. >> mike santoli days >> mike remembers all of the companies. pfizer shares moving higher after strong earnings about the coronavirus vaccine. meg tirrell spoke with the ceo this afternoon and joins us with the key take aways from the interview. >> pfizer and the german partner becoming the second vaccine to get into the latest stage of clinical trials before applying for regulatory approval. they started this trial in the united states late yesterday this is going to be a phase three study that is going to also include sites around the world. and they say if all goes well, they'll be on track to file for a regulatory approval as soon as october and maybe even late september. that is an incredibly optimistic scenario where they enroll 30,000 people and follow them to see who gets infected and who doesn't. now a key question if they get through regulate sorry approval, how much of this vaccine is going to be available? $1.3 billion by the end of 2021. now that is global supply. and this vaccine requires two doses. we asked the ceo about all of th

thanks for being with us mike santoli, i'll start with you.you just mentioned an air pocket but overall how would you categorize the market this july. >> i would say below the surface it was kind of in a benign way difficult guessing the move at the end of this quarter, the last couple of days. we are solidly above the low end of this trading range but not making much headway beyond it. when this market goes in flight to safety mode within the stock market, what it means is it buys the stocks, that drove thing average stock s&p flat on the day, s&p manages half percent of progress because of microsoft and amazon and other names that was the story for today it's not always the same way yesterday i was talking about semis and banks are strong hard to be bearish today they both were kind of soft so it's a mixed picture. >> in terms of some of the news that we've had today, apple reclosing some stores, california joining a list of states that at least paused if not reversed slightly their reopening plans. would you have expected that news flow to

let's get straight to the big stories we're watching today mike santoli is tracking all of the action meg tirrell has the latest funding for pfizer and phil lebeau has fresh comments from the ceo of united about what a vaccine would mean for his business >>> subdued summer choppy action the market holding up near recent highs the major takeaway from the action so far. the s&p 500 on a one-year basis, you could look at this and say we're laboring to make further upside from where we got in early june that is true this looks like relatively defined uptrend. the question is whether it will have to go sideways and return a bit before gathering up more upside energy or if we're due for something deeper on the pullbackside you see that sideways summer zone we were in last year as well, which i keep in mind nasdaq is different. it's more of an overheated momentum situation, well above the former highs that is now cooling off. this is way above things like its 200-day average. the market as a whole is absorbing what's been so far a little bit of this cooling off period of the major nasdaq sto

thanks let's go to mike santoli looking at silver's rally. silver really started to outshine >> it has, sara. this is often the way it goes. silver is sometimes chases gold higher when you do have these major moves in the metals. silver is considered to be the one that can get caught up in the more small term -- small time speculative type activities you see this happens similarly back in 2016 a real big move as gold did back in 2011. this comes near the end of a risk asset rally you basically have seen a lot of the speculative frost start to get rolling. silver sometimes is a play there is a fundamental story though behind silver right now it is used in solar panels that is a cover story. here's the ratio of gold to silver prices going all the way back to the early 70s when gold prices were unfixed. you see gold has really been dominating up here as it got to the records. and silver has sort of chasing it and catch up a little bit the ratio has come down. this is also what some of the silver bulls are saying. actually some room to -- for thi

tech is lagging once again mike santoli tracking the action with 55 minutes left to the trade. >> wilf, the big names broke stride a couple weeks ago. can this leadership group pull back from an overheated condition? doing okay so far. though it is right back in this range that we were talking about for weeks and weeks and weeks. that looks like a little bit of a -- maybe a little bit of a stretch to the upside that we peaked above it for a while. this also goes back to a point back in late february where the market really fell apart for the first time but really not falling apart in any broader way. take a look groups will really tough intel results yesterday. and the reaction by wall street was pretty brutal. but it is not necessarily extending to overall semis it seems like a market share game this is the philadelphia semiconductor index. this is the ratio of those two things clearly the outperformance trend by the semis is very clear that is the market of a healthy underlying market. just quickly, you know, draw basically a range of an uptrend. you see this pull back here in the se

mike santoli here to break down the crucial moments of the trading day. ally chief investment strategist lindsey bell with us as well good afternoon, lindsey. let's kick things off with the broader markets. the nasdaq up around 0.5% h on the week it's up about 4%. it's set for another record closing high it is the lagger of the major indices. the have a look inside the nasdaq one week moves for amazon, alphabet, netflix and facebook all sharply outperforming. netflix there enjoying a particularly good spike. up 8% today. today goldman sachs raising its share price target for netflix to $670 a share. citi raising the amazon price to $3,550 a share both stocks hitting fresh all time highs almost every day this week it's timent to sho to share thef facebook and google. tesla which is up another 10% today. unbelievable frankly all the warning signs and all the multiples look very, very much stretched. >> yeah. it has been extremely hard to bet against them tesla an extreme example of what is going on in all the other ones but it's fascinating to see the analy

first of all, let's focus on the big stories we're watching mike santoli is back and tracking all the market action for us meg terrell has new details on a number of vaccine candidates and we're following the action in washington with the key deadline approaching. mike, let's start with you it's almost faz that rotation out of tech into value didn't even happen. you missed it all of last week >> you know, exactly a little bit of a stutter step that is all. maybe it took for the overheated big nasdaq names to cool off for 4 1/2 days, 4 1/2 trading days but they are leading the way today. is a very narrow rally it is a slow motion breakout you look at a year to date, that's going to close. the if we finish right here, about .5% where it finished on june 8th that is the previous post crash high that we h we've been in the trading range for about six weeks. that is a pretty prolonged benign kind of consolidation period we've seen. i also want to point out here in january this is the only time ever we've traded above, you know, 3250 or something like that in the s&p 500. so that was pretty

mike santoli tracking the markets, meg tirrell with the rising case count and courtney watching flags in the retail sector mike, let's kick things off with you. >> market idling right here, holding above the flat line for the moment it seems like stealth pullback consolidation we've had last few weeks, s&p 500, talking about a summer trading range this is what we had last summer. it looked like that on a narrow basis. scares in both directions. we're not there in terms of prolonged sideways action. this is something we could keep in mind. i did mention yesterday, similarity, strong payrolls rally follow upside, tuesday wednesday down small that thursday was the big 5 or 6% down day, that air pocket we got in the s&p 500 now that we mentioned it, it probably won't happen but so far actually matching what's gone on today, this week right now we're not having big bets on the reopening which is a big difference it is all tech something interesting, 50-day moving average it's about cross above a flat 200 day, called a golden cross it's no magic signal but is often the scene is a confirmati

let's get straight toour big story of the day the market selloff mike santoli is tracking the action all day long which does appear a bit better in terms of the losses, mike >> yeah. this was a day when we sold the rip in the morning and then bought the dip in the afternoon. so this idea of a range bound trade is sort of solidified right now. some resilience under the surface. this is a year to date of the s&p 500. so remember, this is june 8th high, 3232 for few days right now we kind of have been riding up on these lefrlz of 3170, 3180 not really breaking down but also has not kind of mustered up the energy to get through. also still an uneven market. the equally weighted s&p 500 still down more than 1%. you do still have mega cap growth carrying things for now it's been working. hard to say exactly what is going to make it stop working. take a look at this breakdown if we want to isolate the influence of large cap technology on this market so we do have the tech sector spider up 18% this year. that is in orange right there. then the equal weighted s&p 500, down 13% median stock dow

cnbc market's commentator mike santoli theer bre santoli here to break down the crucial moments of therading day. let's get things started off with the broader market. the nasdaq outperforming, bouncing back after the first two day losing streak in two months at the back end of last month. s&p 500 is up 0.8% the we're near session highs for the indices. mike, all kind of day we've been framing this as a reversal of last week's trend. it is like monday. they kicked off with tech outperforming before that slipped throughout the rest of the week. >> that is true. no way can you necessarily say what is going on out for the next several days. even this break in the large growth stocks that we saw over the last couple weeks did not really disturb any longer term trends we're bouncing from a short trend line that they bounced off in june as well. really nothing has been disturbed here in terms of the overall patterns although, you could argue that the broader market is kind of churning and stalling out. they can say the market is okay and resilient. their in place the banks are weak today >>

investment strategist stephanie link with us and chief economist seth carpenter first i'll start with mike santoliwere talking about this before the break, mike, the fact that we are going into a three-day weekend, perhaps not surprising to see the rally fade into the final moments of trade. >> could have gone either way. very light participation means it could have walked the market up up wi one relevant thing, pretty sturdy week. defended the lower end of that trading range i've been talking about for a couple weeks it means that the s&p has failed at a very familiar level around 3150 several times over the last two weeks. if you are going to do your weekend chart work and look at that over the last ten days, is there something significant or just playing games here that's something that will perhaps be a message that gets taken out of today on a tactical basis. more broadly market has been this week kind of racking up forward yardage, but in the middle of the field. i would say if you say you're playing the game between the 30 yard lines right now, backed off from there wilf, morgan can explain

you just heard mike santoli say once again we bounced off the bottom once again technology is leading the way. it is more of the same it is striking given how bad the data was it's not just the gdp. that is a record contraction that was expected. the jobless claims confirm what the other high frequency data is indicating which is a leveling off of the economy so we continue to see incredible market robustness despite the deteriorating fundamentals >> i guess we didn't see that today in europe. i mentioned earlier and there was some bad macrodata the dax is one of the recent outperformers and has given up a lot of that outperformance in the last ten days or so. the nasdaq and tech leaders still haven't. is that a warning sign perhaps of some of the recent u.s. outperformers? >> well, it points to a set of attributes that we have that the rest of the world lacks. and that is companies that combine very strong balance sheet, positive cash flow, and have the world coming to them. because we have the companies in our markets, we tend to continuously outperform. but it's a pretty concentrat

want to get over to mike santoli. futures haven't moved too much. >> no. the gdp number was roughly in the zone that we were looking for. the real low point in activity was probably mid april, late april. it's definitely the market has kind of known this was going to be a brutal number the claims does show something more about the more recent trend. that shows more softening at least in initial claims, the market in a general sense has been positioned for this type of environment. rick mentioned treasury yields have been very close to their lows. the dollar is weakening. it's not as if the market has necessarily been pricing in a rapid acceleration what it's meant for the stock market is not so much whether it goes up and down people are saying it's low and stock prices are off it tells you which type of stocks have been off the market. when yields have been low and sticky, there's growth stocks like tech that have been the best definitely raises the stakes we're seeing for the debate over the fiscal support package washington is going to hone the focus on

later on for more of today's earnings, let's bring in greg branch a partner at 1847 financial and mike santoli, cnbc senior market commentator. mike, we have a smattering of earnings so far. it's been quite a mixed bag. no surprise. many companies are still withholding guidance for the rest of the year really this is all sort of no surprise here for the markets. nothing new. >> not much new. the market has essentially written off this quarter in terms of being any progress towards the longer term earnings targets. for an example, mcdonald's missing slightly 66 cents was it going to be 71 cents? in february it was $2.17 the market has said, mcdonald's, it's retaining employee shares however, mcdonald's is an instrument where you can get 2 1/2 percent dividend the big growth stocks are beneficiaries of this environment. i think it's pretty much a steady state during this earnings season where the 12-month forward estimates in aggregate are starting to curl higher that's getting a little bit of reassurance that this has hunkered down and things are turning for the better down the road. >> with al

brokers chairman thomas peterffy let's start off with the rally and the big stories we're watching mike santoli tracking the action the dow is up 270 points mike, start us off with the action we're seeing today in stocks >> yeah, sara. upside follow-through. am all of it happened at the open we got a little pop perhaps as a reflection of the global move. european markets were rallying you see it is mostly flat throughout the day this is a two-year chart i want to show for a couple of reasons this brings us up to a level we've only been in january and february of this year. so essentially recovered that last final momentum push that we got in january and february. at least at the index level. the average stock is far below that equal weight in russell 1000 strength is down 9%, 8% year to date also want to point out this modified v in 2018 and the way he did get that recovery is right about here four months in that's where we've been. we almost gathered all the rest of the losses. it shows you that perhaps even if this is proving to be a very important market low and significant in terms of a bul

little more bold about paying up for stocks. >> oh, all right i get to thank you mike, thank you, mike santoli>> all right >> mike was talking about ceo confidence and the lack thereof. it plays such an important as well in merger and acquisition activity, something we track fairlyclosely here at cnbc as you might imagine, m&a follow in the first half of the year driven down, especially in march and april, was as low as it was in 2004. june and july though, brought a bit more activity in deal-making, so of course the question becomes what does the trend signal and will there be a comeback in the second half of the year as you look at the top deals for the first half joining me is mark schaeffer, cohead of global mergers and acquisitions at citigroup. mark, back in that period early in the pandemic, senior deal makers like yourself seemingly wanted to talk to me more about restructures and debt and equity capital markets than they did deals. lately the conversation shifted, people seem busier is it going to actually bring more deals what are your expectations for the rest of the year >> well, l

pushing equities a bit higher but urging caution after that joining us is barry knapp along with mike santoli. mike, come on back get him in the window. as part of this conversation barry, you're thinking a pause is coming? this is the first time i've sensed any kind of caution. >> yeah, no. i've been unabashedly bullish from the lows, but i think as we get into the august through october time period there's a couple of things to consider that will probably cause a decent stallout. you've got the obvious seasonality. the way i tend to look at positioning and market sentiment is really based on the vol markets. not just the level of the vix but it's the vix futures curve, how the front month looks versus the six month and the premium for the out of the money puts. all of those things have come down so that sentiment is much more balanced. then we have the obvious election considerations. i know you're asking this question all the time. okay, well, it looks right now like a blue wave is probable, which undoubtedly means higher taxes on capital gains and income and the like. why hasn't the marke

hopelessly out of date, since they use last year's platform >> thank you all today we appreciate it mike santoli, bertha coombs and dom chu for "rapid fire. >>> sheldon adelson made a promise to pay employees through october. we'll speak with the ceo, next don't go anywhere. you may be learning about, medicare and supplemental insurance. medicare is great, but it doesn't cover everything ...only about 80% of your part b medicare costs. a medicare supplement insurance plan may help cover some of the rest. learn how an aarp medicare supplement insurance plan, insured by unitedhealthcare insurance company might be the right choice for you. a free decision guide is a great place to start. call today to request yours. so what makes an aarp medicare supplement plan unique? these are the only medicare supplement plans endorsed by aarp because they meet aarp's high standards of quality and service. you're also getting the great features that any medicare supplement plan provides. you may choose any doctor that accepts medicare patients. you can even visit a specialist. with this type of plan there are n

more of what you love with the xfinity voice remote. >>> big selloff into the close let's go to mike santoli looking at the valuation of stocks right now versus bonds mike >> yeah, sara. this is 35 years from net davis. comparing the earnings yield of stocks again high grade corporate yields right along the parody line. this is proximate fair value they're even a couple of take aways, look at how cheap stocks were. that bore out in good fort returns. then look at how expensive stocks were in the late 90s and the 1987 crash it works against the idea that equities are in a similar bubble at least against corporate yields if you believe yields stay down there, there is not much of a catalyst for a downward revaluation of equities any time soon guys >> looks just about even >> yeah. >> mike, thank you >> coronavirus concerns forced gyms to reclose in south florida and arizona. but up next, we're going to discuss the new results of a study showing it may be safe to alw op tlopeleo work out again that's coming up >>> disney coming out with a statement saying they will continue the phased reopening

mike santoli looking at the market and the tech stocks surging to day kayla is looking over the next stimulus package first to you, mike. >> the story from the morning was that great results from the big four of tech did not really lift all votes did you have weakness. sold a strong open the market firmed up in the last hour or so perhaps it is because maybe glimmers of hope over the weekend for some kind of resolution take a look at the s&p 500 year to date, what happened today really has not changed anything about the overall structure in terms of being right in this trading range. it's been very, very, very tight for two or three weeks right now. 3200 is the down side. 3280 is the upside nonkmisal, indecisive. a little weighed down by the concerns about the economy that has not really changed. didn't want to drill into the dominance of tech. it is not just tech writ large that is dominating it is the very, very largest, even within tech it is a winner take most setups. that's really where the performance is ryt, the equal weighted version of the s&p 500 technology sector every sing

thank you for joining us >>> thanks to you for the help this hour and to mike santoli. welcome to "squawk alley"." we got covid news, vaccine data, stimulus negotiations, but it seems like mega caps are making a stand here this morning. microsoft's leading the dow. amazon is up 4%. ibm tonight along with the busy calendar of earnings in the next four days. >> absolutely right. i'm trying to take a step back further and look at what's happening more broadly in tech i see this digital infrastructure trade taking shape today. look at peloton. it's up 9% you think about the digital infrastructure for fitness, a time when it's kind of hit or miss whether people can gather inn provides some of that not just in the bikes but in the apps spotify up almost 7% twilio, which provides payment and tracking services, data services, those apps up 7. service now, amazon up considerably most of those stocks also up quite a bit over the past few day days >> you're right on peloton, wedbush puts them at $66 saying a blowout quarter is possible. mark may joins us this morning to talk more

. >>> mike santoli, eric chemi and ra rahel -- >>> with layoffs expected will ayitusbe able to right its wan?st wh >>> it's been a tough few months for the banks, especially wells far fargo. since the market's notorious low, it's the only major baker stuck in the red also the only one to cut its different. according to reports today, it may be the first to cut jobs this year. this as cnbc learns that wells is implementing a big change, requiring new clients to bring in a million balances for certain, if they want to refinance jumbo mortgages. it's great to have you both here gerard, you are or bear, i believe. how deep do the problems run >> wells fargo las a major turnaround that's under way. they brought in a new ceo, and our contention is the turnaround will just take longer. this was all before the covid virus situation we're all very well aware they will eventually turn it around it's just our belief is it will take a lot longer. i don't see the fed lifting the asset cap order they put into place anytime in the near future, probably sometime in late '21 or '22. the fed is in no

mike santoli, contessa brewer and jon fortt. >>> would particulthere be a tey ban or not mike pompeo says why it would maybe be a temporary ban >>> most audits are shorter than president trump's. what you should do if it happens to you, next so many people.ting if you've survived it, then you're the heroes we need. the plasma that's in your blood can literally save lives. but we have to act fast. so please donate. you fought for your life. now, let's work together to take down covid-19 to donate plasma go to thefightisinus.org >>> welcome back to "the exchange." tax day is just five days away after the trump administration moved the deadline from april due to the pandemic. sharon epperson is here now with what taxpayers need to know about the auditing process and how it works sharon >> well, kelly, you know there's been a lot of talk about audits and tax returns coming from the white house. here's what average taxpayers need to know the irs says that audits can take several years to complete, but most audits take three to six months that's according to the american academy of cpss --

good thursday morning, welcome to "squawk on the street," i'm carl quintanilla with sara eisen, mike santolijim and david have the morning off. futures in a tight range again but that belies how much news there is, covid hospitalizations seven-week high, jobless claims tick down to 1.3 million, analysts calls on cisco, microsoft, square, jpmorgan and a lot more we will check in with the treasury secretary at the top of the next hour, mike, but a lot of discussion about how the market is handling this surge in cases, a lot better than it did in march and april. >> yeah, and, you know, the market if you want to talk about it being the index certainly is doing that it's been steady naturally the most heavily weighted stocks also happen to be the ones that are in th strongest trends they are covering up for a lot of, i think, softness under the surface. you're not seeing this latest push higher really have the participation of the airlines and all the kind of so-called epicenter sectors that now are under a little more question about a stutter step in the reopening process. i do think the market

sara eisen and mike santoli with us and our reporters will be joining us in a few minutes. we're hearing representative johnson focusing on why it has counterfeit goods. others including for facebook whether or not it was too aggressive in instagram or attempted acquisition of snap and on amazon whether it's abusing its position particularly relates to small business platform. not really impacting the stocks at all. >> the unifying theme with all the questioning is using very strong market positions for competition and to muscle vendors and suppliers and obviously privilege their own products with customers. it's interesting that -- first of all, i think a lot of these issues are familiar. there's not really been a lot of news accept documented instance for certain tactics investors would have to pay much attention to on the other hand you can look at realities of how dominant they are and getting evidence of influence and the power of their platforms. if you don't think it's going to change it reins forcforces genel idea they are producing more than their share for overall

it's time for rapid fire, here are robert frank, contessa brewer and mike santoli. twitter is seeing a nice pop in the shares today it was a mixed bag of results the big headline, user growth. a 34% jump in growth year on year, that offset its drop in ad revenue. shares are up about 6% the stock is aiming for its first four-week winning streak and is up 35% in the past month. it's just interesting to me that that is enough to drive such a big stock price reaction >> yeah. i think it was not really placed in that basket of companies that were obvious stay-at-home shut down plays, beneficiaries of people just sitting there with their phones i think the user growth was the element of the upside surprise now, keep in mind the broader context when it comes to twitter and its share price, it's up to about a $30 billion valuation. it reached 35 billion or $36 billion evaluation shortly after its ipo six, seven years ago it's had these periodic phases where it would have big walrall. people think they'll figure it out. the key phrase is monetizible daily active users will t

this is suggested by mike santoli on twitter i request tim and guy to name that one-hit band.sked. we give. here is how this goes down your mics are open we'll play a quick bit of the sand the first to answer with the band name wins got it >> okay. >> got it. >> let's hit it. ♪ ♪ >> cars gary newman. >> i raised my hand. >> your mics are open. >> mics are open dude wasn't close. >> gary newman with a u. >> two us. >> that was a practice ♪ ♪ >> "afternoon delight". >> "star land. [ laughter ] >> we both got that. >> i got that. i said the group name. >> last one. >> i said the same thing. >> last one. ♪ ♪ >> "roller coaster" the ojs. >> one more time ♪ ♪ >> play it i get a free run. >> oh, "mr. big shot" or something. that's awful. >> gene knight, "mr. big stuff." i don't know i think you guys tied. we'll have to do that again. >> we didn't tie we didn't tie. >> i got them both. >> it was not even a tie. >> i'll never do it again. >> that does it for us thanks for watching. guy, tim, dan, have a great weekend. thanks for joining us. "undercover boss" is up next experience the a

mike santoli joins us now with more good morning, mike >> good morning, joe continues to be a story ofs working, what's not saying the glass is half full, half empty here's a look at data. stocks versus bonds. s&p 500 against the 10 year treasury yield that is also kind of plummeting some lows that we've seen earlier in the spring. now you would look at that and say that somehow there's a different message being told here by the way, the treasury yield's really remaining compressed even as there's a ton of new treasury supply it feels like there's a firm bet as short-term rates remain anchored at zero there's a way to explain the divergence stocks are over optimistic or pessimistic. in the market, banks, small caps against the s&p 500,this also would be on a year to date basis. the victims of low yields are suffering and that would be, of course, banks, small cap big underperformance you're seeing year to date. those stocks that are working, we keep talking about the big tech stocks, they trade much more in line with bonds. they are essentially bonds with some extra up side they are di

this type of comeback doesn't happen often mike santoli joins us now with more what 3232, that was theigh >> reporter: it was. >> we went down and we held this time anyway. we department get back to 3232 before today but we got close. >> reporter: we got close. a couple percent away. not even that. the sort of rare company that this market is in based on how it has come back from those lows, we're not talking about the more recent few weeks, 45% off the lows 20% up quarter all of these things have not happened that much in the office it nets out to what's bullish next 6 to 12 months it's all of the early bull market phases when you have had a rally of this strength, persistence and breadth. that kind of wins the market a little bit of the benefit of the doubt. you want to set against that the fact that people forget we were down on the year-to-date basis june 30th. only happens about 1/3 of all years. the rest of the year in those years is really not that great it's basically flat on an average basis for the rest of the year that does not necessarily fit with that very, very strong ten

i want to get over to mike santoli with more on what he thinks is moving the markets >> that's a familiarconfidence drains away a little bit on the timing and strength of economic recovery. reinforce the bid in the digital economy over the physical economy. this is a year-to-date chart of the semiconductor against the industrials. this is the new industrials versus the old traditional industrials. they were riding each other right up to near the marlow. essentially they were trading similarly on global macro expectations then you see this classic alligator jaws type chart open up since the crash keep in mind the industrial sector includes transports that's part of the drag. aerospace transports big allocations in the industrials semiconductors a good bellwether very much reinforced last month, one month ago that the s&p hit that post-crash high of 3232. on a one month basis what you'll see the growth sector, mega growth cap stocks still dominating over everything else. in particular -- this is re-opening play. leisure and etf does have hotel and travel and retail names and restaurants you

eunice, thanks mike santoli, it comes at the same time that the uk has suspended the extradition treaty with hong kong it will be interesting to see whether or not china thinks this is a group effort, this pressure that's being put upon them. >> right you know, i do think we have a little bit of a game theory thing of trying to gauge what is a commensurate response or escalation from here i'm not sure how exactly that filters into the outlook for business that are now dealing with more acute crisis right here or for trade flows or anything like that you look at gold over $1,900 an ounce. many, many reasons for that. negative real interest rates and momentum and concerns about central bank policies, but this isn't necessarily hurting the run in gold. the yen rallying against the dollar, things like that so it's one of those things you have to kind of have it on the dashboard to see if it becomes more of a day-to-day market influence. >> mike, you're absolutely right. dollar/yen four-month low. we'll get economic data. meantime new home sales at the top of the 10. there's the opening bell

thank you for joining us >>> thanks to you for the help this hour and to mike santoli.e got covid news, vaccine data, stimulus negotiations, but it seems like mega caps are making a stand here this morning. microsoft's leading the dow. amazon is up 4%. ibm tonight along with the busy calendar of earnings in the next four days. >> absolutely right. i'm trying to take a step back further and look at what's happening more broadly in tech i see this dig

still with us portfolio manager sebastian page joins the discussion here is the part you play mike santoli, round up for us what you saw in the market, which is a big rotation where you did see groups like materials and financials and small caps do better these are the losing sectors is this the theme? if so, what's driving it >> so i would separate the two things out even though both have lagged the story with small caps is very different than the story with value stocks. small caps actually aren't cheap versus s&p 500 so to the extent they have lagged, that really hasn't created a big valuation disparity. again, a lot of that has to do with the construction of the index and the industry groups that make up the russell so i wouldn't get too far down that rabbit hole but it is possible to underperform and still be just as expensive the value side, sara, is really the story here stocks like boeing and the dow, obviously it's a large dollar price stock so it has an outsized impact. it's a different construction in the s&p. that matters not because of what it does to the dow, stocks like boei

. >>> before we start the new hour, mike santoli >> nasdaq covering weakness in banks. a lot of people noted with the volatility index was also green, that's also staying true today it's been resilient in the high 20s. whether that means there's a high wall worry for the market decline, or people are viewing some stressors out there, i think that's one question this market probably has to answer. >> we'll get more information obviously later on today at the close. mike, thanks we'll see you later on >>> good tuesday morning welcome to "squawk on the street." i'm carl quintanilla with david faber and morgan brennan live from separate locations. it's a pretty familiar story, maybe some underperformance on the broad markets but the nasdaq is trying. there have been 46 trading days since may 1st, and the nasdaq's record over that time is 36-10, david. obvious huge influence from very large names. >> yes, and we talked a lot about them, as we continue to and they have a disproportionate impact on some of those indexes of course. apple is up again this morning, $1.62 million

good wednesday morning, welcome to "squawk on the street," i'm carl quintanilla with david faber, mike santolioming how live from separate locations. futures have been in a tight range all morning long as the market weighs the tension as kudlow just said of reopening the economy. u.s. covid cases top 3 million, 60,000 new cases in a single day for the first time oil is holding 40, gold topping 1800 for the first time since 2011 david, it was a quiet calendar already going into this week, but it does seem like today in terms of looking for inputs traders are really on their own this morning >> they are. i mean, you know, the only calendar, carl, that really seems to be getting busy and staying busy is the ipo calendar which we should mention as well just because it is some sort of reflection of demand in certain parts of this market the latest of course rocket mortgage, that's going to be an enormous ipo, we can talk a bit about that later if you want other than that not that much to key off of clearly, mike, this is not a market that seems to be particularly concerned in terms of keying off of

first charlie is still here, liz young, along withis is the poine program where we usually ask mike santolio wrap up the action we saw during the day today. charlie, we'll go to you you're a regular on the show the rollbacks and the reopenings, was that the big driver of the lack of enthusiasm, the overall negative news on coronavirus throughout the session? >> that's right. this is all about the direction of the news. we've had stories about when things would reopen, the celebration of reopening and then in the last couple of weeks, and particularly today, we've had a reversal now there's a danger we could start to have more bad news. sports leagues instead of announcing when they're going to open, announce they're not going to open and that would not be good for economically sensitive names. tech names have held up better at some point valuation has to matter right now the disparity between value, industrial stocks and tech stocks is so out of whack that at some point it has to matter >> there was extraordinary interday moves, sara apple, for example, up near $400, didn't quite hit it, cl

i'm carl quintanilla with david faber, mike santoli, cramer is back on monday futures are soft amid anotheray of record covid deaths in the u.s., china state funds put a cap on that rally in shang high although we have improved on this additional mortality data from gilead on remdesivir disney opens tomorrow and oil is back below 40. david, as joe was saying with savita it is a reminder of how starved the market has been for medical news these last couple of weeks >> yeah, well, at least something positive, right, with that rising case count hitting new records, it seems virtually every day, and deaths also starting to move up in knows hard-hit states as well with hospitalizations that's certainly been a focus for market participants as you guys well know scott gottlieb who we follow closely tweeting about the remdesivir news, very encouraged but needs to be confirmed in a prospective trial, appears to be a receipt peck testify analysis of the face three data suggesting a survival benefit in severe covid patients. we have made the point many times it is only good news on remdesivir, but let

joining us now paul hickey, and mike santoli is here as well mike, i'll start off with you.t feels we get this drip, drip, drip of tit-for-tat back and forth with china we have indictment of two hackers stealing information on coronavirus research it links hackers to a foreign government the market reaction is pretty muted. >> it is the market kind of looks at the headlines and there's a reflex reaction, okay, we weren't prepared to have another round of aggression even if it is theatrical reaction. it doesn't translate into something the market needs to price right now. we came in today with this assumption we have this flourishing global growth picture and trade floss are a big part of the growth story at this point so i think it's a little bit or maybe excuse as we get to the top of this trading to pull back a little bit or maybe reorient towards other names that are not going be as economical lly sensitive. i've been looking for a couple of clues to see if global markets are trying to say this is a heightened risk situation dollar has been down semiconductor, they are no

that's a question i think i asked mike santoli that earlier this week, because it has not felt to me like we've seen any of the really dreary days where everybody is on vacation and everything is out. it seems like people are -- traders are more active, more paying attention because what else are you going to do, right? >> right >> nobody's traveling. >> i'm just wondering, you know, everybody -- obviously just being -- working from home is not on vacation, but it kind of feels like you're -- do people take a vacation from the vacation and then they don't watch the market as closely in august when it's hot i don't know i don't know if that happens. >> maybe >> here's a couple of stocks that we might want to keep an eye on j.b. hunt, the shares are trading higher this morning. the transportation company posted better than expected earnings in revenue despite a slowdown earlier in the quarter because of the pandemic. shipping demand has seen a steady rebound though since then interesting chart. less of a slope on the right-hand side. lending tree getting a boost this morning the compan

also mike santoli, of course our very own senior markets commentator here at cnbc lisa, let me startyou first. is there any number that you think is going to accurately reflect what's really going on in the market right now, or are we kind of just guessing and doing our best here? >> both. i reserve my right as an economist to say on the one hand and on the other, it's going to be both. we are certainly, i think, going to have some information about the direction, so i think that will be unmistakable, but the precise direction and number are going to be hard to say, and that's because of all the uncertainty that they were just talking about, and even what to call it, i thought, was an interesting conversation because are these jobs that are reinstated are there jobs that are reinvigorated. so we will have less of a point estimate we have a wide range, but i think we have less of a point estimate >> hey, mike, on that point just the idea that maybe we'll get some directional guidance about how things were for last month, but as steve also mentioned, it's not going to tell us anything