dr horton, pulte group, kb home, lennar falling double digits over the past month as mortgage demand slid to end the year. diana olick has the details. >> it does usually, that's right, tyler, but it did a lot this year. total application volume for the two weeks ending december 27th dropped nearly 22% compared with the week before that period, according to the mortgage bankers association. which did seasonal and holiday adjustments. now, during that time, the average rate of the 30-year fixed increased to 6.97% from 6.89% for loans with 20% down. rates were 21 basis points higher than they were the year before. and that's a change, as they had been lower on an annual comparison for much of 2024. applications for a mortgage to buy a home fell 13% during the two weeks and were 17% lower than the same period a year ago. the annual comparison still shows considerable weakness, and that's why the home builders had a rough end to the year. the itb, the home building etf, was down nearly 18% in the last month. names like lennar, pulte, and dr horton down in december after they shot much hi

lennar up 4%. palantir, after pressure on stock in recent days, up 3% in the pre-market. followed by ge vernova and sempra and d.r. horton. we check the bond market. that yield pressure continues to weigh on equities. the ten-year at the highest level since november of 2023. the 20-year above 5%. the benchmark at 4.77. it has risen about 20 basis points since the start of the year. we also want to look at energy. oil near a four-month high. take a look at the oil picture. wti trading below 80 bucks a barrel. you can see it has pulled back down almost 4%. a big rise here at the start of 2025. we're also seeing a bit of a rebound when it comes to bitcoin. take a look at the digital currency. it is up 4.5%. week to date up 2.3%. bitcoin trading at $97,000. yesterday, we saw it fall below $95,000. >>> that's the set up. silvia amaro is live in london with all the action. silvia, good morning. >> very good morning, frank. so far, we are looking at a different mood within the investment community in europe compared with what happened on monday. let me show you how we are moving

we saw that in lennar's earnings, as well and kb had to lower prices to keep buyers coming in and thatrkets and some argue that buyers are getting used to a, quote, new normal in rates. we'll see if that's true in a few minutes, scott. >> we will. and we will see you shortly. that's diana olick. to jonathan krinsky. we put out a note saying we could get a short-term bounce. it is worth noting that we're bouncing into the close today certainly off the lowest levels and the dow's up 370. the s&p's gone green. more specifically, what are you looking for? >> hi, scott. yeah. we were looking at a level on the s&p 500 where it gapped up from at the election back in november. that was 57.83. so we had the unfilled gap and we finally filled it today. we are pretty oversold. we know about internal breadth of the market and only about 17% of the s&p 500 is above its 50-day moving average. that's typically a good reading to get oversold countertrend rally. i think the issue we have is when we look beyond that rally we don't think the pullback on the s&p 500 itself is consistent with that deterior

housing stocks, lennar. toll has gone from 169 to 126. d.r. horton, 199 to 139. in no time flat. what do you think it says? i think home prices are going lower. maybe much lower. something no one thinking about but nothing is as bad as the materials. mining, minerals. when you look at the stocks this this group, plastic, wood, steel. it's almost enough, there's got to be something going on. if you didn't know any better, you would think there was a recession. the chemicals, papers, coppers, steels. they are factoring in a definite recession. from 22 to $9 and how about the oils. they're all hard, too. which brings me to a thesis that's not talked about much. it's true. there is plenty of inflation. the bottom line, when you look at these super underperforming stocks, all i can say is maybe the fed had better be careful for what it wishes for. companies represent a gigantic chunk of the economy have seen a real scoop. it's a lot faster than expected considering the stocks that are going down and the magnitude of declines. i'll tell you, sure wouldn't surprise me. i'm going to fran

but i do think there will be a trading opportunity, particularly around kb, pulte and lennar.he builders standpoint, and then allstate and travelers state farm are also have a large presence from the insurance standpoint. so i do think you will probably see some persistent inflation until we understand the insurance and reinsurance risk. but once that's behind us, you will probably get an opportunity to trade around those names. >> coming up all systems. stargate. but where is the funding for this landmark ai project coming from? we'll dig into the major players, the drivers and more in fast. money is heading to miami next week for the ai connections global alts conference. tune in tuesday for guests like morgan stanley's mike wilson, altimeter capital, brad gerstner, porter collins and vinnie daniels, and seawolf capital and general atlantic's martin escobar. that starts 5 p.m. eastern time on tuesday, only on cnbc. >> that's it. >> back to you. >> oh. >> hi, frank. >> hey, goldie. >> sorry to. >> bother you. i'm looking for those. >> reports from yesterday. >> they're alread

horton, lennar masco on the home product side of things also lowe's on the home retail side all up in trade and kb home is up about 5%. so keep an eye on the homebuilders relative strength and outright strength in this down tape. and then that deep sea trade here is where it's playing out. the chip stocks are front and center nvidia as kelly points out is down 17%. broadcom is down almost 19%. supermicro which makes high end servers down 14%. but vistra corp. and constellation energy interesting there. these were the big scale utility players power generators that rose up. because of all that i demand for power. they got bid up huge over the course of the last year or so, and they're falling, by some measures, the most 29% downside for vistra constellation energy down about 19 to 20%. so it is very much a deflation of that trade. we'll see if it lasts though. kelly. that's the big question for a lot of traders have. i'll send things back over. >> to you. these are huge moves don. we'll pick it up. thank you very much. dom chu. let's dive in here to the real significance of china's low