusing a lot on those four countries in particular canada included although not to the degree that mexico, germany and japan do. now let's put it in context with the biggest trading partners out there. china by far in terms of total imports and exports added together the biggest, $579 billion. canada and mexico part of the nafta agreeme

dominic chu on the floor. >> amazon encaps lats the tech consumer discretionary theme.down about 31 points for the dow so far, the s&p off fractionally as well. the nasdaq hoping to pace things just about flat, slightly in the green because of amazon. if you look at the week we just had, the last one week of trading the sector playout has been interesting because it's been an interesting mix of both cyclical and economically less sensitive stocks. telecom discretionaries at least tech for right now to lead the way higher and then the energy stocks and financial stocks so far showing some resigns of weakness. over the last week technology and utility stocks outperform as well as consumer discretionary and consumer staples, so an interesting barbell developing in the market. if you look overall at the real picture for the outperformers we do know and some of the underperformers as well that energy stocks are showing real signs of weaks. oil $49.25, off 60 cents per barrel. the energy sector are some of the lagers after we saw 19 straight weeks of gains so oil pressure aga

i'm dominic chu. stocks posting moderate losses. half of the sectors green. half in the red. estate, the best-performing s&p 500 sectors in early trading while health care and consumer discretionary are the biggest lagers. one stock weighing on health care,aller beg care, allergan, the sector the worst performer week to date. still positive for the month and up about 9% year to date. one sector to watch for sure overall. as we talk about the idea that markets are girating, lack of volatility. technology, financials, key to watch along with health care. the three biggest in the s&p 500. that does it for this hour of "squawk on the street." let's send it back downtown for the start of "squawk alley." back over to you guys. >> got to look for metrics of volatility somewhere. it is 8:00 a.m. at disney headquarters in burbank and 11:00 a.m. on wall street and "squawk alley" is live. >>> good wednesday morning. welcome to "squawk alley." a lot to watch today. disney, oil snapped tonight. the top story is the president firing fbi director,

i'm dominic chu. sectors trading in a tight range so far. leading the way higher. real estate and telecom lagging. several hitting record levels, marriott hotels, ulta beauty, royal caribbean making fresh record highs. check out shares of microsoft in record territory as well. and for those watching amazon, the number here 999 to notch an all-time record got to get above there. we'll watch what's happening there. on the flip side, signet jewelers, we'll watch those names for sure. that does it for "squawk on the street." let's send it back downtown for the start of "squawk alley." back to you guys. >> dom, thank you very much. let's start off "squawk alley." it is 8:00 a.m. in seattle, 11:00 a.m. on wall street and "squawk alley" is live. ♪ ♪ feels something like

i'm dominic chu. real estate and utilities, the only sectors green.e, down over 3%. you check out shares of citizens financial, charles schwab, bank of america, plunging more than 4%. financials very much a focus as we talk about today's trade, tech, financials, materials, some of the worst performing sectors today. that does it for "squawk on the street." let's send it downtown for the start of "squawk alley." >>> thank you very much. welcome to "squawk alley." i'm carl quintanilla with john fortt and sara eisen. we are in the midst of a major sell off. only one dow in the green, unh. s&p is down 31 and change. both of them testing the 50-day moving average. gold is up 22, 23. the vix has shot up past 13. the ten-year fighting with 224. we couch all of this with the knowledge we have gone 15 sessions without a move as much as .5 in either direction. >> the context is important but there was just too much turbulence when it comes to the headlines in washington, d.c. if you loo

royal will have fitbit, dominic chu, and susan lee. so we will see you guys very shortly.all of these begin to come in. joining me on the panel we have senior markets commentator michael santoli. good to see you again. >> great to see you. glad to have you back live in these markets. the nasdaq odometer rolled to six, beyond that not much happening. >> vice chair and head of investment group is with us. along with neil hennessy. a great group for this after noochblt welcome, everybody. mike, that's what i was going to say. there were interesting comments from david eihorn talking about the amazing performance of facebook and apples and everybody's of the world. granted, the nasdaq is taking a pause but he would liken it to the bubble we saw in 2000. >> yes, and particularly tesla is one he was pointing to, where it is not a profit story unlike the other stocks. but i think there's a sense in which with lack of imagination or lack of confirmation the economy is accelerating, do you throw new money into the leaders of the nasdaq. it also made sense by the way today that thos