. >> let's now bring in joe terranova and nicole web of wealth enhancement group. joe a cnbc contributor. nicole, what do you make of what tony said? what's your own prediction as we turn the calendar here and we start thinking about the fall? >> yeah, you know, we are having a lot of conversations at our firm about changing our year end expectations. a lot of it has to do with the freight train tony spoke of. two months ago as we started to see the ten-year tick higher a lot of pressure on duration assets, a little bit of curiosity around if inflation on the back half of the year around goods prices increasing, you know, could be problematic, yet good for maybe a value trade, and now we're looking at it going, you know, the jolts data and where we're seeing this moderation around inflation, a little bit of slip pipiness, th conversati confidence in spending. a lot of it is the application of ai in the spending frenzy that's going to go along with it. >> joe, i feel like you and tony see eye to eye on a lot of this market view. >> i feel like i should just get up an

joining me josh brown, steph link and joe terranova check the markets. we're red across the board today. and we do have a number of issues yields have been rising. there's china weakness today we're asking josh how much that matters. as the markets a couple weeks in a row have been rocky and where we may be going from here. >> yeah, if we finish this week the way we've started it, it will be the third week in a row we've given more gains back. the reaction being sell the news report the earnings that everyone was excited about and rally another 10%. to me it's unnecessary if you look at august generally and even august based on the presidential cycle in the third year in 2023, this is all very standard this kind of action. that's where i am on it. as far as the china stuff, china has been a slow down and they've had a lost decade in their stock market and i know they're doing new stimulus stuff that doesn't need to be enough. people aren't excited about it >> it used to be china have been sniffling a lot lately it's going to sputter at best. now not so m

killing it in the u.s., and so there's really no reason for the stock to be below 100 here. >> joe terranova are your thoughts with regard to hershey? >> this is a name that has been in the joe t. strategy for sometime and the momentum is broken. consumer staples no longer have the competitive rate advantage for what their dividend yield is relative to treasuries, and a broken momentum, not good. >> and then gxo logistics, should he hold on or sell it? >> i like it. it's a great company. in their quarter they announced they already booked $500 million worth of business for next year. the pipeline continues to grow and they are the largest independent 3pl in the world, and they have room to make acquisitions, and i would add and it's in the right spot as you see more onshoring coming into the u.s. and into europe where more of their business is, frankly, and it's a favorite holding of mine and i would stay with it. >> thank you for the viewers for sending those questions in. >>> coming up, we have a couple big retail names reporting this week. we have the setup from the committee coming up on

eamon, thank you >>> joe terranova is here to break down the crucial moments, and courtney regan, andau on the sell-off on ford and gm shares. hello to you all kind of the gears slipping in all of this. it feels like some of the intraday declines have been picked up. what do you make of the churn? >> we seem to have a pattern where any rally attempt is being met with sellers, and clearly post the 30-year auction at 1:00 p.m., we saw the long end of the curve. equities fall back, you know, mike, people can talk ad nauseam about the fact you can replace the leadership, but can you really we haven't done that in the last ten days clearly, and it looks like the price wants to go down and shake the hand of the moving average. 50 days off 4432, it's about time we touch it. >> the yield pressure, do you feel it's we're recognizing there's a lot of supply out here >> i think there's two dynamics. there is the increase in issuance, clearly leading to a bit of nervousness it's less about the fitch downgrade, but there's this dynamic. the asset management industry wants to get longer duration he

the fallout plus some major moves from one specific committee member joining us bryn talkington, joe terranova, jason snipe and steve weiss rounds out the lineup. let's get a check on the markets right now. we are down decidedly. the dow industrials down 250 points the s&p down around 60 roughly 328-point drop this is a market we haven't seen in a while bryn, maybe we'll start with you on whether or not this is the beginning of something great or just the pullback to cool off the jets for the time being. >> i think now we can say it's a pullback technicals were saying we were overbought, which we had been in july august, as you have talked about all week, has not been a good month typically for stocks i think this is a breather i want to say talking about the debt down grade, thank you fitch, thank you finally someone says what needed to be said is that, you know, dom, in 2021 interest payments were about a third of what we pay on social security, which is around $1.2 trillion as we know today interest payments on the debt are at a trillion dollars and growing i think what's been -- what needs

out what is really at stake for your money joining me for the how steve weiss, liz young, and joe terranovayou what we're doing. yields falling back. manufacturing, pmi was weak. stocks are higher. the nasdaq is leading up 1.5%. now all the marbles, joe, are on nvidia, which you own, which you bought at the end of april in your rebalance

let's ask joe terranova, a cnbc contributor. welcome back good to see you. we said there are two massive events this week nvidia was the first one to get through. you check the box. we now turn our attention towards jackson hole what do you make of this market? >> you told us last week when you returned it was a sell the rips market and that's what it is we're up against very strong historical seasonals the weakness prevails, and the bond market took over as the catalyst from nvidia there was nothing wrong with nvidia >> it reaffirmed the potential optimism but it's about bond yields here and now. going into tomorrow's jackson hole speech, chairman powell has to really walk a fine line because he could send the bond market pair bawlics. >> number one, you're suggesting that the profile of this mark has changed. what was a buy the dip is a sell the recipient market a lot of momentum and froth perhaps and great feeling already in the story there what do you make of that >> listen, nvidia right now has the most intense, positive momentum of a stock i can rememb

joe terranova, shannon, jason snipe and jim lebenthal. we're looking at the market, the s&p up over half a percent the nasdaq tipping between negative and positive in the last few hours, and right now it's fractional lehigher, and the dow fractionally higher. >>> it's a larger conversation this is about mega caps as well, because tesla is down 9% over the course of the last five days and apple down over the last five days. the way the strategy owns apple and tesla, i like it we're equal weighted we don't have the significant exposure i think that's an important question for investors right now, what is your actual exposure in your portfolio to the mega caps, because as it rallied it has statistically grown further. i believe in being equally cap weighted and now specific to the fund mentals and the technicals of apple, where are we right now with apple we are pulling back within the critical moving averages we're all the way back to where we were on worldwide developers conference day that monday in early june. we have erased all the gain

the investment committee debating that issue today, joining me for the hour steve weiss, joe terranova, kari firestone and jim lebenthal. let's check the markets. we are green on the dow. negative on the s&p and the nasdaq we lost a little bit on the dow. joe, some technical issues we've been dealing with, the s&p below the 50 day yesterday at the close, the russell below the 50 day as well. weekly losses for small caps then what the guys were talking about the last hour the atlanta gdp, 5.8% is what they're looking at the ten year back higher, all put into the stew of how we're supposed to think of where stocks go from here. >> the question for the viewer is, is the correction in its nature going to be deeper in the sense of what we witnessed in 2022 or similar to 2019? there are two time periods to guide investors through what i believe will be in 2023. very obviously you had an adversarial federal reserve, and the market declined from august 16 through october 13 by 19.6% in the month of august, you oinl had 225 basis points worth of rate hikes you still had another 300 basis points

out what is really at stake for your money joining me for the how steve weiss, liz young, and joe terranova. let's check the markets here and show you what we're doing. yields falling back. manufacturing, pmi was weak. stocks are higher. the nasdaq is leading up 1.5%. now all the marbles, joe, are on nvidia, which you own, which you bought at the end of april in your rebalance and now the pressure is on because this could determine whether this august swoon bleeds into the fall or not >> this company has the ability to change the game with one swing and it's already done that if you go back to q2, look at the performance from the beginning of the quarter from may 24th, the day nvidia reported the s&p was only up 14 basis points subsequent to nvidia reporting, rallies 38%, the s&p rallies 8% until the end of the quarter this, without question, is going to be a potential catalyst for both price and time. we are in a seasonally weak period if you're able to deliver for price to recover and overcome that seasonal weakness if nvidia is to disappoint, that seasonally weak period will extend even

joining me steve weiss, bryn talkington, joe terranova, kari firestone. we've been all around the way a little bit today but we are green now and we're at the highest levels since august 10. the s&p 500 was down 5.5%. we're only down 1.5% now. we're scratching and clawing our way back. >> we talked about the other day the most important data point is what's going on with bonds, with the two year and the ten year. and what drives bonds, economic data. the economic data, unlike what the atlanta fed is saying at 6%, we know is not going to happen, is continuing to get softer and softer. this is good news for the economy right now as long as we can continuing to glide down and soften out. >> yields, to your point, the two-year lowest level since august 11, the ten had-year back at 4.10. it wasn't that long august we were talking north of 4.30 on the ten year. the market gets nervous, the s&p was down 5.5%. the nasdaq was down at its august low, only down 2.2% now. everything has rallied back, small caps, dow, s&p. >> what i like about today's price action we

joe terranova, shannon, jason snipe and jim be

joining me for the hour today, karen firestone, joe terranova, jim lebenthal, rob sechan.'s check the markets. we've been all over the map. the dow is positive. the s&p is fighting it out, up 1.5. the nasdaq is negative. yields have since moved higher. i think i saw 4.25 on the ten year. joe, we're parsing every word. we knew we would. what's

the investment committee debating that issue today, joining me for the hour steve weiss, joe terranovae are green on the dow. negative on the s&p and the nasdaq we lost a little bit on the dow. joe, some technical issues we've been dealing with, the s&p below the 50 day yesterday at the close, the russe

joining me josh brown, steph link and joe terranova check the markets.re red across the board today. and we do have a number of issues yields have been rising. there's china weakness today we're asking josh how much that matters. as the markets a couple weeks in

joining me for the hour today, karen firestone, joe terranova, jim lebenthal, rob sechan. let's check the markets. we've been all over the map. the dow is positive. the s&p is fighting it out, up 1.5. the nasdaq is negative. yields have since moved higher. i think i saw 4.25 on the ten year. joe, we're parsing every word. we knew we would. what's the market reaction? >> we had two catalysts this week and we're 0 for 2. still a sell the reits market, the market had already priced in exactly what he said. the market realizes that the risk is that the economy stays longer than the federal reserve is comfortable with, and that they're going to have to raise rates further. that's what the treasury market has been telling us. >> you're hanging on the persistent signs of above trend growth to put progress on inflation at risk and warrant further tightening. those are the words you think matter more than anything to the market right now? >> well, that's what's mattered to the market in the last three weeks and he's reiterating that. quite candidly, i think he's wrong. he's a class

joining me steve weiss, bryn talkington, joe terranova, kari firestone. we've been all around the way a little bit today but we are green now and we're at the highest levels since august 10. the s&p 500 was down 5.5%. we're only down

. >> joe terranova is with us, a cnbc contributor of course you want to give us your sort of read on what's happening here, waefz come on the air, we've reached the 50-day on the dow. we're more unsettled. >> mega caps and technology were the leadership it was the very first time that we've had leadership in the market since the onset of the pandemic we welcomed it you can't lose leadership and expect the market to fight up against what is, obviously, a historically weak seasonal period. >> yes september and october. >> cameron mentioned apple breaking down below the 100 day moving average not just apple you have microsoft and tesla, so if my path is accurate here, it's probably 15 or 16% of the overall s&p 500. >> apple alone is like 7. >> microsoft is somewhere 6.5 and tesla is right below 2%. so, you know, you're talking about close to 16% of the s&p trading below its 100 day moving average. we're in the seasonally weak period and i think the question becomes this, if you were a 2022 bear you believe this is the beginning of a deeper decline back towards the october lows. >> most

our investment activity is joining me, joe terranova, and jim laboren thaul, and bryn talkington andteve weiss as well

the fallout plus some major moves from one specific committee member joining us bryn talkington, joe terranovasnipe and steve weiss rounds out the lineup. let's get a check on the markets right now. we are down decidedly. the dow industrials down 250 points the s&p down around 60