joins us, mike santoli as always along with cnbc contribute or a mike grasso.he you on the turnaround. there were worried about brexit and the bank of japan. sentiment changed. >> it did. we took back the s&p. i don't think it's because we got any reassurance, but you have had stocks down five days in a row. if there's a surprising thing to me today, it's that the stockmarket turned around when oil was still down two bucks. so that dynamic was at play yesterday afternoon and today. but i do think you had a somewhat oversold condition and people not really sure what to make of it. >> it's because the british pound is the new oil. >> late morning, a lot of those trades that were seizing not based on the fear of brexit a week away reversed themselves. so that was the other factor. >> there seemed to be confusion as well about the untimely death, the tragic death of jo cox, the m.p. in a great britain as david cameron said they were going to suspend campaigning for the brexit vote and there were those confused that maybe they were going to delay the brexit vote and

we have cnbc's commentator and procolumnist mike santoli along with sally craw chak. adani, always a pleasure. mike, let's just begin with how much this rally moderated. it's still a healthy gain, but does it tell us that maybe that optimism is already waiting as we move into the evening? >> they're a little gun shy. even tomorrow. the overnight action and the polls in britain tells us, maybe there's not going to be eruption in the eu. that's good news. just the bearing news. >> you mentioned the vix is not back to normal levels. what does that tell us? >> it's holding more of that premi premium. you pop back above. it's telling you the market remains on guard. demand for hedges remains very strong. it shows you people are definitely defensive. >> sally, we know the markets had a rip-roaring session overnight. what's going to happen now, we turn to the next set of polls. after they moved in favor of britain staying over the weekend, what happens if the exit camp is getting more of a vigor here? >> you're going to see more volatility. it's the unknown. the real economy

mike santoli explains how next. >>> that ten-year yield, 1.61% sliding lower.sing the day lower, too, despite an overall climb higher this year. >>> cnbc's commentator mike santoli sat down with one analyst who says he sees oil climbing much higher. he has been saying that for a while, right? >> he has. he's a long-time oil analyst, in fact, one of the widely watched voices on oil industry. $85 a barrel is his target. and, in fact, he came to that target in january and february when crude was still crashing. i spoke to him last week. here's what he had to say about that target. >> 85, aisle admit, is somewhat arbitrary. it was something mentioned as perhaps a good intermediate price. that edds up becoming like a center of gravity especially if the oil tight abouts. are prices going to stay here. that's a topic for another time, but at this point, that already seems very difficult for people to believe, that oil could possibly be at $85 before, you know, the end of the year is out, but that is the number. that's what we think is going to happen. >> you know, and

meantime, joining us is cnbc senior markets commentator and columnist mike santoli and former economisto and fast money trader guy adami. mike, starting with you. we saw steam building up as we headed into the close. put it in perspective, not a huge move given the last few days of declines and the end you had a solid close. >> no. especially the last hour it really sort of added to the credentials of this bounce i think. we have regained one third of what was lost in terms of s&p in two days and the market responded to very oversold conditions in the short term. i don't think it's a matter of investors seeing single stock bargains. it was basically saying, look, the market down 5% in two days. not that much changed in terms of corporate picture. you have stocks yielding more than treasuries and maybe overdone in the short term. it is not usually a one-day event to have the smoke clear after you have had that kind of shock of last week. >> indeed. ironman, how do you assess this bounce for today at least? do you see more coming or what do you see today? >> it's interesting. nice to be w

joining us now our very own mike santoli with more.rare you're in a situation where it's hard to overstate the scale of what is going on. >> absolutely. simon. i mean, the extremity of these moves in yields like $10 trillion or perhaps more perhaps in government and corporate bond yields below zero. it's been animating all other asset markets this whole phenomenon, and it's fouling some relationships that have been in place for a very long time. for example, notwithstanding today's pullback in u.s. stocks, you've had stocks here near all-time highs at the same time that global bond markets, at least historically this message they'd be sending would be something like threat of deflation, very, very slow global growth. but it's really set off this ongoing chase for yield globally. and basically there's a shortage of safe investment income in the world sending people into things like stocks. i would point out the s&p 500 right now yields in terms of a dividend yield 2.15%. that's a pretty good advantage over the 10-year treasury yield. hi

let's turn to our senior markets commentator mike santoli for your thoughts on this day. i mean there's a clear sent meant right now. >> if you had to explain to somebody who doesn't follow the markets, why are we concerned about money getting cheaper and borrowing being less expensive for everybody. we're explored the streams with the central bank effectiveness. i think that's what has people so concerned. negative yields on so much is pressuring them and i think european banks probably could be arguably the epicenter right now. if you look at the stock performance right now, they're not far above their january and february lows. this is a little reminiscent of the sovereign debt crisis. the difference is we're not talking about the solvency of the institutions and holding government bonds. it's because they can't make money. they're almost being forced out of the main areas. and by extension are we going to have any creation in europe. all that stuff spilling over to our end. bringing treasury yields down to levels that usually tell us there's some kind of deep stress i

mike santoli highlighted that lust for yield with trillions yielding negative in the bond market. i mean, utilities up as much as they do makes sense. >> i don't think there's anything bigger than the yield market. i don't think there's anything bigger. with britain saying it will probably lower rates, losing its aaa status in terms of its bonds, you know, i don't think there's anything bigger. we have been saying for a year now, year and a half, that we don't see interest rates going up until 2017 at the earliest. interestingly enough, it is not an economic decision. it is a demographic decision. the world is getting older and we're not we pairing for it. >> yeah. i mean, we're looking at the chart of the best and worst performing sectors. we have been having this running joke. i will ask a money manager if they would invest in utilities, that's too boring. >> anything but. >> yeah, yeah. second best performing sector this year. >> hold on. we have breaking news. on the st. louis fed president bullard with negative yields. >> not all that enlightening making the comments earlier.

mike santoli is here.re's a new poll out that shows the leave campaign surging past the stay in the uk camp. 50% of brits want out. 49% want to stay. a lot of money is riding on th

coming up mike santoli, steve liesman and "fast money" trader, mike adami. it's interesting.arted out. and as much as people focused on her backing off of a rate hike this summer, they also focused on her comments about things slowing down. that leaves us with a broad rally? >> i don't know exactly,000 parse the market's reaction to what janet yellen specifically had to say except i think they're okay. she didn't come out, i think, and try to do a strident hawkish message that said, hey, keep june or july on your radar in a big way. but i think that the oil rally -- the fact that the high yield market is super strong, dell marketing for their emc deal this week, i think all of that stuff is fairly supportive of the market but not in any kind of real enthese yas tick buying kind of way. it's trudging higher. we did close 2109, the heise for the year and nobody's really excited about it. >> are you excited about it? >> i'm always excited. about what in particular. >> what did you make of the comments from janet yellen? what did you think she was trying to achieve with them? >>

first we have cnbc seniors commentator and pro columnist mike santoli and mark cox. welcome, guys.arrassow will join us off the floor. >> we've got to a lot of round numbers. the dow flirting with 18,000 and the s&p not really a wrong number but basically at the near or closing highs for 2016. obviously the rally in stocks did lose a bit of steam at the end. one thing i note. we had a rally and we kind of get a little bit of a stretching or it or tacking on. it's just one of these, let's push the indexing a little higher without too much behind it. i don't know if that means there's hesitation as we go to this level or it's just kind of waiting for that next reason to get more of a dramatic move. >> what might that reason be? we know we have a lot of different things on the horizon. i think the fact that it's been resilient is its own big story. >> this is like watching paint dry, right? we know the fed will reassume. the fed ice going to do nothing for a while. we have this brexit vote still out there. it's just this great overhang. it could be a bad decision in the marketplace if

cnbc's commentator mike santoli along with stephanie link. welcome to you both.or more on today's money action, guy adami joins us as well. good to see you. first of all, the markets are a lot to digest. >> we're still kind of in hesitation mode. given a lot of the overnight stuff coming into the trading day, you have plenty of excuses why you thought we were going to be in for more of a pullback. you obviously had the asian markets selling off pretty hard. not so great data out of china. and then what happens is bond yields get compressed again and all those defensive stocks, the utilities and staples kind of support things and everything else kind of sits there. we're still in that mode wondering if we have enough wherewithal that's held the market back. >> people see george soros coming out bearish and are probably reminded of 2007, big bearish bets netted him a couple billion dollar and say, maybe he does know something about what's to happen. >> we'll see. this is a problem when you get past earnings and you're focused on net growth. >> it runs everything or

. >>> first let me introduce my panel, mike santoli and elan troy, donald trump's favorite from the "washington post" and tim seymour joins the fray. there's a poll about the british vote. i don't know. is that really what -- is that what this all comes down to, this vote? is it really that consequential for the markets? >> i'm going to say, no, it's not all coming down to that vote. yes, there's this one point in time, the ienld fieal effect that could have ramifications we can't really handicap right now. i guess, yeah, that's one input. but also the way european bond yields are trading, it's not strictly about the brexit vote. it's also what the european central bank is doing. european bank stocks really in freefall. i mean that's something to worry about if you're looking for something, but also this is the first time that this stockmarket rally, four months old, has been tested with a decent little pullback in oil. so all these things coming together create this anxiety. i can look eight two ways. i can say, wow, the stockmarket is whistling past the graveyard. and the vicks surg

. >>> first on the panel we have cnbc senior markets commentator and prose markets mike santoli and wreck reader from blackrock and "fast money" trader steve grasso will join us shortly, mike. couldn't quite get into positive territory. >> it's been sticky every day this week. but beyond that, with yields crushed the way they were, with the dollar smoked the way it was after that weak jobs number, you really had those income sectors supporting everything. the utilities up. >> all-time high, i red. >> all-time high in the utility sector and the baskets have traded. that's the game right now. also the weak dollar. we had these offsets. >> anybody who was positioning for higher interest rates, this thing came out and just gutted those trades all over the place. >> the story today was the bond market. it's not about equities. it's about the bond market, dollar, movement in gold. really kind of crazy stuff. i don't -- i don't think anybody at the fed is feeling pretty good with themselves right now. i this i what today's job numbers said and what the bond market is saying but not just about th

i'm carl quintanilla with david faber and mike santoli. cramer is off today. the anxiety about global growth and now bond yields starting to weigh on the pre-market, that. kos after the highest close for the s&p. the u.s. tenure testing its lows for the year of about 166 and claims were muted once again. you might have heard a few moments ago carl icahn on squawk not impressed by the recent market run-up. here's what he said a few moments ago. >> i think you have sort of a false market, buoyed by zero interest rates and you have to be cognizant of it. >> of course, covered a lot of ground. talked valeant, apple, herbalife. but in general, nervous about very big, bad things happening in the global markets. >> without a doubt. if you have a billion dollars and you're over a certain age, it seems like you're really focused on the risks. the environment doesn't feel comfortable to you. negative interest rates are something you never thought you'd have to contend with. and it's not to say it's correct or wrong, but it's one of those things, everyone understands the

and mike santoli. and more. welcome everybody. crude oil was a theme today.hough the most significant seems to be just the lows that we saw this morning. >> yeah. crude oil turned right before 10:00 a.m. bounced back pretty hard. good guess as to why. but the ism number came in stronger than in expected as bob menti mentioned. it's only been two days since the strong week. it is a new month. it is noisy. i don't think there is a strong theme except people on the side lines waiting for yet more fed speak and it seems the market is just hanging in there. >> even though i hate the term brexit, the odds are appearing to kind of come back into the market a little and kind of nip at the rally as people are unclear about the direction for that. >> i'm a good handicapper and i like when the numbers move around a little bit. but it does seem like there is perhaps a little more concern over that. i think that the struggle is real here. that there is, you know, quite a lot of money that is not just on the side lines but a really wants to be on the market. and there are

first, though, senior market commentator mike santoli is here with us and kate kelly and joined by joeak, tim seymour in a moment. mike, peculiar. i guess before the vix and maybe you can weave it in there, we are down nearly 1,000 points call it from before britain voted to leave. is that warranted? >> it's probably not warranted if you knit it up directly to fundamentals here and argue that where we were at 2100 on the s&p a week or so ago probably represented a pretty optimistic view of risk appetites and all the rest of the things around the world and the fact we didn't expect this. i can see why we're here. people look at the chart and say no matter the news on thursday or friday, we were unable to get past the mark yet again and seems like repair has to happen. i'll say that character of the selling was pretty method call. it didn't seem like a get me out and even though it was pretty heavy and definitely a measured risk reduction across the board. >> can we talk about the vix for a second here because i know traders taking comfort in the fak fact that the vix is down after being

joining the panel we have cnbc panel mike santoli here along with cnbc contributor stephanie link withobal management. also joining us is "fast money" trader brian kelly and jim grant of grant's observer joining us. he published a note on signet jeweler, those shares closed lower, more than 6%. signet did respond. the company has declined to comment and we'll get to signet in just a moment. let's begin with the markets, mike, and what does the 2105 say to you? >> we've just been idling around these numbers. it's where we were as a hay in april. it seems as though a lot of markets are kind of idling right here. you have treasury yields sticky where they are, that's about a two-week low. so every one of these -- i don't know if it's waiting and seeing tomorrow's jobs numbers. i don't see it as a high station number because it could be spun different ways. we could be talking a verizon strike. waiting for final clarity perhaps about the fed. >> what about you, stephanie? >> it's funny. there's so much going on below the surface, they're not capturing it. adp, challenger, really good numbe

mike santoli is here.here's a new poll out that shows the leave campaign surging past the stay in the uk camp. 50% of brits want out. 49% want to stay. a lot of money is riding on this vote. se >> we are basically seeing this global flight to safety. look at the japanese yen surging to a two-year high against the u.s. dollar. brexit worries, rising pressure on the bank of japan to respond with a bigger stimulus package in july. the british pound continues to hover around a seven-year low, coming off the lows. the bank of england warning of further weakness. a pick up in risk aversion helping gold shine, up 23% year to date. and pushing bond yields lower, not just in europe but here at home. the u.s. ten-year dropping to a four-year low. the fed statement also part of this story. in terms of stocks, it's the european banks that remain under pressure. active discussion on which banks would be hit the hardest, especially when you consider relocation costs. shares of deutsche bank. an all-time low. hsbc among

>>&mike santoli is here, along with cnbc contributor carol roth.e, guy adami and steve leisman stays with us. steve, the rate hike cycle has left the building. what is the jeff gundlach is saying. that is what you yourself told us a short while ago. >> yeah big changes here. worth note dprg all investors out there. first of all they didn't hike. they left rates unchanged. siting uncertainty out there in the economic outlook. down grate grade the labor market. also saying brexit played a factor. but the big story coming in the longer term outlook for rates. you can see interest this chart that they downgraded the outlook for 2017, 2018 and the longer run. first of all an 16 they didn't downgrade but six fed members now see just one hike this year. that is up from just one before. and look how fed rates were slashed in 2018. and i asked why this happened? what happened in just the past three months from the last time the fed put out its projections and she talked about the idea that the head winds we're facing in the economy are creating a sense that

i'm sara eisen and david faber as always and mike santoli live at post nine at the new york stock exchange's show you what markets are doing. a bit of steam here from early rally at the open. the dow up 23 points. s&p 500 is flat. the nasdaq negative just barely. keeping an eye on crude oil and, of course, those post-brexit declines. our road map with the markets up for third day in a row barely here trying to make up losses since the brexit fallout and the end of the month the quarter and first half of the year. where should you be putting your money? we will tell you. >> a shocking turn of events in uk politics, boris johnson deciding not to run for the prime minister spot. who is in the running for the top job? we're going to break that down. who may be the next leader of the uk in a post--brexit world let's make a deal, lionsgate buying starz for $4.4 billion in cash and stocks. the details on the deal straight ahead. >>> and coming up later in the hour, the ambassador of the european union to the united states, david owe sullivan is with us, his take on brexit and how europe plans to

i'm kwarl quintanilla with david faber, mike santoli at the new york stock exchange.ramer's off today. market's looking for yellen to respond to friday's dismal jobs number. fed's chief going to speak in philadelphia around lunchtime. futures in the green after three weeks of gains for the s&p. europe is weathering more brexit fears today. new poll results are out. oil is worth watching. brent today at a 7-month high. road map begins with yellen set to speak this afternoon. what should investors be on the look out for and just how prepared is the market for a hike? >> financials are the only sector still in the red so far this year. we're going to talk to barclays banking analyst about where there's some opportunity. >> and our new digital series "binge" launches today. we talk to marquee names in the world of media for an inside look at what's driving our binge culture. we'll give you an inside look at what to expect. first up investors focused on speech today set for fed chair janet yell. how the future impact interest rate decisions if you listen to some today mayb

mike santoli, it feels like citigroup is playing catch-up. >> absolutely. it has by far the lowest yield. there's been a lot of money built up against the dam here with these banks. they've been forced to essentially let the capital build up and finally they're getting a cans to let it break through a little bit. to a large degree, it's expected. but you couldn't have said 100% sure you're going to be paid if you're an investor tomorrow. now you know that. and i think it probably creates a little bit of a valuation adjustment. but most of the big banks are trading a bit below book value. j.p. organ roughly at its book value. it's probably something investors wanted to see, expected to see, but it's still going to come as a relief. >> i know, kelly, it comes three days after the halfway point to christmas, but it does feel like christmas today with all of the announcements coming from the bank. this will probably have an impact on the market tomorrow, too, right? >> i was wondering where you were going with that, bill. are you getting your gift list ready? y

i'm simon hobbs with david faber, kelly evans and mike santoli at the new york stock exchange.ara eisen and kayla tausche are with us from london and will join us shortly. let's take a look at where we are on the markets this hour. financials leading the dow down over 200 points again after friday's 600 point brexit fall. with the flight to safety the yield on the 10-year dips to 148. oil below $47. of course we're watching the uk banks rbs and barclays which have both lost around 30% of their value over the last two days. david cameron is going to speak in the house of commons in parliament within the next 30 minutes. we will bring that to you live. >> waiting on a possible decision out of the supreme court this morning, we'll bring that to you if and when it crosses. >> coming up, the former com mers secretary carlos gutierrez his take on what it means now that the uk has voted to leave the european union. fallout continues from that brexit vote on thursday. the analysis friday. let's head to london and sara eisen who joins us. what is the mood there now, sara, with the prime

i'm simon hobbs here with david faber and mike santoli. carl and sarah are off today. meanwhile, on the markets bitter disappointment this morning for many that the economy only generated one quarter of the jobs expected by the market in may, 38,000 nonfarm positions. falls on the stock market cushioned by the expectation that the fed is now less likely to raise interest rates this summer. but bank stocks are taking that on the chin. on the foreign exchange market severe pressure on the u.s. dollar, the euro, the uk pound and the japanese yen rocketing higher as the greenback takes a pummelling. >>> we have breaking economic data. ism nonmanufacturing for may and factory orders for april both are out. let's get to rick santelli in chicago at the cme. rick. >> absolutely. let's start with factory orders. for the month of april they were up exactly as expected up 1.9. we did get a subtle positive revision to last month from 1.1 to 1.7. now let's get into the more juicy data. april final read on durable goods 3.4, what's fascinating here is a lot like michigan the prelimi

i'm kwarl quintanilla with david faber, mike santoli at the new york stock exchange.s looking for yellen to respond to friday's dismal jobs number. fed's chief going to speak in philadelphia around lunchtime. futures in the green after three weeks of gains for the s&p. europe is weathering more brexit fears today. new poll results are out. oil is worth watching. brent today at a 7-month high. road map begins with yellen set to speak this afternoon. what should investors b

i'm carl quintanilla with david faber and mike santoli. cramer is off today. growth and now bond yields starting to weigh on the pre-market, that. kos after the highest close for the s&p. the u.s. tenure testing its lows for the year of about 166 and claims were muted once again. you might have heard a few moments ago carl icahn on squawk not impressed by the recent market run-up.

michael santoli along with kevin new mark on a tuesday and steve grasso will join us shortly as soon as he's finished on the floor. miken what happened this morning -- the poll, i forget whose it was, coming out and saying, hey, there's still a bit of an impulse for britain to leave the european union, but then we kind of improved the tone. >> yeah. the market shrugged it auchlt it feels like it got into a neutral position. obviously they got back a little bit of that late-date selloff. it seems to me, though, that the direction of surprise, of course, would still be if the uk votes to exit the european union, but that doesn't mean that the market is necessarily going to be too jarred along the weight of that. a lot of stuff below the surface, you see the stuff that was weak today. on the other hand, the broad market pretty resilient. >> it was interesting to see lennar, beat on the bottom line had positive commentary. we'll check. >> we talked previously how, you know, 10 or 15 years ago t housing stocks were like a good tell for the market. nowadays, i'm not sure they tell you very much. you know, i would say we look