mike santelli looking at corporate earnings forecast. st glance looks like a great trend. trending steeply higher. but they're flattening out around $215 a share. been that way for a couple weeks. revisions are curling over not as many companies have forecasts upgraded a little bit over 20 too manies forward earnings that's not so bad. take a look at cyclicals over defensives from goldman sachs. point here is the market has already pulled in the expectations for how much of a cyclical earnings rebound we were going to get. peaked back in june. defensives and growth stocks have taken up the slack and suggest a lot less really accounting for that slowdown in earnings growth that we might have to do even though we had a rough one today in terms of prices below the surface. >>> china fears spooked the market today the dow plummeting up next brakeaking down what th move could mean with andy rothman. we'll be right back. ♪♪ in boxing or any other business, one day, you're gonna take a hit you didn't see coming. do you stay down? or do you get u

i'm wilfred frost with sara eisen and mike santelli.ou closing down by about 50 points essentially a session low. and the high of the session up 343 for the dow and much fourther from the highs than the lows s&p dipped into the red at the close. the nasdaq held on to a .2% gain investors are set for a trio of bick earnings reports. coming up any minute now from fedex, adobe and stitch fix and will break down the results as soon as they are released. steve weiss is still with us and from t. row price. m you're mentioning the fed and treading water what do you think the market rea reaction would be with that hawkish tone from the fed to suggest tapering and a fraction more hawkish than expected >> i think powell did a good job last meeting and since with other officials to separate tapering from a tightening that's the way the market has behaved as if we want the tapering and not true rate hikes soon after that. that's a test tomorrow to see if we buy into that remember, too, we also get the dot plot tomorrow and the committee members' ou

mike santelli tracking the selloff. steve liesman with highlights from the senate testimony. mike, pretty broad market and focus on tech. >> yeah. absolutely broad this was not a typical clean rotation type move out of tech however really didn't do much but to get to last week's pullback zone. the most direct tangible thing going on today sa global lift in bond yields. that is weighing most heavily on the big growth names and news from washington and unclear if that feeds that directly into that we had that rebound off the september 23 low of last year. we didn't regain all of what was lost prior to that decline and then you had another drop and retested it. it is not an unusual dynamic to roll back to that area we are still late september. i don't want to minimize what's going on in the news or the economic and central bank effects but you have to keep in mind there's market dynamics look at the s&p tech sector relative to the overall s&p 500. you will see where tech is pulling back from on a relative basis. pulling back from an exact place it pulled back from multiple times

. >>> just under 14 minutes left in the trading day mike santelli is here to break down the crucial moments well shannon, the broader markets, the stocks muted despite monday's big drop. the s&p is on track to snap a two-week losing streak we are higher by 0.3 prts on the s&p and 0.7 on the week. mike, nice intraday recovery today and an intraweek recovery. >> for sure. a takeaway was going into monday's low and we have talked about this but many parts of the mark on a deep slide before that with hindsight it's clear that that was in a very short term a culmination with that concentrated attention on the evergrande issue credit markets didn't break or really bend on the news so you have the makings for another point on the chart looking like a mini scare, went down 5% intraday is this yet another recovery to an all-time high could be the market tends to surprise to the upside this year and aware that we are still in this seasonal period and sounds like on the one hand, on the other hand you can respect the action and say the market took advantage of the slightly oversold condition. >> shann