for "nightly business report," i'm mike santoli. >> time to take a look at the upgrades and downgrades. the biggest bear on mattel is raising it from hold to perform. much of it is bakedth int share price. the stock rose 6.5% to 41$1 the iphone supplier synaptics saw its rating change from buy to hold. analysts there say more of amle's newes iph will use the older d technology. te price target was raised $55. the shares gains 8% to 47.68. ae aeroviro mrment was upgraded fr hold to buy. the shares were up t17%o 54.28. still ahead investment advisory fees. they are changing and it could hit your wallet. ♪ >>> facebook's ceo marker zurg testified on capitol hill for a second day. and it appeared as if today's session was a bit more diffilt th yesterday's. julia boorstin is covering the story for us tonight. >> reporter: mark zuckerberg fielding questions from 55 members of the house committee on energy and commerce over a five-hour hearing that was far moreus content than yesterday with today a number interrupting him and demanding yes or no answers lik this exchange with es conan that ca

mike santoli has morerom the new york stock exchange. >> reporter: for most of this year stocks have bee stu in a box. the s&p 500 has been darting rapidly day to day, but within a sharpl dined range. the bad news is, the index is now about 8% below its late january peak. the good news the s&p i above the year's lows set exactly two months ago and has failed so far to breach that level despite several near misses. e market remains caught in no man's land by other measures. the s&p is almost exactlywe halfway b the high and lows and it's scraped against the 200 day ming average a few times which is essentially the line separating a continued up trend from a more damagin down turn. valuation is caught between expensive and cheap. the s&p 500 based o recast profit is downly significa from the lofty january reading but is exactly at the five year average. broader global economic conditions have gone from quite ho in the wakef the tax cut law to somewhat lukewarm as friday's more subdued jobs report showed. these mixed signals and jum volatility have understand bring weighed on attitude a

mike santoli takes a look at what might lia head. >> reporter: big companies are reporting powerfully strong growth and record profit margins thanks to corporate tax cuts and growth. investors have been unusually hard to impress selling off thei stocks d the stellar results. companies from gol man sax to alphabet to caterpillar surpas surpassed by a wide margin but wall street picked them apart. it seems that a steady climb in interest rates and fresh signs ofnflation are raising concerns that economic momentum and corporate profit have peeked. while there are few indications that earnings or the u.s. onomy is close to a down turn, the strong and effortless surge in stocks in thehi election past january clearly priced in a lot of the good news on growth, profit and taxes that are now flowing through to corporate bottom line. consensus estimates sti call for double digit earnings growth through the rest of 2018 perhaps som pressure coming from higher wage and commodity costs. investor are simpl struggling with exactly how to value those earnings as the fed raises rates and borrowing co

. >> a lot going on already as you come into a new week i'm mike santoli brian sullivan is on assignment. we'll hear from him later in the show let's get you a quick check on the markets. stock futures have been positive really for the entire overnight session trading at the highs of the overnight. the s&p 500 indicated to open up about 21 points. so somewhat less than a percent. basically would have recovered 1/3 of last week's losses the market was down 1.4% the dow indicated to open up over 200 points. the nasdaq looking to get back 70 points of last week's losses. obviously it was a very wild ride to the 1.4% loss. the dow down even less lots of ups and downs. we end up at the lower end of this range take a look at the bond market, the yield on the ten year treasury has been pretty steady. there you go, it's been compressed under 2.8%. this morning the spread between the 10 year note yield and two year noeld yield has come down that has been relatively steady. >> it's a spec tore of a trade war that caught the attention of investors last week with heated rhetoric, washington and beij

mike santoli is here u.s.s at this hour, actually the dow futures have turned around too everybody in the green now with the s&p up by about eight points the dow futures up by 18 and the nasdaq up 23 it comes after two big days of gains for the markets this week. >>> in our headlines this morning, morgan stanley earnings coming in at $1.45 a share that was above expectations. the firm saying its strong performance across all of its business segments. you can see right now that stock is up by 2.75% >>> amazon and best buy are teaming up they announced a partnership that will see best buy selling smart televisions that are powered by amazon's fire technology >>> and if you didn't file your income tax return by midnight last night, you're not too late. this is because of a crash of the irs payment website yesterday. as a result, the deadline has been extended another 24 hours until midnight tonight >>> also, new details into what may have caused a southwest airlines engine to blow up mid-flight killing one person

i'm becky quick along with joe kernen and mike santoli. let's look at the u.s. equity futures.ou will see at this hour it looks like there are modest declines dow futures down by 30 points. s&p off by 1.5 nasdaq down by 17. this comes after a day where the dow was down by 83 points. s&p was off by a half percentage point. the nasdaq was off by three quarters of a percent. not massive losses, but they were -- the biggest losses we've seen for the s&p 500 and the nasdaq we are still on track at this point to end higher for the week as you saw yields picking up yesterday. this caused some concern we'll look at where those treasury yields are in a moment. look at what happened overnight in asia with stock prices down across the board nikkei was off by 0.1% the hang seng was down by close to 1%. the shanghai was off by 1.5% then you see what's happening in europe this morning with some of the early trading. at this hour it looks like there's some advances. the dax is barely positive it's up, though. the cac is up by 0.37%. thre and yields spooked some people, as yields go up, it mak

let's bring in mike santoli from the floor of the nyse. that seems to be the gripe going into earnings, we both talked to so many people who said earnings season will be it. the markets will take off. what have we seen? not much >> not much yet. certainly, that could change i often find as earnings season goes on, you see a slightly different tone develop in the back half, but i do think one of the key issues coming in, an interesting setup to earnings season because normally forecasts get marked down ahead of reporting season. and then it becomes much easier to hurdle. this time, it doesn't come down, which i think paradoxically, even though we have beaten the numbers, it was very little doubt in investors' minds that numbers will be okay if you had the list of exactly what investors and traders were most worried about, earnings coming through wouldn't make the list it was all about macros, all about rates. and here you had the dollar rally as well. that seems to be much more about this ongoing correction process that we have been in that

mike santoli joins us with more. >> big tech, bent but didn't break in the recent bout of volatilitys. we talk about fang a lot and they have been leaders but what's interesting, too, all of tech has managed to be a leadership group i have a chart up here the fdn is an exchange traded fund, dow internet fund, close to fang in the way that it trades that is up substantially this year you see it's not just that obviously, the semiconductor index, as well as i put ryt in there, the equal weighted s&p tech sector. every stock gets an equal weight, substantially outperforming the s&p 500. people infatuated with the long-term growth story remains so a lot of cute ideas about the seamless rotation going to happen from big growth tech to value stocks, financials, industrials, others, hasn't happened yet and it's time to wonder if the facebook hearings represented some kind of peak panic on the regulatory front. facebook stock bottomed, not in the hearings, but when facebook agreed to have mark zuckerberg testify. on that day, was when people said okay, maybe this is now a management vote. al

so mike santoli went looking for some answers. >> the stock mar it findself once again at a crossroads. nearly three months after reaching a peak, the s&p 500 findex is aboutt for the year and roughly halfway between that record high andf the low early february. volatility readings have come down sharply asar thet has stabilized. yet the indexes remain far jumpier than they were last year. corporate earnings are quite strng. even bethan lofty forecasts. yet investors are t rewarded good results for higher share prices across the board. the market's indecision reflects several factor c taxuts are enriching companies and helping consumers, yet those same factors are pushing hterest rates higher. the treasur climbed back to 2.5%. its high for the year and the level last seen two months ago. the&p has been caught near or below its current level each time bond yields have been thi close to 3%. a surge in oil and other commodity prices and reports of upward pressure on wages have revised inflation concerns and expectations that the federal reserve will look to raise short-term rates several

indicate that january's peak was the very top of this bull .market for nightly business report, i'm mike santoli. >>> as il pricesrise, you would think that big oil's t pr profit and revenue would too. but that wasn't necessarily the case for exxonmobil and chevron in the most recent eiquarter. results were mixed and so was reaction o wall street. jackie deangelis explains >>why. il prices are up almost 40% in the last year, climbing closer and close to $70 a barrel. the reason, excess inventories are falling while global growth looksstrong. still, some of the oil majors struggled with earnings. exxonmobil told investors that its quarterly profit was higher year on year,t but still fell short of expectations. higher oil prices did help the mpany, but the company's downstream business which refines and sellsuels s a slump because of higher expenses abroad and lower profit margins on sales of assets. chevron's profits were better than expected, however, it's revenues whileigher than the previous year did not beat the streetxp regardingtations for oil prices, the company said this on its conference

thank you. >> thank you, kate. >>> all right, let's get some parting sho itself from mike santoli. atching what we've seen in earnings yesterday was the antithesis of the day before boeing out with numbers. that held throughout the day none of the pullback like we saw in caterpillar earlier that give and take where basically the pendulum swings from over reaction to under reaction what's interesting this time, i don't think this earnings season is that unusual in that seldom instinct, that churning. except the market was down a good deal. it seemed people thought there was a setup, it hasn't worked on a market wide basis. we're holding in there >> that brings me back the warmth you brought up repeatedly over the past several kwooex weeks, which is if that's not it, what is it the rest of the year >> it's summer, then mid-term election, on the one hand i get that, because it doesn't seem there is a rush to be doing buying on the other hand, people are more cautious. it's the opposite of january where everybody was chasing this huge rally logically, potentially >> hey, mike i want to

we look towaforward to it. >>> meantime, mike santoli is with us this morning mike, we've been watchingning long looking at pretty sharply higher open after a disappointing day on friday what's happening >> it looks like -- well, right now the futures are indicating the market is going to get back up to friday morning's high. we had that selloff in the day with the financials. in part it was people kind of wondering what kind of response might be in syria over the weekend. and just kind of a general defensiveness going into a weekend. bank earnings remain a bit of a puzzle so widely shared and so kind of obvious for so long, for two years, that you don't have as many blowout numbers on trading. other than that, the market has held above those lows. it spent a lot of time down there on the bottom end of the range. up about 2% last week. i think it's still kind of grinding in the right direction, but we'll have to see how the earnings response goes >> i think that gets you back to the question of where does the leadership come from in the market it's been banks and financials it's been te

mike santoli looking at the money flowing into bonds still above three. >> building on what professoryields and emand for stocks, you've seen a big rush of new money into especially short-term bond etfs. this is something from one to three years. very safe investments in general. but now that they have a relatively decent yield with the two-year treasury note, this isn't the last month data according to xtf.com u.s. equity etfs, took in $5.2 billion. i'll point out this is mirrored by the official industry data on mutual funds as well where you saw a big outflow from stocks and something like $4.5 billion last week into bond funds. short-term bonds such as the ones we're going to show you, short-term bond fund as well as s.h.y., short-term treasuries. also short-term corporate. all have seen good in flows. you see the array of yields available. they're also taking money from cash so essentially if you had money literally in deposits, it looks good to be in short term i don't think it's so much that people thought i had my long-term stock v.s ov investmer here i'm going to liquidate th

. >>> mike santoli is looking at major bank etfs following a busy week or so of earnings from many of down side in terms of the market response if you look back since thursday's close, the overall bank sector is down about 1.5%, 2% so you can slice it a bunch of different ways morgan stanley reacting slightly positive, about 1.5% the spdr etf pretty big leg down from the early marge highs and has not recovered in the last several days last three weeks under pressure for a lot of different reasons. this is an equal weighted etf. none of the big banks have an outsized influence the kbw, this is what we more think of as the market cap weighted bank that has the very largest like jpmorgan, usb, bank of america, citi and wells fargo. comprise about 40% of this etf the issues are all familiar at this point the compressed yield curve something going on when you have the six-month treasury bill yielding 2%, it shows you a lot of the region alg banks are having to compete for deposits that's been another area of pressure the kre, of course, the regional bank etf that shows a similar story as a

se >>> time for our etf spotlight mike santoli looking at the boom in m&a up more than 50% compared toke? >> yeah, that's year to date about a trillion and a half dollars even before today's announced deals of about $100 billion of additional m&a transactions in terms of etfs you have to focus on the already announced deals, essentially buying the targets and playing the closing of that spread the risk arbitrage spread. this is that classic wall street strategy of essentially shorting the acquirer targets and owning the acquirers and owning the targets, but this really just shorts the market against those targets. it's really not a shoot for the fences type of strategy. you are really looking at bond-like returns. hopefully all these deals close and you capture that little bit of return. so it's not so much about picking the next target that nobody knows about it's the known kind of burden the hand target and playing that spread at&t and time warner in the news now which shows you that spread is not always certain to close depending on how the deals go. >> certainly a lot of deals toda

i'm becky quick along with andrew ross sorkin joe is out today mike santoli is here we will tell youe're playing that lots of ch guests here today including our first two market guests jim chanos is our guest host today, too we're watching u.s. equity futures this morning yesterday the dow ended higher it was helped out in large part by gains from boeing, which reported better-than-expected earnings this morning looks like the dow is indicated to open up by

i'm becky quick along with joe kernen and mike santoli. let's look at the u.s. equity futures.icture. dow futures down by 43 points. s&p up by 3.5. look at this, the nasdaq up by 90 points after th

i'm becky quick along with joe kernen and mike santoli. let's look at the u.s. equity futures.hour it looks like there are modest declines dow futures down by 30 points. s&p off by 1.5 nasdaq down by 17. this comes after a day where the dow was down by 83 points. s&p was off by a half percentage point. the nasdaq was off by three quarters of a percent. not massive losses, but they were -- the biggest losses we've seen for the s&p 500 and the nasdaq

that's why it's a little different in terms of how the game is played today >> mike santoli, thank youe return, more on what mark zuckerberg's testimony means for the future of facebook's stock the president's attacks on amazon and zillow's house-flipping play. mark mahaney will be with us later this hour. >>> next, former speaker of the house john boehner is here at post 9 he's going to join the board of a cannabis company and we'll talk about that after this break anyone can get you ready, holiday inn express gets you the readiest. because ready gives a pep talk. showtime! but the readiest gives a pep rally. i cleared my inbox! holiday inn express, be the readiest. >>> welcome back to "squawk on the street." as always, live from post 9 at the new york stock exchange, we're about one hour into the trading session. stocks have been back and forth around the unchanged line. positive and neck atigative financials are negative despite what was seen by many as better batch of bank earnings reports technology and consumer discretionary also negative. that seems to have flipped the market ba

i'm becky quick along with joe kernen and mike santoli.mixed picture this morning the dow is down by 14 points you can thank ibm for that the s&p 500 up by just over 4 points the nasdaq up by 17. ibm has a negative effect of over 50 points on the dow. without that the dow would be in positive territory again this comes after disappointing results last night for earnings. we'll talk more about that in a moment overnight in asia, stocks were higher china's gdp growing sharply, and the nikkei was up

i'm becky quick along with joe kernen and mike santoli. let's look at the u.s. equity futures.it of a pullback in the markets. only the slightest one for the dow. you did see the s&p 500 and nasdaq slightly higher mixed day. you can see that same story carrying out this morning in reverse. dow futures higher, up by 12 points s&p seeing a slight pullback of 1.5 points same story for the nasdaq. we'll see as we continue to get earnings in how this shapes i. look overnight in asia looks like the nikkei was up, just slightly. up by

mark muhaney joins us along with mike santoli guys, good to see you both amazon is holding. >> it is.intel and microsoft, s&p has not. >> pretty good test of selling the news instinct. it wouldn't surprise me if they held that gain if intel and microsoft got a look at the numbers. when it comes to the faang stocks, this is brilliant numbers you kind of paid for, the market is saying amazon has doubled since the beginning of last year they're giving you what the market, in a sense, anticipated. it's stunning that you're seeing top line growth for companies of this scale i think that's what the market sort of figured out along the way. it does tell you that we're kind of stuck a little macronoise today is not helping with the dollar up and all the rest of it but, yeah, this is a show-me market right now and it's a friday. we've gotten used to that, too. >> where do you stand on this amazon report. what's more impressive the continuing cloud momentum or this new detail that we've got on the advertising business and the potential it has to generate profit, given the many different fly whe

let's bring in mike santoli along with ken calipari. kenny, i'm glad bob made this point. we talk about how much volumes are down and what that means in dollar terms, is everything kind of normal or does it matter that those prices are so high and that the share -- >> no. i think there's a couple of reasons for that i think a lot of the issue about companies deciding not to split stocks anymore really go back to when the whole high frequency thing started and there was all that issue about who these people were and they're getting in the middle of it and creating noise. those high frequency guys aren't going to play in it because it's more difficult quite honestly on the one hand, they have succeeded in that because those are high priced. >> it's also a sign of market health the key point here is are these symptoms of a market that is sick or a market that's actually functioning? >> what it does tell you -- we should look at the other direction. there's no logical reason to measure shares it's based on how brokers can be paid that's the whole point also the rationale for s

we're live at the nasdaq market site in times square i'm melissa lee along with joe kernen and mike santoliquity futures out this hour holding there all morning. nasdaq looking to be up by about 17 points. the top corporate story that crossed moments ago, jpmorgan earnings beating the street on both the eps as well as revenue. let's get to wilfred frost with more on these numbers. >> actually a pretty good set of numbers. the share price performance as you guys were discussing, a little lackluster in terms of how good these numbers were. up 2.5% yesterday coming into these numbers. so the headline, $28.5 billion in revenue versus $27.7 billion expectation. a little ahead eps nicely ahead $2.37 a share versus $2.48 forecast. the return on equity, 15%. the expectation was 14.1%. return on tangible equity 19%. the expectation was about 18.5%. let's go into trading. going to be key in likes of investment banks coming through. on the headline looked strong. it was up 15%. most of them had been guiding to single digit i'm not sure what that one off was. upwards from what we all had the market dow

. >> mike santoli has been looking into this very issue for us today. he's our senior markets commentator live from the new york stock exchange. is this as good as it gets >> well, i think that's the question that the market has been struggling with, the same conversation you're having there. i do think i want to characterize what i mean by as good as it gets. i think it's likely that january and maybe the period from thanksgiving through january was the moment of maximum ease, where all news was good news and there were not many obvious trade-offs or offsets in the form of higher inflation, interest rates, or a fed that was going to be determined so i didn't hear a lot of complaints among the bulls when last year this s&p 500 was up 5 percentage points more than earnings growth. here we are having the market roughly flat for the year as earnings kind of go up a lot i think we're paying for a little bit of that overshoot right now, and we have to metabolize the idea that rates are going higher, and it's not just the investor toggling alt home between 3%

i'm becky quick along with joe kernen and mike santoli. let's look at the u.s. equity futures. mixed picture. dow futures down by 43 points. s&p up by 3.5. look at this, the nasdaq up by 90 points after the nasdaq was up by 1.6% yesterday the dow and s&p were up by more than 1% yesterday. we'll see what happens we have a lot of earnings to talk about look at what happened overnight in asia. this meeting in korea between the two koreas is something historic they have done something that's been watched across many asian markets you will see green arrows. the nikkei up by 0.6%. hang seng up by 0.9. shanghai closed up by 0.23%. in europe you can see that the dax is higher. it's up by 0.6%. ftse up by about that much the cac up by 0.2% stocks are weaker in italy, up in spain check out treasury yields. this morning the yield is at 2.968% >> the leaders of north korea and south korea signed a declaration within the agreeing to work for the complete denuclearization of the korean peninsula and to jointly reduce the risk of war apparently the two gentlemen were standing on each side of

trading down there were more than 30 stocks that traded down through all of this talking with mike santoli about what happened, it was not only this, but technology stocks that took part in the reversal. amazon and netflix shares dropping more than 5% on this news and the f.a.n.g. stocks overall lost over $85 billion just in yesterday's trading session. something we'll be watching very quickly, but again this was a huge reversal we saw the fang stocks also down sharply from their 52-week highs and watching the yield on the ten-year, which finally topped 3% for the ten-year. you will see the yield this morning sitting at 3.018%. that was seen as another huge issue facing the markets above 3% not sure why that would come as a surprise to anyone >> this is what kevin was talking about. that's more exciting to you than equities >> last time this happened it was very short-lived and we pulled back into the -- down another 40 basis points. i don't think that will happen this time. markets realizing 3 is here to stay if you go back in history, i'm a student of history, look at psychological rate

will it be enough to get last year's rally back on track let's get to bob pisani and mike santoli. the jury was out on friday after the bank numbers, but today looks better >> it does i'm glad to see that there was an argument on friday a lot of people were making saying this was a sign of peak earnings for example, now that the banks were in and they were okay, therefore we should look to next year where earnings are not going to be quite as strong. my attitude is it's a little too early to say the earnings rally is over. maybe we could have that discussion, but right now i'd like to read the reports from these people i'd like to hear about their buybacks i think there's going to be more than we expect tax cuts we haven't figured out the exact influence there. >> i obviously think there's a chance of overthinking it, basically, going into this season maybe the good news can just be good news. when stock prices were down, estimates held up. so you wonder if you have still that standard 3% beat on top of us but that's all, you know, noise. theoretically it should be supportive i thi

mike santoli is posting up on twitter. >> right behind here twit her positive reactions this morning.ut on the conference call led the stock to back off. mostly on guidance that revenue gains they showed the past quarter may not continue quite as nicely for the rest of the year kind of a good news/bad news situation. they are showing decent top line growth they are profitable on twitter right now. i think it's profit taking this stock up 22% year to date even with this loss today and it has doubled in the last year i think the street has been viewing it as a viable alternative and a smaller version of the ad world from the likes of facebook now. >> quite a reversal. thank you very much. >>> we've got 34 minutes until the close. we're up near session highs around about a hundred point os then dow the s&p and nasdaq just a little bit behind that. >>> up next, from autoloans to credit card rates, we'll take a look at all the ripple effects from that rising 10-year treasury yield plus the overlooked metric that could perhaps have a bigger impact on stocks >> and we're rapidly approaching

. >>> time for our etf spotlight mike santoli is looking at consumer staples the worst performing sector year kimberly-clark out this morning which was actually a little better, but no breadth here. >> they matched the earnings forecast from a month ago. it's a similar story as you know it's basically weak organic growth very tough to grow the top line. cost challenges, commodity costs squeeze and all the rest of it very little pricing power on the other end. this is what investors have been fixated on for some time look at the performance of the xlp, the consumer staples etf. down almost 12% year to date also the kxi in there which is a global version of that it's basically the global conversion staple. you see it's outperformed the u.s. version but it's probably mostly a u.s. dollar effect kind of translating back the stock price performance into dollars nonetheless, it's obviously been kind of -- a few things to take note of. the stocks are down a lot on a one-year basis but not necessarily all that cheap if you look at them on a forward p/e basis. there's a little less yield support

. >> our mike santoli is with us >> of course the dollar has been a very weak trend against all currenciesisn't necessarily reflected in the numbers this is the largest currency etf, a bet on a stronger dollar. very steady downtrend. down about 10% on a 12-month basis. >> that's a devaluation game. >> exactly treasury secretary mnuchin's comments today, this idea that you want to warn other countries not to devalue against an already weak dollar is kind of a ratification of a policy, you might think. you see that weak base this is basically mimicking the u.s. dollar index. if you want to see the inverse of this, the udn is a way to play the dollar falling. that's basically been a mirror image up 10% on a year-to-date basis. more interesting is against the individual currencyies. you also have these single currency pair etfs out there, including fxe, basically dollar/euro. the eur o has been extremely strong, confounding expectations, up about 15% in the last 12 months that's also, you see there, kind of plateaued a little bit. this is basically chinese currency in dollar terms you see ther

however, conditions in the power industry are still challenging mike santoli it with us at post 9 todegree to which power stood out. not in a good way. >> definitely not. still the overhang psychologically along with all the kind of balance sheet and cash management issues that they've had. so i think the main takeaway has been not as bad as feared. people were kind of clenching up because there was going to be yet another revelation of something they hadn't anticipated. not there. if you can affirm 2018 numbers, i think that you can say, you know, fine maybe we've built in enough of the bad news for now but you've had a bunch of these sharp reversals high in this stock all the way down you can't say 5% or 6% move. people are sounding an all clear. the street is -- does not like the stock right now. it's in a way in a good reserve of skepticism that has to be worn away. >> steve tusa from jpmorgan who has been accurate in terms of forecasting gloom and doom not changing his opinion he joined jim a few minutes ago in an interview. >> and i think what i got from that is ge didn't reall

mike santoli, our thanks to you as well. >>> here's what national economic council director larry kudlow us about the market moments ago on the show >> i don't like blanket tariffs, but i've also talked for years about how china is getting away with stuff they shouldn't get away with. this president has some backbone others didn't. he's raising the issue in full public view. setting up a process that will include -- may include tariffs hopefully mostly negotiations, but you can't rule any of that stuff out. i don't think this is damaging the market at all. >> let's get both sides of this argument former gm vice chair bob lutz joins us, also former ambassador to china and former commerce secretary under president obama, gary locke secretary locke, what are the administration's chances of succeeding in bringing the chinese to the table to get a better, fairer trade deal by threatening these big tariffs? >> well, obviously, america has grave concerns about some of the economic policies of china the fact that so many sectors of the chinese economy are off limits to u.s. and foreign investmen

i'm becky quick along with joe kernen and mike santoli. let's look at the u.s. equity futures. yesterday there was a bit of a pullback in the markets. only the slightest one for the dow. you did see the s&p 500 and nasdaq slightly higher mixed day. you can see that same story carrying out this morning in reverse. dow futures higher, up by 12 points s&p seeing a slight pullback of 1.5 points same story for the nasdaq. we'll see as we continue to get earnings in how this shapes i. look overnight in asia looks like the nikkei was up, just slightly. up by 0.10%. na hang seng up by 1.4% shanghai up by 0.85% right now in some early trading in europe, slightly higher stocks for most of these markets. the dax is the one exception, down by 0.10%. stocks higher in france, london, italy and spain. let's check out treasury yields. up across the curve yesterday, yields across the board were higher the ten-year yielding 2.89%. >> oil is crazy. we'll talk about that in a second 69 when it gets high, it can never be low again because how could it be? when it's low, it's like it's never going h

santoli. >> i don't think i missed anything >> and the chief strategist, mike, seriously, it was -- there wereays it felt like disaster and days feeling all clear, and today is the perfect embodiment, all clear in the middle of the day to be completely erased and reporting there's an fbi raid in trump tower right now for trump's personal lawyer. as headlines crossed that we gave up the rest of the 100 point rally. >> pattern is when we get the headlines on the mueller investigation, moving the ball in that direction, there's a reflex pullback in the markets now, the timing of the reports suggest that reflex is all that we got a chance to see, is that kind of step back, let the market come in, and then figure out in there's more substance to it with legs we're in the moment right now, but even before this all happened, it showed you that there was not a lot of day-to-day momentum, right 2% selloff on friday, setting up for something ugly on monday, we shoot higher by 1.75% by midday. >> there was no new real headlines. of course, you had the trump white house, we had larry kudlow, steve over th