that's the hardest-hit part of the market on tech coming up we'll talk to theceo of regional bank keycorp about the latest surge in treasury yields and how student loan debt forgiveness could impact their lending business. >>> plus the ceo of chargepoint will join us on the back of earnings that sent the stock higher this week. >>> we'll kick it off with the market dashboard as always mike santoli what are you watching today? it feels like a split market. >> it's split and also really a quick turn in the middle of the day with this bounce off of, you know, these lows that go back to late july. 3900 and charge on the s&p 500 it seems to me the rally was mostly about -- we've been talking about it the last couple of days, which means the market is getting short term oversold we went down 300 s&p points. down to 3900 this morning. that's more than 7% in a week so that's a pretty heavy short-term loss we do have the jobs number tomorrow, which usually when you have a big known catalyst coming up, the market as i always say likes to get a little more neutral as opposed to leaning too far in on

bancorp, capital one, keycorp. these are all 52-week lows what does the market look like we are dramatically oversold i don't often bring up technical indicators but momentum extremely oversold you look at the strength indicator, this is a two-week reading on the markets very, very oversold. 10 to 1 declining to advancing stocks new lows, look at that almost 1,000 there's about 2400 stocks on the new york stock exchange. so we're talking about 40% of the nyse at new lows only 12% of the s&p, 3% of the s&p above their 50-day moving average. those are extreme readings usually tend to indicate some kind of bottom what's changed since the june 16th lows? utilities are up and consumer discretionary is up. here you see the big difference here remember those materials and energies, they're proxies for growth, they're the ones that are down the most since the june 16th low that we hit along with semiconductors also somewhat proxies for global growth seema, back to you. >> thank you. >>> with the s&p 500 reaching that june

when you take a look at names like keycorp. of ohio, you have m&t bank up in buffalo, new york, and regions financial down in alabama pennsylvania, another very good bank all of these banks have very low-cost deposits. they make commercial loans that are tied to the fed funds rate, and therefore the margins are going to improve, not only did they improve in the second quarter, they're going to improve again in the third and fourth quarters of this year >> wow it's funny you're talking about the banking capitals of america. buffalo, cincinnati, birmingham, alabama. what are they doing right? maybe because they're not -- they don't want to be fancy. them to make money >> when you think about the financial markets, that's affecting wealth management, it's affecting asset management and investment banking and these traditional regional banks, they have some of that, but that's not the dominant area that they're known more. they're known for lending. and they have been struggling during the pandemic and loan growth has really picked