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cnbc's market commentator mike santoli is here to break down the crucial moments.ni-- delano sapporo with us. morgan stanley lowered u.s. equities saying it sees a bumpy september and october. goldman sachs with a bearish forecast >> i guess there's nothing particularly new, particularly on the market side, wondering the markets have been trending in that direction already, and it does make six we hadal thus comebacks. so it makes sense. if they don't have expectations for returns, they think they're more worried about turbulence the fact that we are at record highs, and that it hack some of these megacatch tech names that havepowered these moves, does that continue? >> you're exactly right. there is a bit of ants pace of the market saying, up 20% already. how much further can we go there are risks out further. but what we did see the august jobs report, which came in lower than expected as far as new payrolls, that's something that investors can hang their hats on a bit. and we may not see a pullback in the policy, but, you know, investors have been looking for so

eencht on cnbc >> thank you, shep >>> let's send it back to mike santoli looking at stocks versus risky and based on their history look pretty expensive, except when they're compared to the free cash flow being produced by big companies and what the bond market is priced at. this blends those two things together as the free cash flow yield, the s&p 500 has declined it's at about 4% that means a 25 times free cash flow where the market trades bond yields have similarly declined to actually below where the free cash flow yield is. plus or minus 4% you see that most often the high yield debt yield is higher than this free cash flow. we have had periods like that where, you know, stocks are yielded more and that was a decent time for equity so it doesn't necessarily mean future returns are going to be great but it means that equities are not really valued out of whack with what the market in a world of very kind of plentiful capital and jengenerous investos are pricing riskier debt >> they're kind of on par. mike santoli, thank you. >>> up next, the three stocks she thinks will be big winne

mike santoli is with us, and stephanie link joins us as well. we'll need a bit more than we've got on the s&p to have a record there as well mike, it looks like a bit of rotation with only very slight gains, but a couple things are doing quite well energy is finding a footing, and the ark kind of universe also doing well both today and this week. >> they are. you know, even the equal-weight industrials is up 1% today it looks to me like -- with the exception of some of the more aggressive emerging growth stuff, it looks like whatever has performed well for the last month is giving a bit back, simply as the market pulls itself into neutral ahead of the jobs number. tough to really draw big conclusions out of the action, except the market continues to hover at the highs again, just trying to get neutral before we get the jobs number bed a miss on adp, so it seems like you have crosswinds that could turns that number either way. sup how you see it, stephanie, the next major egent is the jobs report tomorrow? on you are you looking at something else

mike santoli, let's get you more of what was announced at that apple event. josh, not super impressed? >> listen, today apple introducing its latest and greatest products. let's start with the most -- the key driver of that business, those new i phones the iphone 13, i9 foeismt 13 mini, iphone 13 pro, and i 13 pro max. brighter displays, bigger batteries. in fact apple promises these are the best battery life of any e phone yet. all 5g-enabled increased storage capacity for these models as for pricing, that was something investors were clearly watching they remained the same mini $69 everyone i phone 13 $79 the. pro $999, pro max $1099. we expect the carriers tore typically aggressive pre-orders september 17th, available 1september 24th more of us are now working, learning, playing from home. apple wants to keep that momentum going, with a faster processor, better camera a new ipad mini. and rounding out the show, the new watch series 7, 20% more screen area, charges faster, apple says, more crack rizian. $390 available it accounts for 5% of total company sal

cnbc's mike santoli is here. here as well. good afternoon, josh let's kick it off with the broader markets. all major averages lower nasdaq on track to snap its four-day win streak and the dow and s&p lower for the third straight day though well off the session lows still a 1% decline for the russell and 0.5% decline for the nasdaq slight decline anything under the surface that gives you more cause for concern? >> i think people came into the week prepared to be a little bit clenched up ahead of potential volatility and weakness. the tone feels as if everyone is looking for a breakdown of some sort in the overall market or at least a temporary turbulence it doesn't really seem to be following that yes, moststocks are down all the cyclical stuff giving back some gains except for industrials. yes, verydefensive and finally the nasdaq 100 stocks like apple are giving up some of the recent outperformance they have but in general, i don't really know what we're arguing about. the rotations are still operational. it's

mike santoli, ylan m uy and steve liesman. mook, definitely a different flavor with tech outperforming. >> a little bit of end of the month, end of the quarter decision lit ill still nervous churn before the headline of manchin at the low end of the two-week range. some technical damage or kind of maybe diceyness of the trend is surfacing here we are as i said retest the lows from last week on the early side down just above 4300 we left about a percent. 45 s&p points after the joe manchin headlines. we have regained about half of that so look at it to squint to say maybe we're testing and spent two weeks under the 50-day moving average before that didn't spend more than a day below it and early july levels in the index and had a pretty thorough reset of the market loss of momentum are we just kind of resettling lower and creating values? we have had the speed of a dip buying instinct as we have in prior times this year. that is something to keep in mind look at stocks fared versus long term bonds and commodities this month. on

i'm wilfred frost along with sara eisen and mike santoli the cnbc commentator.a quarter of a percent or so. utility's the only one up, more than 1%, whereas four sectors were in the red. coming up, former pepsico ceo indra nooyi on whether she's in favor of raising corporate taxes to fund initiatives that help working families such as universal childcare. >>> plus, we are awaiting a vote in the house to raise the debt limit. we will bring you the results as soon as that vote is complete. josh brown ceo is still with us. and a professor of finance jeremy segal joins the conversation as well mike, i'll come to you first a nice rally we were talking about at the top of the show that started at about 2:00 p.m but all of that, the nasdaq closed in the red. >> on the thinner side, i do think we saw the fact of the big index names in the nasdaq. banks up 1% today. industrials, you know, on an equal weight of basis up 0.4%. it wasn't that nasty a story inside but i also think it was pretty much kind of a neutral result here for the overall market. you did not find peopl

these cycles usually take a lot longer to play out to mike santoli and a look just how to play this sped-up cycle mike >> reporter: we started making new highs a few months after the covid crash in march of 2020 we're 30% higher in the s&p 500 right now than we were at the peak before that downturn with the pandemic we've gone a long way in a short amount of time valuations as well we're now about 21 times what are expected to be peak s&p 500 earnings over the next year. it's a high perch, one year out of a decline in earnings like we saw back then. equity exposure among investors. they're basically also near record highs clearly we do not have the same down side reset you get in a long, grinding recession policy moves are a big part. the labor market acting tighter than you might expect. it took five or six years from the last recovery for that also, more job openings than we have unemployed americans. that's a new twist are we now bracing for a withdrawal of all the policy help that we've got and, in fact, explains this rapid recovery with the fed looking to tamer maybe on the fiscal side

. >>> today we have lindsey bell with us as well as mike santoli. the highs, on the footing. >> yeah, certainly not a real rush for the exits by nit stretch. in fact, most stocks are outperforming. the nasdaq 100 technically and tactically through the day the qqq, nasdaq 100 etf, very heavy volume, people are looking at this level right under 375. it bottomed there at 11:30 or so it just seems as if there's a lot of quick money, trying to figure out if there's a pullback in the market is enough to kind of reset expectations and account for the fact we've had a slowdown for a while, and really this is the part of the nasdaq 100 stocks that are relative to the others >> it feels like everyone and their mother is warning of a correction we saw five down days last week, citing all of the big banks, extra gists, deutsche bank, bank of america warning of solveness, is it getting too consensus. is this going to be what happens now? >> it might be getting alternates too consensus we haven't had a 5%, 10% pull back this year usually we see a cupping of those

. >> i'm mike santoli in for wilfred frost. let's look at what's driving the action the nasdaq is on top, among big cap indexes led by a pop in chinese internet names apple is higher as well. that stock hitting a new all-time high. the latest adp report keeping sentiment in check ahead of friday's jobs number payrolls rising by 374s ,000 in august and energy is the weakest sector today. devin energy, marathon and diamondback among today's decliners. 59 minutes left to go. s&p up 0.7%. >> coming up -- online pet retailer chewy is gearing up to report results after the bell. it is up 20% just in the past month. lagging on the year. we'll break down the quarter and latest pet trends with sumit singh. first up, straight to the market mike tracking all the action at the telestrator. and joining us with his outlook is mark mobia. mike, set us up what you are watching in the market kind of a split day. >> yes, definitely split small caps ut o performing started out to be driven by large cap growth still outperforming but the s&p 500 i

. >>> but, first, let's focus in on the big stories mike santoli is tracking the action joining us to talk about it is annetta mar cowski, and mike set the stage for us this wrix it turned incredibly slow, still maintaining this orderly up trend, but really slowing down this week we spent the entire week between 45.20 and 45.50. a narrow range today it's been the large-growth stocks that have been supporting things, outperforming cyclicals, but it's not that profound if i was looking for something to be concerned about, it's probably that the big nasdaq stocks as a group are starting to look a bit extended and having the main support. if you do have softer economic data, that doesn't help you get a rotation into cyclicals, maybe that causes the overall indexes to give way a bit. so we'll see i don't think the jobs numbers really blindsided the market, if you look at how it's been acting the equal-equitied consumer discretionary sector has basically been sideways to slightly down since the spring similar story with transports, right? so transports are right here they're slanting a bit

mike santoli is here with us, and today we have anastacia amarosa here, too. and s&p 500 lower for the fourth straight day, but only slight declines, as you can see, the nasdaq is just higher by one basis point mike, tell us what happened in the 1:00 p.m. hour. >> very tent tiff to start with. people have been on guard of any slowdown, and what are the bond yields telling us about a slowdown and demand for safe assets we did have the treasury auction, very strong demand, yields tick lower. it seems more of a technical trigger for a bit of upselling it's interesting we settle around this mark, where we've been attempting to defend in the last couple days it seems ago if we both discounted a lot of global growth, given the way the cyclical sector -- at the same time it's not -- where we can handle the full steam ahead on the taper. that's the back and forth that we're watching every day >> anastacia, earlier in the hour mike was talk about how everything is not winning and not everything can win on a lot of recent days tech, of course, is an area that keeps truc

mike santoli, back at post nine. netflix hits an all time high today as the streamer sees new upgrades from the street both atlantic equities and evercore isi raising their price targets for netflix. atlantic boosting their 2024 subscriptions estimate they say japan could be the largest incremental contributor and evercore designates the stock as outperform. they see further upside and a 30 times ebitda of $10.8 billion by 2023 the box office is showing some signs of coming back to life disney, shang-chi, and the legend of the ten rings estimated to have brought in $90 million over the four-day weekend. total 10% higher than 2019, even as six of the top ten box office winners are also available via streaming services and video on demand we had a couple of discussions this morning about whether we need to reconsider the theatrical window. disney has proven its ability to be rather nimble with some of the different titles >> this is one that probably would have done a lot -- this is just me subjectively, a lot better t

mike santoli is at post nine looking at the stock's performance in relation to that capital return. >yeah, jon dividend hikes, big, healthy buybacks a core part of the microsoft investment gaycase foa wh while. fiscal 2014 on a june fiscal year, microsoft relative to the nasdaq compose it overlaps mostly with nadella era add ceo as well. over this period of time the company brought back somes 135 billion worth of shares and reduced by 10% a buyback shrinking float of stock out there and roughly tripled the dividend back in early 2013, 3% dividend yeed income story or cash flow story as opposed to growth the stock done amazingly well. it's not necessarily the case that's the only way to have these returns if you're one of the big anointed mega cap platforms. microsoft relative to alphabet over that same period of time. close. google, doesn't do dividends, just started doing buybacks, guys. >> cool cpi frame. down bigger volume on a down day. worries about poor breadth i wonder, if seasonality playing into form here as it would >> absolutely is, carl maybe one of the reasons there's bee

. >> eli sulzman >>> we turn to mike santoli. , often trading behavior even intraday can give us an idea of market positioning >> absolutely. it looks like a broad step back in equity exposures. it is not really applying to things directly in the orbit of china, the property tech sore, any deleveraging over there. you saw on a somewhat tactical basis a few levels on the s&p 500 that people thought might be a good place for some traction didn't really hold we are now still working on this, you know, 5% pull back roughly from the all-time highs, just about there i would say, just a few more points i think that's part of it. i mean we come -- we have this spillover effect often after the september options expiration you have basically people leaning in one direction without getting into the mechanics of it there was the open possibility that there would be a little bit of a cascade because you have some people who -- i mean think about it, right. there's a certain number of traders who are involved on the long side because nothing ge

i'm david faber with leslie picker and mike santoli.tock exchange jim and carl both have today off. let's give you a look at futures as we get ready to set up a half hour from now, you can see we are -- that looks higher to me, i'm going to go with that. our road map does start with the september setup for stocks the s&p is coming off what is a seven-month winning streak the backdrop for the rally and the investor

today, we have got josh brown here as well as mike santoli who's here all major averages lower for the hit the hardest, down 2% worst-performing sector on the day, on the week looks like we're getting about a 1% decline here on the s&p 500500 josh, how does the market look to you we're not too far off record highs, but it has felt really soft and even underneath the major averages there's some pain out there. >> yeah, it feels to me like the cyclical trade is unwinding first and the texts have been holding up the best. but those might be ready to roll, too. the industrials for months and months now, but now they're violating the lower end of that range. it's not good. the xlv is already trashed freeport mcmoran is the one i watched in that group. it's already 30% off its high. one argument is that we've probably seen the worst for that group. i'm not so sure, but i would be more concerned in the short-term, at least, with what's going to happen now that apple and facebook are looking more vulnerable than they have in a while i'm okay with it we're still up 18%, year-to-date the spx, th

get the macroand mike at santoli in a moment. megacap tech, i guess you could throw in netflix is on a roll the fang plus names all up last month. apple you might have heard about. alphabet, facebook all new names. trading at all-time highs. the question is, jason, if these stocks for whatever reason start to rollover aband there is no indication they will not what i'm saying. but given they are 40% of the nasdaq 100, four or five stocks, can they pretty much do all the heavy lifting? >> yeah, great question, sully obviously they've done a lot of the heavy lifting. i think if i look at -- take a step back and where the focus was last week. last week the focus was on jackson hole what does the fed chairman have to say in taper type line, all that jazz. the market liked the comments. he appeared to be dovish there and continued to stimulate and continues to be accommodative from a stimulus perspective. and when i look at big cap tech, obviously those names will benefit from ongoing stimulus, ongoing accommodative policy and, yes, i

we're in "closing bell's" market zone mike santoli is here with us and today we have steph link withnasdaq turning positive in a laid-day rally retail sales earlier posting a surprise gain for the month of august nasdaq, s&p and dow just negative mike, we've been talking about the intraday performance today looked terrible for the first hour, but now looks agree. >> there's been a selling and buying opportunity in almost every trading day. that shows you it's a apprehensive market where everybody recognizes it's not the automatic grind higher that we got used to, to some degree, but a very familiar cadence of a pullback once a month. it does seem an if tactively the market didn't want to go down below try the it three times this week. >> stephanie, i want to get your take, some economists said, you have to look at some of the details and they're worrisome. maybe we're afraid of the delta variant, which may not be so good do you see that? or do you just see it as a pretty good read, much better than what we were expecting for retail sales >> i thought it was a really good number, cord

joining us senior markets commentator mike santoli mike, how would you categorize the move today we havenge and the wall of worry that equities have to climb here. >> yeah. there has been a story that has been playing out under the service of the market for six or eight weeks where we have been positioning for some kind of weakness if you look at the sort of global reflation type stocks, they would have peaked around june 1st also, the meme stocks are seven months ago, peak frenzy there. you could argue even the kind of reopening trade was also peaked in april so when we get these reports or these predictions that in fact we are in a soft patch, i don't think thing market necessarily has to do a lot to price that in look at the chemical stocks. they are down, you know, since june 1st, 20, 30%. i am not saying everything is in the market, but i think that's the push/pull underneath the surface. that last clicking to the new highs last week and the week before very incremental. every single day a cursory little gain. this week a very slow bleed of declines big picture, people recognize sep

i'm david faber with leslie picker and mike santoli. we are live from the new york stock exchange jim and carl both have today off. let's give you a look at futures as we get ready to set up a half hour from now, you can see we are -- that looks higher to me, i'm going to go with that. our road map does start with the september setup for stocks the s&p is coming off what is a seven-month winning streak the backdrop for the rally and the investor risks in the month ahead. >>> plus, out of gas, a large chunk of service stations in louisiana cite cities don't have fuel in the aftermath of hurricane ida. we'll get the latest from on the ground in new orleans and baton rouge. >>> a new so-called death tax running into new roadblocks in d.c. we will dig into the step back if the stepup tax. >> stepping back, stepping up in terms of, yeah, both, well key there. let's talk markets here. as we begin a new month after a relatively strong august mike santoli i will turn to you you have all statistics. you've already told us i know from our previou

mike santoli we're going to bring in tom lee.om, it's great to have you back this morning we've talked with you several time this summer about a narrative in which everything gets bought. but you also said in august, don't be a hero. so can we be heroes now? >> i think that markets are sort of seeing this gigantic wall of worry, carl. i know everyone's talking about the zbikovspillover like lehman. it's not as jumpy as it could be i'm in the camp that this is going to be a really good buying opportunity. now, i heard michael santoli agree with him i don't think that means stocks find their bottom today or even tomorrow, but, you know, is the recovery that's only one year into over or is the penalt-up demand been exhausted? i would say no i would look at broad-based selling as incremental >> there's property in asia. there's obviously the trajectory of the pandemic, which i know you follow closely for others, it's about domestic policy risk and how the market absorbs the next couple of months in washington how do you think that ha

i'm carl quintanilla with mike santoli live at post 9 of the new york stock exchange.space center following spacex's historic flight. david faber has the morning often. retail sales above expectations but the markets having a tough time repeating the best day of the month yesterday. dow's down 95. business inventories are out rick santelli's got that hey, rick. >> yes, inventories are a very important aspect of trading these days we are all monitoring some of the low inventories, especially in front of holiday season so the july business inventories coming in as expected, up half of 1% is a solid number. if we look at the entire year, it really has been all positive numbers, the smallest was in april up 0.10 of 1% as we try to replenish various parts of the pipeline of inventories. last month up 0.8 to 0.9 another thing up today, interest rates and energy prices. we want to pay close attention 1.34% on a ten-year, the area to monitor around 1.37 to 1.39% that zone is considered the best resistance, which means should we get above that area, maybe look for hotter intere

. >> i'm mike santoli in for wilfred frost.tion the nasdaq is on top, among big cap indexes led by a pop in chinese internet names apple is higher as well. that stock hitting

mike santoli has more. >> reporter: yeah. steamed like a two-track market in that sense. many wall street professionals are at least on guard for some kind of turbulence in the fall obviously built up a 20% gain in the s&p so far this year i would say the market action itself has been on the defensive side we've rotated away from the most cyclical risky stops the leadership has been more in the quality and secular growth areas. it seems as if these market rotations are very much still tethered to the fundamentals the market is not even up as much as earnings forecasts are up this year it would suggest it's making sense. however, as you know, i mean, along the fridges of the market, there's a persistent speculative flow in things like crypto, nfts, stock options from retail traders. there's a stock of the day so the question is can they remain separate? does it mean the core of the market is insulated from whatever excesses might be built up there hasn't been a overshoot in terms of sentiment or aggressiveness or in terms of evaluation in the core of the market and i think

the markets and the economy have already moved into mid-cycle mode more quickly than expected mike santoli look at what that may mean for market returns looking ahead. >> yeah, carl, right from the beginning march 2020 this was a spring loaded sped up cycle. the market appreciation in the s&p 500 has been extraordinary relative to almost any prior crash or bear market in terms of where we've come from the pre-crash peak up more than 30% in less than a year and a half even if there had been no pandemic, no flash recession that would be extraordinary. what we have at the moment is labor markets acting a little more tight than we expected at this point obviously, pandemic relayed. we are also on alert for policy stimulus being withdrawn either whether that's, you know, on the fiscal side, not going to have as big of a abpush next year th last, and the fed tapering what does that mean? we have seen the market starting to acclimate to this idea, maybe maneuver in a direction away from the fastest moving parts of the market look at the quality of sector of the s&p 500. this would be the big stab

that early rebound now completely wiped out our senior markets commentator mike santoli joins us withe as we watch to see if the nasdaq turns red mike >> karl, unfinished business yesterday's final half hour, rebound might have stolen the usual next day bounce from pretty stretched conditions to the downside take a look at the semiconductor etf. what's interesting about the sub sectors of tech relative to the s&p 500, the big news yesterday and friday was that the s&p 500 kind of broke below its 50-day average. it stayed there for a couple days that's the first time in ten months the semietf is sitting right on its own 50 day and you see it really hasn't gone back that far in time. still above the august lows. still in more of an up trend than the overall market is same is true for the nasdaq 100. also take a look at the software sector very similar the magnitude of gains year to date is on par with what the s&p is doing but the gains came more recently and you see that that actually is well elevated relative to where it was trading mid summer or so. also, above its 50-day average doe

let's get to mike santoli in the meantime for reaction. mike, we have a huge move in markets this seems to be a really dovish reaction we have equities up, commodities up, bitcoin up, the dollar down. >> i mean, that's absolutely the initial reflex takeaway, kelly there was a way, probably, to read this statement in a more hawkish manner, basically more projected hikes added by the committee members in 2022 and beyond and obviously, putting that timetable out there, at least a loose one around tapering. you have to take -- qualify the market response a little bit by saying we started super oversold this morning, rallied into the announcement, and are not yet back to where we closed on friday all that set aside, i think you could almost say what chairman powell's job in the press conference was -- maybe he has already accomplished, which is you are disconnecting the tapering schedule from an eventual tightening. trying to get away from a inflation surge which is transitory and financially, nothing is set in stone and we are going to be cont

let's bring in mike santoli on this as well issuance of spacs, whatever you want to call it, the numbersone for good >> i would doubt they're gone for good there's a chance they go back to the prior status of being a niche boutique area of the offerings market for specific circumstances, particular sponsors where it makes sense is a better mouse trap structurally as opposed to this gold rush this is the after the gold rush moment too many deals indiscriminate capital being thrown at them and the performance after the stocks found a merger partner has been terrible. i think there are long term hedge funds that have done little else expect ride the postmerger stocks down what happens when you're trading below par and they're in the money, you can redeem at some point in the future at $10 and trading below $10. then it becomes just kind of a boring hedge fund arbitrage thing. one final point, there are too many of these looking for deals. i think there are 300 or 400 of them that have raised money. they need to find a deal in the next less than two years at this point. it's a pig and a pyth

we'll see what actually shakes out tomorrow as you and i man the desk together, mike santoli. "fast money" starts now. >>>life at the nasdaq market center overlooking new york city's times square, this is "fast money. " i'm melissa lee. tonight on "fast" we're all over the after hours action broadcom on the move on the back of earnings. the company's call just getting under way. we'll break down all the big headlines from the quarter. >>> plus grounded. tsa screenings at our nation's airports falling to their lowest level in the last four months. >>> and later, a real ringer shares of tt popping today and options traders are betting on even more gains ahead. we'll break down the action and why. but first -- that's right. you hear the sleigh bells. roll out the holly, pour yourself some eggnog, we are counting down to the most wonderful time of the year there are fewer than 114 days before santa comes to town, but is christmas at risk this year problems piling up at the ports disrupting the global supply chain, a massive labor shortage threatening retailers as they gear up for

mike santoli joins us. talking about how september is a new beginning after labor day. fall muscle memory brings us back to challenging times. >> absolutely, melissa i was listening to it. there is absolutely a sense that the market has, perhaps, given investors a little more than they expected. maybe more than they think they deserve, based on what's going on in the world. that's visible in the s&p 500 right now. it's plausible and it's to be expected that we brace for a little bit of give back doesn't mean we get it i think that's why the mood is there. so, this has been an unusually smooth and steady advance in the s&p 500. rolling setbacks in cyclical it's not as if everything was up every day contributing to this move in the s&p. take a look at the ipo index, solar stocks even spacs, of course, had their peak in february relative to the s&p they've vastly underperformed since that point. you've been talking about the apes i'm struggling with whether you can ignore that wild stuff going on but if you tell an investor coming in on september 7th, hey, you know what? g

. >>> mike santoli has it moving a bit lower in the last hour or so, but nothing too pronounced in fact, that decline in apple accounts for all of the s&p 500's down side right now. ex-apple, it would be about dead flat what's interesting is we can debate whether this $60 billion is justified but what is interesting is we just containment off of one of these real chases higher when apple starts to break out and trend higher it has a tendency of people piling in. where it takes it right now is back to the top of the former range. so it brings it to an interesting and neutral spot a lot of times it's a short-term trend line, so it makes a bit of sense that it would -- here's the s&p 500. you see it really sagging a bit. mostly just a stall. i think you have about -- we're only a percent and a half below the record highs, but it has been a bit subdued, lethargic. not creating a ton of momentum we are marking the 20th anniversary tomorrow of the 9/11 attacks. it did hit close to home, and the market was closed for four days after that tuesday attack if you want to look from back in that per

i'm david faber with morgan brennan and mike santoli carl and jim have this morning off. let's give you a look at futures as we g et ready to wrap up the trading week it the august jobs report reflecting worries about the delta variant outbreak non-farm payrolls were up last month well below street estimates of some 720,000 jobs being added. the unemployment rate was in line with expectations it fell to 5.2%. average hourly earnings up 4.3%. that is year-over-year you can take a look at the ten-year, and morgan, leisure, hospitality, it kraccounts far large chunk of this miss there were no job gains versus 415,000 in july, 397,000 in june there seem to be a lot of help wanted ads out in that area. the delta variant may have cut back in general sort of job growth as well, and that is a lot of the many hiss. >> which is notable given the fact that so much of this data was in the first half of the month as well, before delta picked up the pace in terms of the climb we saw as the month continued to unfold, you had the hurricane impacts, weather impacts towards the end of the

the past certainly typically ends negative more often than not, i believe i think i'm hearing mike santolier 1% >> all the major averages poised for weekly losses as well. that is going to do it for us on "squawk on the street. "techcheck" starts now ♪ >>> good friday morning. welcome to "techcheck. i'm carl quintanilla with jon fortt and julia boorstin coming up this hour strange comments out of instagram on the dangers of social media. it'll get an explanation of that backlash coming up plus, mark cuban wants to make crypto a little less anonymous his take on why regulation built around existing fraud laws makes sense. later on elon musk kisses up to china. morgan stanley's adam jonas weig

. >> we continue to monitor this morning's sell-off with the help of our markets commentator mike santoliout the market was already on some wobbly legs. >> no doubt about it, the overnight news in this kind of disorder in the capital nashgtsz china gave the market a nudge but already off balance. see what's going on today is pretty continuous with the story all of september a little bit of window for the technical and seasonal weakness around the week afterward. we have flattening out earnings forecast growth that's been happening for a while right now and the policy flux sort of idea that fiscal pipeline looks a little bit clogged and obviously debt ceiling jitters starting to filter through we have the fed intent it seems on tapering the quantitative easing all of that stuff together to me is a bunch of pile of excuses for the market to have a little bit of a downside test right now. i think we're still -- you would have to say in the routine pullback zone, maybe getting close to something a little messier than that, but not quite there yet. in terms of levels we've been hovering on the

. >>> let's send it to mike santoli for a look at consumer confidence >> we got a consumer confidenceeport from the conference board. this is the difference between what consumers say about the current conditions and the expectations so it's actually the expectations component minus how things are today and this is really accelerated compressed economic cycle normally springing out of a recession people say things get better sure of that they get better and then over the cycle trend lower. this is a big whipsaw and seems to be about delta and also inflation. so consumers are acutely sensitive to gasoline prices and home prices and rents going home and seems to be weighing on things why i things i don't know how it feeds into the fed but it does point up a sort of offsetting dynamic here where we have -- expect growth to be okay and see this very, very kind of tight job market and see incomes going up and components of consumer confidence in a good place but people aren't feeling that great because things are already really good with the stimulus and now we're worried about the other t

i'm morgan brennan with david faber and mike santoli carl has the morning off just getting a check onrows the manl averages all move higher still in a tight trading range the s&p a new record high, up 0.3% h the dow also up about 98 points. factory orders are out just a moment ago, and rick santelli has that for us as well. rick >> thank you, leslie yes, our july read on factory orders up 0.4 of 1%. that's better than expectations, but it's definitely lagging. in the rearview mirror up 1.5, weakest since april when it was minus 110. we know why. a lot of issues affecting manufacturing, issues on supply chain. august auto sales weren't very solid, so you can see how leading in from july we continue to see these weaker trends and if you strip out transportation, there is a marked improvement so we could see how airlines and airplanes and aerospace enter into this. it's up 0.8 of 1%. july final on durable goods at minus one-tenth of 1% which is the same as the mid-month read if we look at ex-transportation on durables, the same effect it pops up to up 0.8 as well finally, capital goods o

. >>> good thursday morning, welcome to "squawk on the street," i'm carl quintanilla with mike santoliis at the kennedy space center where she witnessed that historic spacex flight. it's all about the ecodata today as retail sales come in with that surprisingly strong

big declines for the major averages, cnbc mike santoli joining us right now, mike, things are look upbbing back from yesterday's highs it's allowing this attempt it seems a little show-me situation. down 2% in the s&p yesterday, only gaining a quart over that loss, re-visiting last week's lows we finished yesterday less than 1% above early last week it's a lot of headline issues, evergrand or the debt ceiling and the budget stuff from the fed noise yesterday. but it seems much more about a september of shifting styles big tech stocks weighing down the infections you have technical pressures in there. take a look against the equal weighted version in white. it opened up more of a lead recently, it's also higher relative to last week's low than the overall s&p. that itself the effect of those big growth stocks that have been weighed down in the somewhat related to the yield story also, take a look at what you would call real assets versus virtual assets this is the broad commodity etf relative to the nasdaq 100 so noditys thriving in a time of shortages and everything else. so this is o

mike santoli joins us to tell us what is driving the markets. erally for a couple of minutes, andrew, yeah, the interesting spot here for the markets, we're looking at the first down week, down month rather down about 4% from the high. the top five stocks in the s&p 500 worth about a quarter of the index, are down. the rest of the market is holding up a little bit better where we are takes us back to early july levels. there has been a reset at the index level that is not really broken down fully underneath the surface, outside of big growth, stuff seems to be firming up, selling rallies in the last few days, it been hard for any rebound to get too much traction take a look at the u.s. dollar index. everyone is noticing what looks like a breakout on this chart. if you look at the shorter term, right. we're getting back to highs from before the covid crisis. this puts it in a little bit of perspective. the absolute levels not particularly challenging a lot of the recent move is the brick pound has been in freefall you have had fed tapering. yield

yesterday's big sell-off in what looks like a bit of a bounce this morning senior markets commentator, mike santoliwe headed toward the close we seen that bounce toward the end. you were talking about what this means, what we should read into it what do you think about the bounce in the futures this morning? >> yeah, that bounce, becky, you started around 3:30. it seems as if first of all the internal action in the market looked like a thorough flush not a crescendo like that was it that's all we needed you had 90% of the volume to the downside, it was indiscriminate. you say, turn around, tuesday's coming that's obviously a tendency the market has, it teseems there wa no credit buying here's the s&p etf so it shows the pre-market bounce stocks when they pull back, they go down in price and back in time yesterday's low, we went to july first. so around that 4300 level. that's when we first got up to the july 1st level that's also represents a catch-down of the intex so-to-speak with the average stock, which is already down way more than 10% from it high yesterday. so it could be this is a little mo

i'm david faber with morgan brennan and mike santoli carl and jim have this morning off.as we g et ready to wrap up the trading week it the august jobs report reflecting worries about the delta variant ou