. >> floyd norris for the younger viewers was the mike santoli before mike santoli, the preeminent financial reporter. a bubble grows each bigger about the tech sector in july of 19956789 in the context of nvidia pulling back there were multiple times over the course of the late 1990s when people talked about the market being in the bubble, the greenspan speech was from 1996, you still went on to have '97, '98 and '99 i'm not making any comment about nvidia as a company or worthwhile investment, what i'm saying for younger investors who did not experience the late 1990s, early 2000s, you are going to have charts that do what nvidia has done where you will have a pull back of some size -- i'm notsaying this is the case -- but may not affect the larger narrative. >> you disagree wholly with people trying to make comparisons -- not a ton of people but there are comparisons being made between what's happening with nvidia to '99. >> the point i've made and i think dan siefs has made as well you had '95, '96, '97 and '98 before 1999. post-gfc everybody is trying to be the next great bear and call

we mentioned mike santoli's weekend article.ne issue since the april dip is trading above the 50-day moving average. i know that is technical analysis and generally not your wh wh wheelhouse. what do you make of the index and half of the stocks trading below the 50-day trading average? >> this is the wall of worry. you have a tale of two stock markets. the mag seven and everything else. i don't even know if tesla is in the mag seven. mag six. there is a segment of the market which is having a reckoning with, you know, with forward pes, questioning the ability to produce profits. profitability of companies which is everything below the mag seven. that is a different market dynamic which is a concern that we could see a bear slowdown. >> if we are climbing the wall of worry, why is the vix so low? the vix dipped below 12 last week and it has been that way all year long. >> i could not agree more. one thing we focus on is pr protecting downside options. i would say don't look a gift horse in the mouth. downside protection is not a

hugh johnson, mike santoli, thanks very much. appreciate it. >> my pleasure. >>> turning now to a bright spot amid the selloff, the meme trade. shares of gamestop are soaring more than 30% after roaring kitty, as the trader is known, posted on his account a $160 million position in the company. is the gamestop rally really here to stay? what would it mean for the meme market and the market overall, let's ask michael noss. as this becomes more and more common, people are starting to wonder whether we should institutionalize as a trading strategy being long heavy shorted names. they said it's too hard to market time and to know exactly when these stocks will pop. what are your thoughts? >> yeah, if we're looking at heavily shorted names as a broad bunch, generally speaking they're heavily shorted for a reason. that's why i think even the phrase meme stock, i think, needs to start to be broken up a little bit here. where we have stocks like amc down 99% from their meme stock craze and bed bath & beyond that's gone completely, and ga

first, though, mike santoli, your great insight for this week, your takeaway is what?n the s&p 500 but pleasing nobody along the way because of all that's not working. even today you have banks and industrials down 1%, consumer cyclicals as well. so doing just enough. the high conviction areas of the market are pretty narrow, but they're very strong. and i think that continues to work for the moment. it's not as if the rest of the market falling apart. the equal weighted s&p is down 6% on the week or something but the market is unwilling to jum to that point where it will assume we're back in resilient economy, the fed will cut, and celebrate this down move we've had in yields. so kind of a churn state underneath. june, late june, sometimes a little bit spotty until you get into good seasonality in july. >> phil lebeau, boeing is down 2%. what's going on? >> you have boeing issues, you have airline issues, scott. we'll get to boeing in a bit. let's start with the airlines, a couple headlines involving southwest has put pressure on the airline stock today, but keep in m

. >> mike santoli, do you think the market is prices in much greater odds. if so, what is that likely to mean? a lot of people think this time might be different? >> yeah, i think the market is incrementally more -- that we will get, perhaps a better chance of two rate cuts this year. that's what you're seeing in the december rate cut pricing. i don't know that it's ago simple as say you like to enjoy the pause between the rate hikes and kids. i go back to 1995, you didn't want to sell that first cut. there were order two that year, maybe three. it was spread out very far. nobody really cared, so i think there's enough exceptions, if we're going to enjoy -- if we're going to be in that fairway of soft land, with inflation and growth both remain in these tolerable areas, i don't think it's a -- i do think, though, that, kelly, the market was evidencing some concern that the fed had its eye off the ball and was going to be a bit too cute and be late. i don't that today's numbers fit with that thesis. >> jim, we had someone on last week who said the question is

mike santoli breaking it down. walgreens heading to its worse day ever. ody looking ahead to nike earnings coming out in "overtime." what's on your mind, mike? >> scott, a week ago sat here said oh, have a big june options explanation. last friday. release the market to move around a little bit more. not going to have that sort of anchor of a lot of the accumulated options positions. this week has really been nothing if not steady. almost to a fault. working on the seventh day where the s&p won't move it's a much as half percent and below the service, keep talking about things going their own way. kind of random walk one way or the other. that said, it reflects a stable and somewhat comfortable macro picture. you had apple on a week to date basis more than offset losses from nvidia. therefore, mega caps taking their turn. the way the market, i guess, plays defense or just bides its time going into pce tomorrow, we had actually bond rally into that expected print. >> yeah. i mean, again today you see, nvidia's lower by 2.5% but microsoft, meta. amazon hitti

mike santoli, see you tomorrow.with morgan and jon. [ bell ] >>> well, a mixed bag to start the week as investors weigh soft manufacturing data against enthusiasm about nvidia's new chips. the dow closing well off lows after dropping more than 400 points earlier in the day. and the s&p closing a little better than flat, feels like a victory. that is the score card on wall street. but we'll stay late. welcome to "closing bell overtime." >> late-day buying. coming up this hour, we'll talk to t. rowe about the new headlines from nvidia sending that stock higher and the other names he likes right now. >> plus, qualcomm ceo about the chip

cnbc senior markets commentator, mike santoli here to break down the crucial moments of this trading picker on the sell-off in the financials and kate rogers looking ahead to oracle earnings out in overtime. mike, i'll begin with you. a day when apple hits an all-time high. cpi in the morning, a fed decision in the afternoon. >> the overall market, pretty placid. we have this churn. a very good treasury auction has yields down. a week ago, the market was looking for permission to celebrate lower yields in the form of a good jobs report. we got half permission. now we're looking for the same permission when it comes to cpi showing further disinflation and maybe a no-new news fed press conference. it's always willing to overreact to something that's not really a change in the story from the fed, but i don't think that we should expect necessarily the fooegd out there trying to pull the market in any one direction. >> we'll see. it's going to be exciting. we'll be with gundlach in los angeles at double line, right where the fed chair stops. leslie picker in the sell-off in financials. wh

mike santoli here to break down the crucial moments of this trading day, plus kate rooney on what's behindn it back to you. we have falling yields, falling stocks and late day move here. >> three days in a row we've had a low of the day between like 12 and 1:00 p.m. eastern time. it seems as if -- now, we definitely had this split market. twice as many stocks down as up. definitely more attention being paid by the market to hints of economic slowdown beyond what we'd prefer. so, yields are down. but the sector makeup is not really following along as we mentioned. banks down, small caps underperforming. it seems as if the moves are mild enough and if yields are falling, the market can get into only so much trouble, split nature of the market, too, is kind of offsetting things on an index level. volatility remains low. low volatility, yields are more friendly, you know, the intraday traders are just saying, okay, we're not going to necessarily sell hand over fist until we get something that sways the debate about the economy, the soft landing. >> does the russell being lower with yields lowe

mike santoli. still ahead, the pulse of the consumer with the ceo of hilton.ummer travel season ahead. stay with us. with the dow down 31 but the s&p up 0.3%. car, take me home. (♪♪) car, can you turn the music down a little? of course, james. thank you. ♪ (suspenseful music plays) ♪ um... car, this isn't the way home. that's right james, it isn't. car, where are we going? we're here. surprise!!! the future isn't scary. not investing in it is. car, were you in on this? nothing gets by you james. nasdaq-100 innovators. one etf. before investing, consider the fund's investment objectives, risks, charges and expenses. visit invesco.com for a prospectus with this information. read it carefully before investing. this is our future, ma. godaddy airo. creates a logo, website, even social posts... in minutes! -how? -a.i. (impressed) ay i like it! who wants to come see the future?! get your business online in minutes with godaddy airo >>> welcome back to "squawk on the street." mixed picture when it comes to the strength of the consumer as concerns grow that higher pri

i'm david faber with mike santoli, we're live from post nine of the new york stock exchange.n is live from cnbc's ceo council summit, that's in washington, d.c. carl quintanilla also there. he's busy on stage wrapping up his conversation with that lady, michigan's governor gretchen whitmer. let's give you a check on the markets and treasury yields a half hour into trading in the day. you see we're down on the two averages that matter. the 10-year is continuing to lose a bit of ground when it comes to yield. sara, over to you in d.c. and find out what you got coming up. >> yeah. it's an exciting day at the ceo council summit where all the hot topics are addressed as they relate to business. we've got an audience of ceos here, and they just heard from the head of the imf, managing director. i will bring you highlights from that conversation and they will hear, as you've been talking about, from two leaders on antitrust ahead of the ftc and the antitrust division at the department of justice. mike johnson, speaker of the house. everyone is trying to figure out what comes next in

cnbc senior markets commentator mike santoli to break down the crucial moments of this trading day.hat's behind lyft stock today and kate rogers in "overtime." this day seen ahead of a business one tomorrow. >> idling, neutral here. not the worst thing. a really interesting breakdown, because you still see new lows for the last couple weeks made in treasury yields. not a lot of traction in those parts of the market as i've emphasized that have come to be beneficiaries of that sort of thing, but also isn't outright panic. trimming around the edges. nvidia continues sit downing a couple percent to consume a lot of the energy of this market. it's right now on pace to trade $75 billion worth of its own stock today. >> wow. >> like 12 times apple today. 20 times microsoft. what are we doing here? obviously it's a lot of the echo effect of all of the public excitement in mechanized trading in fall mechanisms. shows you that fix ageation and running parallel to the whole market background. >> dangerous, though, if all that activity is around one name as we sort of suggested at the top. dan

good thursday morning, welcome to "squawk on the street," i'm carl quintanilla with melissa lee, mike santoliere at post nine of the new york stock exchange. cramer and faber have the morning off. stocks do look to resume their climb after wednesday's holiday. central banks continue to ease this morning. it's the swiss, qqq's closing in on a 20% total return for the year so far. our road map begins with the number one and rising nvidia, now the most valuable listed company, and shares set to climb again at the open. >>> plus, shares of accenture rallying following results, the company saying generative a.i. new bookings have totaled so far this year. and watching the strength of the consumer, kroger and darden rallying as quarterly results come in better than expected. >>> let's kick things off this morning with nvidia. it is the new market cap king, of course, topping microsoft and apple, in terms of valuation. not only that, mike, but you could look at the entire uk market or various forces around the world. >> yes. $3 trillion is real money, no matter how you slice it, 3-plus trillion. mul

senior markets commentator mike santoli is here to help us get ready for the week.our way. >> i mean, i think mostly it is the combination of cpi and fed, and, you know, as sara was saying, it's being characterized as an optional cut whenever it does come meaning that the cost of being patient and the cost of essentially doing nothing for as long as possible isn't perceived as very high, but that only % wo works as well as the economic numbers coming in. the camp coming into this week was, well, the better than expected payroll number on friday created some insulation against the possibility of a not so great cpi number. that means a strong economy if you are going to have high inflation. i'm not sure that the takeaway from friday's jobs number was resounding enough that we have a hot economy because of the kind of stuff below the surface and the household survey and the fact that a lot of other stuff was showing a little butt of softness that we bought ourselves that much of a cushion on that front. that being said, we still have a market that is pretty much in the

our cnbc senior markets commentator mike santoli and lauren goodwin here to break down crucial momentseat to see you both. a day in which we could actually get yet another, mike, closing high, another new closing high on the s&p 500. >> yes. it could be close but we are in grind mode. this is a kind of low momentum market that does just enough to keep an upward bias. i'm looking today, 1330 stocks up on the new york stock exchange. new highs and lows, almost even. just enough on the larger cap stocks and then a little laggards working. the market doesn't allow any part of itself to stray too far from the path because we have this calm at the index level, this sense of macro stability, at the moment, and earnings are good enough but then it's about, where are we going to get the incremental catalyst and conviction to move further? we're lacking at the moment. >> unless, lauren, this is the week in which we do because it's the fed meeting and the cpi report on the same day of the decision. is that the long-awaited catalyst that, perhaps, mike is alluding to? >> look, i think that we're l

let's start with the markets, though, with mike santoli to do the honors today. >> yeah, so right outthe gate, the s&p 500 was right on trend, levitating to a new intraday high, the 5500 mark for the first time. and then had this little hiccup, this reversal this the last hour, hour and a half and it has almost everything to do with nvidia, which did, again, advance to a new intraday high earlier and broke stride. it happened in tandem with some other areas of the market that have been very high. just these high momentum stocks. eli lily was one of them, chipotle was another one. so it seems there's some machinations around how far we can stretch that divergence between the highest momentum and the majority of stocks which again today are outnumbering the stocks leading the way. this has been a dynamic for a while. another thing i'm noticing, home builders, off the weak housing starts number, down about 1.8%, and the semiconductor index, also down for the week. it's little noisier below the surface as we look towards a big options expiration day tomorrow. >> mike, just to follow up on

. >> welcome to "closing bell," i'm mike santoli in for scott wapner.w week and on track for reco. we'll discuss this big run with our experts, including blackrock's rick rieder in just a few minutes. the usual strength continues in semiconductors. today, led by broadcom. also, though, joined by a broader selection of stocks. the nasdaq 100, have to say, still at the center of the action here, up about 1.5% and not too far from the 20,000 level, which is not somethin

cnbc seniors market commentator mike santoli here to break down the crucial moments and seema mody ony, cruise stocks as well, and frank holland with earnings coming out today. mike, nasdaq day because nvidia has bounced back quite nicely. >> the rotational toggle has gotten absurd and comical at this point. s&p closed 6464 on friday. it's 5466 right now. down 17 points yesterday. up 18 points today. yesterday was broad. today it's narrow. without a lot of new macro stuff to absorb and react to, the market is caught up in this tactical back and forth. it's almost like the s&p 500 is at the fulcrum of the seesaw and everything moves up and down around it and keeps the index almost solving for a flattish s&p index. it's not going to persist this way forever. probably a better bounce in nvidia on a one-day basis than i might have expected, given it wasn't just a fleeting morning relief we got. but we'll see where it goes. i think we're building toward as we get to month end, pce, i think we'll be able to reset the pieces of what's going into the market next month. >> seema, talk to us ab

cnbc senior markets commentator mike santoli and joe ter nova, both here to break down crucial finalon what we've seen today. interesting reversal. nice move in the dow. what did you see? >> whipsaw. definitely an unwind of what we've seen being the extreme. we have near record levels of divergence within the indexes. you've this this real upside stampede of leverage trade upon leverage trade and the winners. it's trying to relieve those extremes, the market is, through rotation rather than just everything goes down. because that's been one of the questions out there. we haven't settled it, but for now it's been this move from stuff that got super stretched and overheat into things that hadn't worked. energy up 2% and energy up 1%. it wasn't just tech. downside reversal sharply in lilly, in cmg, in all the things that have been bullet proof recently. we also know, we tagged 5500, strategists have been tripping over themselves to raise targets. whether it's real or not, the week after junes options expiration, next week, has been stormy. >> a story today that caught my eye that i want

there's still more to come in washington. >>> meantime, mike santoli off the opening highs, but 5520,down. it's not just one of those days where it's just a handful working. sara, you mentioned longer term yields did firm up a little bit. we got some steepening of the yield curve. inflation numbers absolutely welcome but you're still left with this idea of, you know, the fiscal picture down the road -- >> the fiscal picture. >> gold popping, et cetera. >> the fiscal picture is in picture now with the election sharply in focus and the imf in article 4 assessment, which they review economies for the u.s., pretty stern warning on fiscal debt and gdp reaching 140%. >> can't get that yield below 4.3. on mer aerhis. daughter: what are you doing? dad: i'm gonna clean the fence. daughter: it's a lot of fence. dad: you wanna help me? dad: aim at the wall, but get closer. daughter: (gasps) what the?! daughter: alright. dad: side to side. when you work with someone who knows a lot and cares even more... you can do this. ...you're unstoppable. (♪♪) wow... are you kidding me? you can do this. at t

mike santoli here to break down these crucial moments of the trading day plus frank holland on on thend chris see the that pa partsinevelos is back. >> mike, nvidia added 1 3/4 trillion dollars in market cap year to date. >> it's about a third of what the s&p -- >> it's just may -- i mean, it's june. it's barely june. >> so this is one of those days where it's clearly the biggest upside driver and it's associated stocks are adding disproportionately to what the index is doing, which is tracking to close at a new high. but it's also just not nvidia alone. there have been many days recently where it was the rest of the index against that one stock. today at least, we got the benefit in other groups from this big pullback in treasury yields because the services ism came in at a reassuring level. seems like private sector payroll from adp was roughly in the zone of saying the economy is okay. and now you have things like banks being draled higher and the rest of the market is able to find its footing. now, i wouldn't say it's an all inclusive rally. a third of all stocks are down today. b

mike santoli here to break down the crucial moments of the trading day.st of the big banks, they'll announce plans for excess capital after the bell today. leslie picker is following the money for us as well. mike, we're going to pull the curtain down on the first half of the year. pretty good one for stocks at the index level. >> very good one. i think if you extrapolate, you say what tends to happen next, after you have the first half like this. it almost all tilts to a positive bias, we can say that for sure. you can also say the end of the first quarter, i'm very mindful of the experience at the end of the first quarter is very celebratory. that's a little more overbought. we were all in, we had had the momentum break, you know, nvidia peaked a few weeks earlier. we were heading into an earnings season that was going to be good and it was good. and you still had a little bit of chop along the way because of where expectations had been, and because of what treasury yields did. and they broke up toward higher end of the range, toward 4.5%, you flagged i

mike santoli here to break down these moments.lus, steve kovach, and kristina partsinevelos looking ahead to broadcom earnings. steve, it's you i'm going to begin with because these have been two remarkable days for apple shares. >> i remember you and i were in cupertino just 48 hours ago watching the stock go down on those artificial intelligence announcements then all of a sudden just overnight, the next day, we saw the street just really accept it and say you know, these artificial intelligence features are going to drive more iphone sales. they're going to, they are new, they are novel. they are exciting. keep in mind, scott, the big story here beyond what the ai features can actually do, it's the hardware that they could run on. right now, unless you have an iphone 15 pro, you're not going to be able to use it plus newer ipad and mac models. it's the phone that matters the most. we'll find out for sure in the fall if people are going to upgrade for those ai features. just more reporting on those features, not everything is go

mike santoli here to break down the crucial moments of this trading day.in overtime. michael, i thought it was interesting, our conversation with keith meister at the top of the hour. be careful what you wish for, because maybe it's not such a good thing. i want you to listen to meister and we can chat on the other side. >> i think rate cuts will actually be a negative for the market. like, why would we be cutting rates? we would be cutting rates because things are rolling over. so if we can stay with short-term rates at 5.25, 5.5, longer term rates at 4.25 and full employment, i think that's a healthy backdrop. >> what do you make of that? >> i agree that status quo has been fine and probably would be fine if conditions warranted to keep rates wherever we are. we know the ten-year at this level hasn't really completely undercut the economy. i think you have to take the fed at its word in terms of what it would be reacting to if it cut rates. the bull case is not quick and many rate cuts. it is optional, orderly, slow, deliberate cuts, just to take some of

i'm mike santoli in for scott wapner. this make or break hour begins with another day of chips and dips. broadcom and nvidia, holding the s&p 500 up and nasdaq as well, near record highs, while a hefty majority of stocks pull back. any positive close for the s&p and nasdaq would be a fresh all-time high, while the dow, as you can see there, continues to lag. it's about 3.5% below its all-time high, above 40,000. small cap stocks, also struggling. today the russell 2,000, down by almost 1% after a little bit of a pop yesterday. that even with treasury yields, falling sharply today, following an encouraging wholesale inflation reading, an uptick in unemployment readings. the ten-year was at 4.5 just a couple of days ago, about 460 two weeks ago. we start with our talk of the tape. can wall street stay patient as long as the federal reserve can? as we await confirmation of a soft economic landing? and where within this uneven equity market should investors be focusing their attention? let's bring in joe terranova, courtney g

. >> welcome to "closing bell," i'm mike santoli in for scott wapner. this make-or-break hour begins with stocks levitating into a new week and on track for reco. we'll discuss this big run with our experts, including blackrock's rick rieder in just a few minutes. the usual strength continues in semiconductors. today, led by broadcom. also, though, joined by a broader selection of stocks. the nasdaq 100, have to say, still at the center of the action here, up about 1.5% and not too far from the 20,000 level, which is not something we had necessarily anticipated. there's the composite, up 1.2% as well. with consumer and industrial names all participating in the gains, although to a lesser degree. now, despite ongoing concerns about this narrow bull market leadership, three wall street firms have raised s&p 500 targets today as the first half winds down, bowing to the persistent strength of that benchmark. treasury yields up a few ticks on a quiet news day for macros. a series of somewhat reassuring inflation readings takes us to the talk of the tape. whe

e*trade from morgan stanley >>> "closing bell" market zone senior markets commentator mike santoli tobeau, rally of rivian shares today. and look ahead to micron reporting in overtime. and it definitely feels like now we're going to wait and see what happens with pce on friday morning. before we start putting chips on the table again. >> it feels that way. it feels that the default mode of the market is just general service level, calm, allowing things to move around underneath, but not really getting rattled. today is interesting because backing off in nvidia and it's not really small caps in the majority of other stocks that are taking up the slack, it's the other big ones. >> apple is up 2%. >> it's basically non-semi-mega cap. >> amazon 4%. >> it again reenforces this idea that people are happy to maintain general exposures out there to the market, as we sit here all-time highs, worth engs the s&p was the day before nvidia peaked. it wasn't as if we're ignoring everything, there's just enough demand or lack of people wanting to get out from for macro reasons that were fine on a ma

cnbc's mike santoli is here to break down the crucial moments of the trading day.tes meeting. seema mody with some details. >> mixed job report, mixed market reaction. this market is sort of this machine for absorbing these one-off factors and essentially kind of synthesizing them into, you know, kind of a calm index performance. we're holding most of our gains. i find a couple of things interesting. one is, you know, you have a little bit of a headwind with nvidia. the fever having broken yesterday, a little bit less volume. we're going to wait for the split to become effective. and you did have at least a modest response from industrials today on the lower yields and decent jobs number. it felt as if, as i said yesterday, the market was wanting the jobs report to give them permission to celebrate lower yields, and we only got kind of half permission to do that. here we sit, apple at the very high of a one-year range. this stock peaked twice in the last year at $196 or $197, perfect going into next week's event, to see if that could be the next preoccupation of a

get to mike santoli at the nyse. mike, looks like we're going to continue higher. >> yeah.by, a lot of rotation below the surface. look at the s&p. now a one year. you see that peak in late july. before that fall correction. doesn't really look dramatic on this chart here based on upside. gotten it. also kept to the really, a pretty good channel that we've been in for a little while here. kind of right in the middle. slowed down a little. some action in the past week or so has resembled what we saw at the beginning of march. that was when, of course, we had, nvidia started its own correction. momentum trade really faltered for a little while. rest of the market tried to rotate around hold the market up and eventually got that 5% pullback when treasury yields broke out to the upside. concerned about repricing a more hawkish fed maybe even the economy. overheating then stumbling. didn't come positive-of-to pass immediately, we recovered. internal dynamics. s&p to equal weighted version back to last monday. basically when nvidia has that big kind of pop and then drop. started

get to mike santoli at the nyse. mike, butterflies? an article in the "journal."erything okay? >> i think everything eis prett much okay but i understand what you're getting at unease how the market is getting where it's getting and relying on the same areas, same handful of stocks. you mentioned divergence between the s&p, nasdaq and dow. dow doesn't have the stuff working like magic. s&p right now including nvidia. here's the s&p 500 the past year against everything in the s&p except technology. yep. etf, s&p excluding tech and you see kind of still a beautiful liftoff trend in the broader market cap weighted s&p 500. pretty much flat the rest of the market since march. flat is fine. still sitting on gains. definitely doesn't look as strong or as much momentum there. obviously this brang breaks dow size. 50 largest tocks, as a matter of fact. in an etf, 50 largest in russell 1,000 and in the u.s. market. russell 2000, most of the smaller stocks in the market. this is a three-year look. you see how the advantage of larger stocks keeps accruing here. now, if you w

mike santoli says he was handed control of corporate investments. >> cohen takes the money, makes something of it. to me, gill is betting on a company that a few days ago -- well, three weeks ago less money. now he has more money, gensler goes after him if he says anything good and sells. that's gensler sitting there, just bring him right in. but i don't think he's going to do that. >> i don't know what law he would prosecute him. >> if he pumps and dumps? he's not going to dump. >> he doesn't know anything. how is sit any different than kathy wood coming on and saying i love tesla? how is it any different? >> i think that he's far more responsible. >> gill, you mean? >> yes. >> as it was pointed out this morning, a former compliance officer. >> far more responsible, i totally get where he's coming from. i always felt that rich people had this place rigged and i went to goldman sachs and it turned out they didn't, but then i became the man. i wasn't the man. i was a union leader. >> you are the man. >> i was not the man. >> now you're barely a man. >> j.p. stevens. i led the strike efforts.

i'm sara eisen with carl quintanilla and mike santoli, today live from post nine of the new york stockthis morning although we've given back some of the early rally already. the s&p adding to gaps for the week. so far up a third of 1%. unchanged right now. beneath the surface there is strength in communication services, energy, consumer discretionary, technology stocks are up. financials are weaker, health care, materials, consumer staples and industrials lower. the nasdaq up 0.25%. it's been outperforming this week thanks to the rally in big tech it continues. take a look at treasuries right now. we had a lot of data which we'll talk about in a moment. an auction, seven years. the 10-year note yield 4.28%. closer to the bottom end of the range than the top end of where it's been lately. but have been inching a little bit higher. there's buying today. yields slightly lower on disappointing data. 30 minutes into the trading session, three big movers we're watching. shares of micron sliding despite reporting better than expected results and meeting revenue expectations. the company faili

i'm carl quintanilla with leslie picker and mike santoli. david and sara have the morning off.erforming blue chips. nvidia holding on to an opening bounce. consumer confidence is out. let's get to rick santelli. >> yes. consumer confidence for the month of june in addition, we have some richmond fed indices on richmond fed, if we look at the manufacturing side of the equation, expecting a number minus 3. comes out minus 10. that's the weakest, biggest negative month over month change since march and if we look at the service side, the business conditions, at minus 11, that's the weakest since october of last year. on june consumer confidence, from the conference board, we're expecting a nice even 100 on the headline, comes in better than expected, 100.4. and that follows sequentially 101.3, which is a downward revision of what was originally reported as 102. if we look at the present situation, 141.5. comps to last month which had a huge downward revision. all the way from 143.1 to 140.8. so big downward revision there. so 141.5 now stands as the best level going back to march

welcome to another hour of "squawk on the street" i'm carl quintanilla with leslie picker and mike santoli have the morning off. decent stories regarding equities whether it's fedex up upgrades but the ten year has created some small opening reversals. keep an eye on that with the dow down 150. >> we're 30 minutes into the trading session here are three movers we're watching. fedex popping double digits. big cost cutting efforts paying off more with one analyst who calls the stock a buy here in just a moment but you can see shares up nearly 13% this morning. rivian, also on a tear. surging more than 32% right now. the ev securing up to $5 billion of investment from volkswagen. we'll speak with one analyst who just raised his price target there. watch whirlpool gaining after a report saying germany's bosch is considering a takeover bid for the appliance maker those shares up 13% as well. >> housing data crossing the tape right now. let's get to rick santelli. good morning. >> good morning. this a may read on new homes sales expected to be on an annualized unit basis around 630,000 coming on

good monday morning, welcome to "squawk on the street," i'm carl quintanilla with sara eisen, mike santolit post nine of the new york stock exchange. cramer and faber have the morning off. futures, a bit soft on this holiday-shortened week after the nasdaq's record close on friday. s&p now up 7 of 8 weeks as more strategists raise their targets over the weekend. our road map begins with wall street's bullish expectations. the s&p getting a new top target of 6,000 and eyeing its 30th record of the year. >>> plus, big tech's dominance. 17 of the top 20 performers coming from the i.t. sector this month. goldman-sachs saying a.i. continues to fuel the boom. >>> and shares of autodesk rallying on news that activist fund starboard value has taken a $500 million stake in the company. we've got a lot of color on that one. >>> let's begin with the markets as we kick off this holiday-shortened week. of course, the news over the weekend, goldman, upping their year-end target and evercore isi at a time where we were getting a little antsy about narrowing breadth. >> i think we're still antsy about it,

i'm carl quintanilla with mike santoli, melissa lee, live at post nine of the new york stock exchangem the reversal. the s&p down another 12 points but the dow higher by 50 points. interesting macro data print from s&p pmis. services with the best number since april of '22. not that much in the way of inflationary price survey information, which has kept yields well behaved in the wake of that. we're about where we began at 4.24. >> before we head to break movers we're watching. sarepta therapeutics surging, the gene drug therapy duchenne muscle dystrophy. the approval expands the market for the treatment that hasn't proved its benefit in clinical trials. the treatment $3.2 million was cleared under an accelerated pathway. tony sacconaghi raising 240 to 195 believing investors can, quote, be a leader not a laggard in ai. and a tough week with gamestop shares losing seems to down double digits since monday and trump meimm media on pace to en week down. >> fresh economic data crossing the tape. rick santellis that for us. hey, rick. >> yes. leading economic indicators for may are out. w

let's bring in mike santoli with his market take.estrator so you know it's a big day. >> lurking behind you. absolutely. let's look at what has been a big driver, which is apple really rising to meet what the broader megacap growth stock universe has been doing. apple relative to the nasdaq 100 this is december of 2021, 2.5 years. here you go, the same spot but look at the ground they made up towards the end. always a handful of the megacaps working. i think it's very useful to point out that apple does not actually need to work for the broader market to work, they go in different directions at times. apple had done almost nothing since december of 2021 until a few weeks ago. it has these spurts about performance but now everything is working. i thought the big question today was we got the green light and therefore the fed, was it just small caps working, everything else for sale? that's not happening. look at the nasdaq 100 relative to the equal waited s&p 500, everyone is complaining about how narrow a market it's been, it has bee

to mike santoli at the nyse. mike? >> hey, joe.le last week and continuing today. remains, though, kind of a selective market. a little split in terms what's working, what's not. visible in the s&p 500 relative to equal weighted version of it. off the october low after that correction last fall. you see right into the peak here in late march, the last trading day of the first quarter. everything pretty much in sync. a broad and inclusive rally. since then up 2%. average stock rates bottomed. 4.2% late march. part of the story. nvidia's strength up by 30-plus percent since that march 28 date. enough to keep the market cap weighted index up. apple up 15%. i say the trend is strong but lower momentum and narrower breadth markets. two groups, home builders and semiconductors. big outperformers still over the last two years. interestingly, as rates eased back off the recent highs, home builders struggled just a little bit. housing turnover not cooperating. however, smis, market weighted, nvidia and broadcom a big part of that. seems sec

let's get to mike santoli down at the new york stock exchange with a closer look at the markets, and >> yeah. we got a couple of side shows. got the small one. gamestop activating excitement on the retail side. nvidia almost its own kind of mega-sized version of that story with a massive amount of volume and investors interest around that stock, which has been a big support for the s&p 500. yesterday nvidia traded like $75 billion worth of stock. ten times what microsoft traded. here's the s&p 500. we topped, end of the first quarter, ten weeks ago today. since then up about 2%. holding gains. two-month sideways, pullback. churning around. since that point the average stock is down probably two or three%. index up a couple percent off that march 28th high. how the market cap weighted indexes work. right? lower bond yields this week. some softening of economic data, but in general that kind of comfortable goldilocks-ish tone. hopefully it's holding. market idling ahead of the jobs number expecting to see moderate growth. cyclical wellweather groups. since october lows of last year. equ

. >>> go to mike santoli at the nyse. interesting day yesterday, mike. reversal.oes down. all about nvidia. >> exactly what i was going to start with. first of aerial, back it drop s&p 500 by most, quantitative measures a little stretched. really strong trend. what the 200-day moving average tells you. slowing up as it is. a 12, 13% spread between the index and that moving average. similar in proportion where we were before you had these hesitations, pauses, pullbacks. maybe that's what's at wok here, but xoe driven by that narrow group of mega cap stocks the average stock in the market is not stretched at all. therefore, you have potential for some kind of rotation. what we had yesterday. big momentum leaders breaking stride and you actually did have relief come in in the areas of energy stocks and somewhat smaller name. look at the dow versus the nasdaq 100. this has been stark. obviously both big cap indexes very different composition and construction and the dow, of course, backed off since it did click to 40,000 at some point on a year-to-date basis. a very b

right to mike santoli. ky. some of the things you mentioned are plausible in terms of the trend being a little bit fatigued. also a couple times this week we have absorbed a selling flow from overseas markets in the mornings. then the u.s. market found its footing. eventually. you see the s&p 500. this trend is very, very solid. if anything, it's getting a little extended beyond its 50-day average. this other line here. it is due for a rest at, again, the headline market cap weighted level. as everybody's saying, it's been a very top-heavy rally the last phase. fewer than half the 500 companies themselves are trade ago bov their own 50-day average. technical basis a bit of an uneven market and people are focused on that. for now not hurting index investors directly. part of that, of course, the a.i. theme, where basically investors continue to be dazzled by a sense companies are partoning. look at three here. three-month chart. guess where each of these companies had something nice to say about their prospec

get to mike santoli for a look at the markets still in positive mode last month, mike. >> sure, joe. the pop friday. s&p up 1% in the last hour. a big month-end rebalancing, index rebalancing day and mcnichol reallocation, maybe unwind in the morning monday. not yet. seeming it's going to happen you pointed out futures. big picture, yes, strong month of may. last month down one half of 1% but been a two-month sideways-ish period. kind of just been digesting gains of the prior seven months. there's been a lot of talk about the differentiation, a split market with, again, some measures of the breadth of the rally kind of falters just a little built. it's not clear to me that's necessarily a dangerous thing looking forward. look here at the equal weighted russell 1000 against the long-term treasury etf as well. buying yields go up, prices go down. seems to hit the breadth of the market not necessarily the headline nasdaq 100 driven by secular companies. see the harmony between what bonds are doing and the average stock is doing, even as the overall market plays defense goes. nvidia. one

good thursday morning, welcome to "squawk on the street," i'm carl quintanilla with melissa lee, mike santoliay. central banks continue to ease this morning. it's the swiss, qqq's closing in on a 20% total return for the year so far. our road map begins with the number

mike santoli joins us from the new york stock exchange. a closer look at the markets.k that box. >> yes. exactly, joe. you know, apple takes over when nvidia took a arrest and has been enough to protect the s&p 500 on a given day. one of these huge stocks working. majority really still chopping lower, consolidating. so the formation of the s&p 500 look goods. up a percent and a half, 2% end of first quarter. 5% pullback. seemed like kind of a minimal incomplete pollback, seems like majority of stocks are caught in that sideways zone. because of the strength of some mega gaps, index investors doing well. 5375 where we did finish up yesterday. you mentioned apple. apple retttive to s&p 500. over the last two and a half years. this is from december of 2021. that's when apple first went above the 180 dollar share mark crossed over 200 yesterday. you see, yeah, sure. vaguely speaking kind of taking a different path to the same point. i like to point out there have been times when apple has actually been down, and the stock market and s&p has been up. it's not a bellwether i

our own mike santoli, senior market commentator and steve liesman and the chief economicr other thoughtsot? >> first of all i wouldn't disagree with rick that the ecb cut creates market realities that may be motivated or force other central banks to do other things. it is being taken a bit like a hawkish cut today, and i'll tell you the reason why, becky. it's because the staff boosted their inflation forecast by 0.2 for 2025. what you see in europe, rick is 100% right. not a big change in the u.s. in europe yields are actually higher. look at the ten year deutsche of the two and ten year. both of a little higher on the day. they're not seeing it as a free for all, hey, we're cutting. i think we dodged a bullet on unit laker costbor cost. came in at 4. jobless ticking higher. a sign of softness. not seeing continuing claims follow along with that and maybe in the months to come. leave it there i really want to hear from john has to say. >> in a moment. first check in with mike. because these moves that we're seeing right now, you know, this is a, yeah, okay, all of this telegraphed knew

that mean for stocks as we enter the second half of the year let's ask none other than michael santoli. mike, what do you think? >> definitely the momentum trade is exemplified by nvidia and some semis and bitcoin can the rest of the market prove that it doesn't always need those upside leaders so far, so good in the last three or four days, even today, there are twice as many stocks up than down i think you have to hesitate before giving full credit to the market for being able to execute a full rotation. we are on track for a non-hard landing, that means inflation and growth coming in an acceptable range you can't dismiss the add that lower bond yields really didn't give full benefit to smaller stocks and other cyclicals, because there is a little bit more sensitivity to the idea that we're decelerating the economy more than we expected or would hope to. so far, the market is behaving in a pretty orderly way as we get to the final week of the first half >> mike, stay right there. we appreciate it we want to continue our conversation, and our next guest says last week's mixed data on the ec