mike santoli is tracking market action, meg tirrell has information on johns johnson & johnson's vaccine candidate. mike, let's start with you and the bond market. >> kind of mild moves in the broad markets. lot of divergence once again a partial reversal of the rotation trade we've had for a while right now. a bounce in the big growth stocks is helping the nasdaq the rest of the market has been very hot it's cooling off net effect again, half a percent gain in the s&p, more like .8 or .9%, bumping up against the closing high levels from september 2nd, which is 35.80. don't forget on monday, 3645 or so that initial pop high we're working underneath that area right now and it's actually a little bit unstable even though the moves are very modest. we have that style and factor pinball going on, on a day-to-day basis the high beta etf, psychicalal, very sensitive to headlines and macroexpectations. that's the white line right here you see this huge vertical move, up 10% in two days, down a little bit today, very reminiscent of what we saw back in june where you had everybody rushing to that

mike santoli tracking the action as always. hey, mike. >> yeah, wilf. modest giveback of those gains markets have been pretty hot going into today cooling off somewhat the dow did slip back below 30,000 s&p, year to date, 3620. spent the entire day today above 3600, the first time that's happened slipping from record highs but still staying right near those records. you could argue that maybe you haven't decisively created a new range outside of this existing trading range. it's getting a little bit soft, kind of ground under foot in the market at the moment we'll have to see if it works off these overbought conditions, go in sideways or if we get another push higher because we have that seasonal strength. a couple of ways of looking at exactly how the market is looking to work through this weakness to better times ahead take a look at the stock chart of walt disney first, take a look right here, both telling you the same story. xli, industrial sector of the s&p, this goes back ten years. you see this massive jump. earnings went away we're now maintaini

and mike santoli what a week.her today after a blistering four-day rally on wall street, compelling the s&p 500 to have its best week since back in april there it is. closing absolutely flat. we have got some strength today in groups like consumer staples and materials and technology weakness to offset that in energy financials, consumer discretion father and real estate for week as a whole all settingors were higher technology the biggest winner, up almost 10%. the nasdaq popped into positive territory there into the close another decent day health care really strong this week, up more than 8%. materials up almost 8% communication services as well there is the russel 2,000 index of small caps. down about 1% for the day. for the week as a whole the nasdaq gained more than 9% the s&p gaining more than 7% we still do not have a decision on the election. coming up this hour, find out what corporate america and the leaders are saying about the election when we are joined by jeffrey sonnenfield who just hosted a zoom c

let's check on the markets mike santoli here to break down these crucial moments of the trading day. today we have got paul hickey with us as well. mike, similar theme to last monday the scale of the move less significant but showing there is still room for this rotation to rally. >> it added a little more of a twist to that rotation small cap stocks the average stock in the market up three percentage points in month more than the s&p 500. these like 1 1/2 versus 10 1/2 clearly a lot of this is under way. it is an encouraging tone if you believe in the market's ability to discount a better future several months out well see how much fuel it burns up in the short-term on the way there. >> did anything stand out to you in the speech, mike, that the market would be teeing off of? he did talk about policies, making the wealthy pay fair share, raising minimum wage, forgiveness of student loans all of which is going to be difficult for him to accomplish. >> exactly it didn't seem like there was too much specific there that the market was going to seize on. >> paul, in terms of the broader m

actual football we'll see how it translates on the other side josh lipton. >>> let's go back to mike santoliindexing and how that tesla move into the s&p 500 will influence it. mike >> the impression that a lot of investors have is that to be one of the very biggest on the field here in the index is a real advantage, and it leads to outperformance by those stocks that's because that's the kind of market we have been in. over the past five years the s&p 500 has outperformed the equal weighted s&p these are the act is same stocks except that one is weighted by market cap look at the same two measures in the last six mants a complete turnabout the equal weighted version pulled ahead back 15 years equal weight has been the outperformer. there is an academic research reason why equal weighted should be better. maybe it is not the situation that the market cap weighted should be better s that passive equity note flows cumulatively for the last decade and actively managed equities. no doubt the public has voted. just wondering if they are in the right place at the right time looking ahead at this p

let's go back to mike santoli. the market today going strong. every sector is higher >> it is certainly going strong although it lost a little bit of air since the 2:30 down two thirds of a percent from its highs look at where it brings the index. that ratifies the september low, if this hold this trading looks good this is taking a fair bit of energy shuttling back to october 12th high. could be the fourth day of s&p 500 gains, hasn't happened in 38 years. look at the semiconductor sector always bullish, but gets overheated in a hurry. you see vertical moflgs. you have to watch for a sign of some of the buying fading just for the short-term corporate bonds, a buying bing in corporate debt. basically people feel like the yield is going to stay low, no higher corporate taxes and we have this lower for longer type attitude you see that blip higher it takes the lqd corporate bond investment grade etf above where it was before the onset of the coronavirus. >> helping the upbeat mood. >>> we are gearing up for a huge earnings session after the bell t

mike santoli here to break down the crucial moments of the trading day.have got charlie with us as well we will kick it off with the broader markets. stocks are slipping into the close. we are off the session lows and actually coming back the dow down 111 we were down more than 200 mental ago climbing back toward the flat line a few sectors have gone green, utilities, materials, health care, and energy are now rising. the rest of the sectors are lower. tech underperforms dow and s&p on track for their first weekly losses in three weeks, mike. but it is nothing severe given the fact we are seeing rising case asks ryes restriction asks guess about economic growth, maybe even going negative the first quarter according to jp morgan the market has held up okay it has. it is list ls, it is tired it was overextented the last week or two. and i have been saying sentiment and investor positioning got aggressi aggressive i think that's being sorted out in this pause, the sideways period the s&p, 2 to 3% further downside before you even have to ask if it is nothing

only with xfinity mobile. >>> welcome back let's send it over to mike santoli.hecking in on the housing market what's going on, mike. >> the inventory of homes for sale is at a record low. right here you have two and a half months worth of inventory relative to the latest sales volumes. that looks really good based on history. focus in on this period, a previous low in the last cycle, when the housing bubble was just getting going in 2005. massive supply in response, lots of building, heavy turnover. that's when you had the boom in home building. look at the home builders etf. since its inception in early 2006 close to the peak of that bubble that was the time when they more or less peaked even though the market stayed okay for another year and a half that was the peak and actually the time to buy this group really for a big tidal shift move was when supply was tremendously heavy after the 2009 bust and into then into 2011 and '12 you have had a massive overhang. and then it has come back. i am not saying it is over yet but at some point the response will have b

mike santoli is here to break down these crucial moments of the trading day.ay we have got anastasia amarosa back as well welcome anastasia. the major averages moving in opposite direction the dow is up near session highs, and the nasdaq and s&p 500 are trading in the red everything technology, consumer discretion father and communication services are lower. mike, why? why are consumers and energy and industrials the leaders today. >> the why for the past couple of days has been the market trying to adjust and position itself for a better nom gnat growth post vaccine type economy. now the question is whether we can wait long enough to be actually in that and keep these trades on. treasury yields pushing up towards 1% on the ten-year has given clearance for this type of further rotation to happen i am not sure why consumers are benefiting except they have been weak recently. but the rest of it is the old economy time reflation type of trade. still broad in terms of the strength of the market up versus down volume and up versus down stocks true yesterday, today,

mike santoli first to you and the markets. >> a mild shake of the tree. indexes backing off. some of the stuff that was up the most this month is down the most today seems like a little bit of trimming there are probably unbalanced portfolios there you have -- we are roughly capped we were a little bit higher than we were right there. capped at where we have three weeks ago. every monday for the last four we have had encouraging vaccine news the market has taken it well if we back off from here you are going to hear talk that it was maybe a failed breakout, needs to rest. we are not there yet though. we have to wait and see. look at the risk appetite plays on a month to date basis and how they performed recently. here you have the ipo etf. that hasn't stopped. it is up less, but it is still heading higher today tesla, the airline sector. the high beta stocks within the s&p 500. the fastest moving, most cyclical once. softening recently as they sort of digest the catch their breath we also had a big deal this morning. s&p global agreeing to purchase ihs market s that quietly a

i defer in all analysis to mike santoli, but, boy, i mean, even if i'm just holding an s&p 500 indexund, i'm worried about tesla's effect much less on tesla itself. >> it's going to be 1% just about of the index there you go. >> wait, it's a big number and we should hear from is possibly today or any moment now over how exactly they will do this, but stay tuned, everybody, because that will be a difficult one, just the maneuvering of it let's move on and talk about a pair of bullish calls which now looks like a mipo compared to everything else. maybe not a minnow, still a $2 trillion company but it's about upgraded to a buy with a 131 target maybe a little late. you can see the catalyst in upside and max revenue opportunities from the watch and air pod and morgan stanley meanwhile raising its eye phone shipment forecast and bull case, not base case, $191 now. she notes apple has the heist percentage of users likely to upgrade their phones next year in the u.s. and china. seema, i mean, that's, again, we're talking about the big getting bigger here, but in apple's case the -- you have

mike santoli here to break own these crucial moments in the trading day.ve got nancy tengler. stocks rallying into the close good to see you. s&p 500 on track for its second best election day performance ever andist its best daily performance in more than four months mike, we have taken a leg higher on the s&p and the dow there we are, above 2% gains the dow mostly turning positive, up 2.4%, what's driving the enthusiasm >> i am going to stick to the rule i was following all day trying not to attribute the one day moves in the market to it being election day tested the recent lows and you were oversold it would the not be weird when you have got a new ism number and all the rest going ochblt yes we are one day closer to election day being in the past we can say that i think there is sense of tension release that's starting to make its way into the market regardless of an outcome but i don't think we can may crowscopically examine what happened today and say the market has figured out something beyond what we are all observing when it comes to the probable

mike santoli here to break town crucial moments in the trading day.oday we have got lip see bell and tony dwyer as well good afternoon to you all. let's kick thing off with the broader markets. the dow and s&p surging ahead, hitting record highs in the process. nasdaq in the red. the dow as you can see up 1,145 points is off the highs, 1,600 points or so. mike, clear rotation today, tech stocks and the likes of amazon lower with the cyclicals like energy and banks higher and higher by quite some margin for some of those recently underperforming stocks. >> the moves are very dramatic wilf without a doubt. every investor seeing the pfizer news had to pull for the an timt of when the economy can get back to something like normal that's having a lot of forth repositioning events in the market look at the top ten performers in the s&p they are down year to date on average 40%. essentially, it is all the tough that was beaten down the most that is rising the most. banks are in there to an extent as well. part of it is people getting forced into kind of thes

mike santoli is here to break down the crucial moments of the trading day.ve today we have dot chris barone from stra teenlist as well -- strategist. stocks rallying into the close session my-highs, the dow and s&p on track for big weekly gains. the nasdaq is still lower on the w week where are we positioning wise and send men wise. we discussed this earlier in the week as well but how overbought are we >> getting hitly so in the short-term i would say although there has been evidence over the last weeks of genuine buying urgency out there broad rally days you have being fund flows into equity funds all those things suggest people are embracing a sent of certainty that we have gotten past the election and what happens with the vaccine what is fascinating is if you waited for that real sense of comfort that things that were uncertain are thousand being resolved you are buying them 10% higher than you did a couple weeks ago. that's just the way it goes. right now the market -- one definition of a bull market is it is more sensitive to the good news than it is

manufacturers who is working with biden's team to help fight the pandemic today we have with us mike santoli, steer liesman mike, the broader markets are well off the lows as we speak. >> they are. kind of a little bit of an aimless back and forth type day. absorbed a little bit of a morning selloff. didn't do any real damage it has been firmly bid, especially with son of the bigger nasdaq stocks coming back. holding the indexes together relatively well. as we speak, the s&p around 3,580. that's the closing level here september 2an. are we going to be back in the box trading range? we went above it for a few days there. a little bit of a back and forth struggle the market is trying to maybe reset and get a rest after the big sprint the first two weeks of november. seems to be what's been going on most of the week a heavy continued issuance of stocks and bounds by companies the market is resentive to the new issues that's the bullish side. all types of equity issuance on a quarterly bases going back to 2018 here's the fourth quarter to date what is relevant, look at the fourth quarter last ye

let's also bring mike santoli into this chat i want to emphasize the importance of the retail trader here and getting us to dow 30k the everyday americans and robinhood crowd that started buying stocks in earnest at the low. this is the year of the main street investor, mike, a force that's so big they are offsetting the loss of corporate stock buybacks, and everyone should keep that in mind when they are tempted to say wall street at new highs. there's been a ton of main street participation here, right? >> well, there has been. i think it's segmented there's no doubt that there's a new aggressive emotional energy, and generally an optimistic one coming from those younger retail traders. you can see it in record high volumes. people are calling it in call options and seeing it in parts of technology and seeing it, you know, in electric vehicle stocks that go craze they month, so, yes, it's absolutely in there, and it's been largely missing from this bull market if you want to trace this back to 2009, but their parents and older siblings and grand parents have been buying into it unt

i'm becky quick along with yoe kernen and mike santoli. andrew is off today.e'll start things off with the stock futures after some positive vaccine news drove the dow and s&p 500 to record highs. dow giving back some of that ground, down by about 100 point, but remember how far they have marched for the last three weeks. s&p is indicated down by about 14 points and then the nasdaq is indicated up by about 12 points. we do have some breaking news from amazon and better that coocoo bertha coombs ohas that story >> they are launching a full online pharmacy building on its acquisition of pill pack the new pharmacy is in-network with major insurers and medicare and patients can pay for their prescription co-pays with funds from their health savings accounts just like they were at any pharmacy and they can confer with pharmacists online or over the phone about their prescriptions. prime members get free two day shipping, patients who needs meds right away with k. getit go go to a face pharmacy. and they will have comparisons to if they don't use their pharmacy tj p

thank you, sir, mike santoli. >> uber and lyft are trading higher as markets are anticipating california voters will pass a ballotish any of that will help their bottom line we'll talk about what that means for tech companies and the federal government right after this quick break our retirement plan with voya gives us confidence. they help us with achievable steps along the way... so we can spend a bit today, knowing we're prepared for tomorrow. wow dad, do you think you overdid it maybe? i don't think so...what do you think, peanut? nope. honey, do you think we overdid it? overdid what? see? we don't think so, son. technically, grandparents can't overdo it. it's impossible. well planned, well invested, well protected. voya. be confident to and through retirement. when disaster strikes to one, we all get together and support each other. that's the nature of humanity. ♪ it has encouraged other people to take the time for each other. ♪ ♪ you're choosing whento get connected to xfinity mobile, to the most reliable network nationwide, now with 5g included. discover how to save up to $400 a

let's get to mike santoli who's following the early action within the nasdaq there's some interesting and losers too, mike. >> yeah, joe, 24 hours ago right when the market was ready to get that bounce yesterday, in fact up 3% in the first few days, the s&p was pulling itself into neutral footing. that seems to be where it has stayed the nasdaq, as you say, really strong move higher this is a catchup move one of the strongest themes going on in the markets has been about migrating towards more cyclical stocks, old economy stocks, this idea that maybe we're in for a bigger fiscal stimulus down the road there was the blue wave trade suggested perhaps it was in the market now it's being reversed. you have nasdaq outperforming. look at the futures, very much flat the s&p's gain is mostly about those growth stocks in the nasdaq and kind of parallel to this move is what's happening in treasury yields. you see the three-month treasury yields broke out above -- just about up to the range where it was. that spike is being reversed and more as people try to rethink what this setup is, the vario

let's go back to mike santoli. among a younger generation, mike not your generation. >> a generation even younger than yours, sara generation z, which i really want to highlight. it takes a look at people who think you are out of touch right here you see 50% of these folks under 19 years old right now have a driver's license. back when i was getting a license it was closer to 70% clearly that's something for car makers to think about, whether long-term demand for car ownership will be affected by these things right now who knows if there's a pandemic effect in this last little bit and then clothing, sustainable clothing as a theme. granted this is google search data you wouldn't be surprised it went up this much. through my daughters, secondhand clothing, thrifting, online marketplaces for preowned clothes is a big deal. a lot of clothing companies like h & m are thinking how to play up this aspect of their goods that much more. >> mike, do you think wall street has zeroed in on these kind of gen-z trends and survey

you can track where we are hopefully we will close above that level mike santoli here to break down these moments of the trading day as always and we have lindsey bell allians chief investment strategist as well. good afternoon to you. mike, i will start with you and the broader markets. clear, 30k is a massive number to have crossed the dow though only up 5% year to date. >> yeah we were on the doorstep of 30,000 back in january and february obviously events intervened and it has been more of a catchup move this the dow. and also sclgcal stocks similar to what was going none the nasdaq the dow and the s&p essentially on track to close at a new record here. incremental phases of relaxation or kind of dispensing with some of the big looming issues that have been reoccupying investors. that's what's been the story over the last few weeks right now on the political front as well as the vaccine. now i guess the question is, seasonal momentum and people's willingness to just let the market ride enough to keep things going here. it seems like we are a bit stretched in terms of the attitudes of

cnbc's mike santoli is here to break town these crucial moments in the trading day and today we have got stephanie link as well we will kick it off with the broader markets. major averages are under sell pressure we are at session lows as we speak though the dow and the s&p are higher on the week we are down 450. we were down 480 just a moment ago. we have trended lower all arch mike, tech outperforms value everybody is loeg lower. the two things i have heard as catalyst, increasing restrictions, new york city rn wag they might have to close schools again. chicago putting out an advisory to stay at home except for school and work. also the diminished prospects of a stimulus deal until after the first of the year with news that trump is punting to it congress. didn't the market know about it? >> there is no doubt these issues have been in the air. we have been aware of it the market, typically, though, it attempts to look through those thing to other catalysts like whether it is a vaccine-lip rated economy or whatever it is. sometimes you get a critical mass of issues layered on top o

mike santoli tracking all the action. >> you see a move like this, it's very sudden, very dramatic in response to a widely watched known catalyst and you have two things, one is what's the fresh bit of information, in this case most likely the salient piece for the markets is no likely blue wave and, therefore, no big reflation trade, heavy fiscal stimulus, that was the first conclusion, but it also tells you which way the market was leaning and after that 6% pull back we had last week what was going on stocks and bonds were selling off together, yields were going up, value stocks were outperforming everyone was piling into cyclicals. it's been reversed we popped right up to this level of ten days ago so we keep making some progress but it is still within the context of this trading range at least for now and it's not exactly kind of all roses underneath the surface take a look at the nasdaq 100 against the small cap russell 2000 this is since september 2nd, this is the peak of the overall stock market and the nasdaq. you see today is this very dramatic piece here, the russell is not

i'm becky quick along with mike santoli and andrew ross sorkin joe is out today this is something to check out this morning because we're seeing some additional gauins at this hour. dow up by 311 points and that is because of a lot of things that have been happening, the political winds that are shifting, the biden transition getting access to government funds, we'll talk more about that in a moment and of course the choice that we are hearing for the new treasury secretary. and we'll talk more about that in a moment as well. yesterday you did see the dow up by over 300 points, a gain of 1.1% and that puts the dow at this point on track for its best month that we've seen since january of 1987. but it is not even the best performer when you start looking around at some of the other indexes. pay attention to the small caps today, the russell 2000 was up yesterday. that was its sixth positive session out of the last seven, that index setting another intra day high and record close. you will see that it was up by 32 points, a gain of 1.8%. treasury yields, check this out as well, you wil

along once you get into next year because there is so much enthusiasm about the year ahead our mike santoli has been taking a look at that as he discusses the rally entering what he calls the belief phase right, mike? >> scott, for most of the past eight months, the market was feeding off this reservoir of doubt and disbelief and confusion. and then there's a lot of hiding in the growth names. people were not fully on board i think now you're at a point where you can say that in terms of flows into equity funds a the an almost three motor vehicle year high in the past four weeks, and sentiment services and analyst upward revisions to 2021 earnings, that's also back to january 2018. you're heading back to the moment you had a lot of company if you think it the recovery ap playab ab -- and playable in the mark it better-th it's better than expected across the board. earnings in the third quarter probably the best beat rate and percentage beat in history or at least more than a decade so profits bottom much hyper th - higher than we thought they would. and yet the market in the last three week

i'm david faber with melissa lee and mike santoli stock markets, we'll say it again, closing early today, 1:00 p.m. eastern the bond market abbreviated session, it will close at 2:00 p.m. eastern let's give you a look at futures, you're seeing them now, we look like we're going to have a higher open when we get started with trading about 30 minutes from now road map, it begins with, of course, this day, black friday, like no other. how retailers are shifting sales strategies online this holiday season >> then, questions over astrazeneca's vaccine trial, what the ceo is saying this morning. >> and finally what a salesforce acquisition of slack means at this hour. >> right back at you in terms of this market action, we have seen it a lot, mike in terms of the dow's performance this month there has been some rotation let's start there. somebody this morning saying aerospace is up 40%. which frankly i did not necessarily know it has been that strong in that short amount of time does it continue in this rotation or do we have to watch this >> in last day, day and a half of trading there has b

. >> let's bring in mike santoli who talked about this on squawk and what happened -- what passed under bridge, mike, sibs the first time we hit 20,000 there is a time this summer where the thinking was maybe growth gets us there all by itself and then we saw this broadening out as the vaccine came into view. >> for sure. in fact, the tone of the market and the last several weeks anyway has been much more about dow type stocks, not small ones. of course, they're big in the dow. cyclical, global industrials, injury as well and they've all been more or less prioritized here by investors as everybody is fixated on 2021 as a rebound year for profits, for the economy, for consumer behavior, for public health, everything is lining up right here i really think the main question is how do the momentum favoring, seasonal forces where you have the upside bias and do tend to finish strong when you have a strong year, how does that play against the fact that i think a lot of folks have already rushed into this position of trying to capitalize on that you do have some things flashing you know, yello

welcome to "squawk box" here on cnbc i'm becky quick along with joe kernen and mike santoli. off today. been watch offing the u.s. equity futures and after a down day yesterday, where both the dow and s&p were down by about half a percent and the nasdaq down by about 0.2%, you will see green arrows this morning. dow indicated up by about

cnbc senior markets commentator, mike santoli, senior economics report reporter steve liesman joiningmost significant thing you're seeing in your lane in terms of what this means for bonds and yields and the fed and stimulus and the economy and everything else. you got ten seconds. no, go ahead >> i think it's higher rates, joe, and questions about how the fed will respond here, but also sort of echoing what governor murphy was talking about this makes me a little nervous short-term i don't want to take away from the glory of the long-term outlook here, this is obviously great news but to the extent that you may not get stimulus, to the extent that there are still some 10 million people that don't have work, and this would reduce the effort to help those folks, and also what happens with the state and local government financing it could be more trying times. the coronavirus right now is raging out of control, and you know, we'll all follow what meg says and pfizer says about this. it's a while until this vaccine gets out there obviously i don't think the market is wrong to be jubilant

i'm becky quick along with mike santoli and andrew ross sorkin joe is out today this is something torning because we're seeing some additional gauins at this hour. dow up by 311 points and that is because of a lot of things that have been happening, the political winds that are shifting, the bide

it's time for "rapid foyer" and joining me are mike santoli, leslie picker and eric chami another gaming been a hit with kids amid the pandemic leading to a record year u.s. daily active users nearly doubled to more than 36 million in the third quarter, referring to hours engaged which more than doubled to 28.7 billion. i spent the whole break trying to google and figure out who roadblocks is. the do tell. >> i think our kids are a little too young to appreciate roadblocks, but it's basically this platform where people can create games users can generate games and then a majority of their users are actually under the age of 13, so kind of their sweet spot is kids between the ages of maybe 8 and 13 they are able to play games. they communicate with each other and have their own digital currency that people can transact with, usually their parent's money but it's become this tremendous -- they have seen a tremendous jump in their business, a tremendous jump in the amount of hours on their platform because during the pandemic everybody is stuck at home, kids included. this is the way they a

santoli, are you ready? >> thanks, cramer. i see mike my snark is under my real name let me get that out there. >> you are -- you're funny, not snarky. >> thanks for that let's take a look, we'll pivot to bitcoin it is surging this week. the digital currency at the highest level since the 2017 peak joining us is mike novagratz good morning let's start with the comparison to the 2017 run. that was a huge kind of speculative stampede, we have done a round trip in three years. anything similar or different right now to what is driving it? we lost mike's audio all right, yeah, so -- pardon me >> hello sorry about that >> sorry about that. go ahead >> so i'm sorry, listen, in 2017 i think we were in a global speculative frenzy where everything was going up in crypto world it was almost solely driven by retail retail in the u.s., retail abroad this market is very different. bitcoin found a real lane in macro portfolios citibank, their currency strategist talked about bitcoin going up to 3,000. 30,000 next year bank of america did a portfolio m

the vaccine trial to speak about the impact of the vaccine in real life is here with us as well mike santolin terms of the market performance, we've mentioned how strong november has been what hats other data suggested in the last week or two about how bought we might be, how many flows there are in equity. >> you need this well belief fades that after four to six weeks ago there was a lot of talk about encertainty and the issues since the election, pretty much up and away and very, very heavy flows into retail equity fund you're also seeing a lot of these other indicators of, you know, overaggressive activity in terms of pockets of the market and things like that and the overall market looking a little bit extended and that doesn't mean it makes sense to fight this uptrend in the short-term seasonally it's very difficult to work against the moment mum after strong years when you look back to december of 2019, december of 2017, when you were in the uptrends and started to look overbought and people started to look optimistic, there was a further tack on to the upside after that, but there's

you played the role of mike santoli in the past.his is a good day for you to do it because your beloved value stocks outperformed. what happened today? >> well, they tend to be viewed as tied to the economy i think that's fair. i think one of the reasons why they have had a tough 2020 is it has been a tough year for the economy. when people start to focus on thing that maybe mean the economy is going to get better that tends to be very good for value stocks joe biden is controversial but we think a stimulus bill is probably likely under a biden administrati administration that's going to be good for the economy. deficit spending is probably good for the economy when people focus on a better economy, value tends to do better. >> a.j., what's your take on why we rallied today are you worried when we saw the data of rising cases in the u.s., more lockdowns in europe, that the markets got abit ahead of its self. >> that's a good question, wilfred. i think the market is possibly pricing in the election results a little too soon. just lik

. >> thank you very much for joining us as well >> thank you >>> all right, let's get to mike santolis and investors back in the markets, mike what are you seeing behind t scenes >> the big question is whether investors are correct in looking through this difficult period we're in right now the market is in this mode of willing to focus on the future and the anticipation of the very much known uncertainties you have to respect the market's ability to think to try to dus count th discount that future the question is whether that process is built into the market we're 2 1/2 months into the period when the big nasdaq growth stocks, stay at home stocks peaked and reopening cyclical trade is working better that involves mall caps and large caps last week, of course, huge burst of fund flows into equity funds as well as a big uptick in optimism so all that leads to the question whether we're in for a period where we have to chop around and deal with a rotational type market as opposeded to one where the year end momentum is flying i don't want to say that late comers are necessarily pulling

i'm carl quintanilla with david faber, mike santoli will stick around >> i'll start out with what isres, november, final read, final read, which means the current 77 in place gets tossed and it gets replaced with 76.9, the same .1 lighter if we go through current conditions, 87.0, that's a point and .2 pop over our midmonth if we look at the final expectations numbers, 70.5, a little lower than 71.3 the inflation data is important we look at one-year, stayed at 2.5. now to personal income, down .7. that is not good income down .7 is a disappointment we're looking for a number down but only slightly. and we have six months in a row now of spending being positive, which is a positive going into the holiday season, and that number is up half of 1%, about as expected, but about one-third of our last look, revisions coming in. 1.4 is our last look, now 1.2 on the spending side and .7 on the income side. now to the housing numbers we know those are super strong, the housing sector firing on all eight cylinders. these are best numbers since '06 and better than expected and get this, the rev

our mike santoli michele gass.e tape saying he hopes we can reach bipartisan agreement on government funding by the end of the week we will see. >> yeah, he keeps pushing for a lame duck stimulus the vice president-elect says they want something in the $3 trillion range that senate hearing with mark zuckerberg and jack dorsey set to testify we'll take you there live as soon as q&a begins "squawk on the street" will be right back for over 30 years, lexus has been celebrating driveway moments. here's to one more, the lexus december to remember sales event. get 0% financing on all new 2020 and 2021 lexus models. experience amazing at your lexus dealer. >>> president-elect joe biden meeting with labor and business leaders for the first time yesterday speaking out on the need for a relief package. >> i would pass the here rose ac -- he.e.r.o.e.s. act. now, not tomorrow. now. and the idea the president is still playing golf and not doing anything about it is beyond my comprehension. >> jared bernstein, senior fellow join

close at a record it needs to close above 29,551 that's 132 points from where we closed yesterday mike santoliw. he has more on all of this mike, it's been pretty fascinating to watch the change in terms of how people are valuing value over growth. >> yeah. another one of these shifts that we've seen made periodically every few months, becky. we'll see if this one sticks the overall market has absorbed the pull back in the large cap growth stocks and the nasdaq relatively well. here's the s&p 500 a couple of relevant things to keep in mind the september and october lows that we saw in the index, if that turns out to be kind of a floor for this range, breaks above at some point, that's usually a pretty powerful signal when you have that kind of a base 3645 is worth keeping an eye on. that's monday morning's high in the s&p. we had the huge burst high and gave much of it up and 3588 was already the high for september 2nd. we're bumping around the upper end of that range. it's been a broad rally. qqq is the nasdaq 100 etf. that has been the source of a lot of the recent weaknesses that is a littl

mike santoli joins us with a market playbook. , mike >> well, at least for a couple of days. yesterday was the big nasdaq stocks did all the work in trying to support the s&p 500. what is interesting, though is just how the overall index has managed to make it work either way. it seemed like the cyclical stocks needed cooling off. at least for a day, the nasdaq stuff did it this is the way the year-to-date chart is shaping up. you see this here, the september 2nd high, 8 points below the closing high it's pretty much right there at this point this looks like, as i keep saying, a pretty favorable set up if you break higher have we front loaded a lot of good news. also, 36/45 was the morning hide on monday. keep that in mind. that could be an area where there is a little bit of friction i think it's worth reminding folks that this month the actual acwx, every market in the world except for the u.s. has actually outperformed the u.s we have consumed with the implication of our elections, whether we have stimulus hopes, the covid situ

i'm david faber with melissa lee and mike santoli stock markets, we'll say it again, closing early today you a look at futures, you're seeing them now, we look like we're going to have a higher open when we get started with trading about 30 minutes from now road map, it begins with, of

joining is mike santoli.t do you think about this corporate insider news >> it seems everybody has frozen the other data is how much corporate insider selling there is, and that has kind of gone away in october. it's somewhat neutral, absolutely not an outright buy signal the first half of october, market was going straight up it wasn't as if we were in pull back mode when corporate insiders become active not outright bull skpish tellis. premarket, interesting set up, along with the gains in the s&p, this is the spider, s&p 500, etf, indicating 1.2% gain. 2 1/2% up this week. it brings us to an interesting spot if we open in the 33, 40 zone, this is 1/10 the value of the s&p, it's almost exactly halfway between the recent lows and highs. i see the gain as the market pulling itself into a neutral position the 50-day average is here right now. i would hesitate to interpret the market moves as any explicit or specific implicit forecast on what's going on in the election or the outcome t ten-year treasury yield,

mike santoli joins us now. know, mike, you know, seeing what's happening in the presidential election, do we really need to try and explain why the stock market is down 105 points after going up 1,900 points i'm not grasping for a reason there, are you >> no. well, the s&p is up over 7%, week to date it's been on this upward sprint. no surprise, it would be a breather if you look at the overnight futures action, we did see this twitch lower when joe biden did pull ahead by the count in georgia. you've recovered some of that. it's not necessarily surprising but we do have a little bit of heightened sensitivity programmed into these markets. all of a sudden the story line turned to actually divided government is the case, not blue wave or fiscal stimulus, so take a look at the year-to-date chart of the s&p 500 it gives a little bit of a frame for what we have seen right here so this run right here from just over 3,200 to here above 3,500 is roughly the same distance we traveled in three weeks and we have done it i

investment strategist for bmo capital markets and cnbc's senior markets commentator michael santoli joins us as well mike, i guess i'll kick it off with you because what is your thinking this hour the market has been a strange animal to kind of describe all session, even looking at some of the names this morning, the vulcans and martin mariettas what is moving the needle here >> first off, the conclusion almost instantly that had the market was leaning in the direction of a possible blue wave and they have had to run that trade in reverse to a large degree what will did that mean over the past few weeks and then bond yields running higher. there was an idea that there was going to be a big fiscal push and the economy was going to accelerate as a result of that under biden and perhaps a democratic senate. that seems to be not in the cards at moment and what that means, too, is the rotation that had taken place from large-cap growth stocks like tech into cyclicals and value stocks is now just being unwound to some degree, and it seems as if that low yield, low growth, pay a big premium for large-growth sto