senior markets commentator mike santoli. amazon is down almost 6%. >> a continued exit from the more expensive parts of the growth mega cap universe doesn't seem like it's too much in the way of a specific catalyst but more of the same. it's a new month and people thought that tax law selling was a contributor. the s&p just hovering, right where it was, just about ahead of the last fed meeting in the third week of september. there you have it. you sort of had the makings of what looks like a somewhat retested low, a slight undercut from the june lows it's trying to make progress again, the long-term downtrend is still in place. right now it's a lot of waiting ahead of the fed you mentioned the stronger jobs and manufacturing data did put the market back on its heels just a little bit. in terms of value versus growth, massive outperformance all year from value and even the deepest value stocks this is two etfs of pure value against pure growth. it's strictly a statistical low pe and stocks against the fastest growth stocks in

look at the gap, mike santoli.rdre, thank you between uber and lyft it's really widened lately. >> absolutely. there's always been that, uber more global and more diversified in terms of the delivery business that they have, lift more of a peer play. there has been the big question that's hung over the group which is does this business truly scale? i mean, i think that's still an open question. uber has somewhat better financial, you know, economics at the moment, but if it doesn't necessarily scale that we're positive about, lyft scale is much more subscale so that's why i think you have that underperformance that we've seen recently, and, you know, we talk about adjusted ebitda and all the kind of asterix that you have to wade through to go through the numbers in companies like this. i think the investor base is a little less willing to do so right now in this type of environment to kind of give those allowances to a company, you know, that's still giving out a lot of stock-based comp and not really one-for-one p

. >>> and holly name kroft is it a game changer mike santoli is here it's a wild reaction. >> actually, sara. it does tole you how tight will you wound this market was. we were spring-loaded for a bit of relief. this time one of the downside surprise which fit into the theme that maybe the soft landing is not completely a remote possibility too far to make that leap right now, but it takes the s&p back to that level there from late september. that was right before the september fed meeting, not the november, but the september one, that was the previous 75 basis-point rate hike, so sort of pulling the market out of the moment in the fall, there seemed no daylight. is the bigger one is probably like 41. we got this to the highs of the day, we're back to them right now. it's a pop and glide side waist. look at market-based expectations it's actually relatively tame. it has curved lower. that looks like a decent top best guess, inflation protection in the market, but it shows you that the market believes the fed will get there either the hard or easy way. you see this, before the pandemic,

let's bring in mike santoli. we have to start on the crypto news, what it means and why it is spilling over into the broader market. >> it's not so much there's direct linkages, but the interday moves, when you're talking about a multibillion potential liquidity crunch that requires a backstop from a competitor in a market where there are a lot of investors not just in bitcoin and other coins, but in ftx itself that own a lot of other things, venture money, private equity and hedge fund managers to me it's not about we know what the implications are, it's the fact that you don't know what the implications are. you see a loss and a breakdown in the bitcoin price below a support level. the connection with the way the nasdaq has traded was pretty tight. the high for the day around 1:00 p.m., and then we see this bounce around 2:30 that's when the equity markets did bounce in the absence of other news i think it's a stress point people are monitoring probably not going to be the lasting driver of what stocks are goin

get to mike santoli for the market reaction. mike, interesting to watch the markets get a pop. in particular higher valuations, riskier areas of the market, like an ark or igb really took off. >> yes a little spring loaded there melissa. bon yields lower right? one of the responses longer-term yields come in more or less underered scored the premise of part of this rally we've gotten in the last five, six weeks. which is maybe the fed's destination in well in hand. suddenly the last few months are a lesson how to make a half percent rate hike seem dove ush. market bought it interesting sitting as levels. intraday high last week just above 40 25 or so up 15% from that october 13th low. next, everybody watching, really between 1% and 3% up from here 200-day average. down trend line here just above 4100 you have to decide if it's another bear market rally or something more and maybe this was an actual bottoming process with the retest in october debate to come if we get a little highter stocks versus bonds. a consistent story all year. one-year chart of the aggregate bond index re

we'll turn to the market reaction mike santoli with the dash board as always. we're green across the dow, s&p and nasdaq we have lost a lot of steam. >> it was an immediate wobble on the unconfirmed reports. not back to the highs of the morning. the s&p 500 is about 14% higher than it was a month and two days ago for the bear market, october 13th it actually has been a pretty good run for the past three days, it's been flirting with the 4,000 mark trading above the past trading days, and now sitting just below there. i think it's key pointing out basically where we are six months ago so a lot has happened, getting just very slightly over bought in the short-term. strong rallies can power through that we'll see if it has what it takes. we have results from wall mmart well as home depot both stocks have responded well. this is a four-year look home depot, walmart, amazon, this is the broader i buy. online retail, and you'll see over this span of time it's a traditional big box firms that have nosed ahead of both amazon and of course leaving behind the ecommerce g

the latest signals from the fed and abercrombie & fitch is spiking senior markets commentator mike santoli, what's on your radar? a pretty broad rally thanksgiving seems to be positive, right, seasonally? >> we've been talking about how the market was having this orderly low drama, consolidation of the rally, not any selling pressure coming in modest pullback and has gone sideways where we sit now right at this level just under 4,000 is slightly above the closing high for this rally which was a week ago friday we did get above that. it's inching in that direction, but you see since the low in october, you've seen a series of these higher lows, a stair step type action you want to see. of course the big test comes above here when you challenge the overall downturn on the tactical basis that's where if the market is goingto go to that point of kind of maximum mutual frustration or suspense, it's going to be more like 4100, 4200 and make the bulls and bears make a decision if this is sustainable pretty constructive. for the probability of recession in the next 12 months, most notable this is

first, let get straight to the market and market commentator mike santoli is here what are you watching? as we still go through some fed speak. light on data and earnings. >> yeah, sara, been a similar theme for a week and a half. market going sideways and consolidating the rally we got off the big october low. market seeming more confident. it's got the fed outlook somewhat well-priced in terms of where the fed is headed and how fast and the economic overhang is there and the yield curve would suggest that the macro is in question. if we get down to the mid to high 3800, a normal pull pac if we get down in that direction. seasonally things are pretty strong right now a sideways shelf being built on the shelf wanted to hit on disney. such a ride for this company and for this stock for a while right now this goes back five years disney relative to netflix this is the enterprise value relative to cash flow, forward-looking ebitda for both companies, and what you see here, this little bump, by the way, the close of the fox acquisition by disney so the debt went up and the enterprise value

senior markets commentator mike santoli there he is from the new york stock exchange for his midday worde day after this massive rally. bond market closed where do you think about where we're at >> the market is still kind of differentiating. even after yesterday's pop it's not as if there's a broad pull back the dow decline to me reflects the selling of the year to date winners in an aggressive way today and in buying the lag rt unh is basically the main weight on the industrials today defense stocks are for sale today, broadly health care as well, and insurance, all huge outperformers this year. and they're buying kind of the discarded junkier tech stuff and consumer discretionary there's a little bit of a grab for beta, yet everybody knows 5% one-day gains like we got yesterday mostly occur on ongoing bear markets when the market has been in a down trend but also features of a market kind of racing higher off of a low when you've already seen the worst of it. you don't know until we get there a few months from now which this might be, but i do think people are at least trying to balan

. >>> coming up next on the show mike santoli joins us with his midday word.ff their session lows, the dow down about a half a percentage point half time back after this. to help you achieve it. so let us focus on the how. just tell us - what's your why? welcome to ameriprise. i'm sam morrison, my brother max recommended you. so my best friend sophie says you've been a huge help. at ameriprise financial, more than 9 out of 10 of our clients are likely to recommend us. our neighbors the garcia's, love working with you. because the advice we give is personalized. hey john reese, jr. how's your father doing? to help reach your goals with confidence. my sister told me so much about you. that's why it's more than advice worth listening to. it's advice worth talking about. ameriprise financial. ♪♪ the only thing i regret about my life was hiring local talent. if i knew about upwork. i would have hired actually talented people from all over the world. instead of talentless people from all over my house. >>> you know what time it is welcome back to the half time repor

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mike santoli joins us for his midday wd xtorne >>> all right, we're back.r markets commentator mike santoli joining us now from the new york stock exchange for his midday word. i feel like it's kind of nothing yet to upset the narrative since cpi, right >> nothing big and certainly not relative to how people were positioned, so, you know, today the market still certainly responding positively to this additional little weight on the scale of perhaps decelerating inflation and we might be past peak inflation and all the rest of it. the s&ps i would say is still below at the moment yesterday's high so we are sort of hesitating here after this rally, just digesting it i think what is helpful on a six-month basis as of right now the s&p is flat. if you consider in term of people becoming a lot more certain a recession is perhaps out there somewhere, yields, ten-year below 3%, two-year yield up a ton, the fed's done a lot more, up 3 percentage points over that six months industrials and financials are up 6, 7%, right? so the drag has been some consumer and some t

. >>> mike santoli is here to break down this news is this just about positioning if you listen to what the fed chair said, it wasn't anything groundbreaking but then said there's more work to do on inflation. >> yeah, sara, there's no doubt that the market was pretty clinched up, going into these remarks. the overall message was very consistent with what he said on november 2nd, but i think he declined to take the opportunity to up the ante that much more, and appear that much more hawkish as the market has actually appreciated, as financial conditions have eased. i think there was essentially a blow that didn't come, and the market is reacting to that now, where does it take us interestingly right back to last friday's high. two days where the market backed off, and we've been talking about this show kind of sideways choppy phase since we got that pop a couple weeks ago it sort of kept that cpi-related rally intact, so it's been a more or less wait and see. this time it definitely waited up to about 40 or so, 40, 30s, in that area it's coming at an interesting spot that's the trendlin

we'll get you there. >>> we are now in the closing bell market zone mike santoli here to break down theseand tony dyer. mike, we are selling off today into the close, down 1.7% on the nasdaq most of the s&p 500 is red ewe utilities the only sector hanging on to a gain retail sales comes in better than expected. hawkish fed speak from john williams and also goldman sachs took up its terminal rate forecast to over 5%, i think five and a quarter, which was an upgrade from where they were expecting the fed to land. >> then fed governor waller as well reiterating the message of two weeks ago from chair jay powell that essentially whatever the pace at which they go from here, even if it's half a percent in december and there after, there's still more to be done to get to where they believe rates need to go also, waller talking about how the strong job market gives the fed ammunition to continue to tighten. they don't feel as if there's this direct tradeoff just yet so things have to slow down more. so clearly, that's probably on investors minds even though it's not fresh news it's maybe contrib

mike santoli, what are you focused on >> some traction in some of the more cyclical air. also the market was not terribly overbought. we went back two last week's lows somewhat longer term, nasdaq 100 that's a massive mountain of relative strength. that's february 3rd 2020, the day the white house declared the pandemic so we kind of unwound the whole thing. it doesn't mean it's over. it suggests a lot of risks have come out as a matter of fact, today it looks messy in terms of the down side we'll see if that represents a surrendering >> mike, thank you >>> one reason is the fed. the message, the fed still has a way to go the comments from jay powell sent stocks into a spiral yesterday. tomorrow we get the october jobs report, and next week, october's inflation report joins usis richard clarida mplgts. >> great to do you, sara >> what did you make of his remarks jet? >> the press conference was a different statement. in fact, i was quite surprised at the fomc statement, in the sense it teed up a pause based upon having done a lot i agree that they have a ways to go the pre

let's get straight to senior markets correspondent, mike santoli. fed reaction i know you say it can always change it does feel like it already had that change after the statement where we saw the rally sfwr we get the backlash, sometimes next day it's more of a rethink obviously the market to the extent anybody was leaning toward the idea that the fed was looking for excuses to ease back, powell basically said, no, you have a statement which, keep in mind has to reflect kind of the weight of opinion of the committee. that was written in a certain way to emphasize that there are lagged effects and then you have jay powell who really has to speak hawkishly until the moment he thinks that the path is clear to genuinely step down the pace of rate hikes. all that being said, i don't think the overall picture chachange all that much. seven weeks until the next meeting. he also said you don't necessarily have to meet any particular test for how far inflation might have to moderate between here and the december meeting to have a 50 versus a 75 basis point

mike santoli >> mild moves at the index level, very much a diverging market that effect is continued sideways movement. as a matter of fact where we are right now in the mid 3900s brings us back to where it stood. >> holding a bit, but not by too much here we energy and financials, the peak of the tech bubble in 2000, surged into the global financial crisis right ahead of that. right up here is tech and health care, the growth names really peaking there. you see them waxing and waning it basically shows you we've started to see this resurgence in energy and financials over the last year or so. it's mostly a proxy for the growth versus value trade-off that we get here one cautionary note, when we got to right about there, this is roughly a 20% weighting in energy and finance, you would have said that's what you have to buy right now that's the way it kept going, so you can't bet on it. maybe, the point is the tide has started to turn, but if it goes back toward any kind of median area, there's more for this to grow >> you can also look at some of the winners as cyclicals. >> yes. >> w

mike santoli is up next with his midday word. award-winning trading app makes trading easier. with its customizable options chain, easy-to-use tools, and paper trading to help sharpen your skills, you can stay on top of the market from wherever you are. power e*trade's easy-to-use tools make complex trading less complicated. custom scans help you find new trading opportunities. while an earnings tool helps you plan your trades and stay on top of the market. >>> all right. mike santoli from the new york stock exchange now for his midday word. trying to figure it out, if we have a six-week path to something higher or not? >> yeah, i mean, this actually is looking like a pretty prolonged pause in the market. the last eight trading days including today, the s&p closed between where it is right now, basically, 39, 40s, and 4,000, and never closing above 4000 so you can see we are consolidating a rally we had in october, and accelerated by the one on november10th. difficult to say whether that's the whole story, just creating a new bas

. >>> all right, senior markets commentator mike santoli joining us once again from the new york stockmidday word i'll pose it to you the way we pose it at the top, refresh or reversal we need to answer this question. >> well, the market will answer it for us. i would say you lean toward this being a really pretty benign sideways move, a consolidation in the market. it really feels as if they bled bond market volatility to some degree lower that has allowed the equity market to stabilize. it's not -- you know, consumer discretionary has been relative to staples the one thing you point to and you say that has veto power on all this is screaming recession, and i don't think it has lead time as an indicator that it's not enough to say that the stock is kind of done with this. it's not a strong push, but i think as a technical matter it's not really giving you much to explain about. >> it doesn't have a bad fall out to it. and the next, you know, couple weeks could do that. there really isn't much. >>now, you don't always see them coming. >> that's fair the fed speak has not really had muc

where money is coming from and versus all the money they're losing on reality labs >>> up next mike santolidday word lfime is back after this >>> all right, we're back with senior markets commentator mike santoli. we look ahead to nvidia and its importance what do you think about all of that as the framing today? >> you know, with the continued fed speak in the same direction, yes, pretty much hawkish yet reiteration of what we've already had out there on the table. but the market seemingly at the moment able to keep that type of danger at bay. of course it comes on the day when you have a pretty good aggregate retail sales number that, you know, the data refused to cooperate with the idea of some kind of inevitable slide into a recession even if a lot of the leading indicators do still point in that direction. so the market struggles with the lags in terms of nvidia obviously all the semis came very aggressively off their lows we talked about that yesterday and obviously vulnerable to this micron news. i think one of the features of this market the last several weeks you can't avoid is tha

made over to the market dashboard for a check on where we stand with senior markets commentator mike santoli, as always was it really the bullard effect >> it didn't help. there is a general barrage of hawkish fed speak keeping investors a little bit back on their heels. we had a 15% rally over the course of the month in the s&p 500 into tuesday's high. on the defensive since then. of course, that inverte treasur curve that is creating unease. pretty controlled pull back, today's low was essentially at the october highs right there, just over 3,900. is maintaining this little short-term uptrend within the longer-term down trend if it's sort of further, goes down to the mid 3,800s, it's very much a routine pullback we will see if it gets there and stops there. in terms of the growth versus value picture that people have been very focused on that kind of binary way of looking at the market, but there are other factors and strategies such as dividends and growth at a reasonable price there is an eft for that this is two years. you can see how they outperformed the s&p 500 and pure value over th

mike santoli, our stock markets commentator has his midday word now.this week >> it's a market that trades that way you would expect it to, when you simply can't eliminate either side of the big macro debate so you can stare at the treasury yield curve and say, wow, that is screaming at us that a recession is out ahead of us somewhere. why would i want to add to more risk then you think about the lags that are involved. sometimes it goes negative a year or more before recession hits, and stocks tend to be up in the 12 months after that. and then you have this notion out there that, you know, fed speak should, in theory, be able to talk the market back. so far, it hasn't done that. and then you have the retail sales numbers, which if nothing else didn't consistently paint a picture of a failing consumer, at least at this moment. so to me, it makes sense that we've kind of held steady. holding on to most of the gains pulled from the prior -- built up in the prior few weeks. wouldn't say that it's proven much on the upside, because it has remained in the

. >> thank you up next mike santoli is with us for his midday word. we're back after this.'re crunching tons of polygons here! what's going on? where's regina? hi, i'm ladonna. i invest in invesco qqq, a fund that gives me access to the nasdaq-100 innovations, like real time cgi. okay... yeah... oh. don't worry i got it! become an agent of innovation with invesco qqq and i'm going to tell you about exciting medicare advantage plans that can provide broad coverage and still may save you money on monthly premiums and prescription drugs. with original medicare you are covered for hospital stays and doctor office visits but you have to meet a deductible for each, and then you're still responsible for 20% of the cost. next, let's look at a medicare supplement plan. as you can see, they cover the same things as original medicare, and they also cover your medicare deductibles and coinsurance. but they often have higher monthly premiums and no prescription drug coverage. now, let's take a look at humana's medicare advantage plans. with a humana medicare advantage plan, hospitals st

the big stories we are following this hour, three of them, mike santoli, bank of america's jessica earlick is here to talk disney and jimmy is with us to discuss the implications from the midterms mike, start us off with the market, weak 10-year auction, bo bitcoin, the midterms? >> a lot of excuses to lighten up on risk today you mentioned some of them we got an atlanta fed gdp update at 4% for fourth quarter gdp before noon. that was the highs of the day for the s&p. yopg that was the cause but creates this idea that it tops up the budget the fed has to work with raising rates. apprehension ahead of the cpi numbers tomorrow which have been big market movers. more to the downside than the upside it's brought the s&p down to the week's lows. this level 3750 we're hoping might hold to the downside it was pierced on the downside in september, chopped around that mostly in the last few weeks. a little bit of a decision point in the markets here. still in the downtrend i've been pointing out you can read this as resilience, as huge tech disappointments the fed, all this stuff loaded on the mar

mike santoli is at the new york stock exchange with his midday word that's the key backdrop.got this kolonovik note somebody more positive than most that seems to have changed one of the chief worries is that the fed is going to overtighten. >> and i think that -- or may have already have. and that to me is how the probabilities are sliding around in general week-to-week, month-to-month and why, by the way, we fixate so much on what powell has to say, because it does to some degree seem like a choice to go further and err on the side of doing too much rather than little on rates. i get that to me, it's still a question as to whether we have enough of a buildup of nominal activity at the highs in the consumer and you have enough savings, and companies have decent balance sheets, and we didn't get too overleveraged going into this that you can squeak through without it being devastating part of the market rhythms, a lot of people have the 2001 into 2002 experience in mind. you had a bear market year in '01. it was sort of like, okay, recession probable, possible fed was tighten

let's get to the market dashboard with commentator mike santoli. discretionaries holding up the best. >> tesla is to the upside, at least the last time i looks. helped the discretionary sector. very hard to tease out a very clear story line pause it started out with a bit of a shadow of global growth fears. you saw oil down bond yields lower. of course, the concerns about what was happening in china gave this very much a feel of we're worried about the growth story, and then oil picked up early afternoon. you also saw some of the tesla china tweets got apple to the downside the net effect is it brought the s&p down a little bit less than a percent or about a percent and a half right now it's essentially back to where it was a week ago. we've been in this very narrow range. the market has acted pretty fatigued i would say after this rally. we've gotten off the mid-october low so my point is the if you're above 3900 it's not breaking the short-term trend but we're on alert for catalysts, jay powell speaking, pce data as well as jobs on friday you see

the cpi has been detached from what's happening on the ground >> let's bring in mike santoli from the york stock exchange, our senior commentator. >> you've passed around. >> i absolutely have been hearing it it's reasonable. i think maybe some context if you go down 4 to 6%, if there's another negative shock with the hot cpi that takes you essentially to the bottom end of the range. you get the monster move to the upside i don't want to take the drama out of it, even though i sometimes like to do that. that to me is what we're talking about if that's correct. we revisit the lower end of the range or we make a stab at the he higher end there has not been one downside surprise to cpi. clearly people are understandably sensitive to the possibility it's going to be another negative shock in a market that's been trying to shrug off a lot of these blows, right, that we've gotten from the tech disappointments on earnings and things like that. so i don't argue with it but i do think it's very interesting that we're hanging around here 8% above the recent lows as we, grant it, have this vigil

. >>> mike santoli is here with his midday word, which might be different than what it was going to bellard what are you thinking? >> you know, obviously, more hawkish fed speak. i wouldn't say it's different, though because i think the hawkishness is both persistent and predictable. so i don't think anyone is suspecting that the fed is going to signal any change in stance he's trying to up the ante a little bit by throwing out wild numbers on the fed funds rate. it's not to me that much disconnect the fed keeps ugh out and saying, don't think there's going to be a pause soon, the market says, we're not priced for a pause soon we're priced to getting to 5% object fed funds i think the stock market has kind of absorbed that message to the agree that it needs to for the moment we've bounced off of the october highs this morning i'm not sure if that's of a specific relevance expiration tomorrow might have an upside buy. that's the short-term tactical stuff that i would imagine sentiment and positioning has brightened a little bit. i think that's true. maybe less of a tail wind as people h

cnbc senior commentator mike santoli here to break down the moments of the trading day, deirdre bosastina partsinevelos on amd and the chips. we'll kick it off broad because we're at session highs the dow ticked higher up 80 points or so it's still lagging behind the s&p which is up a full percent and the nasdaq up 2. looks like we're going to go out on the week strong more than 8% for the nasdaq, mike, and 6% for the s&p 500 where does this bring us as far as levels and what we can anticipate next? >> it's interesting. the s&p 500 just in the last half hour or 45 minutes, rushed right up to that 4,000 level, took a beat, paused, pulled back a little bit and then regrouped and went over. there's definitely a little bit of a tactical orientation to this market. people trying to trying to figure out what the next barrier might be to the upside, near 4100, short of that is probably where a lot of people are going to be focusing bigger picture we talked about the tendency for the market to exhibit some strength after election day in a midterm year into year end. we all knew that there wa

after it all goes down that's mike santoli with his midday word.up nexttres o, adn some of the day's big earnings movers halftime from denver is back after this ga-a-a-ap! oh... hi. what's this, a hospital bill? mm-hmm. for 1,100 bucks? ga-a-a-ap! looks like your wallet may need a sling too. tell me about it. did that goat say "gap"? he's talking about expenses that health insurance doesn't cover. eh-ehh-eh! well i'm talking about the money aflac pays to help close that gap. aflac, huh? aflac! ga-a-a-ap! aflac! gap... uh-oh! that duck can motor! get help with expenses health insurance doesn't cover at... aflac! ...dot com. >>> all right. let's go through some of these earnings movers. stephanie link, i think we fixed your audio, which is good. i'll come back to you. estee lauder so, they cut their outlook, shares are down big. it's a new 52-week low how are we doing >> we talked about this yesterday on the show, that i did not expect a good quarter at all, because they have a lot of exposure to china and china is closed so the quarter itself was ac

markets off their lows of the session, and right now we're joined by senior markets commentator mike santoliou as always >> yes, so the market is putting up a little fight here in the morning. i think you could explain it in a few ways one is it was not particularly overstretched to the up side even if it had this 10 or 11% rally going into the fed relative to how it felt back in the midsummer rally. so it wasn't as much to give back at least on the instinct. also as whipsawed the markets were yesterday maybe the market giving a little bit of a daylight to the dovish side and powell taking it back, bonds have not had to reprice too radically relative to where they were before. we were already handcapping a 5%ish fed funds rate into next year you had to nudge that up we were within the range, barely, but within the range when it comes to things like the ten-year yield still hovering a little bit below its highs u.s. dollar index up, but not at the highs from late september. it's a bit tenuous, but the market seems like aside from a retest in the nasdaq 100, which remains the leadership in ter

. >> that is mike santoli. that does it for us. i'll see you then. "fast" is now. >>> right now on "fast," a count down to tomorrow's midterm elections with several key business issues on the ballot. we're rolling out your midterm survival guide and meta mayhem as they get ready for massive layoffs. with the stock down more than 70%, is now the time to cut your losses and run tesla in trouble will elon musk make the road rocky for his other companies. chart master is here to lay out his case i'll melissa lee, and this is "fast money" we're in the heart of time square and we start off tonight with a big rally on wall street to kick off the week dow climbing more than 1.3% is now up nearly 15% from october lows s&p and nasdaq rising a percent as they await a big week for stocks and tomorrow's midterm elections and cpi report and more earnings. so how do you make sense of the market moves today and in particular, dan, it was technology that lifted. >> it was. and technology it wasn't a layup. we opened the morning with the news about apple and again tha

i'm david faber with morgan brennan and mike santoli we're live at the new york stock exchange take aere you have it. down across the board. morgan >> all right well, we are awaiting that fed decision later today so perhaps the reason we're seeing a little bit of weakness right now, we're 30 minutes into the trading session. here are three big movers we're watching specifically. estee lauder, the shares are following after the beauty company issued a weaker-than-expected outlook citing a weaker dollar, weakness in the u.s. and inflation and recession concerns apparently are crimping demand. those shares down 6% check out match group, surging this morning after strong results thanks to a boost in paid subscribers for its tinder app. that's news welcomed by in investors from a dating service company, stocks still down more than 65% since january as you can see, up 9% in trading. cvs health also in the green after a beat on both the top and bottom lines it raised its full-year guidance, the second quarter in a row it's done that cvs agreed to an opioid settlement totaling about $5 billio

i'm david faber with morgan brennan and mike santoli carl has the morning off markets right now withutes into the trading session. here are three big movers starting with jam smucker despite an earnings beat the maker of folgers coffee and smuckers jam have seen sales grow but thanks to higher prices and continued strong demand. you can see shares are down 1% carvana, those shares are tumbling again as well amid growing concern from analysts that the none line used car dealer could run out of cash within a year. argis research downgrading the stock to sell. it's down more than 95% just since the start of the year. we will end with another name that's also under pressure, coin base, continued weakened in the wake of ftx bankruptcy the coinbase is down 5.5% now, down 30% just this month down more than 80% on the year >> shares of disney are one of our big focuses this morning a stunning announcement, 10:00 last night, bob iger, long-time ceo of the company, 15 years at the helm of the company who stepped down as chairman less than a year ago, reclaims his old job as ceo effectively imm

mike santoli joins us now with the breakdown as, mike, we've seen the major averages take a step lower, and we're trying to suss out why and whether it has to do with some of the headlines we're starting to get around this cryptocurrency situation where ftx and binance are concerned. >> that seems the most direct proximate cause of the intraday moves yesterday and today. i think it's a big unknown it's really a challenge to what the market's project has been, i think, for the last four weeks, which is trying to differentiate between the companies and maybe the asset markets that are really vulnerable and are having a rough time and the overall market, which has tried to be resilient and essentially discern what can still hold up so what you've had is like 8 or 9% above the laws from october 13th you've had hawkish fed speed, big blowups from huge tech companies. now you have this kind of crypto meltdown challenge all of it is being held together because industrials are okay, mid caps, energy, they've all done enough. i do think there's still a big question going into the cpi. the two-y

straight to the mashgds abc with senior markets commentator mike santoli as always. put on steady after a giant rally last week. >> sara, that's the observation. market's holding on to nearly 6% gain in the s&p. last week second day in a row. right at the 4,000 level briefly got there friday trading a little above today interesting to me in part where it takes us back to. this market come down since january. first crack below 4,000 in early part of may. when the fed stepped up its rate of tinting to half a percentage point at the may meeting, early may. got an april cpi report. 8.3% causing another round of fear about tightening and inflation which is what thas all been about this year yet we're at that level again after another three percentage points of fed tightening and inflation recently only starting to show signs of backing off look at that two different ways. one, markets about zord a lot of bad on the way, point to point over the last six months and not lost much. the other hand still face those pressures and maybe a matter of time before it succumbs. we'll

as you can see right there, 3775 is the level mike santoli is here with us at post 9 what are you watchinghis week. >> and i would say drift before those things but a similar story today versus what we've seen for a while which is dispersion. divergence amongst different groups while the market has been able to really stay supported more than half of that rally we got off the october 13th low has still intact, although it's still not gathering too much momentum i think you can thank the industrials, health care, the financials that held up. what is interesting is finally last week it started to see like the selling in big tech and also former broken growth tech. that's on the downside it it seemed like it got to be a bit of a liquidation today you're seeing old faang start to bounce a little bit i think that's why the overall index has held together. dollar index is off its highs. that's been a help that's relieved some pressure. maybe there's a nuanced reading of the jobs number and fed statement. you see things like apple backing off, although not too much at this point and the rest of t

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i'm mike santoli in for sara eisen.ck gold, fresh off the company's investor day, about his outlook for gold prices, which have seen some resilience of late. get you situated with how the markets have been acting yes, a down week, modestly so for the s&p 500, came after big gains leading up to

yyyyy >>> we're back senior markets commentator, mike santoli sitting us with the set here at post nineterms march higher continues. what are your thoughts here? >> i think it's in the air it's in everybody's ears and nobody wants to necessarily feel underexposed, not just because of the seasonal factors, but when you have the dollar giving you some relief, treasury volatility has really come in a fair bit that's been coinciding with rallies all year there's this window where it seems like things are working in favor of just let's not get too negative, especially when you're considering things like the soft landing scenario, at least among some people out there is not yet been foreclosed upon >> god, i feel like it's almost picked up in some respects >> a little bit, the last couple of weeks >> people are sort of opening their minds to the fact that you could actually have a soft landing. >> yes and again, this is going to, i think, the pendulum will swing back and forth a little bit, because we're not going to have a clinching argument on that for a while. the other thing is, though, t

that's mike santoli. we do have those earnings. "fast money" is up now. >> the rally rolls on. reports of a russian strike into nato territory could keep the markets lower. is it time to fade this rally or stay long? plus moving higher new tough talk from the fbi about tiktok a key driver for the social surge and later an activist calling for job cuts at alphabet another crypto company is reportedly filing for bankruptcy i'm melissa lee. we're here on "fast money. we start off with the wild ride on dow street. the dow climbing as much as 450 points early in the day after another better than expected inflation report, but it fell sharply after reports that russian missiles struck poland at the end to have the day, all three major ib dendexes closed n the green. walmart the worst performer on the dow yesterday. now the best, rising more than 6% after earnings for its best day since july 2020. and chinese tech stocks continuing their rally accounting for 4 of the top 6 performers in the nasdaq what does today tell you about where the markets are heading from over here there seems

that's mike santoli back tomorrow for his last word i'll see you too "f "fast" is now. >>> the disney board ousting bop chapek and replacing him with his predecessor, bob iger. is the old boss coming back to a new media landscape the right move we'll debate that. >>> outbreak in china, 26,000 cases on sunday. beijing tightening the covid controls market ripple effects coming up. h hero to almost 0, 300 bucks a share one year ago to 7 today. i'm melissa lee, this is "fast money" tim seymour, courtney garcia, and for the best day since december 2020, the move coming off the company announced bob iger would return to the helm o. of the media and entertainment giant. with today's gains, disney is down 37% this year has been cut in half from its all time highs hit in march of last year. can old blood breathe new life back into this storied stock tim, your tame >> i think the song is meet the new boss, same as the old boss i think the who do it better the second time. bob iger is a cult hero in ceo land, and i think it's great to have him back. as a shareholder, as it relates to where the m

i'm mike santoli in for sara eisen. today, we'll talk to the ceo of barrick gold, fresh off the company's investor day, about his outlook for gold prices, which have seen some resilience of late. get you situated with how the markets have been acting yes, a down week, modestly so for the s&p 500, came after big gains leading up to it from mid-october after that cpi report, we did have a rally that peaked around 15%. pulled back kind of modestly since then under this 4,000 level, not really decisively breaking higher but hovering above those levels the bond market castings a shadow over equities, the implied message of an inverted treasury yield curve this has been the case for a few months here you have -- oh, we don't have the s&p two ten-year curve, pretty steeply inverted this has tended to happen in advance of a recession here you have it going back to the mid '80s this is 1989 the year 2000 in here, '06, '07, so it has happened but it's usually been farther in advance of when, in fact, the recession has officially

mike santoli, thank you as always that's going to do it for us right here on "squawk on the street." "tech check" starts right now. >>> good wednesday morning, i'm carl quintanilla with deirdre bosa and jon fortt meta cutting 11,000 jobs, disney's dismal quarter, the crypto fallout after ftx and binance and elon musk selling $4 billion worth of tesla. this hour the ceo of ak my, and gen, but our feed begins with new developments out of the ftx and binance deal and the headlines are flying even as we speak. >> they are flying and bitcoin has dipped below that 17,000 mark ether down 12% david, thanks for being with us. i mean, wild 24 hours. it turns out that the white knight, the so-called jpmorgan, the warren buffett of crypto has turned out to be just another over leveraged crypto bro. what does that mean for the industry walk us through how this all plays out. >> yeah, i mean, that's the current party line, and i think folks are really anxious to tdu in to what got us to this point. how much of this was a failure of diligence on the part of the investors, how much of this was bad a

it's that setup, let's get more with the senior markets commentator, mike santoli. still stuff to watch. >> yep minutes a big one, as you mentioned, brian, it's three weeks old, the minutes from that meeting is three weeks ago, but it sometimes is does move the market a little bit and also i think we had a seasonal minibreakout high that's being held, that's worth watching. we had treasury yields in check over the last few weeks. dollar off its high. even though the fed is out there saying we're not done. the market seems to be absorbed. oversold in october. the 4,000 mark at the s&p 500 as of yesterday those close it takes you back to september before that happened now, keep in mind, this is basically the august peak, that was a hot cpi reading, combined with the jackson hole warning from jay powell. you've got september, the hot cpi warning. we've obviously got some tests from the downside from inflation. now, we're kind of dealing with the upside, a potential for peak inflation there. take a look at financials, you want to talk about the field position here, looki

. >> that is mike santoli. we'll see you tomorrow and i'm see you. "fast money" is now. >> right now on "fast," mixed messages for markets while mortgage rates and energy prices are all falling. there is fresh hawkish rhetoric from the fed viewer session is rising again so will this new tug-of-war keep st stocks stuck in neutral. and big bacts getting crushed. one in particular silver gate cut in half this month the latest revelations about sbf and the new ceo of ftx and later charting energy. one of the traders sticking with his call that best days of the black gold boom are behind us right now. i'll melissa lee and on the desk, carter, guy and tim, live from where else, sin city. we start off with a couple of fed officials reining in expectations james bullard saying the policy rate is not jyet in a zone that is considered restrictive and there is a limited effect on inflation. and kansas city esther george said it is so tight that inflation can't be brought down without some real slowing. these comments come even as we've seen relief on pricing an

billion market cap before the move today >>> let's get over to our senior markets commentator, mike santolicome a day when you won't be called a senior anything, mike for now i guess it's okay. what are you watching this final day of november? >> i'm going to graduate beyond senior okay i don't look forward to that moment >> grad school >> yeah,what are we watching here the s&p 500 has been hovering at around this 4,000 mark, plus or minus, for 2 1/2 weeks it has been a sideways move. so far been holding that pop we got on the cooler than expected kr cpi data don't fight the fed has been the move series of highs. making a bid to maybe show that this whole range bound period, who knows, could be a real messy bottoming process. i say don't fight the fed has been a good rule look where we are around 4,000 we've been here several times since the spring this goes back to when the fed funds rate was around 1% we're topping out and going higher in a couple of weeks. so clearly it's not only about what the fed is doing. yields have definitely gone up others have more kind of come in to provide supp

mike santoli with his last word. that's mine. "fast money" begins now. >>> right now, countdown to walmart's earnings the consumer and the overall economy. plus new mojo for meta following a post earnings pounding the stock rebounding 20% in the last week. >>> later, breaking down president biden's one-on-one with china's president xi. a crowning achievement for netflix. where option traders think the stock is headed next of the and the latest on the collapse of ftx and its former ceo, sam bankman-fried. we're live at the nasdaq market site we start off with a countdown to big retail earnings. walmart kicking things off tomorrow morning with investors keyed in on what the company has to say about inflation, inventory and its outlook. when walmart warned about q2 results in late july, the stock fell 7% the next day the s&p dropped more than a percent. after missing expectations for the first quarter, walmart fell three days in a row losing 20% in that period the s&p 500 was down 3 markets heading into the report on a down note the

. >> that's mike santoli with his last word. i look forward to being with you again. "fast money" begins right now. >>> right now on "fast," offtarget shares of the big box retailer crumble after an earnings miss on a weak holiday forecast target's troubles a sharp contrast to walmart's better than expected results. who has the true read? >>> is a major housing correction unavoidable the details from the new report and the potential ripple effects on the economy, straight ahead >>> tracking two earnings movers higher despite a miss on profits. cisco charging higher on better chan expected results. i'm melissa lee. this is "fast money. we're live in the heart of times square on the desk, karen finerman, julie diehl, guy adami we start with another plunge for target the retailer stock falling more than 13% after its latest warning. that was its fourth biggest drop on record and its second double-digit plunge this year. target profits collapsed by 52% in the third quarter with a spike in shoplifting contributing to the losses the results and performance a complete 180 fr

this morning's cooler than expected cpi print let's bring in cnbc's senior markets commentator mike santoli to talk about the price action it is interesting. after the print there's plenty of opportunity for fed officials to come in and pour cold water hasn't had much effect. >> not yet i think it would only happen in a scheduled way. it does fit into the general scheme of, look. we've done a lot of tightening we're waiting for data to follow along because it lags. just the size of the moves outside of stocks are worth observing. the 2% drop in the u.s. dollar index, massive declines in treasury yields across the curve. it shows you that this is a massive tension release type move people bracing for yet another upside surprise in cpi almost every single cpi report of the last 12 months has been an upside surprise that is why i think you have the magnitude of the move and the set up with the declines yesterday. and the real extreme action happening in the most beaten down, heavily shorted parts of the market, the disruptive tech baskets going down for the better part of two years at this poi