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tom: liz ann sonders talking this up this morning on twitter. you wonder if goods diminishes bit, what that does to the data. the vix comes in from 18. jonathan: yields up a couple of basis points. no drama. crude up by $0.80, up 2%. just four days of losses on crude. several weeks of that as well. there was a real pain a couple of weeks back. crude has been really soft recently. it has been a struggle. any people following the commodity market have had to make a change. tom: this is going to be interesting. nuveen is out of chicago, and the heritage is municipal bonds, perhaps an older demographic worried about retirement. brian nick joins us, nuveen chief investment strategist. you've got a single sentence in your note which really gets to the heart of it. for all of the people of the nuveen world and even the "bloomberg surveillance" world, what do we do if rates don't rise? what do we do with our actuarial assumption and our goal of trying to retire like jon ferro with a massive pot? brian: thanks for having me. there's really no good option

i am sure that liz ann sonders cares over at charles schwab because today's chart is a version of one yesterday. looking at the s&p 500, which is just setting record after record, relative to a cumulative ad line, for stocks listed on the new york stock exchange. the stoxx is important because you can do the same thing with n.y.c. securities, which -- with in why is he securities -- the stocks is important because you can do the same thing with nyse securities. it has been falling a bit since then. even though it has come back lately, we are talking about period since june 8 when the s&p 500 has set records 20 times, with the latest one yesterday. so the concern here is that there is a bit of a divergence going on that perhaps signals that the strength we are seeing in the s&p 500 is not necessarily all it is cracked up to be. tom: what is the distinction between the two indices, the two sets of stocks? is it weak financials, or one has a -- one has apple and the other doesn't? dave: that is certainly an explanation. beyond that, you are talking about a lot of older companies. tom: th

nonetheless, this is a comes harrison -- a comparison that liz ann sonders cited on her twitter feed,t the relationship between what is called a cumulative advanced klein line on these -- advanced klein line on these and why essie -- advanced decline line on these nyse stocks. over that period in the past two months or so, the s&p 500 has closed at records 20 times, with the last time coming yesterday. so this is sort of a nonconfirmation. it just raises questions about whether the broader market is really reflecting what is going on in the s&p 500 at this point. it is funny because you can actually kind of stand the index on its head, look at the smallest companies, called the rivers s&p 500, and it has been setting records, too. it almost looks as if it is in the s&p 500 as opposed to not within the s&p 500 where these show up. kailey: we have climbed to record high after record high, but the moves have been pretty small as of late. i am looking at the function on the bloomberg terminal that shows you what the price of the s&p has done everyday. the last time we saw a move of 1% or

tom: liz ann sonders of charles schwab out on twitter with smart charts, and it's real simple. you take the yield and you flip it. . that gives you the pe. david kostin is out at 22 times earnings, partly because of this low yield and a permanent low yield regime. jonathan: david kostin looking for 4700 on the s&p this year, 4900 and year. the estimate this morning, 858,000. lisa: the worry is pervading the markets. interesting to hear economists say that the worry is positive, that when we get a hot labor market, the fact that there are these dampening factors, many keep this economic recovery going longer not only because it keeps rates low, but keeps it from overheating. jonathan: who do you think we get an upside surprise from, governor brainard or governor waller? tom: i think it will get derailed by the centrists at the fed and by the politics of the moment, and the politics is about the primary elections of 2022. as you saw with manchin and powell today, it is all a political soup. jonathan: let's start with some price action. your equity market on the s&p 500 positive 0

thank you all for joining us >>> up next on the show, charles schwab chief investment strategist, liz ann sonders, and how investments should be put to work. >>> and the ceo of tapestry. we're back in just two minutes on "closing bell." every single day, we're all getting a little bit better. we're better cooks... better neighbors... hi. i've got this until you get back. better parents... and better friends. no! no! that's why comcast works around the clock constantly improving america's largest gig-speed broadband network. and just doubled the capacity here. how do things look on your end? -perfect! because we're building a better network every single day. >>> a mixed picture for a bull market the dow closing in the red, while all the major averages well off the session lows. >>> great to see you thank you for joining us my first question is whether the tone from clients over the summer months has changed at all, whether you're sensing more bearishness or whether everyone is still fairly constructive >> i would say there's a tone of cautiousness, but that's not something terribly new what we fou