still need to go higher for longer we'll debate and discuss this hour joining me bryn talkington, joe terranova, kari firestone here at post 9. let's check the markets. it's been a health care kind of day, utilities as well yields are very big story today. you have some steepening, joe. the two year and the ten year, adp below, ism, pmi services below. what do we do? >> that's your story and you talked about the spread between the two and ten year as wide as 110. let's remember that we still don't even feel the effect in the economic numbers from the largest disinflationary shock we've experienced since this fight against inflation, and that is what happened with silicon valley bank and the stress that we're seeing it's completely reflected in what we're seeing with the russell. the russell and small caps are trading at the lower end of its range. if we have a chart we can show that the nasdaq and the s&p both trading towards the upper end of its range. that divergence is telling you something. it's telling you the economy is weakening and that further economic weakening is ahead, reflected. co

. >> joe terranova joining us today along with lauren good win of new york life investment management lauren, you first. you heard what harvey says what do you think? >> i am very sympathetic to chris's arguments and sort of the arch of the year that he's putting forward, and specifically with the point that we have seen the impact of interest rates on multiples. we have not yet seen the impact of interest rates on the economy on earnings. investors tend to think of the markets as forward-looking, and markets do tend to lead the economy out of recession, which is one of the reasons why i'm sympathetic with an ago gregate end of year call that looks okay, but in the meantime, earnings do not reflect recession until the data gets there, and we have not seen that element of the bear market yet it's one of the most common questions i'm getting from investors is isn't recession already priced in, and the answer is no. >> clearly, joe, it can't be priced in at these levels where earnings are still projected to be that's what pisani and i were talking about over the last 24 hours. you know,

the nasdaq as the biggest market cap companies begin to release their earnings now joining me joe terranova, liz young, kari firestone, sarat sethi. let's check the markets. we're still in the red across the board. we've moved off the lows, though yields are the story today joe, you said on monday, if i recall, you didn't like the setup for this week. >> no. >> in part because of yields, and here they are moving higher again. we'll get to the nasdaq, tesla >> that's where fed policy is priced in the treasury market. that's not good. we see the two year going the wrong way. so the setup is a poor one and, again, i'll mention underneath the surface of a lot of earnings that will be reported this week there's a tremendous amount of fed speak. rafael bostick, we're going to hear a reiteration of a very hawkish positioning. back in the conversation -- >> a hawkish positioning, i brought up bostick one more in may. the market knows that. how hawkish is that? the market knows it now. >> again, that's why i think this week is a week in which we're running in place i still think we're going to 4200,

brenda, joe terranova, jenny harrington, and joe with me. joe, yields are up today and the market is trying to figure out what to make sense of all of it? >> yeah, 4,200 for the s&p is where the market is going. i don't like a two-year trading at 4.2, and i don't like a 10 year trading at 3.6. we have a lot of earnings but we have a tremendous amount of fed speak and that fed speak will playoff the new york state manufacturing readoff this morning for the first time that has brought manufacturing out of contraction territory. it's probably the following week when we get the mega caps, because that's where the strength has been all year propelling this market forward might have a challenged week and maybe on the other side of that maybe we could pick up the momentum towards 4,200 >> jenny, we had the best first week of earnings results in a decade bank of america is talking about that today 97 have beat, banks accounting for a lot of that, and jpmorgan, thank you very much. even as expectations are low and you are within an earnings recession

for your money as we kick off a critical week of numbers joining us today, bryn talkington and joe terranova and steve weiss. dow jones industrials down just a hair, and s&p down about 15, and the yield on the 10-year note sitting at 3.5% stocks trading water for this busy week of earnings. alphabet, microsoft, meta and amazon reporting i will turn to you first, joe, since you are sitting next to me there's so much at stake right now. we are treading water trying to make sense of where we are going. what is the top of your radar? >> the market is sitting above 4,100. it has been doing that since the early part of april. you are right, this is a huge week you have the potential catalyst that comes in the form of reports, and that's the catalyst and that's what moves the market technically towards 4200 and tests the upper end of the range. i think this is what it's all about. you have been at a range of 3800 and 4200 since november, and we are seeing if we can break out of that range or not this is the moment these are the stocks if you are going to break out of 4,200, those are the ones that

the nasdaq as the biggest market cap companies begin to release their earnings now joining me joe terranovathe red across the board. we've moved off the lows, though yields are the story today joe, you said on monday, if i recall, you didn't like the setup for this week. >> no. >> in part because of yields, and here they are moving

the months ahead what lies ahead for tech, the investment committee debating all that liz young, joe terranova, and steve weiss joining me today an interesting session the dow is doing quite well, and no surprise what chevron means to do and united health a big story today. we will get to all that. and mark fisher will join us to talk about the move in crude today, how he suggests you should trade it. liz, first day of q2, and does tech continue to lead as the kn nasdaq is at session lows? how do we set the stage for what lies ahead >> this week is setting up to be quiet in the equity market in the -- >> you just changed it way to go, liz >> sorry happy monday, everybody. we don't have earnings starting yet. if we get a jobs report that is a nonevent on friday, maybe nothing happens. we are at this point where we are waiting for economic data and earnings data if confirm or deny what we are all afraid of, right? i don't know that we are going to get a whole lot that will happen in between now and friday when earnings heat up, maybe all bets are off i think this tech run could continue for a fe

we explain we debate the call with the investment committee bryn talkington, joe terranova and jenny harrington joining me today. let's check the markets here the dow is having a good day technology is lagging. consumer discretionary, the vix is at 18, oil is at 81 jenny, we're waiting on tomorrow morning. i'll go through that in just a minute are we waiting on that in the morning and that's the biggie? it is starting to move away from inflation. we know that it's cooling, that it will be persistent, in the 6% range which is higher than the fed wants and i think what will eclipse everything else is earnings i think what comes out of earnings is going to be much more important and much more telling because it is time to start looking forward. it is time to start saying when are earnings going to recover? i know that's early but i think that's where the investor lens is starting to head. >> joe, sara went through what goldman sachs put out before we came on the air in terms of the kind of print that you may get and then the kind of reaction you may see in the stock market. so let's rec

brenda, joe terranova, jenny harrington, and joe with me. joe, yield

the months ahead what lies ahead for tech, the investment committee debating all that liz young, joe terranovaeve weiss joining me today an interesting session the dow is doing quite well, and

joining us to break it down, josh brown, kari firestone, joe terranova and jenny harrington our chart of the day, a bullish outlook on ai a major blow to the deal to buy activision blizzard microsoft shares are up nearly 8.5% this hour it feels like the street wants to rerate microsoft. does it deserve that, kari >> yes, melissa, it does this is a sigh of relief to start with, but, also, it was a better number than people were looking for, slightly better on the revenue and better on the cost side and they did some discipline margin improvement. the numbers, i think, were comforting ai is important for them, but that's not what they dwelled on on the call. if microsoft can continue during a period of time of softness in the software business and show numbers that are better than expectations, i think that's good for the market and it's a 6% weight in the s&p, and that means a lot. >> joe >> i think you have to have confidence that azure growth is going to re-accelerate, generative ai strong moment up there. collectively when you think of technology as a sector what does that do to glo

we explain we debate the call with the investment committee bryn talkington, joe terranova and jenny joining me today. let's check the markets here the dow is having a good day technology is lagging. consumer

joe terranova back to us to talk about costco's drop as well.ing. what is at stake, do you think? >> it is not a lot of anxiety. her most of the week we have been observing and the economic is starting to get reprice. i look about their individual stocks more than the verall index. macro data, okay, i guess that is why gm and ford trade the way they do. while capital one is bumping along the will bottom. whirlpool looks really ugly. i was a, if it is truly bad if there is a negative number in front of it, we will not handle that well. i don't think they have been under reacting. reaching for stability in the same big growth stop and of course you've got to bounce in the regional banks which does drain away some of the volatility. >> keith lerner, how do you see it? >> great to be with you on this thursday. the consensus is looking for around $240,000, rage growth about 4%. it is what you want to see is summer around 200,000 a little lighter on the wage side. after we get through this number, we have a long holiday. people will forget about the e

for your money as we kick off a critical week of numbers joining us today, bryn talkington and joe terranovadow jones industrials down just a hair, and s&p down about 15, and the yield on the 10-year note sitting

world that probably the single best oil assets out there are in the permian basin >> that's how joe terranova put it on halftime as well it's a trophy asset and you put a floor under the stock. do you agree with that >> not just under that stock but under anything with permian assets you have devon that has got about 70% of their assets in the permian. you have oxi that has been 55% of assets in the permian you have a lot of players down there and this puts a floor on it you and i have been going back and forth on this for almost a year as we've seen oil prices trade up and the stocks are acting more volatile and when they come down to these prices, i'm kind of pulling my hair down saying, well, they're still minting cash there's so much money to be made here these are valuable assets. when the strokes come down to these trough levels, they're compelling to buy. you should look at them based on their cash flow. that's what exxon is doing i think it puts a floor under this whole space it highlights another thing, too, which is whether we like it or not, we are totally dependent on fossil fuels

joining us to break it down, josh brown, kari firestone, joe terranova and jenny harrington our chartlook on ai a major blow to the deal to buy

still need to go higher for longer we'll debate and discuss this hour joining me bryn talkington, joe terranova