mike santoli is here to break down the crucial moments of the trading day.here on meta's big comeback day. stacy rascon stocks are near session highs, all 11 sectors are in the green. the nasdaq is really coming back, up 3.3% and the difference, mike, today, we've seen some other rally attempts this week like yesterday and that did not hold. this one appears to hold its earnings because you're seeing meta and paypal at the top of the market, i do wonder if that negative gdp number is working its way in, in some way, to the idea that maybe inflation is peaking, maybe the fed can't be as aggressive as it originally expected. what do you think? is that changing expectations? >> i don't know. it's not evident if you look at the bond market where it would be very sensitive to that. one thing i would be very accepting of is the idea that the negative real gdp printout at the headline level did nothing to cause the market to break down below the recent lows, which have been scraping right along the bottom of this trading range. so you mentioned the failed rally yes

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let's get back to mike santoli who is in omaha but of course watching every tick here, mike, as we seeion. the nasdaq 100 for the month overall down 13% not getting better how does it set us up for may? >> no. yeah we're actually challenging the lows for this correction we're trading on the s&p 500 here below the closing low, which was from back in mid-march around 4170. we had an intraday low on late february back when we first got the invasion of ukraine by russia, that was in the low 4100s. the bottom line, though, is we're pressuring what has been the low end of this trading range for months what's interesting again about it and maybe a little bit fatiguing about it is that it's not really that headline driven. it's kind of this kind of slow, sagging action draining away and reducing equity exposure you have bond yields up again today. some treasury yields are higher. a lot of talk about how the 60/40 portfolio is having an awful run and that makes people more defensive now, can we make a stand here? who knows. the market has refused a bunch of plausible reasons to try to find its

fed let's get to the market sell-off as all sectors are poised for sizable losses joining us, mike santoli is all of this being driven by a repricing in fed expectations? now the market is getting even more aggressive when it comes to what it's looking for from the fed. >> yeah, it's part of the same process. it's the same story only more so i think that's where we find ourselves repeatedly this year we have obviously repriced radically in the bond market there's a general recognition out there, and i would think by fed officials' own admission, a relatively narrow and uncertain path to a soft landing and a lot to happen between whether we know we get there or not all those things are the case. today and yesterday, one of the things that stands out to me is how kind of orderly and mechanistic this selling is on the same angle, all the indexes, major indexes are down the same percentage it just seems like a real step back from equity exposure in general. it's been about valuation compression all year not really about the real time read on the economy or corporate earnings and that process i

let's bring in dan predmac, and mike santoli mike, keeping an eye on the stock here, as far as the deal price, what are we looking for in the market? it's amazing how fast this got done and what a reversal and change of heart it is for twitter's board. >> you have the board agreeing to a cash deal, $54.20 the stock should open up right up against it. the only variables is the financing going to be done it's committed at this point i think there's general confidence it will be done is there a regulatory glitch in there? unclear. it seems that the idea that another bidder comes in is pretty minimal because you'd think the board would have had those feelers out there. so at this point there's not a lot of movement at this point up to the bid and we'll see if there's any other variables we haven't heard about. >> dan, what does this suggest to you i like how cramer put it, they didn't want their stock to get down to 30, they saw what happened to netflix, they're set to report earnings this week if it was another disappointing earning that's what could have happened, so they went with the ot

mike santoli, and kristina partsinevelos at the nasdaq. mike, though, kick it off with the turnaround that we have seen here, which now includes the nasdaq 100, up about .6% anything cause it? >> i didn't see a trigger except for the fact that the s&p 500 spent a lot of time today and yesterday at the exact same levels we did not break new lows. we're stim talking about a 3%, 3.5% pullback from the highs the other piece of it that's a little hazier and bigger picture is we have been inundated with so much hawkish fed speak. we got more today. yesterday, the minutes there was no further ability of that talk in the short term to cost equities any further downside to me, it's much more about we have sort of arrived at a place where we think we know what the fed outlook is, gearing up for earnings, and you know, the market bent in the short term but didn't break >> are you saying it's all priced in? >> it's priced in for the moment based on where we see, i absolutely never know if there's a moment in time where it's fully priced in, but i feel

mike santoli with a closer look at nvidia for his dashboard today, which has been hit hard lately >>downgrade is riding along on this pullback, down by more than a third, but this chart shows over the last five years just how important nvidia has been as a contributor to the semi-conductors performance. it's still above half a trillion in market cap, even down 40% from its peak. amd, that stock looks almost exactly like nvidia here those two stocks really spaunl for almost all of the upside in the group, and they're both together about 15% of the sector, or at least of this etf. take a look at how the street is set up, even after the downgrade today. more than 80% of analysts still recommending the stock what i would also point out is the target price well above $300, around $320, shows about 50% upside to the current price. that's usually kind of a vulnerable to downgrade. it shows you the target prices have not really adjusted to where the stock has gone again, we're handed back some of the massive performance of nvidia here's where the valuation sets up, like an awful lot of growt

mike santoli here to break down the crucial moments of the trading day.p in chip stocks mizuho's dan dolof here on the sell-off the nasdaq leading the declines, down more than 2%, on track for its worst day in more than four weeks, and mike, now down .5% on the week so this big spurt that we saw in the past few weeks, a lot of people say it was technical in nature it was about positioning we're now down 12.5% off the highs on the nasdaq. does this mean that stocks are still vulnerable to rising rates and all the other fears out there, fundamentally >> we're absolutely still vulnerable to real fast moves in rates like we saw over the course of the day today. still vulnerable to the psychology, which is there for a good reason. that we are seeing signs of being late in the cycle, and therefore, not a lot of runway for rates to go up or for the fed to act very aggressively without bringing up at least the possibility for a big slowdown i think we're still in that dynamic. probably will be for a while but we were up about 10% from the lows if we closed here,

mike santoli breaks down the charts in his dashboard next bonnie boon i'm calling you out. be cool, alright? with ringcentral we can pull bonnie up on phone, message, or video, all in the same app. oh... hey bonnie, i didn't see you there. ♪ ringcentral ♪ new projects means new project managers. you need to hire. i need indeed. indeed you do. when you sponsor a job, you immediately get your shortlist of quality candidates, whose resumes on indeed match your job criteria. visit indeed.com/hire and get started today. >>> welcome back dow down 315 nasdaq falling hard again today. near session lows. and the social media stocks are getting slammed. twitter shares are actually up slightly amid all of it. elon musk just tweeting, if our twitter bid succeeds, our, he says, we will defeat the spam bots or die trying mike santoli, not a spam bot, is here taking a closer look at the social stocks in today's dashboard. and mike, will he or won't he buy twitter? >> well, he has at least more detail on how he might finance this bid he also said he would authenticate real human beings on

mike santoli looking at the latest expectations.q 100 heat map and the chinese internet names giving the biggest boost names like pinduoduo, baidu, jd.com, all jumping, and leading the charge right now that on top of some gains from tesla, apple, amazon, microsoft, facebook, nvidia, google, netflix, and qualcomm. 'lbesd 1y for the naaq00 wel right back. ♪ ♪ we all need a rock we can rely on. to be strong. to overcome anything. ♪ ♪ to be... unstoppable. that's why the world's largest companies and over 30 million people rely on prudential's retirement and workplace benefits. who's your rock? rely on prudential's retirement as a main street bank,. pnc has helped over 7 million kids develop their passion for learning through our grow up great initiative. and now, we're providing billions of dollars for affordable home lending programs... as part of 88 billion to support underserved communities... including loans for small businesses in low and moderate income areas. so everyone has a chance to move forward financially. pnc bank: see ho

. >> over to mike santoli, in omaha, ahead of the berkshire hathaway annual meeting. it is the first time this meeting is being held in person since before the pandemic. we do want to get your thoughts on this major market sell-off, mike we're talking about capitulation, the fact there aren't too many signs that one has been here. >> no. i wouldn't say there is anything particularly definitive. it doesn't check off every box it is one of those things where real ugly close on a friday, all the trend followers are basically kind of pushing in the same direction lower so you have that against you so i don't think there is a moment when you can say, okay, it is here, this is the flush we were looking for we're in the general zone. the market certainly, though, has passed up a bunch of plausible reasons to find some traction in the last couple of weeks, right it was april, obviously you had some decent earnings last earnings season, once we cleared through the big tech earnings, the market kind of released higher after a construction and, you know, i think it is worth keep

joining us, a chief economist, cnbc's steve liesman and mike santoli. mike, interesting, the market. told us a few months ago the fed would come out in a minute from the last meeting saying most people favored a 50 basis point hike super-duper interest rate hike and looking at shrinking balance sheet $95 billion a month the next few months, get aggressive. you would expect stocks to take it poorly. could be a lot worse. >> you would exactly with respect to that, sara, if they hadn't been telling us almost exactly that for months until today. out of nowhere, out of the blue, at a moment in time if that was the news, hitting a complacent wall street, yeah. not seen the market handful well the whole question is to what degree has the fed's aggressive and methodical scene been absorbed in the market it's been a question this happened the very day of the fed tightening in the press conference we anticipated so much and the market declining perhaps in advance of. i think that's part of the issue here just what's priced in. have we been prepared for what is ful

well we'll stick with the theme chipotle shares are falling ahead of q1 results after the bell mike santoliat the stock's performance against another millennial favorite for his dashboard, mike. >> yeah, sara, you know i'm not one to stereotype millennials but lululemon along with chipotle did come to prominence along with the millennial generation and for the last two years stocks have been religion in lockstep right here why is that? they both trade around 40 times earnings and peaked around 70 times earnings and argue they both essentially created their segment of retail and dominate it and still a lot of runway for additional store expansion so it's this unique kind of combination of they already dominate the space and a long runway at least theoretically. premiums are coming out of all the great growth stories and that's happening right here too. chipotle going to report after the market they're still holding above the lows of the last couple of years and both of them are down about 25%, 26% from highs but they probably are better positioned than a lot of other purely consumer cyclical

a bank, but more of a financial services company than just a trading platform >> mlb superfan mike santoli? >> absolutely. ftx is a massive sponsorship with major league baseball it seems like a very aggressive market share grab. i think the question for coinbase and the rest of the industry is, you know, if you're taking in fewer eager new participants than we were, because bitcoin first got to today's price 14 months ago. it's just been a little less fun and easy than it had been a while back is it a little more of a zero sum game in picking up share of trading volume as opposed to a year ago >> coinbase down 2%. kate, thank you. >> let's hit boeing. one of the few dow stocks hanging on to gains after it reported it delivered nearly twice as many jets in march as it did in february the company did remove 141 jets from its backlog, due to sanctions on russia. let's bring in the equity analyst at cfra. what do you make of the delivery numbers? >> hi, sara. thank you for having me. i think it's a pretty pleasant surprise for boeing. 37 single aisle jets came in in march or were delivered in

mike santoli is back with a closer look for the dashboard. what are you keying into. >>> radical revaluation of the business, sara take it from me, approach of middle age happening gradually then suddenly. it's happened to netflix market saying you are now a mature company, slow growth. maybe even ex growth as they say an converged valuation on an erntdnterprise basis, forward with disney almost got together a couple years ago at a significantly higher valuation right now down 15 times forward to cash. a good way to value these media businesses when they have a little bit of debt on them it tells you, of course, we have caveats. cash flow estimates could go down disney is not all streaming. have the parks a different mix of businesses, but pure media companies even cheaper than this. looked at paramount, ten times, comcast, eight, seven times, something like that. showing people are essentially saying can't count on it being a growth business. >> and cascade selling across names. disney down a lot and paramount and in warner brothers discover

mike santoli here to break down the crucial moments of the trading day.ac. the nasdaq just went negative on the session. the broad market picture right now, stocks mostly in rebound mode after yesterday's big sell-off, but we are coming off of the best levels and selling off into the close dow up a 457 at the session high the nasdaq negative, sort of unchanged right now. mike, a lot of people have been watching the credit market as a leader it turned us around yesterday and it seems to be giving us a signal today hya is lower what do you make of what's happ happened in the last hour? >> backed off 2:30 the high yield etf did. people a little more nervous it coincided with the headlines that apollo would be buying in carvana dead issuance, restructuring the financing in the junk bond market to get more capital in there i assume the takeaway from this news is that, you know, they had a struggle, had a reset term, apollo getting ten plus offpercent and reflecting on weakier demand for riskier credits and an apprehensive markets right now i wouldn't say credi

. >> you know it's a well rounded show when you're finishing it with mike santoli at the telestrater. so that's going to -- >> i'll bookend it, sure. >> that's going to do it for us here at "squawk on the street. "techcheck" starts now >>> good thursday morning, welcome to "techcheck," i'm karl sint nil la, jon fortt, deirdre bosa, and julia boorstin the ceo of service now, we're going to get to all after that, but we're starting with meta, surging this morning as daily and monthly active users bounced back, stock had been cut in half this year, prior to results. julia is all over today, j.b. >> it's really interesting, carl, there were various warnings signs here including the company giving guidance of between 28 and 30 billion revenue second quarter it's worth noting if meta hits the lower end of the guidance its revenue would be declining year of year, which has never happened before. this quarter, 7% revenue growth was its slowest revenue growth we've seen since the company went public, but there is just so much relief now, that they have been able to reaccelerate those daily act

senior markets commentator mike santoli joins us to break that apart. >> of course they still represent an enormous slug of market cap the project of the markets this year really has been taking this group of stocks that was overloved. overbelieved, overvalid, and having that premium all across the board bleed out of it. here's where the valuation sets up of the nasdaq 100 names, which of course are even further nominated by those big five or eight stocks, against the equal weighted version of the s&p 500. so when all the stocks in the 500 are counted the same, what you see here is still a very large gap in terms of forward price earnings multiple. we've had a lot of work done on the downside in terms of nasdaq 100 value wrags. it was up around 30 times at the highs, now down around 23. and what you see here from the equal weighted s&p, we're down around 16. now, it doesn't niecely screen out, though, as cheap on a long-term absolute basis 16 active in something of a ceiling before we got into the pandemic so that's why it's unclear what the destination point is, on all this, of course

let's get back to mike santoli taking a look at the updated gender gap in the labor force on the backy's jobs number. wall street was paying a lot of attention to the labor force participation. what did we see? >> well, the real story, sara, as of today's number is the gap has closed it had been pretty stark in prior months as we have highlighted, and in the latest march numbers, it seems as if the female prime age labor force participation, that's people between 25 and 54 years old, has now basically met parity with male participation this had been a lagging indicator, we know about why child care issues, omicron, all these things that seem to keep women out of the work force more than men, and it's probably good news obviously, all around, for more participation for women's access back into the workforce, but also for the fed anything that brings people back to work, maybe moderates wage gains. maybe frees up some of the labor tightness is probably good just for the length of this expansion out there. this number that we're showing you is kind of indexed to the immediate pre-pandemi

the overall impact of what steve has opinion talking about and the markets as well we bring in mike santolike i know that. >> that has been a profound trend in the market recently it goes to this question, and i think it's the big one, have we now taken full account of what the fed is likely to do or what the clearest view of the next six months are arguably, we are far along in the process if not all the way there. the s&p 500 right now is trading right about where it did september, october last year we were thinking 2022 would have a half percent of rate hikes in it now we are talking about 2, 2.5% oil was at 75, 80 back then. we are absorbed a lot. it doesn't mean the job is done. it suggests that we are maybe at that point where incremental hawkish noises from the fed are not going to necessarily have that much of a pronounced impact the cyclical weakness reflects this market is haunted by late 2018, haunted by early 2016 when the fed was trying to get tighter at the same time you had industrial slowdown, downturn in recession. all those things are in the mix. all of them are reasons wh

mike santoli, as --, a second day in a row where you got a bit of relief from the night before. lift from this emthem maybe we need to clear apple earnings to get a fuller look. we're mostly taking the nasdaq 100-type names, over the overall market and compressing that. this is a five-year chart. by the way, that's a really good -- that's a 14% annualized gain it's really nothing to sneeze at but look at the huge gulf that's been opened up in fact, it does hinder the -- facebook, meta, that's an individual what you'll see is really just struggling to get -- remember when it had the that's got to hold. we're chopping lower that's where you basically have to maybe get back to to get out of this kind of desperate zone here, morgan, where we found ourselves. that being said, this whole debade, mike, about bear market what a bear market behaves like, just to take a step back, a more basket approach, what are some of the key factors that investors are watching right now. i wouldn't quibble, the average stock and s&p has been down more than 25%, even though the indexes haven't. the lon

i know i'm going to see you back here that's mike santoli. >>> "fast money" picks up the story. i'll see you tomorrow. >>> right now on fast, the vision april's sell jo shows no signs of letting up. nasdaq down over 12% this month. tech is sinking, alphabet now dropping after hours texas instruments lower, too elon musk got twitter, but at what price tesla the worst performing stock today, losing over $120 billion in market cap. is there still more pain to come >>> general electric tumbling more than 10%. take away the f8 for 1 reverse split, and this is almost a single-digit stock welcome to "fast money" in the heart of time squares. we start off with that major market sell-off on wall street the nasdaq plunging nearly 4%. the index now on pace for the worst month since october of 2008 s&p and dow also dropping more than 2%. the s&p's lowest close since the middle of march. the five biggest companies in the world lose ago combined $420 billion in market cap alone. netflix with another tumble, the stock is down 43% since reporting the earnings last week take a look at the moving

mike santoli has more. >> april has also tended to be stronger even than usual when the prior five months have been weak as they have this time. it has not lived up to the strongness that we normally see into april all that is to the good. but they're also riding technical tail winds the 9% rally checked off a lot of the boxes the persistence of it, the speed of the rally that often happens around a reliable mote not every time, but often. i think the message perhaps that we can read into this is that the stock market refused to buckle any further despite the pervasive, challenging news that was out there. and almost all the bad news was anticipatory the yield surging because of what the fed is anticipating to do it was calls for $200 oil. all those things that people were extrapolating the friction points of this market to say they're going to continue. i do think that buys the market a little bit of the benefit of the doubt here for having come off those lows earnings estimates, very important. we have not flinched at all. they have managed to stay up for 2022 that's a net positive. one

. >> thanks for that >> mike santoli is here to break down today's market action we're coming off the obviously, coincided directly with the lael brainard headlines about perhaps being more aggressive about reducing the size of the balance sheet starting in may. of course, that may meeting is right in the first week of may i think it's an excuse for a step back. right at these levels, you were talking earlier about s&p at 4600, and you had this huge move since midmarch in the nasdaq i think we're in the zone of figuring out exactly if this is more than just kind of a reversion to the mean type bounce and really what the overall fed picture is anything that conveys the message that the fed is amping up its level of urgency and feeling as if it still has to chase the data and chase reality and get incrementally tighter is probably not the most welcome, but boy, we have priced in a lot so far in terms of what the fed is up to this year >> all right, mike santoli, thank you. >>> amazon announcing the largest commercial deal for rocket launches ever to carry the majority of its 3,236 satel

>> mike santoli, thanks for the breakdown. keep an eye on amd raymond james upgrading names to strong buy, and outperform respectively they say both names have strong secular drivers that help them mitigate the selloff more coming up next, we're back in two it's there. it's everywhere. but for someone to be able to work from here, there has to be someone here making sure everything is safe. secure. consistent. so log in from here. or here. assured that someone is here ready to fix anything. anytime. anywhere. even here. that's because nobody... and i mean nobody... makes hybrid work, work better. i didn't know my genetic report could tell me i was prone to harmful blood clots. i travel a ton, so this info was kind of life changing. maybe even lifesaving. ♪do you know what the future holds?♪ >>> well, the semiconductor etf sitting new year to date lows following below the march 14th levels, nvidia, just to call out one name, down more than 40% since november how should you think of that opportunity in the space here to tis cuss

. >>> as mike santoli pointed out online 4600 continues to be fierce resistance, guys. we're back to 4550 we'll palm beach the ten-year and fomc minutes tomorrow and maybe we'll get guidance on balance sheets after brainard's comments let's get to the half and the judge. >>> carl, thank you so much. welcome to "the halftime report." i'm scott wapner one of the dovish members of the fed delivering a hawkish warning for investors. we discuss that with the investment committee joining me for the hour today, stephanie link, jim lebenthal, josh brown, jon najarian co-founder of marketrebellion.com and economics reporter steve liesman is with us as you well let's check the markets. i want to show you yields and that is where the storyline lies in part because you did have a good jump in yields floeollowing the comments and 5%, 6% or so in many of the parts of the curve as you see there take a look at stocks. they're reacting a little bit and the nasdaq react 1.75% not all that much. not all that much, though. jim lebenthal, i got a call from some of the smartest money i know

rally for s&p 500. 47% of s&p 500 stocks now currently trading above 200-day moving average get to mike santoli what does it tell us >> caught in the middle, sara. technical analysts looking at this by the way, coming into today. better now a selective bifurcated market. not in gear the way you might be in the midst or about to set off on a strong advantage. observations recent lows, didn't really have a huge washout as you did, for example, late 2018 and 2020. 20% plus declines inindex. looks a lot like that in 2014. last year so strong. most stock acebove it. reflects the fact offsetting currents in the market commodity related and defensive stocks, very well. cyclicals, weak. the question, have we seen enough seen enough of consolidation for a while right here a lot of folks wait for this to get better to say the market's out of the woods of course, all rallies start when things don't look as great on this measure. >> watching today, lower. >> quite broad today, yeah. >> broader today exactly. mike thank you. >>> up next, fed governor crist mer christopher waller we'll be right back. >>> wel

. >>> as mike santoli pointed out online 4600 continues to be fierce resistance, guys.ybe we'll get guidance on balance sheets after brainard's comments let's get to the half and the judge. >>> carl, thank you so much. welcome to "the halftime report." i'm scott wapner one of the dovish members of the fed delivering a hawkish warning for investors. we discuss that with the investment committee joining me for the hour today, stephanie link, jim lebenthal, josh brown, jon najarian co-founder of marketrebellion.com and economics reporter steve liesman is with us as you well let's check the markets. i want to show you yields and that is where the storyline lies in part because you did have a good

also with us mike santoli at the nyse david, do you feel the same way today as you did yesterday, that we haven't seen a bottom yet, and what would tell you that we do or have >> i do not -- feel any different, tyler that i think we are certainly in a long-term down trend, and if i could pick the exact bottom, we'd be doing this interview on my yacht instead of my office. >> so what would the signals be that would tell -- would start to tell you that the washout has come what would you be looking for? >> i feel like the hard part about answering that question is that you don't know if it's going to swing to the exact right spot -- value over adjust -- >> all right, david, we're going to try and fix your audio. we're having a little problem, but, mike, let me let you pick up on some of the questions i just asked david, which is what would the classic signals of a market bottom be, number one, and does -- is one of them the notion that bob just hit and that is that in a bear market everything goes down and this is a broad-based selloff today, very broad >> yeah, charlie, i mean, usually

. >> great stuff, mike mike santoli, dee?up, why our next guest says tesla will be up ten times by 2030. >>> apple store employees looking to unionize. that story iright after the break. ♪ >>> welcome back to "techcheck" i'm carl quintanilla with deirdre bosa we continue to watch tesla today for those of you wondering, stock's best day ever, that was may 9th of 2013, when it rose 24%. we're going to get more on the quarter of course in just a moment first a news update with morgan brennan. >> hey, carl here is what's happening at this hour american and alaska the latest airlines to post strong quarterly results. watch their stocks surge american says it had record sales in march, surging demand will help report profit in the current quarter. alaska air says march was the first month when revenues topped pre-pandemic levels. >>> insurance broker marsh mclennon jumping 4%. the firm getting a boost from improving premium costs an higher organic growth across its business units >>> free port-mcmoran. cut copper production outlook

that's mike santoli with his last word. i'll see you tomorrow. "fast money" begins right now. >>> right now on "fast" an earnings extravaganza. a trifecta of titans reporting apple up a percent on a beat and intel falling nearly 5% or weak guidance conference calls under way this hour. >>> we're watching robinhood, big miss on the top and bottom line and down almost 50% this year how much lower can it get and beyond the earnings, the nasdaq jumping over 3%, the s&p 2.5%, the dow up over 600 points welcome to "fast money." we're live at the nasdaq market site, i'm melissa lee. on the desk tim seem ymseymour, owe, dan and guy adami deirdre bosa just got off the call with the cfo. what did he tell you, d-bo >> he told me inflation was a problem. he quantified it he said that they took an incremental hit of $6 billion versus last year due to inflationary pressures and he doesn't see them easing any time soon that's what's hitting the guidance which is hitting share prices down nearly 10% the forecast of revenue growth of 5% in the second quarter is t

. >>> cnbc commentator mike santoli joins us now i know a lot of -- i don't know.ty stiff task a lot of times you get a nasty friday a lot of people love to see an ugg open on monday not sure if this is ugly enough just yet the way it's setting up 42.22 was the intraday low late january. it's been sideways to down most of the year, but it's been chopping around this range you had in the low 40s, 100, tra tra low of march we open up today, it's almost 1% down t take a look at the bellwether here very similar charts here you mentioned the technicians. you say, well, that's kind of a top there. although, arguably they're trying to maintain a little bit of higher ground that they've developed over the prior years we have alphabet earnings for this week. it's starting to look cheap for a lot of people. but we're in one of these phases asking if the leaders have to correct. apple, the big exception still katie stockton was talking about how some of the recent stronger sectors also have given back some of their gains pretty sharply. take a look at energies and metals and

we've got a little rebox going here mike santoli is following the markets as he does every day lesliecontributing to some of that weakness we're seeing. sounding the alarm about economic risks that came out about an hour ago. at least in the short-term he sees, quote, significant geopolitical and economic challenges ahead due to high inflation, supply chain issues and the war in ukraine decided $1.5 billion as a provision for credit losses driven by what jp morgan described as the increasing probability of down side risks due to theflation, the war in ukraine and accounting for russia associated ukraine exposure a year ago jp morgan was releasing billions of dollars in reserves jp morgan shares currently trading about 2% lower in premarket, 2.5% lower in premarket. black rock chairman larry fink also hinting at some of the challenges dimon did he's quoted in their release saying, quote, as the world continues to face geopolitical and economic uncertainty our investments over the years positions us well. the firm's assets under management tick back down below $10 trillion to market vol

i'm morgan brennan with mike santoli.t a quick check on the markets a lot of green with all the major averages trying to bounce back after a rough day yesterday, with the dow up 286 points, s&p up 1.1%, 4222 is the left there the nasdaq up, as we await a slew of more megacap names in the meantime were gepgt pending home sales for that. hi, diana. >> reporter: hi, morgan. it felt right along expectations, but sales down 8.2% year over year. when you look regionally they were down everywhere except in the northeast month to month, but annually down across the nation they pending home sales are based on signed contracts in march, so people out shopping when mortgage rates really started to head higher rates started at 3.9% on the 30-years fixed, ended at 4.8%. that's a huge jump for one month. because of that jump, the chief economist from the national association of realtors said the sudden large gains have reduced the pool of eligible home buyers that has consequently lowered buying activity. we are expecting to see a wash

mike santoli joins us with what he's watching. hey, mike. >> hey, joe.at this sort of floor in the trading rings of the year maybe is going to hold this time this is the s&p 500 etf, and you see just below 4200. it also was where the exhinterdy low was in late january. and obviously, the bull case is also, sentiment is depressed it seems like that's flush to market just a little bit people are just going to say it's a bounce. not a lot of talk about oil, because it has calmed down the price of crude has been hanging around, wti, around $100 you sayee after that massive ru, some of the bulls are saying you have china shut down so we'll see if that becomes a mover and part of the inflation story as well. yesterday a little bit of softness take a look at how the high-yield etf is traded against a comparable treasury. almost all of it in the last year in high yield has been about treasury yields going higher you sigh ee right here the whiti has improved just recent limit there was a carvana. but nothing that's necessarily telling you that it's yes roding qui

i'm carl quintanilla with mike santoli live at post nine of the new york stock exchange.d faber on assignment but is going to join us momentarily markets here on the beginning of a long holiday weekend dow holding on to gains, s&p slipped into the red a ton of news. elon musk among it. >> 30 minutes into the trading session, three big movers we're watching united health shares in the green after beating estimates on the top and bottom lines the company raising its outlook for the year the stock up 7 bucks, helping the dow. a handful of big banks on the move following results we will break down those numbers in just a moment but first, it's a story of the morning. elon musk making an offer to buy twitter for $54.20 a share this morning. that's weeks after becoming the company's largest shareholder, going to join the board, not joining the board. you see the stock up 3.5% below, carl, where it did initially open up. obviously, well below the bid of $54.20 just building in, i think, a lot of inherent skepticism, just the unorthodox way that this offer was made, characterized

we'll welcome that let's get over to mike santoli he's watching the markets and what's happening on thee bound, i think >> it's pretty textbook i think in that sense if you want to zoom out a little bit. pretty ugly down side reversal you mentioned yesterday although it didn't seem to resolve anything it keeps the s&p 500 right in this range and a little bit of lower end. do like to point out you're going back to sort of last july when we first got to these areas so really kind of a nine month churning period. obviously big fourth quarter rally, kind of some exuberance there. that's mostly been wrung out there i would argue. and take a look at what a balance portfolio, so to speak that somewhat traditional 60-40 stock bound portfolio. you're losing money on the bonds and bonds have crashed in value more than they have at this point of the year pretty much ever aor is an etf that more or less approximates a portfolio it's underperformed straight stocks this year and that looks a little more precarious it's not too far from those lows mid-march. your kind of capital constraint right there

they're up 21% right now mike santoli joins us with more.ne of the reasons a mere $3 billion or so can buy a 9% stake in twitter is it's stagnated since it's been a public company facebook is at scale before today let's move, it's a little over a $30 billion market cape, 1/20 is even after facebook's big slide since it first traded in late 2013, it's been more or less flat, but volunteer within i i do want to point out this little blip right there. in 2016 when the company was said to be in play when salesforce was thinking about buying twitter, it has happened every couple of years that some strategic or other minded investor decided if this is the place where the global conversation is happening and the company has not been able to match my valley of that or run it correctly, that was a very short-lived thing. you had salesforce state it's not interested in it anymore it points up something else. this is not one of those 2010's era silicon valley's companies that has a dual class share situation where you have the founder controlling it th

. >> mike santoli, see you later thanksmism. >>> when we come back senator john barrasso going to joinon musk's stake in twitter and what it could mean for the social media company that stock this morning up another 1.5% after closing up i think it was 27% yesterday at the end ofhe t session stay tuned "squawk box" will be right back. ♪ ♪ with the new schwab starter kit we're rewriting the book on investing 101. new investors can open an account and get $101 to split across the top five stocks in the s&p 500®. you can also unlock short videos, step-by-step guides, and other easy-to-use tools designed for people just getting started. plus, investment professionals are on standby 24/7 if you ever have a question. it's investing 101, reimagined. your shipping manager left to “find themself.” leaving you lost. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire >>> welcome back to "squawk box," everybody. been watching the futures this morning, been a little weaker. at this point the

mike santoli is at the no, stock exchange what's going on, mike?n the multi week rally we got off on a low starting a month ago did not get escape velocity. what are we looking for? i think a lot of -- if you're bullish and want to see this be a bottoming for make or a trading range that holds up, these are the levels down a couple percent that probably traders are looking to have whole. you see we're back in sort of another short-term downtrend after we broke the steeper one so under pressure as we get into earning season yields creating one source of challenge as well as growth concerns you can sort of see this in the ten-year treasury yield really active to the bank stock index you see they were moving perfectly well until they sort of detached from one another here that's when higher yields were considered more a threat to economic growth and credit equality as opposed to a boon for the bottom lines of the banks. that's been a pretty stark relationship also somewhat similarly, crude oil really active to the sle you see here they have actually n

mike santoli coming up we have an exclusive interview and amazon ceo andy jassy, and looks like they'rehey look awesome and can't wait to go to break stay tuned you're watching "squawk box" on cnbc welcome to your world. your why. what drives you? what do you want to leave behind? what do you want to give back? what do you want to be remembered for? that's your why. it's your purpose, and we will work with you every step of the way to achieve it. at pnc private bank, we'll help you take care of the how. so tell us - what's your why? ♪♪ >>> welcome back to "squawk box. i'm leslie picker. i just got off the stone with morgan stanley cfo i asked her about the investment banking and underwriting pipelines because that business has been a drag across wall street she told me the pipelines do remain healthy and if the macroconditions stabilize deals could come to market that have otherwise been punted due to that volatility. despite the slump in investment banking, investment welt management were effectively flat for the quarter. it was similar story for goldman sachs. overall revenue and prof