mike santoli takes us back a decade to remind us thaadeven if youhe stomach to buy stocks then, the road back was very bumpy. >> even before lman brothers collapsed and before the full financial crisis and bailouts unfolded, stocks were already in a bear market. by the friday before lehman' failure ten years ago this week, the s&p 500 had fallen more than 20% in just under a year. bank stocks were cut in half and a recession was underway. in other words, it was a time when disciplined long-term investors might consider investing more in stocks on the idea that they alrea rlected plenty of bad news. as it turns out, this idea would have been sou but the timing awful. the s&p since the eve of's lehmankruptcy is up 130% or an average of 11% a year including dividends. that performance is right in line with the market's historical rate of return over the past century, so in this sense after a decade an investor wasot penalized for buying stocks on the precipice of a global panic, but this move was afterwards. a long while the s&p gave way after lehman fell ultimately losing another 40% over

and here with us, index adventure general partner on the board of fiat chrysler and others and mike santoliday >> happy friday. >> mike, i want to start with you. given what we have seen in terms of tech sell off, a lot of focus on social media stocks and potential regulation we have seen tech stocks slammed on worry about pricing on memory is this a signal more pain in tech to come or profit taking and temporary blip >> tech has been on a bull run a long time. it is an industry that experiences cycles at some point you experience cycles broadly speaking tends to trail nasdaq and the market. if you see the jobs numbers today, it is clear the economy is in a good spot. it is unlikely aside from volatility we see all the time because speculation of regulation and memory shortage and whatever, hard to imagine tech will go off a cliff while the rest of the economy is doing well >> what do you see in light of that as the biggest risk to the tech story is it trade tensions and that ratcheting up with china >> i think probably the regulatory issues. historically if you look at silicon valley, we h

i'm becky quick along with joe kernen and mike santoli. andrew is off today.in. you saw the s&p 50

. >> mike santoli down at the new york stock exchange has been looking at whether this is gut-check time for technology at the nasdaq excuse me, mike, always at the new york stock exchange for you us you've been writing about this issue in the last 24 hours >> action at the nasdaq. right? the last couple days, that's why i'm here exactly. i've been writing about it it seems like there's a couple things going on. big picture. one is tech has become a little overgrown for the market it's become a crowded trade. it became overwhelmed. a lot of the bellwether names, the bull seemed to be inevitable, right? that makes a lot of sense and has not really jeopardized the uptrends of the overall tech sector or the average tech stock but you surrendered some leadership, right? fang became just apple and amazon amazon is down 100 bucks in 48 hours since it touched a trillion dollar market cap and people say nothing changed fundamentally, exactly but amazon didn't become better fundamentally year to date with the stock up all of this moving around a same time you have s&p, having to carve up all of t

for "nightly business report," m mike santoli. >>> it is time to take a look at some of today's upgrades and downgrades. at&t was added to the short-term buy list at deutsche bank. the analyst cites improving trends in the enterinment businesses. the price target is $37. the stock was up just a fraction to $33.91. >>> advanced micro devices was initiated with an ngtperform ran rcb capital in new coverage. aming chips d for and amd's solid gains in the server market. the price tget was $41. the stock was up 5% to $32.61. >>> the aims celestial price was raised by jeffries. the market trends should reverse with better utexecn. the stock was up more than 4% to $21.44. >>> royal caribbean's price target was raised today. they cited strong 2019 bookings at the company. buy irm maintained the rating on the stock but shares fell 1% to $130.02. >>> still ahead, when an iconic brand rebrands, does it work? >>> there are new estimates tonight on the cost of insured losses from hurricane florence tich, as you know, hit the carolinas earlis month. according to global risk monitoring firm rms the tot

. >>> time for our etf spotlight mike santoli on the floor with the look at the divergence we're seeingese technology companies. >> so we've been talking about these global divergences for a while in general terms the u.s. market has tremendous outperformed all non-u.s. index indexes and the tech comparison is extreme it's apples to apples. it's been profound look at the chart of the qqq and the chinese version which is the cqqq tremendous split starting in the spring but on the right side of this chart starting to see some bounces in the chinese stocks as the tariff fears either use themselves up or there was a sense that maybe they were easing up as the qqq, the u.s. stocks have backed off so the chinese portfolio is up 8% the u.s., nasdaq 100 is down about a percent and a half from its highs so a slight closing of the gap. the eem, the emerging markets etf, is heavily weighted in the same exact stocks that one the chinese stock. we have a chart of amazon versus alibaba. very similar chart and seeing tentative signs that the chinese counterpart is bottoming not sure they have to conve

oh, mike santoli, i got my santolis and santellis confused?ong but you already can't tell us apart. i'll be seeing you at that conference with oscar munoz of american airlines. what's coming up on "squawk alley" >> well, anchor free has been in the virtual private network game for a long time but privacy online has a new life. really popular te uceo will be on to lls what's next on squooel. (indistinguishable muttering) that was awful. why are you so good at this? had a coach in high school. really helped me up my game. i had a coach. math. ooh. so, why don't traders have coaches? who says they don't? coach mcadoo! you know, at td ameritrade, we offer free access to coaches and a full education curriculum- just to help you improve your skills. boom! mad skills. education to take your trading to the next level. only with td ameritrade. >>> welcome back to "squawk on the street." markets are largely in the green today, every sector in the benchmark s&p 500 in positive territory, industrials leading the way in trading you look at nearly every sto

i'm becky quick along with joe kernen and mike santoli. andrew is off today. ek futures are up once again. you saw the s&p 500 at a record close yesterday. that was the 12th this year for the s&p 500. how many record closes do you think we've seen since the election in 2016 >> 100 >> 100 for the s&p >> i was going to bring that up with whiting he says there's a glimmer of hope now it's a glimmer under new highs. >> we've been long u.s. stocks for five years >> there's a glimmer of hope >> big performances yesterday for the dow and the s&p. if you look year-to-date, nasdaq up more than 16% the s&p up 9.5%. the dow closing close to 84 points up. the nikkei ended up. the hang seng up by 1.7% the shanghai up by 2.5%. in europe with the early trading taking place, green arrows across the board biggest gains are coming in london with the ftse 100 up by 1% look at treasury yields in the united states. those yields have been closely watched. we see the ten-year sticking above 3% trading at 3.03%. >>> apple's new phones are on sale today this was t

mike santoli, i'm kind of an old guy?n't have qualified it that way, wilf >> you said it not me. >> i've heard of allbirds. i apologize for being detached from the culture >> how old >> huge spike in 45 to 65. >> i'm in there. >> we don't call that old, 65 plus >> thank you very much for joining us we will continue to follow the rise of the company. let's take a look how we finished the day on wall street. swing on the day for the dow was plus 90, minus 90. nasdaq down 0.9% tech and energy the worst performing sectors >>> time now for a cnbc news update with sue herrera. >> hello again, sara here's what's happening at this hour, everyone india's top court struck down a colonial era law that had made homosexual acts punishable opponents of that law celebrating outside the courthouse >>> california's insurance commissioner says the victims of that state's two largest wildfires this year have filed more than 10,000 claims totaling more than $845 million >>> the college of the ozarks in missouri has dropped nike as its appare

i am jon fortt, with me at post 9, mike santoli, david faber carl and morgan have the morning off. >>c is suing elon musk, alleging fraud and saying he issued false, misleading statements musk tweeted thinking of taking tesla private at 420 funding secured. joining us, founder of inside.com and early uber investor and andrew sorkin andrew, i want to start with you. musk says his intentions were pure in all this, that he would do it again if he had the tweet to do again, he has said that. what does the sec have to prove, what's your latest reporting >> my latest reporting, david faber has been reporting on it is that a settlement, the bird was in the hand if you will, yesterday morning there was a settlement ready to go it would have included i would describe as cosmetic, it would have included a no admit, no deny settlement. you would not have to accept any real sense of guilt which would help the company in terms of liability for class action lawsuits from other shareholders he would not have been chairman of the company for two years but could have remained as ceo and on the board t

i'm becky quick along with joe kernen and mike santoli. andrew ross sorkin is off today.rday at the third highest close ever up another 49 points this morning. the s&p is indicated up by 3 1/2 points the nasdaq was the one index that performed lower yesterday only down by 6 points.

. >> for more, we are joined by vc markets head of strategy, and mike santoli good morning lori, we talkedr negative view on tech. and the nasdaq is on pace for the first monthly decline since march. is this going your way >> yeah. we described it to investors recently as we are walking across a pond in the winter, it is frozen and cracks are going to emerge. a lot of people think they're making it across the pond and make it. but there are cracks i am hearing it loudly in my ears. >> i can't get into specific names, semis has gotten caught up in trade issues and other questions on fundamental demand and whether or not that's eroding. that was a seg mement that had value. you started to see them rotate out. >> with all of the trade headlines, escalation in tit for tat tariffs. dow is up by names that have exposure to china, like nike, intel, caterpillar >> i don't think you can say it is priced in entirely, but it tells you when the market has lived with a particular threat for six or eight months, we worried about it, talked about it, and parts of the market were punished for it, it isn't

i'm becky quick along with joe kernen and mike santoli. andrew ross sorkin is off today.he dow closed yesterday at the third highest close ever up another 49 points this morning. the s&p is indicated up by 3 1/2 points the nasdaq was the one index that performed lower yesterday only down by 6 points. this morning the nasdaq indicated up by almost 15 points the nasdaq is down about 2% for september despite the gains we've seen in some other areas, especially with the dow. looking at what happened overnight in asia, the nikkei ended flat hang seng up by a quarter percentage point the shanghai down slightly look at the early trading as we watch things in europe green arrows across the board there. some of the biggest gains coming in france with the cac up by 0.6% stocks also higher in italy and spain by even more than that look at treasury yields, you will see treasuries for the ten-year around the highest levels since may 3.072% >> trying hard every day to get to a grand total of 3.1. the nasdaq was doing so much better than the others it's up like 55% or something from the

joining us on the panel today we have mike santoli. welcome to all of you. i begin with you >> yes >>> it is jewish tone. >> yeah. i have a feeling it does it has been a pattern it has been verien -- very unusual. kind of keep grinding i head it really doesn't have a lot of energy behind it >> the sectors kind of justify bli given negative headlines on dmien. you esz enshlgly had an 8% run i can't say it raises any alarms you do have a more mix in selective take when you had this rally. >> what are you watching right now? you have inflation data. we had the strong enough jobs report you have midterm elections coming up. what do you see as sort of the risks or maybe the next kind of big movers for the market? >>. >> it is very interesting the defensive stance. >> as much as morgan stanley or some of the others are down you can find one that's up you can see it come out here and those that really want to get in they will get in and be in for the long term. >> there was negative headlines as it relates to china how do you do that do you think the market is succe

mike santoli was remarking on that in his comments it's definitely representative of the markets are or lower look, the good news is micron will report on thursday. yes, there is some pricing weakness yes, there are supply pressures at various companies throughout the sector ultimately the stock is so ridiculously cheap and where we are in the cycle with expansion still continuing should play to its favor. the technical aspects look ugly. this stock has been on a multiyear tear this is just a pause before it goes higher. >> teva, do you want to give me the scoop. >> they were approved for a migraine drug. that's a big area. there's another company, biohaven >>> back to new york and larry kudlow with our very own becky quick. >> this is a great opportunity and we really appreciate you being here >> thank you, becky. >> reporter: you talked a lot about the economic landscape, where we've come there are a lot of questions in this room about where we head from here and what could happen to offset some of the momentum we've seen in the economy, first and fror most has to be what's happeni

morgan brennan, mike santoli at post 9 to talk about a net bullish argument on the economy, no real potholesgrowth can continue with some caveats on trade and how some tactics are not the way he would go about it. >> little hesitation on the trade issue with china is pursued. consistent honestly with how the market treated things. i think how jamie dimon characterized things before, these are good big picture issues to raise. $20 billion which would be the u.s. cost on 200 billion of imports is not that big a deal in terms of the size of the economy, but risks of it getting exacerbated. i think it makes the kind of sense a lot of ceos are trying to make of this. to me it was consistent. a little softness in middle market commercial lending. not sure what to make of that. >> he did mention with tax reform that corporations maybe need to borrow less. that could be a reason they see softness in lending on the business level that got my attention. and share buy backs and he sees putting $20 billion into investments as maybe perhaps a better way to deploy capital, and going back to the reason the

. >>> on this market we have cnbc mike santoli we are awaiting an announcement.come when it comes to china trade. do investors assume it is the next round of tariffs? >> i think it's the apprehension no saying for sure but i think a lot of that i think is more or less priced in we don't know for sure finally if it is all is. i think the play book is pretty clear negative trade headlines has a quick negative effect. it hasn't lasted all that long i look today and say s&p has been kind of oscillating in this area first caterpillar was the leader of the dow it wasn't the case >> similarly, the dollar moving in a direction you would not expect >> i don't know if that was the whole story. the two that haven't been hit hard, amazon and apple drag down the nasdaq and the s&p today so also this week of the year leading into the september options tends to be a weaker one. >> so now we are getting the levels nasdaq closing at lowest levels since august 23rd. worst day since july 27th. >> we are in this lull period. earnings coming up in a couple of weeks now you this overh

we have cnbc mike santoli thanks for joining us the biggest winner today was apple.stloser. it seemed like a few days of pressure when the old highs were way back in january. it seemed like enough. you had treasury of getting released because the yields went up a little bit too. banks were okay. i think this market continues to be encouraging in the abstract you say we are 1% below the all time highs stocks were down more stocks down and new lows and new highs. it is enough to stay cautious as well it is kind of a wait and see >> i guess apple was flattering the overall indexes some what. >> tomorrow is the big day we get the flunew iphones. we get the apple can opener, whatever we will get tomorrow. it is a little bit excitement. there was a little bit of doom and gloom. no one wants to stay short everyone wants to load up ahead of the excitement. i'm afraid people doing that may be barking up the wrong tree here some t analysts come out and try to make a name and say the parts for this aren't coming in. they tell you they actually look better that's what happened w

. >>> joining us on the panel today we have mike santoli big winners of the dow this quarter was applethe biggest loser. twitter was the biggest loser. so some action as far as major it strengthened some of the defensive groups >> it has been a mixed message for a while now. you to be comfortable with ambiguity. the trend remains encouraging. the market was up more than 10% this dwartquarter and 9% year to date you have these groups like banks and financials like semi conductors, lime some that ake e dr struggling you have to consider it to be a detriment to the overall picture. i will say, we are only a percent and a half up. it still kind of a mixed picture. >> and quickly before we broaden out the week itself, financials down 4%. that's pretty worrying on the financials front given that we thought we had gotten past that to have a bit of a rally back up and we had a rate hike >> looks like that upward last week, the week before. the tone remains at the index level. the market is giving you just enough reason to keep your faith in the fact that the year looks okay mostly because the

i'm carl quintanilla along with courtney reagan and mike santoli at the new york stock exchange it is of the 9/11 attacks always a difficult day we'll keep an eye on remembra e remembrances at shanksville, here in new york city and at the pentagon >>> we have data across the tape and with that, we go to rick santelli rick >> for july's final read up .6 that's darn close to expectations and replaces the mid month read up .7 on the wholesale trade sales number on chains, sequentially falling .2 as for jolts, yes, another 600 matter of fact, almost seven 6.935 million job openings 12 out of the last 14 jolt numbers have been over 6 million. seven in a row now over 6 million and prior to june of last year, actually april of last year, we never had a 6 million number going back to the beginning of this series this particular number is another new high 6.8 million in april so, anything related to jobs just keeps going higher and higher and, finally, the market's response, getting ever so close to 3% now, 2.5 bases points away on the ten-year. carl, back to you. >> wow, rick, thank you very

time for our etf spotlight mike santoli looking at the best and worst investments over a longer timeoing back as much as ten years. >> exactly ten years so now we have a ten-year look back in terms of performance that takes you to the day that lehman brothers declare bankruptcy so this tells you what went. that was not by any stretch the bottom of that bear market that was the beginning of the kind of cleansing panic liquidation phase. here are the winners and losers. some should be expected. on the winners side, heavily in tech if you look at the fdn as a dow jones internet index etf, the one that most looks like fang and behaves that way in terms of its weightings, that is up 590%. for context, the s&p 500 is up 130% from that point in time so this is multiple times xbi is biotech next comes, of course, the qqq, the nasdaq 100 etf consumer discretionary obviously consumer came back in a big way but not ramply amazon is a big help there and defense interestingly is like the all weather all cycle all season winner the industrials that is up twice as much as the market in the last ten

mexico and the region's oil production moving the price of oil today a little bit joining us is mike santoli firestone and leading the dow today was home depot while nike was the biggest decliner biggest winner again advanced micro, and sea gate was the biggest laggard today. so, mike, historically september is the worst month of the year for stocks and we started off a little bit soft >> yeah, a mild softness when you looked at pre-market it is when europe opened and then it seems as if that was the concern. the u.s. not really finding a lot directly to worry about it so it seems like nothing has really disturbed the general trend. we've meld very close to the highs. i feel like it wouldn't be unreasonable to pull back here and not have the general strength change too much >> phil, when do you see that performance difference with europe is that something that encourages you to put more money into work with the u.s., or if not a pull back with the u.s. arb where catch-up with europe >> i like european valuations, they're really cheap it's hard right now when the dollar is this strong. the dy

we send it to mike santoli with a look at the smaller cap etfs, mike >> david seems like we spent alloutperforming the major averages seemed as if the market was hiding in the domestic small cap plays as those trade war fears flared on. but that's been a different story this month if you look at the iwm at the russell 2000 etf compared to the s&p 500, this is month to date so you see russell is underperforming. this is the one month. underperforming by just about 2 percentage points. the big caps on a year to day basis, the small caps still do hold a bit of an advantage but so they built up enough of a lead toward the middle of the year than the s&p 500 and i guess it raises the question as to whether investors are hiding in the domestic names as they worried about the trade war. if you look at the uup, that peaked in mid-august so it seemed to be a macro trade small caps are giving back their gains so people are watching to see if it will formulate trends for the remained over the years. >> that's been an interesting proxy, mike. >> we're watching crude but brent closed in on 82 as s

. >> mike santoli.ome back, the battle for sky the media giant will get a new own they are weekend either comcast or fox and disney coming up, i'll be live with blackstone investment. i'll sit down with blackstone investment president jon gray. "squawk on the street" will be right back >>> despite resigning as ceo, lesly moonves is the beneficiary of some perks from cbs the hollywood reporter says moonves' office space and security detail remain on the network's dime meantime, in his "new york times" column jim stewart says the cbs board may still be on the hook for severance of $120 million to mr. moonves jim joins us now post nine to explain. you've been on it, you're still on this story. i love it. many people thought okay, there's no way he'll see that money at the end of this investigation, jim because it will prove he did, in fact, do these things but you point to something a bit different in terms of what has to be proven. >> exactly it's kind of mind-boggling that under the circumstances you wou

. >>> welcome back to "squawk on the street," i'm carl quintinilla along with melissa lee and mike santoliot of actions centered along the dow industrials. china's prime minister out today defending the world trade order and slamming unilateral moves to change it. eunice yoon has more >> reporter: china's premier spoke at the world economic forum today. he didn't directly address the escalating trade war with the united states or even mention president trump's name instead he referenced concerns of rising protectionism and repeated china's promises to open up the economy and give foreign investors fair treatment. on the currency, li said china would not actively weaken the yuan to help exporters or engage in competitive currency devaluations but would keep the yuan stable. what was also missing was any recognition of china's contribution to the rising protectionism among its trading partners the state media had its typical strident response saying china will outlast the tariff war, emerge stronger, and it's not afraid of president trump's, what they called, extreme measures one commentary

mike santoli looking at the diverge jens between low and high volatility stocks >> it's been one of the you have an s&p 500 that made a new record and yet it's the more defensive lower volatility stocks that have been leading. if you look at the s&p low volatility etf and the s&p high beta etf, this is the 100 stocks having the least volatility relative to the market that's about 8.5 point spread in performance. what's behind that that's the big question. slightly more defensive tone to the market treasury yields have been tame since mid-june when we hit 298 on the ten-year. semiconductors have been a big down side mover so those trends are in order but more broadly some folks think look, maybe this is a late-cycle dynamic where you have cyclical sectors that look toward declining growth rate so this today you see a reversal, you have to more aggressive high beta stocks outperforming. >> that is true. if you look at the s&p leaders >>> when we come back, threats and deception. pulitzer prize winning columnist jim stewart is here to talk about his "new york times" piece. why he says the

saying they do have qualitative repercussions they can reach let's get more from bob pisani and mike santolis dip on this. is it just a reflex from the market >> this has been the pattern you got about a half percent pullback in the dow and focused on the dow mostly. after a pretty middling rally in the morning. i say reflex because the power of these move and reaction to trade deadlines has waned lately >> we've seen the three things that move the market all in the last couple of days. so number one, issues around what the fed and the rate hikes are doing. we saw this this morning yields went up, markets went down lost five or six points on the s&p when the president announced maybe more tariffs and then earlier in the week, remember the market's been down because tech leadership has been faltering. the social media stocks in particular in light of the testimonies of capitol hill. if you look at the sectors moving this week, you can see emerging markets, big loser again. social media on what's been going on on the testimony on capitol hill lumber today i noticed was limit down today on the

mike santoli and bob pisani are on the floor of the new york stock exchange mike, when i was down therege with you earlier today, we were red things have turned around! what happened? >> yeah, we got this pop starting right around 11:00 a.m. i'm not sure if we're isolating one particular factor that triggered that it does seem as if, you did have this "wall street journal" story about china talking nice with u.s. companies emerging market stocks definitely bounced around that same time. and i do think in general, the s&p 500 has held the levels of the old highs for a few days of pressure and maybe that was enough to get a trade going. >> i think the key is, it's still china and tariffs that are the marginal mover of the markets. overnight, even at 4:30, the futures went down, that's because we heard reports, china was going to report the u.s. to the wto. the markets moved down, europe moved down on that there it is, the red, around 4:30 in the morning. then around 10:30, the canadian foreign minister came out and said, we've been making progress, it was all very vague, but it lifted. tr

. >>> joining us on the panel today we have cnbc senior markets commentator mike santoli and also rebecca director and chief executive officer at bessemer trust. welcome to both of you mike, i'll start with you. how would you characterize the action that we saw >> the the overall rally in the index lost a bit of steam throughout the day mostly it was an intense rotation and shift across the markets which actually shows relief that the trade war was priced in or this stapling of the escalation is easily be a sored because what we saw was the bond markets selling things higher it started in asia over night. some of the big reasoners got is, and domestic stocks losing on the small caps and, of course, big-cap tech once again ended up slipping. in a way they were are a defensive trade, and i think that's losing a little bit of that altitude. it's hard to say if this is an enduring shift or if we're just seeing a little bit of a retracement of some of the stretch trades. >> really interesting move in some of the banks, mike. >> totally. >> the increase in yield justifies a decent day for banks

josh lipton covering apple joining the panel today we've got cnbc markets commentator mike santoli as on a friday cnbc contributor evan numar. barbara duran is also here for the conversation trade really stole the show after what was a very strong jobs report after the president threatened to go all in on tariffs. >> you got that sort of predictable wobble in the dow and it fought its way back up. i think the muscle memory is pretty clear here, you do get a reflex lower when you get an escalation of the trade wars but then we remember these have not been lasting or deep declines so that's why i think it's still a market that seems a little tired and seems a little susceptible to bad news. but every day this week it's some reason we were selling in the morning. emerging markets status, techs selling off and today it was tariffs. it didn't really get there so it still seemed stalled out but trade, no doubt, if it's escalating without really a negotiating process the market tends not to like that and that's what at least the threat is right now. >> are you surprised the market didn't go

i'm mike santoli and this is "trading nation.d tesla of china-r revving up after going public last week moving higher again today. mark tepper is with strategic wealth partners. craig with piper jaffray i guess it's always hard to get a technical reading on a stock when it's brand new. how would you view this trading of the past week or so >> i think the best thing to do is go back in history. and it tends to rhyme. it may not always perfectly repeat but when you look up a stacked up chart of tesla and nio here you can see your traditional trading really happens is where you get the pop you get the pullback now, tesla pulled back over -- so far nio's pulled back about 50%. tesla actually pulled back below the ipo price. right now for this stock you're going to have some further backing and stabilization as both buyers and sellers really start to understand the story here with the stock. so look for more of this kind of sideways consolidation but ultimately for it to move higher >> as far as the business goes, i guess being called

. >>> let's talk about this market joining us is cnbc senior market commentator, mike santoli and nancyspiked around 11:00 a.m. eastern. headlines that the u.s. is proposing a new round of trade talks with china in the near future stocks like boeing and caterpillar rallying on this news at 1:30 p.m. eastern the dow started falling, even turning negative at a point and ending positive. did get that news that 3-m, biggest decliner on the dow today, had some comments from the cfo saying he's predicting higher material costs and growth in the industrial and healthcare businesses to be weaker than expected mike, what you've got is this sort of tale of two industrials. 3-m taking the dow down 32 points, but boeing, caterpillar both adding the most >> you saw that sort of programmed reflex response to any headline that the machines can read as hopeful about talks. keep saying that what the market doesn't like is tariffs in the absence of a process this would be a process if you're actually going to be talk that is good on a net basis. also not a lot of substance to it or a lot of real meat on

i'm mike santoli with trading nation micron stock trying to make a comeback after the comments but shares company reported weak guidance and warned about trade on its earnings call the move dragging on the semi space today. let's trade it mark newton and larry mcdonald guys, good to see you. mark, micron now about down about 30% off its high i imagine that does damage to the charts but are you seeing any signs that maybe a recovery is in sight? >> hi, mike. you really don't see any evidence this far of stabilization of micron and that's the real concern. the stock has been trending down since the latter part of may, down substantially, but yet shows a pattern of lower highs, lower lows my thinking it gets down between really near 37 to $40 which would be right around a 50% retracement of the move we've seen since 2016. also decent support near the former highs for 2014. as the old saying goes in technical analysisformer resistance becomes support the people that embrace the stock say that the demand drivers are diversified, however, you know, even the company it itself said that tariffs c