it's your verizon. >> all right we're back mike santoli, we're back with his midday word.sation you're having the bull case being growth continuing, moderating you had interesting thoughts, i thought, on the bear case. sticky inflation. >> yeah. >> and the case has been realized >> to some degree from the move that we've had >> the bear case, in a sense, is anything that deviates from the pristine soft landing scenario with growth not really decelerating much and earnings coming back is going to be tough for the market to absorb i think you can counter that with the idea that again, you can wield the high concentration levels of this market in both directions i think black rock has an earnings forecast. forward earnings forecast for everything outside of big-cap tech is from here outside. big cap tech is causing an uptick in overall earnings power. >> is that enough? >> as you said that, that doesn't sound so bad >> exactly >> better than what was originally projected it is up 5%, 6% year to date that's a decent move in half a year so to speak for the typical stock. what i

mike santoli joins us now with his "midday word." what are you looking at?ning there has been an attempt at a pullback early mostly it gets bought back today weaker than the s&p is showing with small caps down almost 1%. the equal weight down half a percent. in general the market is still working off this overheated condition by sort of turning sideways, staying still. certainly investors bring treasy yields are going you have the ten-year and two-year above 4.9 so it seems like we will have to fill in some of the blanks a lot of data over the next two days to see if the rate moves will be breakouts for real so watching that, with these extremes we came into the second half with. large over small, stocks over bonds, growth over value high beta volatile stocks. all that stuff came in sort of stretched. so the trend is your friend. but it seems as if there's room forgiveback. >> so the vix up more than 3% after a muted first half of the year what do you make of that of course, sit a holiday week. >> we're coming off of four days which we only had half a day of

senior markets commentator mike santoli joins us with his "midday word."e, looking at the board, still in the green, solidly on pace for a fifth straight day of gains but off the highs. >> the market is fatigued, both the nasdaq and russell, up more than 4% week to date coming into today. even though say we're in the green, 80% of volume is down it makes sense here given how stretched we've gotten, the acceleration this week shows you people felt forced to embrace the soft economic landing scenario a little bit of a green light flashing from the cpi number did the market figure that out before everybody got onboard with it? now that everyone has bought in, is it time for a reset lower >> the market seems to have basically exorcised the macro g.o.a.t. of inflation, a hard landing. has it in your mind? >> i don't think it's banished those ghosts necessarily for now they don't look threatening. i totally agree with that. it raises the bar for everyone to be impressed with what happens next a pullback of 4% or 5% would be no big deal from here. i think ideally

mike santoli joining us now with his "midday word."at to have you here markets off their highs now but still a very strong day. >> i would say a modest sell the news breadth is still good. i think the market saw this benign cpi number coming i was mentioning before the report hit that a lot of the forecasters were saying there was some down side potential for cpi. that leaves us with what's next. the market has really checked off a lot of boxes the technical trend is certainly higher we have disinflation very well entrenched the idea of a soft landing made its way into market pricing and valuations to a fair degree. now it's earnings season starts. the other element of the bull case will have to be this is the trough for year over year earnings declines, and that's what the projections say i always feel like earnings season itself is not always a huge index wide catalyst it's more you're kind of doing the sorting, winners and losing, get our estimates up to date and then see if the valuations still make sense after all the dust settles

you're going to have to watch the numbers. >> mike santoli, appreciate your in tde i "falras"s comingalysis help make trading feel effortless. and its customizable scans with social sentiment help you find and unlock opportunities in the market. e*trade from morgan stanley. with powerful, easy-to-use tools, power e*trade makes complex trading easier. react to fast-moving markets with dynamic charting and a futures ladder that lets you place, flatten, or reverse orders so you won't miss an opportunity. e*trade from morgan stanley at morgan stanley, old school hard work meets bold, new thinking, ♪ to help you see untapped possibilities and relentlessly work with you to make them real. ♪ ♪ ♪ your shipping manager left to “find themself.” leaving you lost. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire (christina) with verizon business unlimited, i get 5g, truly unlimited data, and unlimited hotspot data. matching your job description. so, no matter what, i'm running this kitch

up next, mike santoli will join us with his "midday word."he dow firmly in positive territory right now. we'll talk a lot more about that when "halftime" comes back 5g, t, and unlimited hotspot data. so, no matter what, i'm running this kitchen. (vo) make the switch. it's your business. it's your verizon. >>> welcome back mike santoli joins us now with his midday word. mike >> you know, frank, it feels like this market all year, you've needed something to be afraid of. everyone worries about it. and then it doesn't come out and you have a relief rally. you have to have a small version of that the last couple of days. you had the rate scare yesterday, people thought a hot number was coming from the payroll report today and you didn't get it. so it's moderating i think is the trend all around when it comes to growth in the economy, labor demand, as well as really earnings you are having them flatten out. so the market is good for now. they'll use that as short-term relief i think it's tough to paint the picture for a trajectory much higher on a

. >> take a quick break and come ddck mike santoli with his miay word at postnine. after this. old school hard work meets bold new thinking. ♪♪ at 87 years old, we still see the world with the wonder of new eyes, helping you discover untapped possibilities and relentlessly working with you to make them real. old school grit. new world ideas. morgan stanley. 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 i remember being on aau trips, high school games. my mom would always say, "you need to fuel the body and you need salt." i'm like, "why do i need salt? like, who is going to do that?" she literally would make me rip open a pack of salt, pour it in my hand, and i would, like, lick my hand. sure enough, i would always be the kid not cramping, i would always be the kid energized, ready to go. fast forward 20 years and i go from eating salt out of my palm to a drinking lmnt. >>> we're

mike santoli >> yeah.n restaurants on top of it are where you can have these young, fast-growing concepts to get people pretty excited. so the big picture play is fast casual gaining share over other types of dining, mediterranean theme taking share over other stuff and you have lots of runway i don't think it's egregiously expensive. in the 2021 class of ipos, you would look at this and say six times next year's estimated sales and you were trading everything at ten times and where chipotle got at the peak and it's got conceptual move to run. >> all right kristina, thank you for that contessa brewer, what's been going on with draftkings apparently, we haven't noticed it enough. >> you know what it's up 8% on the day and it's hit levels it hasn't seen since december 2021, and it has a lot of bullish options activity and a handful of analysts raised their price target on draftkings consensus estimates for second-quarter estimates are moving higher and deutsche bank analyst carlos santorelli, draftkings is g

but is this recent wave of optimism starting to get just a bit overdone mike santoli joins us from the new york stock exchange. welcome. good to see you. it has been a nice little run, a sprint really, for stocks lately can it hold? >> well, i do think it's, first of all, the correct question to start asking, the s&p up 25% from the lows and we've had another acceleration upside in the rally from the nasdaq 100, so the leaders are starting to look a little bit stretched relative to their trend and had this tight public embrace, reg re recently of the scenario that seemed to tip people in the direction of assuming that might be the likely path from here went from being a long shot case before, this market has fed off of persist the skepticism against that case, and persistent caution in positioning. everything i'm looking at, sentiment surveys, professional and individual positioning towards equities and the chat on the speculative move suggests that it's rising but maybe isn't that extreme this is normal behavior, however it looks very, very balanced in terms of the outlook from here i

data up almost 1.5% on the s&p markets -- senior markets commentator, mike santoli joins us mike, i would just throw in the retail sentiment continues to show that investors are getting more enthusiastic on the retail side, the put/call ratio people are looking at what does all of this tell us? >> ill tells you that there's been a relatively, i would say, stubborn and persistent sense of caution, for most of this year, that has completely given way and people have embraced the upbeat case. that includes people believing that, you know, a softer land is basically the central premise of where we go from here, at least for the rest of the year, for the economy, and then the idea that earnings growth is troughing, or rather, year over year earnings declines are hitting their worst levels right now and they're going to increase i'm not that caught up in the labeling of a bull market, based on very rigid standards. but is the market acting like a bull market? i would say "yes." multiples are expanding. that's what's happening in a bull market. you're seeing the market rotate as opposed to pull

mike santoli here to break down the crucial moments of the trading day.us, the potential abc sale, and what it could mean for disney's future. and steve kovach mike santoli, what is your final thought today as we count down to the close and stocks having a good day today. >> levitation mode in the last couple of hours, scott market is definitely hunting for remaining pockets of caution people have been disbelieving in the upside case. that being said, short-term, you're getting stretched we might be hitting the near term overshoot zone. just in terms of how far the index is coming in a short period of time we have gotten the positioning swung around to the bullish end. i came into the month saying looks like more of a two-way market, feels like the embrace of the soft landing scenario is getting complete and now i think even more so s&p is up by 2%. less than 2% this month. we'll see where it goes from here it is only, though, 6.5% shy of that record high from january of last year. so, you know, you've been kicking around is that possible? i'm never going

let's get a thought from mike santoli, phil.nk here >> obviously, a very impaired balance sheet that's now being fixed and it's a lot of stocks that were once left for dead and there was a significant chance of equity going to zero and now that's off the table and there's your two-year chart so you see what a complete boom time story that was at the opening. >> 300+. >> it was never, to phil's point, about the ebb and flow of the secondary car market it was all about how they got too aggressive on the balance sheet and that's being fixed, but again, let's forget about where it traded in 2021. for now, it's more just a survival story >> all right, phil, set the table for us on tesla r the biggie that you're looking for in o.t. today. >> gross auto margins excluding zero-emission vehicle credits. 16.9% is what the street is expecting. i've talked to dan ives about this and other analysts and the feeling is if it comes in around there we might not see much of a reaction with tesla shares if it comes in well below say in the 15% ran

mike santoli joins us now with his "midday word." importance of netflix and tesla to where we are now, are you thinking about those most especially today or what's on your mind? >> i actually do think there's something a little bit different in this phase of the earnings season, companies haz stocks have run a fair bit. there's a lot of expectations built into them. the formal consensus might be stale. there's buy side expectation that we're going to get beat i don't think they will steer the entire nasdaq but a spring loaded factor in here because we are kind of getting stretched, the market has gotten overbought and stayed overbought. you might be wound tight on the reaction we'll see how the market accepts those. >> you've been talking a lot about really looking at signs of too much froth, the fear of missing out, leading people in this market and jim lebenthal on the show today says even for him, a real bull in this market, is getting a little uneasy and we could have a 5% to 7% pullback and he's trimming >> there's plenty of tha

mike santoli at the table now for his "midday word." netflix plus tesla plus i guess now s.a.p. equals about a 1.5% drop for the nas >> you put it together and even the pullbacks are not that satisfying for bears, if you've been skeptical of the market, think it's run too far, on the surface it was 2 to 1 down and now it's inching higher. we're going to get to a point and use up the fuel for a bit. maybe it's the first little warning that expectations in terms of the big growth stocks have gotten ahead of themselves. tesla and netflix, it's hard to say there's been a change in the overall perception it works until it doesn't. >> apple is negative now but you are seeing the other cyclical areas as the dow is up 265 continue that story of performing well and taking the sting out. >> it's rotating as opposed to having across-the-board selling. it seems it's okay it's getting stretched and it has not shown a lot of aggressive selling >>> straight aadhe, amy is making moves in her portfolio. >>> welcome back i mentioned amy making a bunch of moves cvs, you bought more >> i bought mor

and phil lebeau on tesla's big delivery feat and a big stock reaction at that i'll begin with mike santolin green across the board. twitter poll says it's going to stay the same. green, and it's going to be tech driven >> we do know trends tend to persist. strength begets strength in the market typically, although you have to keep that in mind as you also recognize that there's ebbs and flows. i do think the market has proven a fair bit and broadening out somewhat you also have these sort of very modest pullbacks it shows you the supply and demand really kicking in that said, i do think it seems like more of an even trade to bet on everyone now is embracing soft landing you -- everybody, but greg branch >> well, true. >> everyone is seemingly viewing the market through the lens of, well, that makes sense because even if what's only a period of time we have this wind owe when soft landing seems plausible the market will price that in. so again, i think that the market's won some points and you maybe should expect in the second half of the year at some point from some level a bit of a hiccup

mike santoli even used it. >> we're about 10% of the s&p having reported, thanks to b of a.cking a 6% beat at the moment they think we're probably going to end the quarter around a 3% beat this would be the highest close of the year on the s&p not quite the highest interday we did get to 4527 on friday, but the bulls clearly in command at the moment. >> always a beat that's why the revenue growth, the margins, which there have been warnings about, as inflation slows down we're also monitoring some health care moves. we have big news from eli lilly this morning new results from phase 3 trial showing that its alzheimer's treatments slowed early stage cognitive and functional decline from the disease by about 29% after 18 months versus a placebo. the company announcing today the drug has been submitted for fda approval and they expect a decision by the end of the year. joining us in a cnbc exclusive, eli lilly ceo and chair, david ricks. david, thank you for coming on how did these results measure up to your expectations >> great to be with you. it's an exciting day for so many

back, they argue 68% surveyed predicting a soft landing, which they say has become the base case mike santoli on the floor with how that's getting reflected in equity prices, especially today. >> seemed like last week was the one where people stopped fighting the notion that we had, perhaps, a soft landing on our hands. we're running out of time for a recession to take hold this year it's also been following what the market's message implicitly has been with yields moderating. what i find interesting is cash levels still above average they're down from the highs. there's still this sense -- it actually explains why the market acts the way it does all the selling seems to happen before the open and people hit the beach and it becomes this upward drift russell 2000, a broadening tape. almost an opening buying panic to get the stuff that lagged if you've been overweighted in cash and underweighted in stocks, you don't feel comfortable buying the absolute high in the trillion dollar club so you buy the banks and cyclicals and transports and small caps. >> wasn't the risk going into earnings, mike

mike santoli is back with us watching some of the action and watching whether the bulls hang on to thisurdy month. the s&p 500 tried to use 4,400 as a floor it has acted okay. now you are seeing a cooldown in industrials, a big leadership group coming into today. they're underperforming. you have a moment where we got what we wanted out of the inflation number it seems the burden of proof is on people who feel as if inflation will be a problem, at the same time recession is right out in front of us those two things seem less likely now the question is what the market has gotten to at this stage. you see 4,500. we visited it today. seasonals start to not be as friendly in mid-july we bottomed on a really bad inflation number in october. it's time to take them off >> the other moments rallied this year, it's coming alongside a big drop in yields and in the u.s. that are. both moving in the right direction for stocks as the soft landing scenario gets more profitable >> the fed is just about done if not already done that's the tone of market today for sure >> goldman saying the used car dyn

. >>> welcome back, senior markets commentator mike santoli as you see is here as we look ahead to aal week. >> yeah, kind of cruising into it right along this track. s&p up 1% this week, in a week where, me included, people were saying getting over bob, what do you want more from the big cap tech clearly the trend has the upside as the default mode at the moment i don't necessarily think -- unless the fed decides to really change the message and say, look, you know, even higher for still longer, but even that i think the market is kind of there already. do wonder if this index rebalance we have been talking about for two weeks for the nasdaq 100 is the excuse for people to say do we need $10 trillion in six stocks or is my only personal portfolio skewed in that direction the market arkts like people don't have enough general exposure to the market. >> the difficulty in the conversation is do you really want to make any adjustments ahead of many of these companies reporting earnings next week. >> do you make adjustments before that or do you want to get out of the way of earnings tot

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let's bring back mike santoli. >> carl, some mechanical drivers, perhaps, to this action today.e nasdaq 100 etf, qqq, relative to the equal weighted one, it's the very largest stocks in the index down today. it's likely because late on friday, friday night, nasdaq announced they're going to do what they call a special rebalancing of the nasdaq 100. this happens when the top of the index gets a little too concentrated you have the largest stocks, worth 4.5% of the index each that's apple, microsoft, amazon, tesla, nvidia, et cetera when they get past 4.5%, if you add them up and they're more than 48% of the weight of the index, they do a special rebalancing. which means they knock down the weight of the very largest ones. they'll distribute that market weight across the rest of the index. it's going to happen july 24th it's not happening in terms of the selling from the -- so to speak from the index itself but people are preparing for the fact there's going to be a little less index flow into those names. to me it's reflective of the place this market has taken us to, which is th

let's create. >>> good monday morning, i'm melissa lee along with mike santoli.o of on semi will join us. >>> the ceo of xerox is here as well a check in one year into the job. plus post-earnings reaction as losses there widen. >>> later, rockefeller on why big tech leading the way on a.i. is dysfunctional. >>> market holding onto last week's gain. modest moves s&p 500 up about 0.8%. small caps are outperforming again. russell 2000, the 2,000 level on the russell 2000 has acted as a bit of a cap over the last couple of years but we're challenging it once again.

i'm sara eisen with mike santoli live from the floor of the new york stock exchange.leaders meeting at the white house, committing to the safe development of wall street's favorite new technology. u.s. commerce secretary gina raimondo joins

mike santoli joins us. and the 7, mike do you want us to make that happen if you can make that happen >> you think you can pull that off? >> i can do that >> i wouldn't say it hurts me but sometimes i feel like i'm behind, i need to catch up on a lot of the themes of the morning. >> he's there at 6, just -- >> exactly we can talk about that but, you know, let me first take a glimpse at where we are in the market, joe. you mentioned yesterday's action, the dow up straight nine days a certain part of the market looking slightly extended. it's a pretty nice trend cru cruising altitude for the s&p. the nasdaq grudging 2% lower we have a big option today i have it against the 50-day average here which it's getting a little bit of air underneath the index relative to that 50 day. the 4320 area, a few percent down from here would be no big deal the last little pullback june into july didn't even get us there. at some point we're going to probably hit some turbulence but it doesn't seem like just right away now, nas

i'm mike santoli in for scott wapner, this make or break hour begins with stocks falling and bonds hiking we look at some hawkish fed speak. here's your score kord with 60 minutes left to go down just about 1% the s&p 500 has almost halved its maximum drop for the day it's down almost 0.75% a little bit of traction in the nasdaq the 2-year treasury yield did hit a 16-year high, although the yield has moderated throughout the day. down to 5% that all brings us to our talk of the table and whether tomorrow's jobs reports will seal the fate for more fed rate headache this year let's ask tony pass carell low of goldman sachs it's coming with better economic numbers, and i guess the better story is the economy has held up better than expected a lot of pessimism has burned off as stocks went higher. where does that leave snus you nailed it. it think it introduces this question into the market, can stocks maintain almost this immunity we've enjoyed the year from last year to higher interest rates i think it's mostly come from a good place strong data. we're contemplating might the fed sneak in 2

. >> mike santoli, want to jump in here and can mr. kotick questions? >> sure.od to see you microsoft, in attempting to get this deal through, has offered assurances there will be nothing like exclusivity on their platform or anything of the sort, so in that calls, what are the advantages where will it be a better competitor what kinds of things will you be able to do as part of that company? >> look, one of the great things about the business combination is, microsoft as a console manufacturing, doesn't have the same advantages that sony and nintendo have with deep, rich libraries of intellectual property they don't have a movie studio they don't have a tv studio. they don't have a music company. they don't have 40 years of franchise success with mario and so with a company like ours, they get three franchises, candy crush, call of duty, warcraft. we have access to better technology, more talent, and in a world that's increasingly competitive where you have so many people entering the video game industry, it gives us an opportunity to have access to more resour

mike santoli joining us with the latest at the new york stoks exchange hi, mike. >> it seems the set up right now requires both bulls and bears to decide what's different this time about that cycle. we know the cautionary word about wall street history never say it's different this time but it's always different in some detail or perhaps the cadence of things if you're bullish right now, you're down playing or dismissing the history that says whenever you've gone down in the s&p 500, the markets never bottomed before the fed was done tightening you're also probably struggling off the fact the curve two to ten years out has been inverted for a year almost typically preceded by a length of time a recession on the other hand, and i think this is important. bears are ignoring the fact the s&p is up 25% over nine months that's way beyond in terms of time the duration of a bear market rally it's proving the points about getting above averages and the rest of it and the point about leading indicators i know you know about this the coincidence indicators what the economy is doing is at a rec

we'll turn back to mike santoli as we approach the two-minute warning.ield at 380 the long end of the curve. >> it is they've taken the pressure off here more important than the level is the fact that credit has come in to high yield spreads and are back where they were in february what a corrector -- what the credit market has a crystal ball or not, it shows there's not a lot of stress buildup in the system in the immediate moment this die vergence is showing a little on the legacy challenge ford, the disneys, paramount, warners, at&t today. >> brutal day. >> all of the 19th and 20th century businesses they're at a tough spot. they have to figure out the secular and the cyclical and therefore, $10 trillion of market cap in the nasdaq seems like a refuge. they're getting expensive. maybe they get overlogged. but for now, the mechanics are keeping the overall market supported. >> as long as you continue to have questions about those, for legacy businesses, you will have money go to the perceived ports, if you will. not necessarily that were in a storm. ev

a breather from time to time, and that's what this looks like >> it highlights something that mike santolialways beating the drum about, but tech stocks can do well in the midst of rising rates >> they have in the past and i wouldn't look for that to change >> what do you do between now and december maybe, you know, putting one fed hike back in play. >> we still like the short end of the curve, but we are seeing people take those profits and reinvest, particularly in some bonds. we stay away from high yield bonds. the default rates ticking up to 4% are worrisome but with credit conditions tig tightening, spreads are super tight again. we think there is some real value added duration in the treasury market and the corporate space. >> it's interesting what you said you look at the s&p today, and we'll talk about netflix and tesla. discover financial is the worst stock. we're seeing the first ally talking about some trends, now a name like discover you wonder if credit quality is deteriorating and going to bubble up from these niche companies to something broadly more of a head wind. >> it ki

let's get to mike santoli with this morning's take. wonder what you found interesting. >> i found interesting we were geared and poised for a potential down side surprise there was a lot of confidence building, people who look at the numbers, saying there was real down side potential so we bought the rumor and now buying the news there was confirmation that there wasn't a lot in terms of below the line stuff you were going to get too worried about i think all it does is reinforce the path that the markets have already been on, at least psychol psychologically, which is inflation and the fed were mostly 2022 problems obviously you have to worry about both of them, there's no all clear but for the most part the trade this year has been is inflation going to come down faster than the economy erodes that's what you've seen so far put it together with the fact that you have the credit situation that's actually looking fine you have earnings about to be reported, and this quarter by the estimates is going to be the trough in terms of year ov

on david faber with leslie picker and mike santoli. sarah and carl have the morning off. .01% the nasdaq continuing on that strength it had in the first half of the year up yet again another third of a percent. >> must be the money before a holiday. we are 30 minutes into the trading session. we have some movers today that we're watching tesla higher after delivering numbers there. beat street estimates. more on what it means for the stock later this hour, but currently up about 8%. plus, astrazeneca under pressure, announcing preliminary results from a phrase 3 trial of lung cancer treatment. it compared well on one end point. data for overall survival was not mature and not statistically significant. >>> while we're watching chinese internet stocks, some of the top gainers amid news secretary, janet yellen plans to meet with officials later in beijing you talked about how that impacts the alibabas of the world, this overall potential, though skeptics would say maybe not so much. >> just trying to at least stop things from getting worse, i guess, would be the first step

. >>> and "closing bell" markets on cnbc, mike santoli breaking down crucial moments of the trading day after 52-week highs earlier in the session. and stephanie link playing j&j and one of the best dow performers today mike, dow kind of day. how much is working? >> it is still more rotation than it is kind of an escape from the market. in terms of net money flow although the top started to spin slowly and wobble a little here after this rally we would say coming into the week, markets a bit up momentum change element of it. a let's position for earnings and old favorites and so nothing in the way of net damage to speak of yet really just unwound in the s&p a couple days worth of upside. on alert for the fact maybe got a lot of house money built up and see where it goes from here. the netflix and tesla damage on the reaction to their results so to speak is relatively contained. but if it piles up become as theme, you have to look out for that. >> i was writing those names down before you mentioned them thinking that tomorrow will be the tell right? get buyers come in, sort of emblematic

. >>> market seeing weakness in tech mike santoli alerted us to mechanics driving some of that underperformance this morning. for the most part, sort of on watch for the data coming in bank earnings friday will get us started in the q2 season. >> you have to be watching treasury yields. the two-year in particular policy expectations, it's been moving higher. the stock market started reacting to it last week in a more meaningful way after that strong adp number, strong wages and the jobs report. i'll be watching this. cpi on wednesday expectation is we go to a 3.2% headline number. the month over month will be important. can it be less than 0.3%, which is consensus that's a big question, as we wonder how many more rate hikes we have to go. july is priced in. september more of a wild card. >> i would argue the strategist commentary, you can feel like they almost want to say september's a go, but not everybody can bring themselves to say it. >> because powell has said two more is a good guess the dots, forecast of the fed members themselves, have suggested that two more is a go. so, let's see. the

cnbc marks commentator mike santoli here to break down the crucial moments of the trading day. kate rooney on charles schwab mike, i turn to you. we'll look at the highs of the day. we're certainly staring at them in the nasdaq. >> yeah. for sure getting a little bit melty, you know we've been waiting for that kind of a moment. when microsoft isable to add about 150 billion in market cap on a headline and by the way, it also tells you why something has a $2.5 trillion valuation in the first place because if they're charging 30 bucks per user of the twist on 365, there are 350 million users of 365 my point is you can just do the math and the breadth of the platforms is so big and even though it's 30 times earnings. so i think that's making its way through a lot with the nasdaq and almost all of the earnings forecasts for this year started to go higher around march 31st so we're seeing that effect take place. i do think we also have this magnetive effect of the monthly expiration on friday and this idea that people still have to turn cash into equity exposure at some level and yep

mike santoli >>> we have a big interview in the next hour of "squawk on the street."ich reported results this morning. the stock is doing well. we'll break it down in the next hour. >>> the bank stocks in general, they were kind of -- actually wells fargo has given up some of its gains as you can see as the overall market has jpmorgan still holds more than half a percent gain. citigroup the otherertr poer down 2.25% we'll be right back. s on a turk! rude. who are you? i'm an investor in a fund that helps advance innovative sports tech like this smart fitness mirror. i'm also mr. leg day...1989! anyone can become an agent of innovation with invesco qqq, a fund that gives you access to nasdaq-100 innovations. i go through a lot of pants. before investing carefully read and consider fund investment objectives, risks, charges, expenses and more in prospectus at invesco.com. >>> a quick programming note as we go to break, tonight don't miss a special edition of "tech check" 6:00 p.m. eastern time where deirdre bosa will interview cathy wood, talk tesla invest cathie wood t

good friday morning, welcome to "squawk on the street," i'm carl quintanilla with leslie picker, mike santolit the new york stock exchange. jim and david have the morning off. june jobs is a miss. first one in over a year, and that's with some negative revisions. two-year yields back below 5% but stocks are still on pace for a losing week. our road map begins with that slowing job dwgrowth, the fewest jobs added in june since december of 2020 >>> plus, treasury secretary yellen coming to the defense of u.s. businesses while walking a diplomatic tight rope in china >>> and checking in on the state of consumer, levi's slashing its guidance and costco same-store sales slip once again. >>> let's get to reaction to the jobs number. restaurants down eight, first decline there in, i think, 28 months government jobs, about a third of the jobs added. >> yeah, so, private sector was a little bit weaker in terms of job creation it had the market really in a misdirection move leading into this yesterday was all about, you know, mini-panic in the bond market about a super hot number in the adp report, so

market share and be the dominant player without regulatory scrutiny interesting point i thought mike santoli up in the chat earlier. intel and amd a similar dynamic. amd smaller player until all of a sudden decided it wasn't this has been a long journey that will continue sort of at a lull in the ride-sharing space companies, remember, raise billions and billions of dollars. the case of lyft more than $7 billion. market cap less than $5 billion. not rewarded investors consumers have benefited. >> i like to look at, deidre, marriott versus airbnb this year airbnb up 70%. look at uber vest lyft clearly uber is winning the race what else does lyft need to do to convince investors it has the right growth plan in place >> i don't know they want to diversify and make any big changes in the way that ouber went into food delivery. you hear from david and see from the team focusing on that core they don't want to diversify, focus on ride-sharing raising the question how much can this company be worth remember, it ipo'd at $72 or $$7 a share. uber recently surpassed its price. innovative disruptive co

i'm sara eisen with mike santoli live from the floor of the new york stock exchange. setting the agenda, a.i. leaders meeting at the white house, committing to the safe development of wall street's favorite new technology. u.s. commerce secretary gina raimondo joins us. >>> a barbenheimer double feature, barbie is with us. >> as well as peter oppenheimer on opportunities abroad. >> perfect >>> markets, meanwhile, holding onto small gains and also for the week, the s&p 500 up close to 1%. we've made a new month high in the s&p 500. the nasdaq has been giving back a little outperformance. on a two-year basis, we're tracking with very modest gains over two years, if you think about it we were going up in 2021 to the peak and a bad year last year. we're sort of in lockstep making up that ground. >> a lot of people looking at defensives i mentioned earlier the groups that led yesterday in the big selloff. also starting to catch a bid today and wondering whether it means that this sort of rally we've seen going on ten days for the dow, the longest win streak since 2017, is

i'm mike santoli in for scott wapner, this make or break hour begins with stocks falling and bonds hikingish fed speak. here's your score kord with 60 minutes left to go down just about 1% the s&p 500 has almost halved its maximum drop for the day it's down almost

>>> good monday morning, i'm melissa lee along with mike santoli. straight ahead, the ceo of on semi will join us. >>> the ceo of xerox is here as well a check in one year into the job. plus post-earnings reaction as losses there widen. >>> later, rockefeller on why big tech leading the way on a.i. is dysfunctional. >>> market holding onto last week's gain. modest moves s&p 500 up about 0.8%. small caps are outperforming again. russell 2000, the 2,000 level on the russell 2000 has acted as a bit of a cap over the last couple of years but we're challenging it once again. it's the story of, it's a multitude of stocks working, at least in the latest phase of of rally. >> in today's session, for instance, broadening continuing. we have performances by energy for one, financials, industrials continue to chug along in addition to tech stock holding up, still holding up. >> yeah, exactly the market continues to chew through a lot of the big picture concerns thrown its way. the latest one is the broadening of the rally funny enough, now one of the bearish t

i'm mike santoli in for scott wapner at post 9 this make or break hour begins with stocks coasting towards the close of a fifth straight winning month as wall street fully embraces the economic soft landing story. that's the corporate profit growth now potentially bottoming. >>> and strategas group's chris verrone will break down the two areas of the market he's bullish into year-end. >>> first, our talk of the tape. will the upward trend in the indexes remain investor's friend or has the market already taken account of enough good news for the moment here to discuss that is jpmorgan asset management global market strategist, mira good to see you. >> good to see you. >> we've gone from relief really and the fed is done to something closer to really a full er belie that we might have an expansion in the economy indefinitely and earnings look like they've seen the worst of it. do you want to bet against that happy scenario or believe it can continue like that? >> markets seem to be pricing in disinflation but that might be transitory we are seeing disinflation is occurring while growth is ac

. ♪ >>> good thursday morning, i'm sara eisen with mike santoli live from the floor of the new york stockhange. earnings are driving the market with netflix, the big laggard. oakmark selling out of that position we'll ask the portfolio manage what they saw coming. >>> ceo of philip morris international with us on the company's quarterly results and ambition of a smoke-free future and the company's entry into cannabis. >>> regional banks on earnings, a pulse check on how they're faring post-svb crisis in march and the landscape for financials and, of course, lending overall. >>> markets, you call them mixed. i think most stocks are down the s&p 500 down 0.3% up off its morning lows which was down 0.50%. the nasdaq down 1.2% a lot of the big growth stocks that had run so much this year into earnings, running into, i would say, mixed results from netflix and tesla. there's gives and takes on both of them. based on how the stocks had run and maybe investor expectation, getting a reason for incremental bullishness, maybe they didn't get one today. >> i called them blemishes in the last hour. i

. ♪ >>> welcome to "closing bell," i'm mike santoli in for scott wapner this make or break hour beginsith a sigh of relief for stocks here's your scorecard with 16 minutes left to go in the session. see the s&p 500 up about 0.33%, the dow is being dragged down by more economically defensive areas. all the indexes well up off their session lows still, all in jeopardy of posting modest weekly declines after a jobs report that came in a bit softer than the street was expecting, and chicago fed president austan goolsbe

production delay because of splay chain issues >> and let's get to senior markets commentator mike santoliments. mike >> that's right. i'll give you a senior minute here, joe. as you've been saying, strong week for the broad market last week it seemed like a long shot economic scenario at the beginning of the year by many, which was basically inflation coming down faster than growth receipts the market has taken a fair bit of credit for it it's a very strong trend at this point on a one-year chart. even the pullbacks have become much shallower and briefer this brings up the possibility of a recovery, which has the market traveling a little too far too fast and taking credit, making position and sentiment a little too frothy in the short run. we're losing some seasonal tailwind take a look at the nasdaq 100. over two years, like to look at the whole, kind of down and then up pattern, just to show you this has largely been retaking a lot of the territory lost in 2022 this is against the 50-day moving average, too. if you look at those moments when we had a pretty good spread when the index a

. >> i'm mike santoli in for scott wapner this make or break hour begins with the summer rally showingearly earnings reports and as bond yields bounce just a bit. sebasien page calls himself a reluctant bear >>> we'll begin with our talk of the tape has the market's recent run fully priced in the now popular soft landing story let's ask cameron dawson o

i'm mike santoli in for scott wapner at post 9 this make or break hour begins with stocks coasting towardshe close of a fifth straight winning month as wall street fully embraces the economic soft landing story. that's the corporate profit growth now potentially bottoming. >>> and strategas group's chris verrone will break down the two areas of the market he's bullish into year-end. >>> first, our talk of the tape. will the upward trend in the indexe

. >> i'm mike santoli in for scott wapner this make or break hour begins with the summer rally showing some fatigue as investors take profits on strong early earnings reports and as bond yields bounce just a bit. sebasien page calls himself a reluctant bear >>> we'll begin with our talk of the tape has the market's recent run fully priced in the now popular soft landing story let's ask cameron dawson of new edge wealth. coming into this year, the idea that we were going to have this perfect, benign soft landing, growth stays okay, the fed's not too scary, it was a long shot. not that many were willing to bet on it. at this point, with the market up where it is, it seems as if after this week's cpi report, it almost seems like consensus. where does that take us in terms of what the market is already priced in? >> and i think one of the interesting things is that if we look into '23, the rest of the year, and '24, what you already are pricing into earnings is that soft landing. you have a growth of about 11% of earnings in 2024. is there any further upside to those earnings that's where

. ♪ >>> welcome to "closing bell," i'm mike santoli in for scott wapner this make or break hour beginsith a sigh of relief for stocks here's your scorecard with 16 minutes left to go in the session. see the s&p 500 up about 0.33%, the dow is being dragged down by more economically defensive areas. all the indexes well up off their session lows still, all in jeopardy of posting modest weekly declines after a jobs report that came in a bit softer than the street was expecting, and chicago fed president austan goolsbee telling cnbc he is still undecided about what the fed should do in july. steve liesman will be along shortly with more from that interview. it all brings us to our talk of the tape and whether today's jobs report was just right to keep the fed from turning much more aggressive even as it shows still strong labor market and what it all might mean for the rally. let's ask charles schwab's liz ann sonders. great to speak with you on all this i guess the question is, do you think the market is correct to take a little bit of comfort out of today's numbers, essentially we're not

point and what does it mean for the fed so all of that stuff i think is probably more relevant >> mike santolilways. >> weal be right back. aflac! seriously? now there's a hole in your defense; look at the size of that- gaaaaaaaaaaaap!!! is that a goat?! you talkin' about me? gaaaaaaaaaaaap!!! i think this goat is saying “gap.” must be talking about the expenses health insurance doesn't cover. so who's talking about the money aflac pays to help close that gap? gaaaaaaaaaaaap!!! aflac! aflac! gaaaaaaaaaaaap!!! it's about to go down, baby! aflac! aflac! stop that goat! get help with expenses health insurance doesn't cover at aflac.com >>> welcome back to halftime start with grade my trade. patrick in new york wants to know what are the prospects for the outity sector in the coming year >> hi, patrick it's not my favorite trade because when i think about utilities which are down 5% year to day, i think about defense. we don't want to play defense just yet pre-recession and i don't think investor flows, and if yields will rise higher because we have a soft landing and a no-landing narrative and ha

alice, betsy, and we also have our own senior markets commentator mike santoli bitcoin, gold, silver,g how many more times? >> well, i think it will depend certainly in the next report this was expected to be good, it was. i think there are still reasons to be concerned, particularly that inflation is still high in services and that suggests that this last 200 basis points might be a little stickier and a little bit more entrenched than what the fall might not continue to be as fast and as steady. so i think potentially we might be going another 75 but probably we'll know more in the fat ll fr sure >> professor stevenson, is it going to be uneven from here on? >> let me say, i think another 75 would be a mistake. what we're seeing in this thumb number, we got a little stuck on core i think we had seen another month of 0.4, i would have been very worried and be saying something very different we're seeing it come down. that .2 is exactly the number we needed to see the year get down under 5% the thing the fed has to do is it's made a promise to raise rates one more time. they'll have t