mike santoli is here to break down these crucial moments of the trading day. investor day is just around the corner. and dan ives as we count down to salesforce in overtime as well mike santolii said the 10-year is at 4% and the stock market is kind of hanging in >> certainly apprehensive. you can't escape the shadow of what rates are doing last time we got to 4% in november, the s&p had been rallying, and it chopped sideways it wasn't as if it was an immediate break. it's not some trigger level but part of this ongoing low-intensity test we're having in the stock market of these support levels, the moving averages, trend lines all coming together but i still pull out a message that's not all that discouraging because it's still the rate-sensitive defensive sectors leading to the downside, underperforming today. semis are up this week and industrials still mahanging in there. >> the nasdaq is obviously the biggest loser today. by hanging in there, i'm looking at the dow, which doesn't tell you much the s&p 500 is at 3,950, and that's a more critical area of --

that's mike santoli.ng bell." >>> up next, the setup on oracle what if you were a major transit system with billions of passengers taking millions of trips every year? you aren't about to let any cyberattacks slow you down. so you partner with ibm to build a security architecture to keep your data, network, and applications protected. now you can tackle threats so they don't bring you to a grinding halt. and everyone's going places, including you. let's create cybersecurity that keeps your business on track. ibm. let's create i'm so glad we did this. i'm so glad we did this. i'm so glad we did this. i'm so glad we did this. i'm so... ...glad we did this. [kid plays drums] life is for living. let's partner for all of it. i'm so glad we did this. edward jones >>> we've got oracle, shares nearly doubling the performance of the nasdaq over the last three months and options activity signaling another large move when those numbers hit the tape let's get to bill who has what we call "the setup." >> thanks, josh.

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high as 544 to as low■ as 3.69%, butxd■nowxd■wife comek a little where we startedxd■ february mike santolig a clean redqon genuine fed Ñ expectations what do you ñ■mean, mike >> at this distance,ç■ we're talking about nine months w, year-end fed funds rate. because of thet■ çó■hipsaw, bec wheret(■we've gone back to now before the january jobs report before you had l■■big over-heating scare, thatq■ cread a huge rush of bond selling andc açó■big short -- kind of short position built up in the bond market then the banking stress. whips in the other direction.xd massive short squeeze on the &há% and so,qi don't thinkok you were actually getting the collectiveú wisdom of the bond market, with a very clear sight"■■■of what t j■p (t&há■p &hc% and what it really said to me was, at the lows in yield and at the lows in fed expectation, it was, something bad isok going to happen something further bad5a■ is goi to happen in the banking system. and it was almost disaster insurance. i think that we have to take that all into the mix. also, it really underscores that it's a veryçó■volatiley■■■macro situa

question j joe terranova joins me here live, and steve liesman and senior markets commentator mike santoli. everybody is here and for good reason, joe. the market did not like what powell had to say today, and we talked about what happened with bonds and stocks are still reacting. >> i guess it is the pace of rate hikes that traders have to be concerned with, not the duration, which is inconsistent to the message that the chairman delivers to us in the prior months clear that the markets are pricing in a potential for 50 basis point hike on march 22nd it is being reflected, i think, at 1.25% move in the u.s. dollar it is a very strong move higher. the inversion for a 2 to a 30 at 111 basis points, that's a report 2 to a 10, 104 basis points, that's the widest since 1981 and i think the fact it was fascinating the sell-off yesterday in the russell, late in the day, it really telegraphed and messaged exactly the type of market that we have here today you see a little bit of slide out performance from growth. and i think what that is signaling is the belief that they're not going to bend it,

commentator mike santoli is here with his "midday word. mike, what do you think?llback is on the minds of everybody. >> it is and then we have this mini bounce in there it's another very uneven take. most stocks down the vast majority to the down side you have a handful of stocks to the upside equal weighted s&p is down in other words, it's still a handful of big ones that are supporting the market, insulating us from a little more damage it's tough to get any real conviction, i think, here. you can't disprove the idea that another bank is going to start next week. you can't basically convince somebody today it's not going to happen we need about a week when we see solidity there that said, the action this week is not giving you further reason for alarm. the low for the week at this point is the first thing monday morning, and we have gotten a little bit of traction with the help of big stocks right here. into wednesday's fed decision, i feel like we're going to -- we can talk ourselves into any scenario in terms of what they're going to do. it's not clear that th

famed finance professor jeremy siegel of the wharton school that very question first, we have mike santoli on these developments that have moved the market off the lows of the session, out of switzerland. so, the report is that switzerland holding talks on the options to stabilize credit suisse those include a statement of support or a backstop, could include a swiss spinoff or a ubs tie-up we've watched the cds. the spreads explode on the concerns all around this story the stock move in credit suisse speaks for itself today. what do you make of it >> well, the first signal that the authorities always want to send is, we hear what the market has been saying. what the market has been saying is that other players in the market, other banks, investors, have had doubts about credit suisse and whether it was a worthy counterparty and whether we want to do business with it or whether the outflows are going to be too heavy and was going to need to raise more capital. all those things sometimes, just the words are enough everybody says, fine, we assume there's going to be some kind of a backstop,

. >>> up next, mike santoli with his "midday word."d well for retirement, but i wish we had more cash. you think those two have any idea? that they can sell their life insurance policy for cash? so they're basically sitting on a goldmine? i don't think they have a clue. that's crazy! well, not everyone knows coventry's helped thousands of people sell their policies for cash. even term policies. i can't believe they're just sitting up there! sitting on all this cash. if you own a life insurance policy of $100,000 or more, you can sell all or part of it to coventry. even a term policy. for cash, or a combination of cash and coverage, with no future premiums. someone needs to tell them, that they're sitting on a goldmine, and you have no idea! hey, guys! you're sitting on a goldmine! come on, guys! do you hear that? i don't hear anything anymore. find out if you're sitting on a goldmine. call coventry direct today at the number on your screen, or visit coventrydirect.com. >>> all right, mike santoli is here, our senior markets commentator

plan your trades and stay on top of the market. >>> we're now in the closing bell market zone mike santoliese crucial moments of the trading day. strategi state trooper chris barone stephanie link makes the case for broadcom ahead of earnings mike, i begin with you got a pretty good day moving into the end here. yes, salesforce accounting for 100 point of the dow's nearly 400 point gain we'll take it given what's happened recently. >> for sure. obviously the yield story has been front and center for good reason it's a decent lesson that we were at these levels before in yields it didn't necessarily knock everything off course and i think also the context does matter the little bounce we got today, at least for the movement, preserves the idea that this pull back seems routine. it's not a lot of urgency behind it if you want to paint the whole picture, it's october low that looked textbook in some ways january historically significant momentum signals typical february consolidation seasonals get better mid-term credit year credit and the vix told you don't panic. it's not all happy we can o

that's mike santoli. we're back after this.news coming up, too, you don't want to go anywhere soup and salad. like your workplace benefits and retirement savings. with voya, considering all your financial choices together can help you make smarter decisions. voya. well planned. well invested. well protected. if you wake up thinking about the market and want to make the right moves fast... get decision tech. for insights on when to buy and sell. and proactive alerts on market events. that's decision tech. only from fidelity. >>> what do we know? >> i've been working on this first republic story, trying to understand what is going on there. it's an interesting potential rescue, if you want to call it that but what i have been hearing in the last half hour or so involves a group of financial institutions, let's call them that, morgan stanley, goldman sachs, citi, jpmorgan. you want to go through a lot of names, we can do that. but this is not done, but it would be a large deposit essentially from all of them billions perhaps from

mike santoli with the midday word thank you very mh,uc mike.ght back after this getrefunds.com can see if it may qualify for a payroll tax refund of up to $26,000 per employee. all it takes is eight minutes to get started. then work with professionals to assist your business with its forms and submit the application. go to getrefunds.com to learn more. - life is uncertain. everyday pressures can feel overwhelming it's okay to feel stressed, anxious, worried, or frustrated. it's normal. with calhope's free and secure mental health resources, it's easy to get the help you and your loved ones need when you need it the most. call our warm line at (833) 317-4673 or live chat at calhope.org today. >>> welcome back it bought united health for 4.90 what would you grade this? >> i think it reminds me a little bit of pepsi. it's a steady earner, trades for about the same multiple, 21 times earnings a lot of cash flow high roe, higher than anyone in the industry, and i think this is the sort of name that will do well in a difficult environment. >> next up

if you look at the way things shaped up, when mike santoli brings up this idea of maybe what other banks are out there, who else could take them over, you remember that when there were these kind of takeovers, bear stearns by jpmorgan, wells fargo with wachovia/first union back in the day, there were oftentimes certain problems that arose once those bank operations were taken over, you didn't kind of know what was really wrong with the bank until after you had to deal with them post your takeover the lessons learned there, right now, are that you wait for the assets sale and try to pick up those pieces, without having to assume the liabilities associated with some of those banks. that might be one of the reasons why you're waiting or at least some of these possible other lenders who could be looking at assets for silicon valley bank to wait to see how the auction process plays out and see how the liquidation goes before they take these positions on. >> apart from all of the circumstantial differences, i'll ask you, dom, since you're right across from me here, was the fact that this bank

. >>> we are now in the closing bell market zone mike santoli here to break down the crucial momentsg day. brynn talkington on where she's investing in tech and energy celine becker on fedex ahead of that earnings report in overtime mike santoli, a stress relief, this rescue, if you want to call it that, into first republic helped sentiment >> the bets that this could be localized, that we could basically kind of take care of isolated issues in the banking system and not have it spill so far are getting into the money that along with what i would characterize as a little bit of a chase into the new found momentum in the big growth stocks it looks like it is getting extended in the short-term, but it has a certain logic to it, a catch-up move. all of that is taking this index, the s&p back into last thursday's range i think it is important to keep that in mind last thursday we lost 100 points that was when the silicon valley bank stuff started to come to the surface and to everybody's attention and we're back into that range expiration tomorrow, sentiment pounded down to depressed lev

that says about your view of how dire things may be there, but what about the space in general mike santoliin chips. believable, is the worst behind that sector? >> yeah, well, semiconductors tend to like the stocks after the numbers have been cut and it's usually after the numbers come down just before they hit bottom they peaked in june. they've come down 30% and more broadly for the whole sector and it's the largest negative earnings revision we've had probably since the financial crisis it's been pretty big i think right now people are playing the sector broadly for the second half recovery with china re-opening and it's march and you can do that now. we'll see what happens if we get through the year and for now you can fight that there's a broader trend and people are getting very excited about some of the more secular trends with the generalive a.i. and the top s&p 500 stocks and nvidia presumably and they'll all be a.i. kind of plays and when you sit down and size what this could mean for those kind of stocks, particularly for a stock like innvidia, the opportunity could be big and i

and mike santoli joins us. n't think it's semantics, it's metrics or whatever what is the definition of a bull market versus a bear market? and what is this 20% technically called >> i would say there suspect one specific prevailing definition of a bull or bear market there are some standards i think the 20% return off the low is an incredibly blunt one factor, not very convincing version of what constitutes a bull market. for example, the longer term trend in the nasdaq 100 is flat, the 200 day average is not higher the index is closer in poims to its low than to its high i don't think you necessarily have seen the kind of prevailing winds turn to the upside for the overall markets where you're going to declare that the new environment is a bull market, especially with the nasdaq 100 >> that being apple and microsoft? >> yeah. >> so chris, would you interpret it the same way here >> i think we have the setup for a perfect bear market rally. if you look at the bubble aftermath, you had four market rallies in mar

i'll continue the conversation with mike santoli about the run specifically in tech because, you knowephanie is going to come on in a second and talk about one of meta's best quarters ever, nvidia up 80% that's astounding. >> it is it is mostly in part it's simply snap back from the damage of last year. in part, it is this very, very sort of violent reversal in the growth value dynamic which has had, as we got the fed picture whipsawed and you had this move in yields, that seems to have taken place. now something like nvidia, you also seeing something else there. that is finally somebody, people are trying to latch on to a longer term secular story that reasserted itself around ai. but if you look at the big nasdaq stocks, only nvidia and meta are even above their august highs. so they've made it up in tremendous chunks in a hurry but it's not as if they've really kind of plowed new ground even though they're making six months highs they are still the source of the accessive valuation within the overall market but it's a little more explainable based on what happened leading up to thi

we're back mike santoli is here for his midday word. stress relief? >> yeah.on release, and really along the lines, we were talking about it yesterday, at 4:00 around the close, we got our vics to 30 if you don't see more bodies floating to the surface, at least for a day, you start to say maybe you have some calm on that front then the net effect of the cpi doesn't disturb the overall view so you're not left in suspense for eight days of 50 basis points or not. on that basis, we have bought ourselves a slightly gentler fed path in the last week. it wasn't so high a price, at least at this point. that being said, the s&p bobbed right back up into last thursday and friday's range so we'll see where it goes from here >> i could see 25, and a much more dovish commentary from the chair that we might have gotten otherwise. otherwise, it's like kind of tone deaf. >> or even a 25 and five pause or something like that >> something like that >> which is also why the market -- 25 really does allow you to make a small, incremental move and wait and see and assess what's

cnbc senior markets commentator mike santoli here to break down the crucial moments of the trading dayahn's fight with alum na surging today, and wedbush's dan ives on how the svb collapse could impact tech for years to come. mr. santoli, gundlach about the fed and everything else. here's what he said about the fed and we'll talk on the other side. >> the fed is not going to go 50 people are wondering if we're going up at all. to save kind of the program and their credibility they will probably raise 25 basis points i would think that would be the last increase. >> all right that's gundlach. i was surprised. i thought he was going to suggest the fed wasn't going to do anything. >> yeah. i think the fed's preference is probably to stick with at least a quarter point raise. you know, that is an assertion that normalcy has been restored. we don't know exactly what spillover effects might be from the regional banking crisis. maybe they will have a little bit of a window on that in terms of gauging the ultsization of the deposit backstop program they started the cpi might matter a little bi

still, you have to check off more boxes here. >> mike, thank you mike santoli let's talk about banking fears svb, credit suisse, those fears may have eased a bit but our next guest says we could be looking at the calm before the storm predicting more issues will arise in the financial sector joining us is td cowen president, jeff solomon, now part of td as cowen company was bought congrats on that what sort of risks are lurking here this doesn't sound like you. >> well, i'm not sure there's a lot of risks i think what we're seeing here -- i agree with your previous comment, sara, the real issue is the slowdown in lending. i think the fed answered the bell here particularly as it relates to what happened with svb and some of the other banks, be in a position where you can provide liquidity and depositors can get their money when they want their money i don't expect there to be a banking crisis i think the regulators have done a really good job of responding to the situation as it presented itself the real issue is what kind of dampening effect this will have on the economy and whether o

order american made products at weathertech.com surfs up yeah, right >>> senior market commentator mike santolird" which is >> it tells you something about how much attention ratcheted up in a grinding way the last few weeks that i think you got this release today with a bit of an easing back of treasury yields and kind of an eye of th another rebound. it only gets the s&p back to where it was two weeks ago it keeps it out of that trough where people have to start to question whether, in fact, it's just retracing this, you know, a big part oh of that move from october. >> the relief for many you see it right there at the bottom, ten-year 3.98 instead of 4.07 >> it's about where it's going it just doesn't seem unanchored, it could go. the services numbers today, it was not so much good news as bad news, but the stakes get higher next week with jobs without a doubt. so far, the markets that been able to show that it has a little more resilient. and just volatility draining out of it. it doesn't feel like a 2022 type environment. >> let's see what we do over the final couple of hours before i see

krnks senior market commentator mike santoli joins us. do you go along with that. >> i would argue the bears on the macro economy are highly convicted, but they're not so sure if the market has a lot left to give back. so, therefore, tactically, i think we have had this pattern of panic, flush, squeeze, feel like you need to chase because you're underinvested if this is going to run and if we have this benign scenario taking shape, and then the reversal when we get overbought we haven't been overbought but i think there's a sense that the market has been able to navigate around some of the rocks so far. right now we have this window, fed pauses until the first hike have been historically positive for the market i don't know what we believe - >> until the first cut >> exactly, the pause before the first cut has been this window where it worked. didn't work every other time in the last 35 years. the problem is, i think we're overanticipating everything that comes along the way 37 we overanticipated the tightening cycle on the way down so i

welcome back senior markets commentator mike santoli joining us with his "midday word."ecting a more hackish fed chair even if from an incremental standpoint >> i thought he would have to acknowledge how much has changed since december in terms of the strength of the economy and the way the market had reprised already. even in that context he might have been slightly more clear than anticipated in terms of opening up that prospect of larger hikes one of the things we didn't know for sure if there would be resistance to conveying they're okay with slowing down to a quarter point and picking the pace back up to half a point after the testimony today he doesn't have a problem with that i think the market response is, you know, interesting and relatively measured, all things considered not even giving back last week's little gains still seems mired, though, right in the middle of this one-month range in the smtiga. >> i still think looking at the stock market and partly your point, the market doesn't believe it, i feel like. they're still he can pressing that message, yeah,

mike santoli has gone a great job on the network talking about the pattern that currently exists where you have the october low and the retest in march. if you go back historically that generally signals that okay low was the low in the down trend. how do you see that and can you provide some historical context to when you get the october low and march retest? >> i look at sentiment as negative as it is. heading into the third year typically receive bear markets and second years of a decade ending when you get to february or march of the third year and really we're here. fear is on the rise. we see technology acting great. industrials, to their credit, broken out new multiyear highs in regards to the s&p. health care is starting to come back. we've seen great movement in the medical device stocks of late and so health care -- obviously the second largest component of the s&p -- health care and technology are very important. we need to see stabilization if financials can hold in the next week or two and i think they can. >> mark, i don't -- >> go ahead. >> mark, i just want to stop you

. >> let's start off with what we're seeing on the market mike santoli with us as we're off the lows credit suisse is in the eye of the storm. we're watching the credit default swaps, watching the share price, it's off the lows the trigger, first of all, as i said, slow-moving train wreck. this has been going on for months the trigger overnight appears to have been some comments from its saudi investor that has 10% saying, we're confident with the plan and we don't think we're going to need to increase the stake. >> the biggest investor saying that we think the bank is well capitalized, the market is trying to test whether that's true and see if it changes a chain reaction in terms of outflows i'm most focused on the ripple effects of that, on things like u.s. credit conditions from very tame levels, this is where we start with credit having not been a problem in the u.s. for a little while and it's softening up it's removing the ability of investors in the u.s. to say, look, the economically cyclical sectors have been working really well, the consumer's in great shape, we have these

mike santoli and jesse rosenthal. >>> still ahead, the selloff in european markets is expected to have some sizable spillover effects on u.s. companies doing business there we'll look at the multinationals that are most at risk. and take a look at the sectors today as we head to break. energy is actually the worst group, down almost 6%. financials aren't even doing worse than the material stocks, hexch e wn%. "t ehange" is back after this network, associated british ports can now precisely orchestrate nearly 600,000 vehicles passing through their uk port every year. don't just connect your business. (dock worker) right on time. (vo) make it even smarter. we call this enterprise intelligence. lomita feed is 101 years old. when covid hit, we had some challenges. i heard about the payroll tax refund that allowed us to keep the people that have been here taking care of us. learn more at getrefunds.com. ♪♪ choosing miracle-ear was a great decision. like when i decided to host family movie nights. miracle-ear made it easy. i just booked an appointment and a certified hearing care professiona

cnbc's mike santoli here to break down the crucial moments of this trading day, and why china could acteg melic we've picked up a little bit of steam. >> it's been relatively solid most of the day. 60% of stocks up we're continuing to levitate we've kind of gotten above that pre-svb level. now the thing is you make gnaw high for march and get back to that area the end of january when we had that great first month of the year, that sort of would signify maybe getting free of the lower end of this zone. when you get to the end of the first quarter of the year, you start to build up a little more benefit of the doubt that the october low might be important, right? you have down year followed by an up first quarter. bespoke is talking about how you never actually lost the rest of the year after that setup and other things like we never went back below december's low. all this stuff starts to build like maybe we're climbing this wall of worry, which we understand why it's in place, but so far the market has had an answer for a lot of those concerns. >> told you the top of the program we were

mike santoli joins us as we try to monitor if we're seeing a relative calm. is it a ring fence or the ups and downs we've been experiencing >> i think the latter is probably the safest assumption i say that not because there has to be some other shoe to drop immediately. it seems as if there's enough stability created by the measures over the weekend to not press your bets you might have executed last week if you're leaning against the bank stocks and thought mega cap tech was the only thing that could work in this environment, you've had reason to back off both of those lags and essentially unwind that trade. that's what we're seeing so far today. other things of note, bond yields are not moving a lot. they're firming up that's maybe a slight backing up the real fear trade that had been in the market also the positioning trap that a lot of people who are bearish on bonds found themselves finally oil, i wouldn't lose sight of the fact we're kind of breaking down to new, call it 15-month lows in crude oil the macro story is not that it seemed very sunny but it

i want to bring in mike santoli what can you tell us about this latest closure with signature bank >> signature bank was another struggling institution. actually was targeted last year by investors and depositors as potentially being at risk they specialize in lend being to the crypto currency agency it is a narrowly-focussed bank, one that has struggled with other lenders related to crypto it has regulators forcing it to close and all of their depositors will be made whole as well >> what does this mean for every day people out there concerned about thsavings? >> in the most basic terms it means they need not be concerned about the security in just about any bank. this program will allow banks, if they need it, to access funds that they can essentially make sure all deposits are safe out there and of course there is only really has been a question for deposits above $250,000 per account. up to $250,000 the fdic already had insurance. this is for larger accounts >>> the catastrophic flooding along the central california coast is only getting worse tonight. a second round of heavy rain

. >> thoughts on that, mike santoli? >> it is the inverse of how those parts of the market have performed. so that's essentially the nasdaq/vix against the s&p 500/vix and the performance has been dramatic. mega cap growth vastly outperforming the average stock in the market. on a year-to-date basis it's 14 percentage point spread at this point. pretty stunning. a big comeback from a couple of years of underperformance. anything you would define as quality and stability in the market is going to be overweighted in the giant nasdaq-like stocks that's where it brings us. interestingly this interday pop on the headlines about first republic shows you that the market's very much stretched, not necessarily as far as it can go but very far in the direction of grabbing for big growth stocks and selling credit-related or financial stocks, and you have some relief on the bank stuff, and it released the market higher there. it's unclear how much longer that can go where you have a relatively small number of stocks supporting the i

i'm mike santoli. jim cramer is off tonight.estors are left to hang on for the ride. the dow swinging nearly 650 points from high to low today. before closing up about a quarter percent. well off its highs of the day. the s&p also eking out a gain but still closing below the 4,000 ym■oklevel.Ñi the nasdaq lead

i'm mike santoli. jim cramer is off tonight. another volatile session for the markets as investors are left to hang on for the ride. the dow swinging nearly 650 points from high to low today. before closing up about a quarter percent. well off its highs of the day. the s&p also eking out a gain but still closing below the 4,000 ym■oklevel.Ñi the nasdaq leading the gains closing up 1%. as investors try to make sense of the roller coaster action, tonight we'll help youxd find opportunities in it all. coming up social media he showdown. tiktok's ceo testifying on capitol hill as5a■ multiple sta take action against it. others meanwhile calling the heariniy■ the next red scare. we have the latest and the implications for the rest of social plus chopping block. a short seller takes aim at the company formerlye1 known as square. what it means for fintech going forward. and making açó move in movies. apple announcing a $1 billion push into the silverlp screene1 the entertainment rate heats up. we'll find out who stands to benefit. but w

let's take a closer look at this with our own mike santoli. ge amount of attention, mike, being paid to this particular purchase of assets and loan portfolios because it might be a blueprint in case people are worried about whether or not regional banks can actually take on deposits and thrive in the aftermath. >> yeah. this is a neat and tidy one as well. i think that's the reason the street loves it, both because the cost to new york community is very manageable and complimentary in terms of the asset mix and deposit base, as you said. also valuation wise. i think people are on board with this idea, even right now it's trading around tangible book value of new york community, at least year-end. the dividend seems safe a cording to d.a. davidson. there's no real call here on whether overall credit conditions are going to be much better, whether new york commercial real estate, which there's still a lot of exposure, is going to be insulated from the pressure. it's more the math of this combination works really well. by the way, a lot of folks,

see you on the other side, as we mar toward the close we're about to get two-minute warnings mike santoli'sd, what is it? >> it was just a bit of a relief pop in the last couple days, but still the themes that have replained in place, signal areas of the market doing better if up a stronger economy, we just don't know the breaking point on yields. again, 4% was not necessarily the end all last year when we hit there in the fall. we'll see what we get. it very much depends not just on the jobs number next week. we have powell speaking on actuals. >> right. >> i want to see how they characterizes where they are in this process i went back and looked at the press conference from almost a year ago, and he was very careful to say, look, it's only a '23, '24 where you'll see any effect they have very much built in this idea that they have done so much, and it doesn't happen in real time, so you shouldn't be reacting to 2-month-old data that we got last time we'll see if he has a sense of urgency or calm >>> jason furmen is coming up on "overtime", by the way to laid out the case he made in the jo

that's why we live >> let's talk about the markets right now, bring in mike santoli.equity markets try to adjust to the powell testimony from yesterday and all the things sarah brought up. >> seems we may have gotten a little bounce. the actual jobs opening number is airy, i don't think it necessarily fits with the other labor market indicators. so the quit rate is how many people left their jobs, down from 3% to 2.5%. the bigger picture what happened yesterday? the market priced in perhaps another quarter point over the next six months. that's really what happened, whether it comes as a half point rate hike in march or later on, that's what we adjusted to so really the stock market just swept away friday's rally. we didn't escape from the messy range we've been in for several weeks right now before the powell testimony yesterday but you also have not really sunk back. to me it's this uneven type of market where regional banks are under a lot of pressure and they're at risk of breaking down if you look at the five year chart of the regional banking, it's bounced off r

. >>> welcome to "closing bell," i'm mike santoli this make or break hour begins with stocks steadying after a dramatic weekend of forced bank mergers in europe and central bank backstop measures globally which all brings us to our talk of the tape. can this calm be trusted suspense is building for a fed decision, a choice between staying the course on tightening or backing off for fear of more financial upheaval here to help us answer those questions is camryn dawson good to see you. >> good to see you >> you know, the s&p 500 is down about 1% since the day before silicon valley bank buckled. it's up 3% from the low of early monday morning last week do we take that as a show of resilience here or of indecision or that maybe the rescues are enough for now >> i don't think all of the names in the s&p 500 are created equally. we have seen this resilience in the overall index being driven by the safest of the tech names. there is a flight to quality we're seeing staples outperform. health care outperform this is not a full risk-on move and we see the number of names trading above their 20

management team.x i thir teams will guide you through this >> all right okay.x >>> coming up, mike santoliing. marriage. kids. college. kids moving back in after college. ♪ finally we can eat. ♪ you know you make me wanna...♪ and then we looked around and said, wait a minute, this isn't even our stroller! (laughing) you live with your parents, but you own a house in the metaverse? mhm. cool...i don't get it. here's to getting financially ready for anything! and here's to being single and ready to mingle. who's ready to cha-cha?! ♪ yeah, yeah ♪ >>> all o■right. we are back. we're back to christina for a big reason why >> the reason #■intel. they just gave a road map for the chip with a launch in the first half of next year.i■ it's a focus on power efficiency it's not new, but topjfi] of the line for investors because this is a new producto■ launch. the companzrt■ plans to t■r next generation, so two new products next year for intel intelw3■suffered from product delays in the past and has lost market share for its server processing chips, but stillwo■ic controls at least 70% of the market th

mike santoli joins us on set. >> that's exactly it.where or other explanations for this. obviously, the breakdown in the 10-year treasury yield below 3.4 we were here a year ago but 3.4 was a floor on that yield for several months now. the way that 2-year yield is inverted with fed funds all those are true. they're at extremes and yet, equities have managed to sort of anchor themselves on the largest stocks and also outside of financials, there is an s&p exfinancials index, exfinancials and real estate, and it's up 4.5% year to date. it has a 2.5% out performance attributable to the mega caps because apple and microsoft are like 16% when you exclude financials as opposed to 13% just in the regular s&p. the question is whether this is an escape hatch from the macro stress, whether the stock market is saying look, the banking system is undergoing a panic attack that isn't based on economic reality, it's about their own accounting and balance sheets and credit contraction and, you know, we're begging the fed for a cut and several cuts and

let's turn to mike santoli here at post 9. why?ff the relief that we are not seeing more banking instability you did get sentiment reset a lot more fearful after all that. we've passed a few technical test, that 3800 was hit the ponseca after svb and have not breached it since then the large cap nasdaq stocks obviously have been a big part of the story what i find amusing about the conversation around that is, at the end of january, the complaint about the rally was it's all the junkiest stocks, most leveraged, lowest quality, that's not how you have a bull market now what do we have? the most profitable companies in the history of the planet leading the market and that's a problem. now, i get that you want a broader value and don't want it to just be a handful of perceived stocks going up all the time, yes, the nasdaq 100 has opened up a lead year to date versus even the equal weighted nasdaq 100. that's a narrow set of a narrow set bus it's the other story, right it's kind of a catch-up move and say that the large cap growth stoc

mike santoli is here for his midday word. welcome back. what is on your mind today?w, it's one of those days where the market dares you to try to tell you what it's about. it's just sit thing, two days in a row, where clearly the market is betting the field against the favorites, right? you have the stuff that worked last week is giving some back, and in a very kind of orderly way i would argue. growth is on the downside. again, for not really a catalyst reason, it's much more about, that relationship looks a little stretched. and the question to me, you get a sharp pullback in what's worked this month. so far, making up the difference, i wouldn't say it's decisive just yet. and yields are a little higher. we have overanticipated an immediate downturn in the consumer, you know, in the economy in general a few times now, and the consumer confidence numbers seem like it gave an excuse to have those yields go back up. it's making it very difficult to try and tell a persuasive story about what a bond market is saying, about what the economy and the fed will do. so, you k

if you miss us, check us out on all podcast apps tune in for mike santoli who sits down with dan miles you can see more on cnbc.com back in a moment stay with us i think i'm ready for this. heck ya! with e*trade you're ready for anything. marriage. kids. college. kids moving back in after college. ♪ here's to getting financially ready for anything! and here's to being single and ready to mingle. who's ready to cha-cha?! as a business owner, your bottom line is always top of mind. so start saving by switching to the mobile service designed for small business: comcast business mobile. flexible data plans mean you can get unlimited data or pay by the gig. all on the most reliable 5g network. with no line activation fees or term contracts. saving you up to 60% a year. and it's only available to comcast business internet customers. so boost your bottom line by switching today. comcast business. powering possibilities. >>> it is 5:30 a.m. in the new york city area we are just getting started on "worldwide exchange. investors bracing for the read on inflation amid questions around the fed's r

good thursday morning, welcome to "squawk on the street," i'm carl quintanilla with david faber, mike santolit the new york stock exchange cramer has the morning off futures are trying to hold some gains here in the face of surging labor costs stated today, nearly double the estimate higher yields as the long end now plays catch-up, ten-year 4.08%. our road map is going to begin with this monster quarter for salesforce, coming out swinging against activists. >>> plus tesla's ho-hum master plan unveiling elon musk meets investors but offers few specifics in terms of new car models or even financial projections. >>> and the retail gauge of the consumer, we got best buy, macy's, and didburlington store all reporting earnings >>> let's begin with crm, thothough surging in the premarket the dow component posted that quarterly beat, doubling the buyback to $20 billion as those activist investors have been seeking changes at the company last night on "mad money," marc benioff told our jim cramer it is full speed ahead when it comes to accelerating profits. >> you have hit the hyperspace button, and

mike santoli here to break down the crucial moments of the tradingvo plus, rbc capital and5a■ stacy raskanbanking drama than we got this week so at least5v■s) noww■/sç■ we c relax, probably some end of quarter pumping going on in there too. >> the question is whether more bank issues are going toq■ crop up or are you still concerned >> scott, i think we're much clearer today than we were obviously two or three weeks agoi i think the deposit disruption that an all clear, i would say it's an all clear. >> doese1 it make you want to go big or go home,çó■so to speak? that at least on the regional if word at the moment and if you're going to invest in the banks, just go big >> it's going to be interesting, as you know, the numbers will come out beginning april 14th with jpmorgan and other large banks on that friday and i think whate■ we're going see, the numbers not just for the very large banks but for the big regional banks could surprise to the up side. as you know, the stocks have sold off very hard and there's a lot of discounting of the news going forward ande1 s■ don't thk the numbers ar

right now let's bring in mike santoli with his take on the news phil brought us gm offering voluntary're looking for signs of what's happening in the labor market and that the layoffs are expanding beyond technology because it all comes down to the jobs number for the fed. >> every, you know -- most conference calls i would say for mature companies this past quarter, that that's reevaluating staffing needs under way. i do think there's a little more comfort that there's, you know, for example, the weekly unemployment claims, people pointed out one off factor, the market firmed up when we got slightly worse than expected news on jobs shows you where we're at with regards to tomorrow's jobs report, cool number does cheer the market here because of all the things you said. we're looking for examples of moderating labor market tightness. >> especially wages. >> exactly i think that's one element of what's happening here. the other piece of it, just more broadly on the market is, you built up this cushion going into the first couple days of february and we've used it you've had to use the

mike santoli joins us to discuss some of these calls.hat they benefit like the -- like we saw from the cme. we heard from terry duffy, high trading volume. this is the options exchange. >> yes. even more so than cme, which is mostly futures. index options, equity options, specialty of the cboe, have had much bigger volume surges than traditional futures. so, the market has recognized that. you mentioned it's up 12% in the last year. just massively outperformed all the other exchange stocks, whether it's intercontinental exchange, this one, nasdaq, cme. part of the reason for that is they now list options every single day, that expire every single day. >> the date of expiration. >> this huge fa nom nom. s&p 500 options are up last year versus last year. the ten-year growth is 12%. there's a rule of thumb, derivative volumes grow faster than the underlying securities volumes. this is a decent way to capture this. >> mike brings up a point that i've heard so many traders at the retail level and even at the institutional level talk about, th

mike santoli is with us with his midday word.the morning highs is where we closed the day before svb fell apart. so it was the close on march 8th. so we have kind of round tripped. the market is betting that this is something that will spill over. every day you go another name isn't pulled into the conversation is probably a positive. doesn't mean there's no stakes tomorrow for the fed. i've been saying for a week they want the conditions under which they can hike by 25. they're getting those conditions. to me it's about what will calm volatility down. that's the big outlier phenomenon in this market. if you just look at the treasury versus the vic, it's off the smarts. so if they have some convincing words that they have done enough and make they can price out a lot more hikes, if it gives the bond market a sense we know where we're headed, it can do that job. corporate credit spreads have not blown out, they're around the levels they were last july, last october. guess where fed rates funds were in july and october? way lower t

all that as the ten-year sits firmly above 10% joining us, cnbc markets commentator, mike santoli. >> we have spent a month, 20-something days above the 200-day moving average if you look in history, any time you have a 20% and rebound it against the 200-day moving average and stay there, you've never gone down to new lows. small sample size. you had a few times in like the 2000, 2002 period where you flirted above it there's no key to unlocking what the markets tell us. i still think we're in the routine pullback zone, maybe at the far extent of it the diminishment of investor optimism is everywhere we're down 6% or so from the highs. twice as many bears than bulls in the recent aii poll that came out today. so, people are definitely on alert for this being just yet another fleeting failed rally. and yet there are some signs that you bought some credence to the momentum of january. in other words, would suggest it would take a lot to get back to october lows. >> mark newton said high ly skeptical we get back above 3900 what do you make of the bulls and what's happened with the rates

. >>> welcome to "closing bell," i'm mike santoli in for scott wapner, we're live at new york the europeane hike this week?

i know mike santoli earlier today was saying that meta has a higher multiple than google.seen that in years a lot of that is largely because of that cutting that zuckerberg has been on. >> founder controlled company but he knows how to listen to what the investors want. thank you very much. deirdre bosa >>> still ahead, inflation i.t. spend, the perils of celebrity partnerships. >>> the stocks are lower today but we've got a dow down 556 good luck finding some green we'll dig into them next for businesses of all sizes, there are a lot of choices when it comes to your internet and technology needs. when you choose comcast business internet, you choose the largest, fastest reliable network. you choose advanced security for total peace of mind. and you choose a next generation 10g network that's always improving, getting faster; more reliable; and more intelligent to keep you ready for today and tomorrow. the choice is clear: make your business future ready with the network from the most innovative company. comcast business. powering possibilities™. real zero energy is coming

mike santoli joins us now.this rally, cooling offisi bit, off f but the nasdaq in a leadership position. >> it is. een a consistentjf theme. we've been in this market for a little xdwhile, where it krum c up in fear and then releases itá the not so bad piece this morning is probably housing data was i]okay. so when the post fed reaction was reallyq kind of messy on th( downside, it was just a it will -- got a littlexd mechaniì% and got to be afá little flush the downside, we rebo/çy today. get to the highs of yesterday. i hate to come here and saylpg we're just chopping around. that team of big growth stocks, and a bounce in energyús ■w3 ki andu■ really keep the folks positions fromçó getting that immediate gratification. a little debate whether it was janet yellençó orrq jay powell' comments. she'sc testifying before congres today at ñr3:00. are you surprised we haven't $9■ stocks down ahead of thatfá testimony where she could reverse what she said or soften the blow? >> i'mxd not surprised. my interpretation

you again soon i appreciate your time bill nygren joining us as we count down to the close here mike santolid 321 points up on the dow now, better than 1% on the s&p. i get the volatility, but, wow, in just the last 20 minutes. >> jumpy again within this range. a little headline driven and we have an expiration coming on friday a lot of things people are looking at the theme pretty consistent the past two days is the market is reacting to the real disruptions in financials, and this idea that there might be some other kind of treacherous capital flows into -- going toward those companies, generating capital and away from those that consume it, might have it at risk. it really is this trade people are willing to migrate toward the megacap growth stocks that are self-financing and all the rest we'll see how long that lasts. i'm not sure that's the trade of the year it is a handoff from buying steel stocks at the beginning of the year and the industrials semis are holding up okay as well for now it is movement within the index. not sort of a game over, we have to get out because all of a sudden