mike santoli takes a look. >> reporter: the stock market is warming to the idea of industrial revival. shares of big american manufacture others a roll. industrial stocks as a group up 4% year to date compared to a flat s&p 500 indelks. since industrial giant 3m reported upbeat results two months ago the sector is up 14%, more than twice the gain in the s&p 500 since then. the largest, ge, climbed to an eight-year high. the question now is it simply fleeting rebound for industrials? or is factory activity poised for an upswing? economists see cause for optimism. a key gauge of manufacturing due friday is projected to show the first monthly expansion since last summer. goldman sachs economists suggested manufacturing is indeed turning a corner. pointing to higher volumes and firmer oil prices. the pullback in the u.s. dollar has also eased pressure on american producers to sell goods. any manufacturing rebound would likely be fragile given slowing auto sales and a possible rebound in the dollar. at least for now investors are willing to bet that the worst is over for the industrial eco

. >> i'm kelly evans at the new york stock exchanges with mike santoli. >> i'm mike santoli in for bill griffeth. while everyone is watching shares of netflix declined today, another mad i can't name is sinking, viacom's slide coming up. >> target raising it's minimum wage to 10 bucks an hour. we will break down the impact of the wage debate. >> plus the car of hbo's silicon valley will join us live ahead of this weekend's season premiere. we will discuss the potential impact on the real silicon valley will have on that show. >> as we await earnings after the bell today from intel and yahoo among others david faber spoke with jeff smith earlier. he joins us with more on that fascinating tale. >> people are so focused or at least many publications are very focused on yahoo's potential sale of its core business but there doesn't seem to be quite as much focus on the impending fight that's taking place with starboard, the firm that owes 1.7% of the shares of starboard launched an attempt to take control of the board of directors of yahoo, but it's interesting, the conclusion of that proxy

wilfred frost and mike santoli weigh in on that. >>> bill miller thinks valeant pharmaceutical shares could double and putting his money where his mouth is. he'll join us live after the bell. you're watching cnbc, first in business worldwide. you both have a perfect driving record. >>perfect. no tickets. no accidents... >>that is until one of you clips a food truck, ruining your perfect record. >>yup... now, you would think your insurance company would cut you some slack, right? >>no. your insurance rates go through the roof. your perfect record doesn't get you anything. >>anything. perfect! for drivers with accident forgiveness, liberty mutual won't raise your rates due to your first accident. and if you do have an accident, our claim centers are available to assist you 24/7. for a free quote, call liberty mutual at switch to liberty mutual and you could save up to $509 call today at see car insurance in a whole new light. liberty mutual insurance. >>> wilfred frost is here with a lowdown on citigroup earnings and mike santoli is looking at the runup in shares of asset management com

. >> and i'm mike santoli. >> yes, alexander hamilton will remain on the ten dollar bill. harriet tubman will replace andrew jackson on the 20. >>> warning signs, high yielding coca-cola getting hit on the back of others today. >>> and the economy emerging as one of the key issues this election season. we've got a debate on whether strong jobs data has been you 00 hiding economic weaknesses. >>> after the bell, a read with american express, united continental, qualcomm and more. >> just to name a few. we begin with oil hitting a 26-year high as the president meets in saudi arabia. >> just under $43 a barrel today. significant. it's not as low as we were earlier in the year. $26. it's still not at the $60, $70, $80 that people are talking about. oil prices are still low. they're going to stay lower for a while. and that is causing problems for saudi arabia. and the problems, the kingdom had to slash its budget. we know that. it's also coping with a shrinking gdp. it quietly sold some bonds for cash this year. and downgrading the sovereign and downgrading seven of its banks.

mike santoli, this is a delicate issue.cans don't like the idea of sending jobs outside the united states but they also don't love the policies that are coming out of the current administration. could this be the rare occurrence that something that's gets implemented in the final year of the obama white house stays in place? >> i would argue that it's much more popular with republican candidates than it might be with republicans who are governing. once you're in d.c., it doesn't become a hostility towards businesses don't necessarily become the coin of the realm. i do think maybe it's going to be an area of agreement on the campaign trail that doesn't necessarily translate out there. this is happening with treasury rule making and there's a lot of friction. it's a process of how this is happening. does it finally blow up to corporate tax debate? i kind of doubt it. >> i find it interesting what the response to tax aversions is not to make our tax code more amenable to corporations but to hit them with the rule change and br

guests on this program of the first joining today's panel we have cnbc senior market commentator mike santoli evan newmark. for more is laura vosener and fast money trader guy adami, good to have everybody on board. mike, if the jobs report falls in the woods and nobody hears it, doesn't it feel like that? the traders telling us the volume is light and i wonder lch to the point ken brown was making yesterday, it doesn't feel that many people are talking about it or paying attention. am i wrong? >> you're not wrong for sure. there's less attention on this number because it has been so consistent. it's been the same story for so long in this very range, just above 200,000. the unemployment rate ticking up for good reasons, pick going back into the workforce. the firming up of the market throughout the day shows that we've been cleared to think of good economic news as good for time being and modestly good and ism number being above 51 is a big deal too because industrial sector has rallied hard for two or three months in anticipation that that industrial recession might be bottoming. >> how man

. >> i'm kelly evans at the new york stock exchanges with mike santoli. >> i'm mike santoli in for billone is watching shares of netflix declined today, another mad i can't name is sinking, viacom's slide coming up. >> target raising it's minimum wage to 10 bucks an hour. we will break down the impact of the wage debate. >> plus the car of

mike santoli posed that question earlier today. >> i don't think being at an all-time high is possibilitypsychologically you get excited or scared, because things have run too far. but i think it depends on the environment you're in. >> i'm just wondering, is that representative of how far we have run, or is that mostly representative of we could still run a lot more? what do you make of a number like that? >> what you've got to make, there are still sectors that are not even close to their highs. so certainly a lot of the industrials, transports still not close to their highs. and i think that's a signal. the number you're giving us, scott, that you really want to look at rotating. and i just want to point out, we've got these march figures looking good. the ism survey better than expected and the regional fed surveys. that's probably going to give some cover to the fed when it wants to embark upon further interest rate hikes that manufacturing is doing well. so you've got to be nimble here. you've got to be in and out of these sectors. >> can we clarify on the green light part of this t

our senior commentator mike santoli has more on that. >> it's been in this stalemated position. in fact, for the past six trading sessions the high for the day has been between 2060 and 2070. on the s&p 500 we got above that today. now the question is this finally some kind of break or at least kind of an upward drift to those old highs. i'm going to lay out some bullish factors and bearish factors. on the bullish side you have the underpinnings based on the oil resurgence as well as the dollar coming arch, those things, of course, related and the credit markets have stabilized pretty nicely. unclear if the market is fully priced in expectations of the company beating those earnings but it does seem as if the bar is low enough to have room for the prizes. i would say investor sentiment remains cautious. i don't think people are panicky or outright fearful. they definitely have not brought in an emotion. you've seen that with high cash levels at professional money management firms. that kind says, hey, we're in a decent position. on the b

joining us with more is mike santoli and jonathan. good morning, guys.mer looking atames that are not favored. >> it was the reverse of last year. you had the market the same as it was a year ago. back then it was let me buy the stuff insulated from the cyclical pain. this time you have a lot of stocks likes ibm, like american express, like bank of america that have already absorbed their pain. they had their bad market last year and now on the results people are willing to bet that we have a second half turn around and return to positive earnings growth. today you have campbell soup down down a dollar in, changes for all the days it was up a dollar last year for no reason. >> are you on with that? what does it mean for earnings going forward? >> i am. the market is seeing a weaker dollar, decent results, better beats and the expeck taguctatio just too low going into earnings season. >> you keep hearing about positioning. it's a factor, the fact that so many hedge funds were positioned defensive and were caught way off guard by this rally. how much of a

we have senior markets commentator and pro columnist mike santoli and fast money trader guy adami. e. we have seen a pretty narrow range. i believe it was about 96 points was the range for the dow. but we have seen the range throughout the year continually contracting for what the markets are trading within. is this because the markets are reaching consensus on certain issues or is it something else? >> we've had these phases where the fever breaks for a while. we had an intensity of panic seven weeks ago, gradually alleviated and everybody looks at the chart, we're up 14% in no time. pretty good time maybe to back off but it's a very low energy selling environment. you're not seeing people rush to the exits. people were pretty defensively positioned coming into this move. one thing to note, some of the downgrades people saying ring the register on stocks, ge, facebook and cautionary words on the tech side. that shows you that people feel they have some gains and want to take some off the table aopposed to downgrades being ignored. >> iron man. what's up, bill? >> tell me you owned

mike santoli back with us on the panel for the hour long.nbc contributor stephanie, faust money trader guy adami joins us as well. welcome, everybody. what did you think, stephanie? >> amazing. what was most impressive, oil was down most of the day. we didn't sell off like we had been over the last couple of months which is real decoupling, which is very encouraging. we didn't get the deal but we had the kuwaiti contact. they're going to continue to shut production and i think the supply/demand balance will become more of balance. and, again, we're not as dependent on the oil crisis, which is very encouraging. >> they were breathing a sigh of relief, mike. there were a lot of things going on. >> i say it's totally true. one of the reasons, maybe, steph that oil did not really pull the market down, the dollar was slightly softer again today, so it seems like it's not -- oil's not telling us that it's this big deflation trade and the dollar is going to run to the you up side andite goes doing hurt earnings and everything else. it seems like we

mike santoli joins us with a look at what we can expect beginning tonight. >> yeah.s fair to say part of that pain is price d in. arguably a fair bit of it in the most cyclical sectors of the market. expecting first quarter earnings down about 9% year over year. those estimates have been falling unusually fast. the stock market, the s&p down 4% from the high last may. i don't think it's an accident that the market's all-time high may 20th of last year, as the last quarter was earning. the hardest hit areas of the market, financials, materials, energy sectors, those stocks each down 9% to 20%. they have seen that the earnings picture is not looking so good. the hottest stock sectors? they could be vulnerable. earnings may not support the performance. consumer staples up 7.5% in the last 12 months. estee lauder, kimberly clark, coca-cola, people crowding into those perceived safe stocks. because earnings have been weak, have stalled and the stock market is about where it was a year ago, stocks are really no cheaper, not much cheaper than they. were the argument is mayb

welcome to "squawk on the street," i'm carl quintanilla with david faber, mike santoli. cramer is off. stocks on track for the second down week in three. futures are higher in part on yellen's comments last night as she pushes back on some recession fears. you have got some decent import/export numbers out of germany. more fed speak today. dudley on the tape. oil is catching a bid as b of a says stockpiles should decline by the end of the year. yellen, bernanke, volcker and greenspan speaking at an event last night. >> hank paulson coming out swinging against actions his former agencies took on former tax inversions. >> shares of gas down big after reporting march was a challenging month for the retailer. we'll look in on the state of retail. >>> just days after the treasury department announced new rules which had the effect of breaking apparent the giant deal under which pfizer was acquiring allergan, hank paulson was on "squawk box" and said companies need to pay their fair share when it comes to taxes but also criticized the treasury department. >> we're a nation of

. >> we have cnbc market commentator mike santoli and stephanie link and jeff from raymond james and o will be joining us shortly. mike, a lot of moving pieces in today's sell-off. the yen strengthening and financials getting slammed again, interestingly oil down but not too much. >> oil has definitely been directionally connected with what stocks have been doing. i do think all of the things you ticked off are this deflationary mini scale. i don't think it's a big deal. we got to these levels close to three weeks ago, just been kind of knocking around the market. seemed like it hadn't digested the big rally. you can't have financials down 2% and expect the overall market to make much of a stand. >> i won't quote what you said to me off camera. but this is a tough market right now. >> it's a tough market. it's a grind every day. a lot of it is we're right between earnings season. in between earnings season we start focusing on the macro. it is mixed, putting it nicely. today we worry about the yen. european banks got hit hard. commodities rolling other than energy. there's a lot to be

. >> and i'm mike santoli. >> yes, alexander hamilton will remain on the ten dollar bill.ubman will replace andrew jackson on the 20. >>> warning signs, high yielding coca-cola getting hit on the back of others today. >>

we have senior markets commentator, mike santoli and along with susan ox and more on today's market actionm seymour, good to have everybody on board. and just beginning mike with the action today, we are digesting the first set of earnings reports from yesterday, didn't trade that great, not saying alcoa is the biggest bellwegts in the world. and then in the meantime it was all about oil, huge moves there. >> oil and that actually triggered a really rally in a lot of related. the material stocks were up and industrials were up. you had treasury yields lift a little bit. you had the treasury bond market looking overbought. that helped the financials. all of that stuff seems to work. the broader context here is we've finished with the s&p within is% or so of this 2050 level every day since the fed meeting ended so we've been going side ways chopping around in this range, seeminging to clear out bullish and bearish prediction. >> no surprise, susan, so many people are waiting to get sense out of the fed. as the concern about the global situation passed and are we on target for more rate hikes

we have senior markets commentator aefrn pro columnist mike santoli along with stephanie link from globalsset management and guy adami joins the fray as well. some thoughts on this market session, in fact the dow now settling down 20 points. any reason we couldn't hold onto the rally? >> i will say three days in a row, thursday and friday and today you had a significant interday sell-off into the close. you had a lot of positive factors were overnight, whether it was oil surging a little bit or european banks bouncing overnight. then you had it met with some supply. big picture, s&p is exactly flat on the year. earnings estimates have come down substantially on the year and the market seemsz to be in a side ways range trying to figure out in earnings have been at least largely priced in. >> you also pointed out the gra grandma stocks pockets of real strength in the market. >> that trend seems like it will continue, estee lauder and k kimberly clark, how the stocks look very expensive, they do except yield and when measured against people's design to own something they perceive as safe. >>

joining us, cnbc pro columnist, mike santoli and cnbc contributor evan newmark and fast money traderim seymour. i've asked everybody this and i'll ask you too, what happened today? we're doing quite well and then the rally faded away. >> most of the drivers of the marketwide were in the overnight action. in other words, the bouncing oil yes, it strengthened but we had a big bounce overnight and did have the japanese yen back off and people were concerned about that and european banks got a bid. all of these things that were worries got you the bounce but then no real follow through. we got to the s&p level of 2049 exactly three weeks ago today where we closed and we're at 2047 right now. we've been three weeks of side ways after a big 12% gain in less than a month. i do think about a month and a half but -- i do think it's kind of a consolidate d type of thing. >> if you're rip van winkle, nothing has happened. >> he would have been 200 some years old. >> details. >> tim, what's going on? >> i don't think it can go a lot lower. technicals put it in a 92 to 98 range over the foreseeab

welcome to "squawk on the street," i'm carl quintanilla with david faber, mike santoli. off. stocks on track for the second down week in three. futures are higher in part on yellen's comments last night as she pushes back on some recession fears. you have got some decent import/export numbers out of germany. more fed speak today. dudley on the tape. oil is catching a bid as b of a says stockpiles should decline by the end of the year.