we are now in the "closing bell" market zone, commercial-free coverage mike santoli is here to break down the crucial moments of the trading today, and today we have greg branch back as well welcome, greg. major averages rallying today. the dow is a big dial. 34,777 is the level. >> it shows that this isn't quite the either/or market, meaning that the dow sort of -- thinks the big ease. based on levitating, and this

mike santoli has those numbers as you can see right there good afternoon, mike >> hey, dom. an unusual quick and complete reversal from the one-day shakeout at least so far yesterday. three weeks ago we had a minipanic after the fed meeting, got a couple percent to the down side this is barely that. the big pressure point on the markets is what's been happening with yields, what's been happening psychologically in terms of the economy and everything else. here you can see a one-year chart of the 10-year treasury yield. it looks like it has rolled over from those highs a few months ago, but the big question as the overall trend changed, believe it or not not necessarily. it actually reversed higher on its 200-day average. it doesn't always work that well but at this point it doesn't seem as if there's anything that's really gone on here to change the overall setup of at least somewhat higher yields, even if we don't see the 1.7 plus that we saw a few weeks ago. take a look at the push/pull in sectors below the surface this week the s&p 500 is on pace fora quarter percent gain

mike santoli, deirdre bosa with the latest on the tech crackdown. michael, we'll start off with you. >> scott, firming up throughout the day. an upward grind, not a sprint. it's the second friday in a row where there was this kind of all inclusive levitation rally we managed to be a little more positive than negative i've been looking at where we came off that february to march sideways period we were in for a while. you made a high in mid-april around 7% higher a three-week run higher to the next stair step. that's what you want to look out for. just when things get a little bit overheated i don't think it really qualifies yet. the problem has been the opposite, not enough stocks working. the russell 2000, ten-year at the russell 2000 while it is flat today it has been sideways since february i want to do a long-term look because this index has gone two years of doing nothing a couple of times not to say that's what we're in for here but it doesn't tell you a whole lot what the rest of the market is up to, what the s&p 500 will do if the small caps

i'm sara eisen here with mike santoli, whos in today for wilfred frost.t taking toward the end of the month after overall a good month. caller pillar, boeing, goldman sachs and disney the s&p 500 giving back half a person today, what worked? amazon is a big part of that story. and also closed shatterly lower. kind of a mixed day for tech you did see a performance with apple, comcast also going strong the russell actually fell, while the nasdaq, s&p 500 and the dow gained so something to talk about, some underperformance lately of the small caps after they had been strong coming up this hour, noted investor dan niles on whether some have gotten too high. and later, u.s. general dr. have i vivak murthy listen to what he says which i think will be highly likely it's going -- you know, it might be a good time to take risks off the table, and save some dry powder for the possible we could see a severe correction here in the summer >> courtney gibson from luke capital ton and stephf jablonsk are still with us. i haven't heard anybody -- those will say janet yel

here to break down the headlines host and senior editor of marketplace tech, and mike santoli.oon to the three of you. first big news out of the pentagon the department of defense is calling off the up to $10 billion jedi cloud contract which was awarded to microsoft by the trump administration and had been the source of multiple protests, including a legal fight between the u.s. government and amazon for the better part of two years now the dod is announcing a new program. this is a new multiavenger contract that it's going to be looking for requests for proposals from microsoft and amazon expected to be the potential winners there in the coming months that program called joint war fighter cloud capability or jwcc, not quite as sexy as jedi. but mike santoli, the fact we are seeing these big heavy hitter tech names at new highs on a potential new government cloud competition says what about the market more broadly? >> well, i think the market has been trending in the direction of those types of stocks in the first place. we have apple up today it's not really in the running fo

. >> first, the big stories we're watching today mike santoli tracking the market action kay rooney following bitcoin as they tick higher back above 30k. mike, follow-through to yesterday's rally. >> yeah, fairly encouraging. we mentioned all the rally did was take care of monday's decline and left us around the levels we close last week. we've carried higher 1% over the all-time highs the market ran a very similar play to what happened in june and before that which is a quick sharp decline, single digit percentages, not even 5% to the close down to around the index's 50-day average then a big rally and a little bit of follow-through. one thing to keep in mind if we'll use june as an example because you did have about a 1.4% up day or something and then a 0.5% gain following that. it did get about a 5% move off that low to a new high but then it rolled here and you -- at monday's lows we were essentially back to where the market peaked out in may, june my point is not that this is doomed the point is that it's a little bit of a kind of halting advance as we get to this phase of it and a littl

. >>> mike santoli is tracking the market action, and deirdre bosa has more details on the chinese crackdown on didi. >> a bit of a wobble, but the market running pretty shot second straight gains, also coming off of five straight quarters of 5% gain. so running a bit hose. it's in those cyclical and reflation type of stocks when you have support for megacap growth another thing that was tex book is all we did at the lows of the day is essentially go back to undo friday's rally after it came from the jobs report. right from that point recovered on the strength of mostly those tech stocks, so it seems like a technical half-step back it doesn't alter of very orderly up friend so far small copse and financials very much at the core of that reflation economic acceleration trait. no new highs since back in march, financials peaked sometime around may before yields started to drop lower, and you have amazon and apple jumping finally after nine months, ten months of consolidate action, apple just a couple percent below, just for persp perspective, these two together are more than 2,000 stocks worth

stocks more attractive or whether it is signaling there might be more pain in the near future mike santoli, senior markets reporter or commentator is taking a look at this now. is it time to batten down the hatches because things could get worse? >> right. >> usually that puts on alert that you could reach headline indexes. it's probably better, though, than what you had january of 2018 where everything peak ed a once everyone thought all inclusive rally, and it would be upside from there it was a sharp pullback we saw in the market. this seems to be more like the market has been chewing over for some time. home builders, transports, energy, banks, all of them more than 10e% their highs coming into today yes, small caps, as joe mentioned, is probably close to that category as well. the tricky part is that it would look exactly the same today if this were the start of a much deeper s&p 500 correction or if you're going to tag the 50-day moving average, of which we have multiple time this is year and bounce right off of it it's probably better we're presold, already down 10%. does that set a

mike santoli is tracking the market action and looking at the performance of the meme stocks and the jobs report art cashing is from ubs. mike, first start us off. >> wilf, you could call it the tesla tartan take a look at the s&p 500 we have just extend what has been a pretty orderly run. it's getting on the stretch in the very short term. this could be the second straight day now, when they ended, it was not some kind of major consequential peak in the market, but it shows you, we've done a lot in a bit of time. amazon, apple, microsoft, well, that's because yields are lower, the jobs report perhaps not too hot, that's enabling from growth names to take over take a look at the benefits of size we've talked about this a bit this week. here's over the last three months, the leading and lagging groups qqq has been the clear leader, but then it's a hierarchy down to the s&p 500 the equal-weighted version of the s&p, so that doesn't have quite the benefit of the megacaps, and then the mid cap index has outperforming for months, but in the last three is not taking new highs >> in the mark

mike santoli is here to break down the crucial moments of the trading day and today we've got reynoldsks are mixed. the s&p 500 is up, so is the dow about 54 points after fed chair jay powell testified in congress, nothing new i would say from the fed chair, stuck with the transitory theme even though he says inflation is coming in higher than everybody thought. the dow went above 35,000. >> 3:00 or so, 3:30 on monday so that has been the ceiling. we'll see if that lasts for now. this is a familiar feel to the market, below the surface a lot of weakness, a lot of stocks are in pullback correction mode but you do have the big growth guys really working and supporting the index and what's interesting is what that really also tells you is the market is absolutely at the moment transitory inflation mode meaning anything that would benefit from a real acceleration in inflation that wassustained is really not bee working in the stock market and vice versa whether that's a verdict or ebb and flow of the style and factors and the themes and the flows is the question. >> what are your views on

we appreciate it mike santoli. >>> bitcoin falling below 30,000 heading toward a new low for the yearies b funding round of about $900 billion that puts its valuation at $18 billion, up from about $1 billion a year ago more than 60 investors participated, including such names as sequoia, thirdpoint, softbank let's bring in sam bankman-fried, founder and ceo of cryptocurrency exchange ftx in a first on cnbc interview welcome back, sam. it's nice to have you with us. >> thanks for having me. >> it's great to have you here how did you do this so quickly your company is two years old and you're doing something like $400 billion worth of volume per month, which is 25 times what you did a year ago how did you get the uptake at scale so fast? >> you know, it was really just a lot of small things put together, a lot of decisions that we've made around how to build a product, trying to be as responsive as we can to customers, to regulators, to counterparties and, you know, honestly from our perspective, it sometimes feels like the world is going sort of in slow motion around us and that we're

. >> covering the market action, mike santoli, rick santelli. michael, we start with you, please >> bill, thanks a lot. let's tell you where we came from here before this shakeout in the s&p 500 right from a record high that was carried by a relatively narrow group of stocks you see here, look, nothing has altered the trend here it is solidly higher we had kind of stretched right up to the very upper end of this sort of uptrending rally channel. at the lows this morning, we basically just undid the month to date gains in the s&p, went back to about where we were right at the end of june kind of probed lower and then actually regrouped from there and found some footing take a look, also, at two opposite ends of the spectrum. the nasdaq 100, which is the very largest growth stock and then small cap, russell 2000 one really benefits from an accelerating higher treasury yield type environment, that would be the russell 2000. they basically have come to a similar spot here along very different paths. massive ramp to start with the reopening enthusias

mike santoli is here as well live at post nine at the new york stock exchange.om the site of that historic pace launch over the weekend. more in a moment and meantime the markets have turned early morning jitters about covid variants and slowing growth into green arrows it's flipped with the nasdaq which had premarket gains now down seven. >> and with us 30 minutes into the trading session here are three big movers that we're watching this morning. tencent music low they are morning as it becomes the latest facing a crackdown in china with reports it will be forced to give up exclusive rights to music labels by regulators that could happen fairly soon. and the banks, yields recovering a bit this morning we have got a slate of the biggest names that are going to be reporting earnings. you can see three of them right there. we will break down what to expect later this hour, kbw's tom michaud will be joining us and virgin galactic, shares higher after a successful test launch they are far lower after a successful test launch the reason is because they are offering

shannon is back, along with mike santoli.ord. >> probably better than the beat 129-cent outperformance on the eps line it looks pretty good i think it's a question of, do people think there was a pull forward to buy demand. that to me is where the marginal price will go. ultimately after the numbers and the call, then you have to ask if it's a bit stalled out here >> dan ives? >> yeah, this is a drop in my corner if you look at the iphone, especially with the chip shortage, what we saw here, the super cycle is playing out better than the streets are expecting. this is one we've seen over the last three months, massively underestimated in terms of the growth i think 6 to 9 months there's a $3 trillion market cap >> wow all right. that means only $600 billion, not even, to go from here. josh >> i did just speak with tim cook let me bring you those comments. i did ask about the ongoing chip shortage, cook telling me it's being impacted here, shortages primarily affected mac and ipad. we predicted 3 billion to 4 billion, but we w

cnbc's senior market commentator mike santoli is here, and we've been portfolio manager stephanie linkll stocks are coming off the lowing of the day, the ten-year, of course, falling significantly during the session as well, below 130, as we speak mike, really growth fears doing this, other delta variant fears? >> i think it's been a drumbeat of news headlines heading in that direction that seem to reinforce what the bond market is doing the idea we did see the cyclical reflation trade peaks a couple months ago i don't think anything happened that all of a said we have to be worried. it's more about the big indexes. what we have done is pulled back 1% or so to a leave that was the highest level seen in the history of the world six or seven weeks ago. so keep it in perspective. i think we've had deferred selling. it's kind of a long stretch. >> it is that perspective does help stephanie, one thing that mike didn't bring up that you're focused on is the ecb. you're sort of surprised it's not getting more attention >> yeah, i think they've had a major pivot, even though they've been tryin

cnbc's senior market commentator mike santoli to break everything do you, and today we have paul hickeye major averages hit record intraday highs. mike, it's a mix of the leaders make sense of it for us. >> it doesn't seem like there's a strong thematic approach in the big game in big growth stocks auto is up, banks are up the stuff that seems like maybe there's catch-up potentially, given where the index is with the records. also, with a feel of holding steady, ahead of a lot the big nasdaq stocks reporting, the fed obviously, so net-net, marginal progress on top of record highs, not too bad when it's not a strong narrative driver. >> paul, someone this morning said it had to be one of the stranger days, where you get across the board report highs because of the things we don't know yet. >> carl, as i say, there's a wall of worry in the market, but i'm sure you remember, mr. short-term memory from "saturday night live" last saturday everybody was worried about the delta variant, and now on friday we're back at record highs so, i think a longer-term picture remains -- and a relatively h

mike santoli that does it for us on "squawk on the street. "techcheck" starts now >>> and "new shepard" has cleared the tower, on her way to space with our first human crew. go, jeff go, mark go, wally. go, oliver you are going to space >>> good tuesday morning welcome to "techcheck. i'm deirdre bosa with jon fortt and julia boorstin jeff bezos speaks to cnbc, that happened moments ago, a rare interview as the richest man on earth returns from a historic flight to the edge of space. the investing landscape, that's coming up this hour. we'll talk some ibm after big blue posts its strongest revenue growth in three years. and the ceo of global boundaries is with us asking the same questions that we are about a deal with intel. julia? >> two more stocks we'll hit this hour. apple is reportedly investing money in its own original content and real estate to build out that content and netflix earnings are coming in just a few hours. jon? >> let's start with the market, coming off a sharp sell-off for stocks we're seeing a nice rally now. the dow is

i'm not selling it >> does apple tv need to do well, mike santoli, for the shares to do well?say not really, but this does show perhaps apple's treating it as a little more of a business it's not just kind of an indulgence, an experiment, let's do it on the side. why not do it. clearly th have to make some of these compromises to make it something more >> let's move along and talk about robinhood. mike, what jumps out about what we're learning about how this company actually does business >> that the majority of the volume, the revenue and the client assets are in options and crypto currencies. so it really isn't, at its core, a investing in stock type client base at this point that's where they are making their money. zero commission on regular common stocks. that's something to keep in mind it's not necessarily going to be the case where their revenues and assets in house grow just along with the stock market. you get that appreciation. it's going to be basically very transaction oriented also heavy marketing spend but not surprising $400 million annual rate of marketing spe

mike santoli is tracking the markets. and mike let's start with you. >> very dirt feel from the last two days prior couple of sessions we had, just an all inclusive buying b binge. a broad rally. all of the activity was on the upside insulates the market from much down side. today most stocks are down but big caps are up. you have enough traction to come up of the old highs. it's ratifying this resilience we had a pull back responded to it immediately. a little bit unevenness. cyclicals giving back. take a look what this looks like exact index but with all stocks weighted evenly. you see a peak from back in the spring that's still in place that looks much more like a steep climb and now kind of alongside it, people are saying well until we see the average stock as measured by the equal weight make a new high or get close to it, maybe we have to wait and see if this is not just a range type of activity that kind of thinking can be prudent and leave you behind if the market is in a little bit of these up, up and away phases

it's wireless so good, it keeps one upping itself. >>> welcome back lets send it to mike santoli forloser look at the industrial sector. >> a little bit of a leading indicator perhaps of what might benefit the industrial sector jeffries has a cap x leading indicator which is supposed to go ahead of private nonresidential fixed investment. here you see it just rocketed higher it's not going to mean a move in cap x budgets but you've seen things like surveys of ceos in the business round table and yes, all companies feel there's an up tick in cap x like in early 2010s and 2018 the industrial sector if you look at the forward price earnings multiple of industrials versus the s&p 500 itself. you see it's ramped up to a premium to the overall market pulled back a little bit but still trading more expensive than it has to the market in the last five or ten years you don't know if this is basically kind of promising all that cap xrevenue down the road, nonetheless, seems like it could be a good contributor to gdp none the less. >> rising valuations and concerns of slowing growth just two op

morning welcome to "squawk box" here on cnbc i'm becky quick along with andrew ross sorkin and mike santoli. joe is off today >>> you saw the dow up by 126 points to close within four points of 35,000 new records for the s&p 500 and nasdaq if you look, the dow futures are down by 33 points. s&p futures are up and the nasdaq is indicated up by 55 points again, these new records every day gives you something to think about and something to talk about. mike, the one thing i'll say is we talk about the concerns and every day a new record is this the classic wall of worry? >> it seems like it. it is a grind. it is not the markets shooting higher that clustering of all-time highs hasn't happened in 60 years or 50 years. it shows a resilience in the market obviously the treasury is the story. it is interesting how the market digests the inflation number. >> the cpi >> the hotter the inflation numbers, the faster the people k the fed has to run >> right now, you see the yield back at 1.36% after the low last week of 1.26%? >> 1.25% for a moment. >>> let's look at the "squawk stack. you could point

let's send it over to mike santoli.factor and something we don't check in on all that often and interesting to see how this has played out over the last four to five years and is this compiled based on the coverage of geopolitical risk. it's a tech space analysis seeing how much of the perceived geopolitical risk is in the air and they're at low levels relative to last year and some of these significant signposts, north korea's missile test and the start of the trade war with the u.s. steel tariffs imposed back in 2018 naturally, the pandemic right there. the election seemed like it wasn't concentrated on the question is what do you do with this? the market did really well through this entire period when they were trading based on trade warhead lines and the market would sell off briefly and you carry it higher and it's not to say this this low level of geopolitical risk is in itself bullish for the market and the forward looking basis and does it mean it's complacent and whether it's china, taiwan, tensions and anythin

. >> mike santoli is tracking the market action. ylan mui has the details on president biden's latest executive order. mike, let's start with you. >> regaining what was lost yesterday and more most -- even though we got the shakeout yesterday, we sauce a morning reversal on thursday, which seemed to give people confidence it wasn't going to be some kind of open-ended flood of selling. you couldn't really script a bers kind of more orderly up trend. we didn't really relieve the index level, but that may be not necessary for a while if in fact we have these rotation below the surface. now, this is basically the medium and large-cap stock measuredsh and what i love about this is it's like a lot of charts here. and in the last couple months, the lead has narrowed, but they more or less just converged. that's happened with growth versus value and right now they're both going up in concert today, but it's very interesting we sort of have tested the resolve of those people who say, hey, this is a recovery market. we want to play cyclicals,

mike santoli is here to break down the crucial moments of the trading today.ell off neil goodman was on halftime earlier with his take. >> bears manners don't telephonize. i have a different view of -- but the most important thing to say about inflation, inflation is a friend of common stocks, because they incorporate into the selling prices, which lifts the nominal level of earnings. certainly sectors in the market have been euphoric, but i think the overall market is not euphoric, but i think the market outlook is okay. inch mike, i guess as we look at it now, it's not just positive on the week. it's erased all of that pullback yet. is this done >> you can't say for sure. this market tends to rush to the next test. it doesn't wait around and seen if people will emerge. everyone knew any bounce would be questioned or suspect, if it didn't fill the gap by yesterday's drop now we've filled it, but is it a bounce or not? >>> maybe things are shaking out. >> i think the other question is, has the economic outlook shifted with the surge and the effect that would h

mike santoli here to break down the crucial moments of the trading today. ther than ramping up >> there's definitely heaviness in the market. right now transports are high, reopening, so there's definitely some conviction coming out of the nothing that the economy is in acceleration mode i don't think it's necessarily upending the overall picture i would really, really doubt the highs for the year are any or anything, but right now we have essentially unwound just about all of july's gains. we closed july 1st right after these levels so it's a bit of a retrace. >> thedollar has rallies, whic is never a great sign. anastacia, which is causing the consternation, especially in energy, small caps, industrials. financials as well, even on top of a string of beats that's right good to see you, sara. i think what is happening is investors are just a bit uneasy around these current levels, where the index levels are, where the valuations are you mentioned the dollar let's talk about yields. the ten-year slid again. why is the ten-year falling? it's actually not happ

mike santoli is here to break down the crucial moments today we've been barbara duran with us as well. the dow is down 840 points we're down 2% on the s&p, 1.4% on the nasdaq. mike, i guess we bounced initially off this sort of 950-point decline, but not convincingly >> it's not been a real rush for the exit we've been sluggish since then it's a comprehensive flush, though. >> first of all, it's cumulative, the ongoing -- and then that sends a certain number of people onto alert mode. >> but it happens in stages. the other people of it is, well, that's going to trigger some people that's also where people are short. you're going to buy back your shorts thanks to some of her home plays. >> sara, i bought a couple names. i think this is setting up for a good buy ing opportunity. the fundamentals haven't changed. i still believe inflation is tran transitory so this kind of action i think is an opportunity. even though we are seeing a big pickup, worldwide, i don't think we're going to see a shutdown so i think i leapt right in because i've been adding all along. about bookings and capaci

. >>> mike santoli joins us now. und, i think. >> yeah. >> don't you think, mike >> absolutely. at the index level, it's pretty modest right now, down 3% from the all-time high, s&p 500 yesterday's bounce attempt seemed to emerge where you might have thought last year, it was basically at its 50-day average, which is more or less where it has breached and bounced from multiple times this year obviously it's not just a moment in time. it isn't some kind of magic trigger for the buyers to come in it made sense that's where it would be working against that is the trader's play book says you don't want a meek tuesday morning opening bounce that gives back a third of yesterday's losses as a way of an all-clear because that may invite more follow-on selling. the bond market,ic wit trey traders were prefer for yoields not to be making lows. now the damage sch more severe in certain parts of the market and that means a lot of the market, cyclical stocks, risk level stocks may be oversold it's kind of bounce time for the russe

morning welcome to "squawk box" here on cnbc i'm becky quick along with andrew ross sorkin and mike santoliow up by 126 points to close within four points

selloff this morning take a look at didi, falling $14 ipo price, 20% below its debut let's bring in mike santolihelp put us in this context where we were roughly two weeks ago. the market has really become accustomed to only going up. >> right because we've had such a long period of calm and lock step increases in the indexes we do seem to take a percent and a half, skimming off the top more dramatic than it otherwise would be the southeast concerns that have been simmering below the surface of the market are percolating more at a low boil which is to say just exactly how fast can the world grow right now? how far beyond pandemic economies are we in parts of the world where we thought things would look better at this point. all that stuff has been in overlay. the nasdaq 100 has really come back against something like the small cap russell 2000 to parody on a year to day basis we had this huge lead built up by the cyclical areas. now it's like come back to the pack question is, can that choreography continue where we have this friendly type rotation that keeps the indexes high center on a day lik

we begin with mike tracking the action in the interest rate sensitive names. mr. santoli? >> reporter: the last couple of days you've seen a move toward those sectors of the stock market that benefit a lot or coincide a lot with lower yields, perhaps lower growth, more accelerated expansion you look at things like the nasdaq 100 against the small caps, we've had this huge comeback in those large mega caps that has maintained itself this week that's a week to date number today it's been less pronounced. so you wonder if people are alert in the short term they may be bottoming similarly banks versus technology it's a similar story banks reflective of the reflation trade giving back a lot, trading 11% below the highs. again, on an interday basis trying to stabilize here as we did hit the low in yields earlier and then obviously you see tech doing well but very much concentrated in things like apple and microsoft for the moment, morgan >> mike santoli, thank you to rick who has the fed minute headlines for us rick >> reporter: yes, we are monitoring the big story is how much a

happy friday, i'm sara eisen here at the new york stock exchange, with mike santoli. outlook, setting the tone earlier. growth underperforming value overall, how that will affect the u.s. economy, and we're looking at weekly declines, but also riding six months o

i'm david faber along with morgan brennan and mike santoli. we're live from the new york stock exchange let's give you a look at futures as we get ready to have the last trading day of the week here you can see where things stand we are strong, man we're strong let's get to our road map. it does start with that june jobs jump. stock futures as you just saw, they are rallying after the u.s. added a better than expected 850,000 jobs last month. >> plus, shares of virgin galactic soaring as founder sir richard branson plans to fly to space next weekend before arrival of jeff bezos. virgin's ceo is going to join us this hour. >>> and didi shares under pressure china announcing a cybersecurity review just days after the company's ipo. all right, we are obviously reacting to those jobs numbers and what they're going to mean, and then of course the questions about inflation and/or lack of -- or at least shortage of workers and so many different things in the mix, mike and morgan and then you look at that ten-year. >> yeah. >> no real reaction. >> eve

todd gordon, kristina partsinevelos, and mike santoli.headwind for biogen's alzheimer's drug. two major american hospital systems are refuse to ing to administer it to patients. the stock down 6%. broker, i've . that's great, carl. but we need something better. that's easily adjustable has no penalties or advisory fee. and we can monitor to see that we're on track. like schwab intelligent income. schwab! introducing schwab intelligent income. a simple, modern way to pay yourself from your portfolio. oh, that's cool... i mean, we don't have that. schwab. a modern approach to wealth management. icy hot. ice works fast. heat makes it last. feel the power of contrast therapy, so you can rise from pain. >>> shares of biogen are dropping after the cleveland clinic and mt. sinai say they won't administer its controversial alzheimer's drug biogen shares are down more than 7% and have been sliding throughout the session out to meg tirrell who has the latest >> reporter: both mt. sinai and the cleveland clinic will not administer the drug right now

. >> all right thank you, mike santoli. and our feed this morning, i'll start with netflix pushing further into gaming, with some plans that might be too hot to handle hiring former facebook executive mike verdu to run gaming efforts. for those who are bullish on netflix, ubs rising the price target to 620 this morning saying subs will come in higher than others expect for earnings next week. julia, this takes me back to that moment with netflix and podcasts a couple of months back i think the question is do they want to be a platform here are they expanding into a different category beyond tv and movies, or is this them using gaming as a way to expand their existing show brands and create that disney merchandising marketing effect >> well, look, jon, it could be any of the above i think in hiring verdu, you have someone who could expand netflix's gaming opportunities into any of those directions i would break this down to three categories here. one is more aggressive licensing of these properties, partnering with big game

mike santoli reporting for us. >>> as investors dial back risk taking today, the ten-year yield has tumbled as much as 12 basis points, even dipping below 1.2%. i checked it was 1.18% about an hour ago what happens if the slide in yields continues joining us now is sanctuary chief investment officer, jeff where is the sanctuary in this market >> i think there is a sanctuary and to santoli's point, we are not in basic rhythms, we are not in normal times. the ten-year note is driving lower. it's important, tyler, to understand in 2020 the ten-year note was tethered to the 90 basis points to kick off 2021 we saw the ten-year note go from 1% up to 1.75% when all the inflation alarmists came out trying to get in front of the fed. what has fed chairman powell articulated? the fact they're not moving rates anytime soon you saw the ten-year note come back down in yield it's a very lonely view, ty. but the delta variant, that really stoked a lot of fears we're seeing equity sell-offs so it seems like, ty, what goes up may come down and 1.05 was the yield on the ten year that woe took off from back i

mike santoli here to break down the crucial moments of the trading day.brown back as well. we'll kick it off with the broader market major averages moving in different directions the s&p 500 and nasdaq higher today for the sixth time inthe last seven sessions while the dow is trading in the red. importantly, mike, the nasdaq is rebounding from yesterday's slide where it was the worst day for the nasdaq in a few months still seeing pain from apple microsoft is flat. google higher. >> it's a google, amd, facebook story. really small caps kind of stealing the show today. up close to 2% at least at one point. so, yeah, i think the message from powell to say, things are on track but not in any hurry to alter things is being absorbed okay doesn't give you a lot of incremental information at first. the treasury market seemed to say this might be tilted hawkish, but, no it wasn't. he's taking advantage of the fact there's no dot plot, no other committee member views to explain away or rationalize and create a confusion and he more or less said we're in no hurry t

we don't have time for anything else >> thank you >>> when we come back, we'll get mike santoli's takeasdaq 100 is tracking for a negative week. it could snag an eight-day winning streak for the nasdaq. i've had about a enough. stay tuned you are watching "squawk box" on cnbc ♪ but entrepreneurs never stopped. ♪ and found solutions that kept them going. ♪ at u.s. bank, we can help you adapt and evolve your business, no matter what you're facing. because when you close the gap, a world of possibility opens. ♪ u.s. bank. we'll get there together. ♪ my retirement plan with voya keeps me moving forward... we'll get there together. even after paying for this. love you, sweetheart they guide me with achievable steps that give me confidence. this is my granddaughter...she's cute like her grandpa. voya doesn't just help me get to retirement... ...they're with me all the way through it. come on, grandpa! later. got grandpa things to do. aw, grandpas are the best! well planned. well invested. well protected. voya. be confident to and through retirement. if you wake up thinking about the market a

below expectations we also know that they took some stimulus measures late last week we know that mike santoli just said on "closing bell," the forecast for gdp has come down a bit. ours is expected to be 7.9 it was 10% a month ago so when you think about the pace of the recovery, crude oil is one of the last industrial commodities that hasn't come in yet and to your point also, the oil stocks are leading the way the oih is down from the recent highs and the lxe is down about 11% from those recent highs. so i think it is interesting that the stocks have rolled over before the commodity it is down about 7% in the last couple of weeks. not a disaster by any means but if some of the data starts coming in a little weaker, crude is going to be on, i think, a very similar course to some of the other commodities that we've seen come in as of late like copper and lumber. >> well if it is lumber, than that is a whole different game i've never seen a commodity move like that. guy, how much do you think this has to do with interest rate bonds are super tankers and move slowly but mikesantoli talked about

time for rapid fire and here to catch us up on a few stories that should be on your radar are mike santolicontributor. welcome one and all. it rallies when the pandemic resurges and vice versa. but bank of america today says zoom is more than that, naming t a top pick today and lobbying its merger with 59 sawing this puts zoom in a position to transcend lockdowns and dominate the service sector mike, are they over playing it >> i think it's legitimate in terms of the intent of the deal to diversify away from the pure stay at home feel, work at home feel from zoom i do think it makes sense that zoom would look to have this diversification effort also maybe follow in the footsteps of what microsoft and salesforce did. you start out in one kind of software, build in features. microsoft bought hot mail, for example. it was just business offer for a long time. and salesforce has become a rollup of anything sales oriented or customer oriented. it makes sense i think it only works as long as your customer base is happy. >> it's a great currency deirdre, i chuckled. i read this note because you kn

mike santoli has been talking about the internals of the market and what it maybe suggesting should we care about that? because there was a time where that's the way it was. now we seem to be back. >> i think we should care about it i was just looking at a clarity the other day showing the top ten holdings in the s&p 500 had average multiple of still about 31 times versus their historical average of 19 times versus the broad are market hat 21 times. they are also taking up a huge part of the overall s&p 500. i don't remember this off the top of my head but i think it's in the 25% range, which is too much i think that does make for a little bit of an unhealthy market but at the same time they're not accelerating that proportion that they're taking up of of the broad are market, not accelerating that earnings multiple that part makes me feel more comfortable. while i don't love seeing them not fade in terms of that top heaviness because i think it's you mean healthy we were talking about the narrowing before i'm glad to see it not getting worse. as rob was saying it's battling it out ben

. >> what do you think about all of this, tim i know that mike santoli often tells us corrections are good for the market this is an okay thing to go through from time to time. but if it's because we're worried about the delta variant, does that make the situation a little different >> so welcome again, courtney. look, the good news here is we've been here before so the s&p trades back down to the 50 we haven't breached it in fact, we haven't really breached this level, the 50-day moving average on the s&p at least through to the downside since all the way back in february of 2020 you can argue we've had a couple of moments, september and october of last fall were probably the toughest volatility market moments. and we did get through that 50 ultimately really did hold the 100 and traded above here we are again. the good news is we have been here before. in terms of delta variants and the impact on the broader global economy, sure. a lot of concerns. a lot of social concerns, and plenty needs to be discussed about that but look, we're a market show. we're talking about growth dynamics

with my own money, as we know. [ laughter ] >> mike, thank you very much we'll see you again soon mike santolic news update >>> here's what's happening. carried a trump flag into the senate chamber has been sentenced to eight months in jail the first to be charged with felony charge. what does the sentence mean for the hundreds still charged we'll break it down on the news tonight at 7:00 p.m. eastern >>> president biden is walking back his comment that facebook is killing people by not removing covid vaccine misinformation. >> facebook isn't killing people they're out there giving misinformation anyone listening to it is getting hurt by it it's killing people. it's bad information my hope is that facebook, instead of taking it personally something i'm saying facebook is killing people, that they would do something about the misinformation the outrageous misinformation about the vaccine. that's what i mean. >> and britain's chief scientific advisor said that 60% of newly hospitalized covid patients had two shot of have a soox pen the cdc raising the warning to travelers to the uk to the highes

i think mike santoli mentioned in the prior segment, credit spreads are awfully tight.is liquidity there's still an awful lot of liquidity out in the market, which makes it very hard on the short side that will continue to be true. i think, you know, it seems like from a timing perspective, we're due for a correction, but i can't point to anything in particular that would precipitate that at the moment and i think, also, the big question, value growth you know, i still have more bias toward value and the more cyclical trades. >> that's not like everybody a lot of people are back in growth with the 10-year well below 1.5. not well below, but below 1.5. they think you ought to be in growth other people mentioned this quarter will be peak -- not peak earnings, but peak earnings growth so the second derivative starts coming down a little the earnings won't be growing as quickly. is that something that, historically, would usher in some type of slowdown in the gains, or even a correction? >> joe, i don't think. i don't think so this is such an unusual circumstance earnings f

let's start with mike santoli on the markets. hi, mike. >> hey, joe. and then return to all-time highs the other thing to keep in mind, fed meeting this week. it usually this year has been an occasion for the market to kind of churn a little bit, have some down time. late january was one, mid march. you had late april which didn't immediately cause anything you peaked out for a while and then of course mid june was the last one just to keep in mind that it often is a time to regroup for the markets and sometimes we've run up into it another familiar pattern, we had the s&p up 18% or so year to date take a look at the s&p from 2013 it's a touch stone, the year of the taper tantrum. scary rise that didn't turn into anything it reversed. similar to this year as of this date in 2013 we also were at about an 18% year to date gate innumbers. not saying this is what we are at back in 2013, a closed election year a lot less coming out of the fiscal side. maybe that could be the case this year as well. finally, the more aggressive higher beta stocks in the s&p

mike santoli is tracking all of today. what are you focused on? >> the inflation number you mentioned definitely has the market a bit unsubtled, unbalanced a handful of stocks are making the damages look less severe at the top line indecent down about 0.5% it comes after 10 of the last 12 sessions have seen a record high clearly any excuse to back off makes sense, but a lot of the cyclical areas are definitely suffering. with what the inflation number might mean so take a look today at the nasdaq 100, of course, packed with those huge megagrowth stocks well, nasdaq 100 has basically overtaken the small caps as of now, so essentially a slower, steadary grind the russell has been range bound, kind after proxy for reflation, for cyclical strength, but also for risk appetites. that's been a bit wavering at this point five-year yields versus 30-year yields, this is the spread between those two things this is a pretty good read on fed policy 30-year actually coming down, because in theory that would forestall long-term inflation. actually, you know, aft

welcome back i'm sara eisen here with mike santoli. look at how we finished off the day.and disney were the biggest drags. materials the best performers, financials with a 1% positive move northerly also gaining a percent. industrials did well as well the nasdaq closing up 0.1%, technologies did -- it's a rowdy bunch. the russell 2000 index up 0.7% also continues its comeback as well robinhood is the stock story of the day, after going public at $38 a share, but its debut was somewhat closing down 8.4% at the close 34.82. all eyes now turn to another big hour of earnings after the bell. we have instant analysis for you, results from amazon, pinterest, gilead, t mobile. says those numbers are out, sand t-mobile's ceo will break down the results, joining us in a few moments. stephanie link from hightower are still with we've joined by phone by tiffany mcghee another strong day reached report highs, and even though a disappointing headline number, and still elevated jobless claims. >> disappointment on gdp to actually create a bounce in the cyclical stocks today. it seems as

mike santoli that does it for us on "squawk on the street.ew shepard" has cleared the tower, on her way to space with our first human crew. go, jeff go, mark go, wally. go, oliver you are going to space

. >> all right mike santoli, thank you. main read on jolts is less than sxekxpected. we ended up with 9$9,209,000 and an all-time record every month this year we've been higher and we made new records because last month had a big revision so every month still indeed is higher the issue is from february to march, we literally leap from the 7 million camp to the 9 million camp it is not about openings anymore, it is about matching people to openings and that is what the markets are focusing on back to you. >> rick, thank you >>> we'll set our sights on the department of defense right now. the d.o.d. scrapping as expected the jed icloud program that had been embroiled in protests for years saying that it no long meets its needs. yest jedi had been most recently stalled alleging that president trump interfered with the bidding process. so enter the cloud capability program that is doing to replace jedi this will be a multivendor indifferent quantities that will solicit bids this fall and then be awarded next april. and acting d

you can see of course near the lows, but off the lows here is mike santoli who has answers to all oftion of concerns about maybe we have decelebrrated in growth in the u.s. globally, a little bit of more of a complicated picture the decline in treasury yields, it confounded a lot of people. just a sense out here that the economy is coming off the boil a little bit and i want to point out this has been registering in the market for months two months ago is when transports peaked. it's when materials peak the it's when housing, home biluildn stocks - >> mid-may as well >> right as well as banks so all of this stuff is already -- they have had 10%, believe is or not, pull backs from the highs it's not over. the plarkt was drink and supported by the big growth starks of the defense in the form of the big growth stocks were holding the lead for the market between that and the fact we had this little vertical move mostly driven by a few stocks the last week or so, we are trading where we were a week ago close june, i think it was 42.95. right now a little too cute. that's all we do is skim

i'm david faber along with morgan brennan and mike santoli.e the last trading day of the week here you can see where things stand we are strong, man we're strong let's get to our road map. it does start with that june jobs jump. stock futures as you just saw, they are rallying after the u.s. added a better tha