we have john fortt here, stephanie link and for more on earnings, christine short. and guy adami.ked house. stephanie, what in the world happened today? >> it's about uncertainty. the fed yesterday, we don't know what they are going to do. it wasn't very clear when they are going to raise, if they are going to raise, can they raise. you have oil declining big time. deflationary concerns. you have it being the summertime. it's also a lot of people are not around. volatility is picking up. volatility is going to stay. there are these uncertainties. what i thought was interesting today, they sold off those growth stocks. they sold off software. they sold off cyber security, the banks because of rates. then they bought the defensive stocks. >> guy adami, a quick word from you. you've been talking about the risks here. maybe global deflation. we look at the 10-year below 2.1%. is this a market suggesting the fed isn't going to raise rates? why aren't equities getting a bid? >> it's not about the fed. a quarter percent, no percent doesn't matter. they control the front end of the curve.

. >> thank you, john fortt. >>> heading to the close. 36 minutes left. dow is up 33 points. it's been a very quiet day compared to what we had the first three trading days of this week. >> up next, we'll talk about why egg prices are flying through the roof. we'll go to the iowa state fair. can it make a dentist appointment when my teeth are ready? ♪ can it tell the doctor how long you have to wear this thing? ♪ can it tell the flight attendant to please not wake me this time? ♪ the answer is yes, it can. so, the question your customers are really asking is, can your business deliver? no student's ever been the king of the campus on day one. but you're armed with a roomy new jansport backpack, a powerful new dell 2-in-1 laptop, and durable new stellar notebooks, so you're walking the halls with varsity level swagger. that's what we call that new gear feeling. you left this on the bus... get it at the place with the experts to get you the right gear. office depot officemax. gear up for school. gear up for great. >>> it's our favorite chart. in last position is energy. it's ha

let's send it to john fortt for "squawk alley." >>> at&t and direct tv have already gotten enticementoming and uber's valuation keeps going up. where it is and what it signals and finally david byrne of the talking heads, critical about the business model for streaming, not the same as it ever was. all that and more coming up. but not every insurance company understands the life behind it. those who have served our nation. have earned the very best service in return. ♪ usaa. we know what it means to serve. get an auto insurance quote and see why 92% of our members plan to stay for life. >>> good morning. it is 10:00 a.m. at at&t headquarters in dallas texas. 11:00 a.m. on wall street. and "squawk alley" is live. ♪ you may find yourself behind the wheel of a large automobile ♪ ♪ and you may find yourself in a beautiful house ♪ ♪ with a beautiful wife ♪ ♪ and you may ask yourself well, how did i get here ♪ ♪ letting the days go by letting the days go by ♪ >>> welcome to "squawk alley" for a monday. joining us is john steinberg. morning, john. kelly evans is with us. we round out the wee

wednesday morning, joining us at the far end of the desk, john broad, co-founder of aol ventures, kelly evans back with us, thank you for joining us, jon forttpost 9, we want to begin at disney. shares getting hit after revenue missed estimates, and company nts noted some modest subscriber losses at espn as the company continues to shift to digital. take a listen to bob eyeing another joined us earlier. >> obviously the bundle delivers great value to espn and will continue to. the bundle is not going away. the bundle is still relatively strong when you look at it given all the competition in the marketplace and you look at what percentage the bundle represents, not just in terms of revenue, but in terms of how people watch television. it's still the dominant form of television viewing in the home. espn is fortunate that it is a brand that we believe ports w sl to any new platform. smaller bundle, over-the-top package of programming or direct-to-consumer business, we have invested over the years in the strength of its brand. and that gives espn the ability to essentially manage through whatever disruption is going on with the bundle or in tel

wednesday morning, joining us at the far end of the desk, john broad, co-founder of aol ventures, kelly evans back with us, thank you for joining us, jon forttdisney. shares getting hit after revenue missed estimates, and company nts noted some modest subscriber losses at espn as the company continues to shift to digital. take a listen to bob eyeing another joined us earlier. >> obviously the bundle deler