mike santoli takes a look at what might t happen stocks in the weeks ahead. >> stocks are heading into summer stuck right in the middle of their 2018 range. a swirl of opposing currents threatens tt keep the mar from making much progress as the weather heats up and the trading slows do. the s&p 500 has had an eventful first five months of the year, but theet movement has been slight. the index is up a bit less than 2% year to date and is almostal exactlyay between its late january peak and the february lows. just a bit mor than 5% away from each extreme. seasonal factorsuggest a choppy path into the summer with june being among the weaker months of the year. historical record of midterm election years also points t nervouback-and-forth trading in the coming months. this would fit with the interplay of fundamental factors that have been driving stocks so far this year. corporaterofits are growing briskly and companies are buying back their shares ag tessively. ye threat of higher interest rates and questions over the durability omi eco growth are constant. while wall street has tuned o

mike santoli tackles that for us tonight. >>> will the third time be a charm? stocks are up n less than two weeks. 6% above their april low. the third strong rally since the short market set back struck at the end of january. the previous two tries regained a bit morelf than he value loss before stalling out close to current levels and sagging back towards the year's lows. vestors are now asking whether this recovery attempt can be trusted. there are a few reasons to believe this advance does have a better shot of holding up than the prior one. for one, the best corporate earnings season in years is just about in the books tnd results now may stop a good dea better than the rest of the year. strong enough to support stocks through the period of rising bond yield making peace with the ten year treasury near 3%. the market's own behavior has been much more stable this time around measures of s&p 500 index volatility back near normal levels after m of elevated readings that suggested greater market risk. m thket is fairly broad and its leadership is encouraging. s

mike santoli is back with us there is a lot to watch.rtant >> the dollar that's tha keeps rallying up .75% right now we got slightly soft economic data this morning, not usually seminole numbers but you got slightly softer numbers and yields don't come down they're kind of sitting up there. that's the story we've been in for a while. there's not that fail safe effect of when the economy looks like it may be starting to slow slightly, yields rally, bonds rally and yields go down if you had to isolate that we've been selling these weak rallies. open strong. sell throughout the day. traders have not been penalized for sitting it out and not putting money at risk, even when the earnings are good and that pattern is there good illustration today that apple is up, it's an anti-bellwether sometimes because it does its own thing. it took its pain before, went down below 10% now it's rallying. it doesn't get a big lift. i think we're not getting any help from the secondary sectors. >> with may day, volume not our friend. >> most of the world is c

. >> watching as the market movings into the close, of course, mike santoli is analyzing if we can trusthe rally, but bob charts the session. bob? >> may make it eight straight days for the upside for the dow, but we are starting to run out of the steam this is the s&p 500. 100 points on the s&p is a lot and how much we traveled since the jobs report just a couple weeks ago, and you see the moves to the upside, but we started to flatten out a little bit here, and that's a little bit of a concern for the overall markets r a , and you see the problem with the russell 2,000, set to go, historic high on the russell 2,000, and that was at -- here, we take a look here, right there, with essentially, the historic high, and we failed that's the sign. there's a lot of resistance to get new highs for the markets right now, but it's been a great may. normally, remember the sell in may story here no we're up 4% almost on the s&p 500, 3.4% or so on the s&p, and the important thing is, normally, this is not nearly as good as it typically is. this is the best may we had. end at 3% since 2009, we were u

mike santoli takes a look now at whether the market is just returning to normal.te >> rep investors thrown off balance by swirling markets this year now face a new wrinkle, a sudden outbreak of normalcy. this year scks went fro an unprecedented uphill strength in january to a nasty stumble in february followed by months of confused struggle. in the past couple of weeks stocks have stabilized and covered to a seven-week high as a rush of strong earningsed prov support and stock investors have made a tentative peace w hh somewhather interest rates. this return to normalcy can be seen from a few different angles. the widely tracked s&p 500 volatility index closed wednesday at its lowest level nce january indicating stocks and stock traders are no longer particularly agitated or fearful. the market has also grown less sensitive to potentially unnerving headlines. when president trump exited the iran nuclear agreement and oil prices cssed $70 a barrel, the major indexes paused briefly and resumed their gentle climb and stocks in sectorsre movin independently based on their own news and corporat

let's bring in senior market commentator mike santoli how this impacts the u.s. et mike, when we awoke this morning, it was a factor for italian markets, surprise the extent it's weighing on u.s. markets. >> it is, actually, as the day's gone on, it's intensified a bit. i will say we are doing two days worth of europe pain in one day today in the united states >> true. >> there's some mechanical aspect to it, but you have to take notice atleast to the fac what's going on in credit spreads, i mean, it's not exactly as if this is a huge screaming riskoff moment, but it definitely shows you there's more concern that is seeping into the markets i think, also, with jp morgan. >> yes, no, go ahead, go ahead >> jp morgan is underperforming banks, right that's the rock solid one. that shows you a give-up instinct to say, okay, fine, the banks are not investble now with yields doing what they are doing with what's happening in europe. >> is the main linkage in the story, the huge drop in the 10-year yield in the last couple -- last check, under 2.8% from over 3% is that th

mike santoli is posting up >> yeah.-packard enterprise we brought you the results for the latest quarter last night. wall street is not specifically liking the guidance. the new ceo took over for meg whitman a few months ago said the second half of this year is going to be something. shows you the market with this stock down more than 10% to 15.5% doesn't want to pay much more than ten times earnings for a no growth mature tech company right now. we'll see if the street's going to rescue this one right now basically investors not interested in paying up for it >> not the darling anymore mike, thank you. did you watch the basketball last night no, but that's good because they -- it was -- warriors couldn't do it >> the animation reminded you of that >> it did. >> mike santoli will be coming to take this seat any momentnd a i'll be coming back with the closing countdown. don't go anywhere. e, even though geico has been- ohhh. ooh ohh here we go, here we go. you got cut off there, what were you saying? oooo. oh no no. mayb

for "nightly business report," i'm mike santoli. >>> tens ofhousands of berkshire hathaway shareholders were in omaha over thend wee for the company's annual meeting. affectionately known as the woodstock of capitalism is an opportunity for shareholders to listen to warren buffet speak on a number of issues, siness, the market through his investments. today he talked to our becky quick about a nber of issues including stocks, and one that he really likes in particular. >> reporter: the first thing most people want to hear from warren buffet is what he thinks about the stock market right now, s we ask him that this morning. buffet overall says that he's had a very tough time in terms of finding dea for berkshire hathaway. a lot of the deals brought their way, priva deals at least, he thinks have been over valued by 15 to 20%. when i comes to individual investors he views things a little differen ay. >> almosays equities have been a better buy. certainly if you're going to put away money over time when you're younger, you can buy stocks over a considerable period oftime, you're not going

we're live at the nasdaq market site in times square i'm melissa lee along with joe kernen and mike santolisitting in with us for the hour, karen firestone. welcome to you >> let's check u.s. futures, seeing how we're setting up for the session. yesterday we had losses across the board. on the s&p 500 we snapped a four-day winning streak. on the dow, we snapped an eight-day winning streak the dow looking to lose 28 at the hope s&p down by 1.5. nasdaq is higher overnight in asia, north korea developments have affected trade there. the nikkei down 0.4% hang seng down by 0.10%. in shanghai, down by 0.70% a mixed bag in europe with germany higher by a quarter percent. the star in terms of the attention, treasury yields seeing the highest ten-year yield since 2011 we've abated from the high of 3.07%. >> hard to figure. remember when korea, things started getting better nuclear armageddon is off, markets flat nuclear armageddon back on, markets down -- maybe eunice can explain. north korea canceling its meeting with south korea that's an actual cancellation which is somewhat disconcerting, it was

it is that we're about to race off to hit new highs very soon >> all right thank you very much, mike santolithe nyse on whether or not this is a trustworthy rally. >>> so, as this latest recovery rolls on, how far can the bulls run? let's bring in senior investment strat gi strategist with oppenheimer funds. shannon, let me start with you do you trust this rally? >> we do we feel like there is a decent amount of breath in the market right now. we're really happy to see some strength back in areas of tech like semis, if you look at the technical, where, you know, doing pretty well versus the hundred-day moving average and for us, we looked at earnings, they were strong we didn't see kind of the bounceback that we would have expected off a nice earnings report for a lot of those companies, and i think it's been a wait and see china looks like things are simmering there and so therefore we're pretty optimistic given kind of the economic foundation of where we've come from and the fact that we've got earnings season behind us and a lot of headway in front of us >> how about you, brian? are we go

joining us is jpmorgan private bank global investment strategist and mike santoli.rd buffet talk about stocks versus bonds and why stocks are the better bet for a while now. it's interesting that we've seen this big move in bonds with the ten-year yield hovering around the 3% >> they haven't reached whatever threshold buffett has in mind. i think the virtue of hearing from him this way, a very consistent message, is the virtues of keeping it simple and the hazards of overthinking it that said, i don't think many are there with this binary decision of s&p 500 or long-term treasuries they can both be part of the same mix buffet has $100 billion in cash. it's a fifth of the market value of his company he doesn't mind having secure reserves >> he liked to put that money to work >> waiting for the right price and opportunity. >> what sort of allocation should investors have between stocks and bonds >> it's dependent on the investor a lot are thinking about the tradeoff between stocks and bonds. if i look at the dividend yield or buyback yield, those aggregate yields are

sue herera >>> it is time for our etf spotlight where mike santoli is looking at the dramatic moves inet. the u.s. made quite the move >> sharp, sudden move in treasury yields. related to italy but it was impress fif you look at the velocity of it and also important to look in the context of the longer term trend in treasuries the tlt is the ishares treasury etf that owns long-term treasuries that's 20 years and beyond not a lot of people concentrate their bond holdings in this area look at a two-year look at this, though you can actually see yesterday's moves are the latest moves on this chart but really not really doing a whole lot to change the overall trend which is down. if you looked at it you'd say if that was a stock, maybe you'd actually think about the trend being still in place so i do think you want to keep that in mind tpt is the inverse it's the mirror image of the tlp. short these bonds. it's not been a huge home run trade. you'd think that yields are up so much. shorting them has been a no-brain are it's been about flat year to date or a little down. it's one of those d

, but nasdaq down 11, s&p down half a percent, and russell giving up recent gains >>> up next, mike santoliosts up the day's biggest decliner, mike >> yes a mall retailer that was on a good roll, having a tough day da bedn esontoy,as oquti marks based on its outlook details when we come back. i'm very proud of the fact that i served. i was a c130 mechanic in the corps, so i'm not happy unless my hands are dirty. between running a business and four kids, we're busy. auto insurance, homeowner's insurance, life insurance policies. knowing that usaa will always have my back... that's just one less thing you have to worry about. i couldn't imagine going anywhere else. they're like a friend of the family. we are the cochran family, and we'll be usaa members for life. save by bundling usaa home and auto insurance. get a quote today. (slow jazz music) ♪ fly me to the moon ♪ and let me play (bell ring) >>> welcome back art just came by to say there's a billion naand a half to fill the bell actually, it's high as 2 billion, came off a little bit stocks moved lower and dow down 236. we go down to the

as you see there, but overall, down, and the russell in positive territory >>> when we return, mike santoli mike? >> yesterday, news on how amazon uses market power to help people get into whole foods we have another maneuver in the grocery wars details when we come back. at&t provides edge-to-edge intelligence, covering virtually every part of your retail business. so that if your customer needs shoes, & he's got wide feet. & with edge-to-edge intelligence you've got near real time inventory updates. & he'll find the same shoes in your store that he found online he'll be one happy, very forgetful wide footed customer. at&t provides edge to edge intelligence. it can do so much for your business, the list goes on and on. that's the power of &. & if your customer also forgets socks! & you could send him a coupon for that item. >>> welcome back, i'm mike santoli on the floor stock up a 1.5%, it was up a dollar more, in fact, earlier today, following news that kroeger entered into a deal with a u.k. company to do delivery of groceries here in the united states, kroger has an exclusive deal with

let's send it down to mike santoli. he's on the floor of the stock exchange posting up occidental petroleum. >> it's kind of a mid-major. a $50 billion market cap it's on a good roll today. up about 5%. most of the day they had results earlier this morning they beat on earnings, on revenues, on production. they said they're going to resume their share buyback plan. and a lot of the guidance for down the road looks pretty good too. not just oil but also the chemicals operations look like they're beating analyst forecasts. pretty much all in line. i think the big thing is how much juice is left the shares are up 30% in just the last six weeks like a lot of these energy names, they have a lot of momentum behind them >> mike, how does that 3.7% dividend yield stack up compared to the other energy names? >> yeah, wilf. actually, right in line with a lot of them. that yield has been going down as people found other reasons to buy it besides just the dividend >> you see that graphic? nice little basketball hoop. mike, you shou

. >> meanwhile the markets are down big news on that front morgan brennan and mike santoli are back att nine. morning, guys. >> morning, carl the markets are definitely backing off, giving up a little less than half of yesterday's rebound. look at the s&p 500. it's not all even. obviously you see the dow down 236. the heavy industrials, the big exporters, boeings, capital exporters are really getting hit. steel stocks up a little bit, aluminum a little more mixed banks also weak. that's not seemingly a trade issue. that seems to be this news on deutsch bank under scrutiny for the past year. jp morgan down more than 1%. a lot of things going on the market seems to be trying to separate out potential winners and losers in this whole tariff situation. >> tech is up. we get these really great headlines from our colleagues out at code on the west coast right now, in general, despite the fact we're near lows on the dow we're still on pace for our best month for stocks since january. it's worth noting it's been quite a month. >> it is also hard to separate out what month and effects we might

. >>> time for our etf spotlight mike santoli looking at etfs that could mirror the smart money playsng been considered smart money for those who still consider hedge funds the smart money worth following. a few etfs that try to look at the stocks most commonly held by hedge funds. and hold those stocks. obviously, right now we're hearing about etf holdings that's always lagged by 30 or 45 days but nonetheless, some of these funds are smaller but try to track it. goldman sacks has kept a hedge fund vip list which are the 50 stocks that most commonly appear in the top ten list of the larger hedge funds it's only launched in november of 2016. it's a small fund. all these funds are pretty small. it's done well it's ut performed the market by 2 or three percentage points not dramatic but definitely a better go daddy is peers in a couple of these. very tech oriented otherwise, even besides that. another one is the global x guru fund guru is also the ticker there. more diversified been around longer doing okay a lot of energy in some of the top holdings here as well as herbalife which is an

. >>> we begin today with the markets, bob pisani, mike santoli. you say the market is getting less agitated, becoming inured to a lot of the geopolitical events and other factors that may have been head winds in the past. >> last couple of weeks, melissa, especially, it's shown a little -- a level of comfort, i guess, with where we were trading, coming to terms with 3% treasury yields and things like that you're seeing it in the sector rotation, the fact that the volatility index has gone below 14 it shows you that the market has pulled itself into this condition where it's not so much of a raw nerve all the time when it gets these headlines so i think that's probably preferable obviously, we made it through earnings season, didn't get a lot of direct lift from it but that's now kind of supporting the markets and i think that's one of the things we're seeing the last couple of weeks, especially >> the market is inured, you say? >> well, melissa said it's inured >> i love it when you use that word >> it's a good word. >> it turns me on when he uses

>> on the floor of the new york stock exchange, i'm mike santoli. a shock and drop, is the market stabilizing? >> reporter: we're in washington, why this is the best day to sell a house. >> reporter: we're in san francisco where i have the exclusive interview with dropbox's ceo as the company releases its first quarterly report since the ipo >>> plus, a top institutional investor argues mark zurk ckerbg is not playing fair, and tim draper will join us. i'm kelly evans, and "the closing bell" starts right now ♪ >> isn't fresh record redundant anyway >> it is >> fresh record. >> it's a good point i said fresh high twice. >> fresh record. for one of them. >> anyway -- >> welcome, this is the "closing bell," all those stories in a moment, but check on the markets. stocks posting a rally, dow up 252 at the high, and up 222 now, gains for the sixth straight day. >> criticizing the prerecorded open, your microphone was like this a little bit. >> it was really perky >> we'll get it spot-on one day. the s&p and nasdaq on pace for the best closes since march

. >> and mike santoli is posting up one of today's biggest movers >> we're going to look at a badly beating'll give you the details when "the closing bell" returns us. it's what this country is made of. but right now, our bond is fraying. how do we get back to "us"? the y fills the gaps. and bridges our divides. donate to your local y today. because where there's a y, there's an us. at fidelity, our online u.s. equity trades are just $4.95. so no matter what you trade, or where you trade, you'll only pay $4.95. fidelity. open an account today. >>> welcome back to "the closing bell." just a couple of interest rates since the sectors in the red today. utilities down a percent elsewhere all of the sectors are positive surprising to see financials down there usually moves opposite of utilities. doing well following those macy's results. >> let's send it down to the floor where mike santoli is posting up gamestop today. >> this remains a battle ground stop gamestop is actually unchanged right now. that's down from about a 2.5% gain this morning. that was after our leslie picker reported there wa

we're live at the nasdaq market site in times square i'm melissa lee, along with joe kernen and mike santolicheck on u.s. equity futures. yesterday we did finish in the green, so the dow saw nine straight up days in ten sessions we are looking to open lower by 11 points on the dow down by 2 points on the s&p 500. the nasdaq looking to lose 21 at the open russell 2000 is the real star in yesterday's session, hitting a fresh record high. let's look at the action overnight in asia. stellar earnings out of tencent. didn't help the hang seng. third straight day of declines there. nikkei managing to

we're live at the nasdaq market site in times square i'm melissa lee along with joe kernen and mike santolius for the hour, karen firestone. welcome to you >> let's check u.s. futures, seeing how we're setting up for the session. yesterday we had losses across the board. on the s&p 500 we snapped a four-day winning streak. on the dow, we snapped an eight-day winning streak the dow looking to lose 28 at the hope s&p down by 1.5. nasdaq is higher overnight in asia, north korea developments have affected trade

see you shortly, mike santoli. 35 minutes to go, dow down 350 points earlier today, and now down 144, and s&p turned positive earlier, now down by three. nasdaq is positive, awaiting apple results. russell's up a couple, and apple is set to report earnings after the bell questions are swirling if the long term viability, especially in china, we'll break down results from the world's most valuable company as soon as they hit the tape >>> julia is in san jose at facebook's annual developers conference julia? >> reporter: well, wilf, facebook's privacy fallout in fake news are front and center here, about 5,000 developers here, many of them angry about the changes that facebook has made and just yesterday, a topic that announced he's leaving the company. coming up next, sitting down with facebook messenger chief to learn how the data scandal impacted his business and what's next for the 1.3 billion user app. what do advisors look for in an etf? i tell clients, etfs can follow an index, but which ones target your goals? it's not about quantity. it's about quality. no trendy stuff. i want

mike santoli has a big mover >> yeah. we've had strong retail numbers. this is one of the strongest moves. meacl tell you about it wh w ene co bk. let's begin. yes or no? do you want the same tools and seamless experience across web and tablet? do you want $4.95 commissions for stocks, $0.50 options contracts? $1.50 futures contracts? what about a dedicated service team of trading specialists? did you say yes? good, then it's time for power e*trade. the platform, price and service that gives you the edge you need. looks like we have a couple seconds left. let's do some card twirling twirling cards e*trade. the original place to invest online. i'm not really a, i thought wall street guy.ns. what's the hesitation? eh, it just feels too complicated, you know? well sure, at first, but jj can help you with that. jj, will you break it down for this gentleman? hey, ian. you know, at td ameritrade, we can walk you through your options trades step by step until you're comfortable. i could be up for that. that's taking options trading from wall st. to main st. hey

. >> jackie, thank you >>> trade tariffs off the lows mike santoli is at the nyse. it seemed like we took a leg lower, as soon as the retaliatory measures from canada were announced >> definitely did, and then kind of the market found its footing a little bit again so it's definitely a bit of a delicate reaction process, i think, the market's going through with each new wave of news on all this i do think, though, the market is trying to kind of localize the damage and be more selective about exactly which sectors get hit and which don't, so obviously, you've been mentioning the machinery stocks, theaerospace stocks that might be seen as really the losers in any retaliatory trade measures on the other hand, i think the other thing muddying up the picture a bit is the weakness in bank stocks. jpmorgan down, has nothing to do with steel and aluminum tariffs, has more to do with deutsche bank so i think there's an effect but we're higher in terms of the index levels than we were in early april and february when we had previous flare-ups of these trade tensions >> mike,

i'm melissa lee along with joe kernen and mike santoli.are on assignment becky will be back tomorrow with from the berkshire hathaway koc conference call. and on monday, the berkshire summit let's take a check on the u.s. equity put pictufutures. we will some slight gains on the back of the fomc

2009 joining us is the dean of valuations and finance professor at nyu, cnbc's market commentator mike santoli the dow would have bounced off the 2 hyundai without all this happening. >> you look at everything that's happened with apple this period. it's almost a rounding to trillion large stocks and bull markets go up without anything new happening. the question is, is apple right now at the end of one of these big runs it tends to go on or can it barrel on from here >> when you're trying to value apple, how do you do it? it occurred to me this morning that apple is becoming a little more like disney in a way thaemplt trying to avoid being hit driven with just the iphone. you've got the services business, a little bit like theme parks. it gets the ancillary benefit of iphone sales you have the accessory business, which is like merchandising. then you have side businesses like the ipad, abc and the mac is espn. is that how you view it, as a portfolio approach that used to be more hit driven >> i think they're trying to build an ecosystem around the iphone they know how dependent they are on th

. >> mike santoli. >> up next, chips, with no dip, the analyst behind my kron's upgrade joins us as chipcks continue their surge this month. see, that's where i was going. more "squawk alley" after this ♪ micron is gigantic it can move a lot of stocks. global markets, bef the rhythm of the world. but to us, it's the pace of tomorrow. with ingenuity, technologies, and markets expertise we create the possible. and when you do that, you don't chase the pace of tomorrow. you set it. nasdaq. rewrite tomorrow. >>> welcome back to "squawk alley. a news alert here on fox julia boorstin has breaking news >> carl, fox announcing its leadership for the new fox, those are the assets of 21st century fox not selling to disney lachlan murdoch will serve as chairman and ceo of the company. rupert murdoch will be cochairman and the cfo will take on a broader role as fox's chief operating officer. no role for james murdoch, now expected to go it alone, likely more entrepreneurial it was reported he was going to do something like venture capital investing at one point discussed whether he would have a role

. >> all right john, thanks michelle, eamon, all of you stick around mike santoli here with us at poste. the stock market reaction, is it a reaction to this do investors really care that much whether this settlement happens or not or are we witnessing moves based on other stuff >> jon, i don't think the market cares this much. if you're going to be drawing lines between the fact that this summit is not going to happen and what might happen on trade policy, i think at the margin, the perception is that it creates the makings for the president to be more hostile toward china on trade. there's one fewer reason to be conciliatory in that region. energy markets leading to the downside all that stuff is in the mix i don't think it's a matter of oh, no, now we have the potential for hostilities to break out on the korean peninsula. >> michelle, mike just mentioned china. how does china fit into all of this >> inextricably linked that impromptu news conference he did on tuesday was when i think about china and trade, i think about the border i think about the border of north korea. china is no

mike santoli joins us on set to talk about an interesting session.the s&p hanging above the 50-day, even with oil at $71. ten-year right at 3% >> right, a lot of these markets kind of hovering a what seem like decision points if you had a market that wasn't moving much at all, you would want to see the sectors leading that are leading energy, industrials, financials, tech to a lesser degree. that's been the case for the last two days. it's a decent message to the markets. even though you see really a stalemate because you have the consumer staples, health care as a drag, and on the dow,trusting, you mentioned walmart losing ground based on this deal, disney also on a little bit of the deal concern that's why the vix is at 14 right now. the market seems comfortable with the idea that the recent lows are maybe a floor for a while. and yet not a lot of energy to push it to the upper range >> you mentioned that the ten-year treasury yield touched 3% we come back off that slightly at what point does that become an issue for equities? right now, they're ha

. >> too far, the fed will talk it down >> i want to bring in mike santoli at the new york stock exchange who has been taking a look at whether stocks are at a make or break moment he's our senior markets commentator in new york. >> scott, hi i think we can make the case that they are at least approaching a make or break moment i heard joe start this off by saying the joe hmarket has beenm correction i agree. here's a look at that. today is the 60th day since the s&p 500 hit its intraday low, february 9th that's kind of long for a routine correction to go along without really making an assault on the old highs on the other hand, this is a really high high so a few things to note here when we saw this drop off of an all-time high, a very sharp drop, a lot of people pulled out, me included, who said if you get one of these falls off a cliff from an all-time high, that tends to be recouped very quickly. it's not really an economic moment it's an adjustment incentive evaluation we're still seeing it here what i think is also interesting is the s&p 500 getting pinched between these lines. this

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we're live at the nasdaq market site in times square i'm melissa lee, along with joe kernen and mike santolilet's check on u.s. equity futures. yesterday we did finish in the green, so the dow saw nine straight up days in ten sessions we are looking to open lower by 11 points on the dow down by 2 points on the s&p 500. the nasdaq looking to lose 21 at the open russell 2000 is the real star in yesterday's session, hitting a fresh record high. let's look at the action overnight in asia. stellar earnings out of tencent. didn't help the hang seng. third straight day of declines there. nikkei managing to finishhighe by a half percent. over in europe what is going on in italy continues to be in focus. we are seeing green arrows across the board with the backs up by dax up by a third of a percent treasury yields, we're looking at levels we have not seen since 2011 we hit 3.1% in yesterday's session. we are holding there firmly. 3.104. the two-year at 2.594. >> hold me i'm squared. hold me. 3.1. it's been a while, 3.1 >> six years and ten months it's been took a while to get used to the idea >> 3.1,

. >>> mike santoli has big market movers, mike >> we have spoke about spotify in the months since the stock listed here, but today, the hit in streaming music is pandora. why that stock is up big when we come back. help you reach your goals. it's having the confidence to create the future that's most meaningful to you. it's protection for generations of families, and 150 years of strength and stability. and when you're able to harness all of that, that's the power of pacific. ask a financial advisor about pacific life. at&t provides edge-to-edge intelligence, covering virtually every part of your business. so this won't happen. because you've made sure this sensor and this machine are integrated. atta, boy. & yes, some people assign genders to machines. & with edge-to-edge intelligence, you'll know your customers love this color, & don't love this one. never getting grape again. & you can adjust in near real time. & if someone tries to breach your firewall in london & you start to panic... don't. you've got allies on the outside, & security algorithms on the inside. & if it's jammed u

. >>> welcome, everybody i'm tyler mathisen we begin with today's selloff and mike santoli at the nework stock exchange mike, do you think italy, the situation there, far from a true contagion right now, why and what would it take to elevate to it that happy state? >> yeah, at least right now, tyler, i don't think you look at the markets and say this is a full blown contagion i dohink you've been talking about the bond yields, treasury bond yields, back to levels of a few weeks ago. the u.s. stock market has given up a couple of weeks worth of gains, even bank stocks were here in early may so a lot of kne these markets took this as an opportunity to back off a little bit. obviously i think it's the credit markets that will hold the key as to whether what's going on in it lee aaly is goin spill over into u.s. corporate america, access to capital, how we price risk over here, so that's what i would be watching and right now today, yes, a little bit of a flooder in those credit markets in the high yield market but nothing right now that says that this is really that different an environm

. >>> mike santoli posts up a movie company moving big today mike >> yes one of the smaller ones.ig media in the news, but wall street has liked what it heard from the more independent media companies. the details on that when we come back let's begin. yes or no? do you want the same tools and seamless experience across web and tablet? do you want $4.95 commissions for stocks, $0.50 options contracts? $1.50 futures contracts? what about a dedicated service team of trading specialists? did you say yes? good, then it's time for power e*trade. the platform, price and service that gives you the edge you need. looks like we have a couple seconds left. let's do some card twirling twirling cards e*trade. the original place to invest online. 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. never owned a business.e term "small business," there's nothing small about it. are your hours small? what about your reputation, is that small? whe

bank wealth management and mike santoli is cnbc senior markets commentator. assessment of what the market is telling us today relative to what the president did with stopping the summit with north korea >> well, michelle, we see once again that kind of reflex twitch lower whenever you get one of those headlines which i guess in the market's estimation, around the edges, makes a little more trade hostility with china slightly more likely but then you see this market has been much more difficult to rattle on an ongoing basis i would point out it's not as if the market rallied for days on end in march when we heard there was going to be this summit so i don't think the market expectations for results were all that high. i think the market's caught up in its own things, bond yields coming down, and i do think, like i said, around the edges, it maybe muddles up the trade picture a little bit but the market is willing to kind of wait and see how this plays out and not make any strong moves. >> eric, it seems like you've gotten more cautious in your own portfolio. >

. >>> it is time for our etf spotlight where mike santoli is looking at corporate buybacks with appleng its buyback. this is where the tax reform savings are going. >> a lot of it, absolutely even before the $100 billion authorization from apple a new surge in buyback plans something like three quarter of a trillion dollars technology stocks have been some of the heaviest buyers of their shares if you look at etfs that track stocks doing heavy buybacks, it's not always been directly rewarded by the market here are three difference ways to cut the buyback approach. the pkw is probably the biggest one. they have slightly underperformed all of them year to date. a few years ago, this was a pretty sure bet to outperform the market it's not been the case perhaps the reason is they own a lot of financials. overweighting in the financial sector just because they are all basically buying back a ton of stock. that's been a little liability interestingly, none of these three etfs, because of their construction, have apple as a very big holding maybe that's been hurting them the ttfs is interest

implication of legalized sports betting, we have the philosopher who writes for sports.com, and mike santoli, starting with you, there's interesting questions whether the concern is now that you make a behavior permissible, you get more of it, and it's sports gambling, is it a good thing >> right the main - >> sorry >> go ahead. >> oh, sorry i think the main ethical question is the integrity of the sport. we'll get more gambling, and the question is going forward that it's legal is is that going to have a negative impact on the integrity of sports? are we going to get more match fixing, shaving of points, all kinds of manipulation of the outcomes of games for gambling, and if so, that's a reason not to legalize bets >> yeah, all right, i think that's rj -- rj, can you hear me okay >> i'm here now? >> he can. okay that's what we heard in the background there, so, go ahead >> sorry >> because this is what people are wondering. on the one hand, it's a big money making opportunity, but is it exploitive? >> i don't think so. in the end, people gamble, as long as it's in sports, it's gambling, and

highs of the session after our conversation with larry kudlow mike santoli has our etf spotlight. >>not just the dow but other mega cap stocks to other smaller stocks in the market last week the roussell 2000 almost held the market together, making new highs as the rest of the market didn't do too much. today you see the opposite of that that seems to be what's happening now. i'd look at a few etfs that illustrate this. the xlg. this is the biggest 50 u.s. stocks out there obviously, huge multinationals you see they are actually slightly lagging now on a one-year basis but look in january at how far ahead that white line was, the mega caps to the small caps. russell etf. it built up tremendously mega caps were up by 11 percentage points over the russell, and here you see on a year to date basis how much of a lead the russell 2000 has built up over the major caps now the question today, does today or this current period represent a reversal where we see mega caps start to win again? sara earlier mentioned it's happening despite the fact the dollar remains firm. all these are big quest

it's plus 30 points at the moment, near the highs of the day at 37, and albeit, a slight gain mike santolias an individual mover today. >> cardinal health up 20% on the day, reporting results this morning. this is a drug and medical supply distributor the wholesalers under scrutiny because of the role and, perhaps, hiding the real cost of pharmaceuticals. they had a problem with declining generic drug costs, they take a cut of that, that's an issue, and inventory issues on a division they have overseas, and all of this came together, bringing the entire group down, and cardinal at a four and a half year low today, and also, they are down 5%, so it seems as if a lot of attention on this industry, and a lot of struggles >> how much was it that overseas business, they bought that from jj - >> exactly >> that does not have the implications for the core pharma business >> it does not, but they discovered unsold inventory, and the tax rate went up because they did not get certain adjustments overseas so that's a 45% tax rate it told investors there were things in the acquisition and books they w

. >> under $11 right now we go to the floor with mike santoli is posting up boeing >> no other stockn trade potentials than boeing up 3 partnersh.5%. tensions seemed to have eased driving the dow. 364 is the late february high right before the trade noise hit the stock, so we'll see if it surmounts that to signal that maybe this threat is diminished for good, guys >> yeah, 100 dow points on its own. by the way, i'm reminded, you should have watched warriors play rockets last night. tune in tomorrow night have you seen curry play in. >> i have not. >> okay. >> i have not live >> okay. tomorrow evening, set your clock or dvr >> i arrive back late. >> oh, we have 12 minutes to go. incredible game. boeing contributing to the dow, but everybody up today, s&p by two-thirds of 1%, and nasdaq just over a third of 1%. >> sports news, quickly. arsenal can manage it. >> who >> the right choice. good luck to england in the world cup. crypto crackdown, that's next. let's begin. yes or no? do you want the same tools and seamless experience across web and tablet? do you want $4.95 commissions for s

. >>> sticking with oil let's bring in mike santoli.h the energy sector obviously leading the trade today. >> yes, leading today, carl, and both in the commodities and in the stocks that's been the case for a while. tail winds all across the whole energy complex if you look at different ways to slice it in the exchange traded products the ones that own crude futures. the uso against the -- that's the wti crude futures, etn also one that owns brent crude that's the bno this is a year to date look. ixc is global energy stocks. it's essentially all the largest world oil companies and the xle is for the u.s. s&p 500 energy sector you see the actual crude futures in oil have way outperformed the stocks year to date. that's largely because you've had -- it's much more about a geopolitical trade i heard bob talking about the near-term prices are better than the longer dated ones. that tends to help those who own futures. if you look at a two-year look, it's a little closer still brent crude being the major outperformer but the stocks keeping u

. >> it's the opposite >> anyway, there we go, mike santoli is switching seats with me in a moment upoming back with the "closing countdown." >> as well as earnings from gap coming up. keep it here, we're back in two. 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. holiday inn express, show of hands. let's get started. who wants customizable options chains? ones that make it fast and easy to analyze and take action? how about some of the lowest options fees? are you raising your hand? good then it's time for power e*trade the platform, price and service that gives you the edge you need. alright one quick game of rock, paper, scissors. 1, 2, 3, go. e*trade. the original place to invest online. >>> welcome back, everybody. i'm kelly evans, this is how the dow transports look into the close. it is a strong session they are up 122 points that's better than 1% gain perhaps, the flip side of what we are seeing play out in the oil space

. >>> welcome back, mike santoli is posting up hertz. >> they are getting punished today, results lastthe car rental business is tough, showing how tough, a wider loss than expected, sales okay, but no great signs that promised turn around under a new ceo is gaining traction selling bad performing cars, invest in the fleet, hitting it at 20% today, carl icahn bought more we'll see what he does >> great stuff, mike, thank you very much for that about five minutes left the trade, and the final countdown is up next when we come back until exxonmobil scientists put it to the test. they thought someday it could become fuel and power our cars wouldn't that be cool? and that's why exxonmobil scientists think it's not small at all. energy lives here. (slow jazz music) ♪ fly me to the moon ♪ and let me play (bell ring) >>> welcome back to the "closing bell," a roller coaster ride intraday dow has been down 150 points, and up as much as 50 points, but s&p 500 is a ride, ending well off the lows the the dow's down 15, the s&p slightly lower, and nasdaq slightly lower, but improving momentum as we

we bring in mike santoli, our commentator for take on this, mike, they shook off concerns now, haven't they? >> they have you know, when this market, when volatility goes down, people are feeling better about the tone of the overall market, almost by default, the big tech growth names do well, i do think, also, every rally we had this year has come from something that we thought might be scary that didn't come to fruition, so in this case, it was some kind of a regulatory crackdown on the big fang names the other interesting part is it was popular coming into the year saying, oh, we should see a rotation out of the big growth stocks into value stocks rates are going up in theory, it was not as scarce as it was in the past, but what's the scary thing now the stainability of the earnings growth for most companies, for these, right or not, nobody sees this as a cyclical play or the growth expiring. i think it's a light version of 2017 i do think at 2017, but with head winds or offsets that we're going to hit if, in fact, you know, the fed and bond yields do not cooperate. >> how much is b

. >> bob, thank you very much for that let's go to mike santoli posting up toll brothers, nin fact, mikhers right here over at post eight, and a couple things to what bob said. the market is not tolerant of a miss on the headline numbers because of the margins the home builders are showing i picked up an interesting tidbit in 12 months, toll brothers' revenue exceeded big revenue in 2006, pre-tax earnings, half of what they are today as they were in 2006 in the bubble years, so that shows you there is a bit of a squeeze on the builders. markets do not like it now i wonder if we saw the peak for the pure home builder stocks for the cycle, guys. >> all right, mike, thank you very much. it is really interesting to see how much more toll is down relative to the other builders today. again, nearly 10% drop in the session. let's get to our closing bell exchange today quincey is here with rick santelli, and, rick, i mean, a lot of big picture moves and this afternoon there was concern about maybe the president's comments about the north korea summit not happening do you buy that? what's going

. >>> up next, mike santoli with one of the market movers >> yes riding the beauty boom this year estee lauder has been one of the hottest stocks having a tough day today following its reltsus. we'll talk exactly why that stock is weak when we come back. o help you reach your goals. it's having the confidence to create the future that's most meaningful to you. it's protection for generations of families, and 150 years of strength and stability. and when you're able to harness all of that, that's the power of pacific. ask a financial advisor about pacific life. so, my portfolio did pretthat's great.year. but the market was up nearly twice as much. that's a tough pill to swallow. exactly. so i started trading. but with everything out there, how do you know what to buy? well, i think my friend victor has just the thing for you. check this out, td ameritrade makes it easier to find the investments that might be right for you. like our etf comparison tool it lets you see how etfs measure up to one another. analyst ratings and past performance... nice. td ameritrade also offers access to coac

. >> josh, thank you mike santoli as well >>> an epic board room wynn columnist jim stewart spoke with. it was a rare interview, and he's going to join us next to tell us what she said. "squawk on the street" will be right back with the dow up 108 your company is constantly evolving. and the decisions you make have far reaching implications. the right relationship with a corporate bank who understands your industry and your world can help you make well informed choices and stay ahead of opportunities. pnc brings you the resources of one of the nation's largest banks, and a local approach with a focus on customized insights. so you and your company are ready for today. - anncr: as you grow older, -your brain naturally begins to change which may cause trouble with recall. - learning from him is great... when i can keep up! - anncr: thankfully, prevagen helps your brain and improves memory. - dad's got all the answers. - anncr: prevagen is now the number-one-selling brain health supplement in drug stores nationwide. - she outsmarts me every single time. - checkmate! you wanna play again?

. >>> sara >> let's get more on today's markets selloff with bob pisani and mike santoli you say thisl place to stall and pull back question is, how far does it go? >> well, that is the question, sara i think we came into this week at one of those logical places, not just the eight-day winning streak but you also were up about 4% also the s&p 500, you fell off pretty hard about two months ago so a lot of people watching. at this point, i don't think today's decline is any kind of a game changer you've had a couple extra clicks of the ratchet so slightly tighter financial conditions, let's come to terms with these bond yield levels >> first, eight straight up days is enough so the market's a little bit tired maybe a little bit overbought. that's one factor. but number two, we've got this inflation issue back again the gas prices were higher and the empire state survey shows prices paid the input prices were notably higher as well so sort of back to this inflation worry. my sense and i agree with you, is that this is different than february when we had that wage growth remember the s&p