bob pisani is on the floor.re. >> we have a statement from the new york stock exchange and here is what it is. we're currently experiencing a technical issue we're working to resolve as quickly as possible. we will provide further updates as soon as we can. we're doing our utmost to provide a swift resolution to produce a swift resolution, communicate thoroughly and transparently and ensure a timely and orderly market re-open. no word on exactly when the re-open is going to happen. here you see sort of what you might call the tech nerve center here. this is the ramp that's in between the stock exchange, the main floor and what we used to call the garage next door and you can see the officials gathered around trying to get the market back up. so i don't have any more on that but as you can see here, turn around. very simply on the floor here, these are the panels and these are the stocks that trade at all of the panels, macy's trades here, travelers trades here, goldman trades here, jpmorgan trades here and what

bob pisani on the floor of the new york stock exchange. tom farley president of the new york stock exchange here with me. tom, give us an update. >> sure. sure. so tough day, bob. we opened -- we opened the market as usual. so all the nyse listed stocks opened without incident. and around mid morning, started to see some concerns about the way trading was occurring. customers weren't getting all of the messages back that you would otherwise expect. we made the decision -- i made the decision consistent with our rules and working with our counsel and regulatory arms obviously to suspend trading here on the nyse because we want to make sure nyse stocks wouldn't be negatively impacted. during the day as you know they continue to trade on various venues. i've said to the team we have a great team they're working on it. i said take your time identify the issue. these stocks continue to trade. let's get it right. let's identify what it is. let's put in place the right plan. let's make sure we communicate to customers, let's make sure we communic

bob pisani spoke with thomas farley in the past hour about the glitch. saying it expects to resume trading at 3:10 eastern, bill. and as we approach that things could -- and as we start to see trading resume it could get dicey. >> the first test will be in 20 seconds. also here on the floor of the new york stock exchange the big board bought it some years ago. >> back up a little bit here. i'm on the post of stryker. specializes in amex stocks. and here is the american stock exchange stocks open here. and we're ready, 3:05. how are we looking, mark? are we opening? >> we're good to go. >> they're good to go. and we're waiting for it -- these are guys trading stocks here and they're telling me they're good to go. and we're waiting for the system to boot up, essentially. i don't see the thing lit. we're not up, right, mark? they are ready to go. the guys are here, this is a trading firm that specializes in amex stocks. all of these are amex stocks right here, and the system is little bit ant climactic. some of them there are a few nyse stocks mixed in. if

i'm bob pisani at the new york stock exchange. one of the biggest issues for the market heading into the second half of 2015 is greece. and today, on the day greece's payments to the imf was due there was no agreement and no progress and back and forth from both sides. michelle caruso-cabrera has more from athens. >> reporte gre prime mi alexis tsipras silent as he arrived at work this morning but behind the scenes another round of negotiations in the hopes of a last-minute deal were dashed late in the day when the dutch finance minister said they would try it all again tomorrow. in the meantime today, greece's bailout program officially expired lea the country without a financial lifeline for the first time since 2010. finance minister besieged by reporter as he arrived at the office confirmed the country will not pay the 1.5 billion euros due to the imf by 6:00 p.m. this evening. with greece's banks closed for a second day, the country's citizens lining up once again, at atm to withdraw only 60 euros per day, that is if they can

and that's your second half earnings outlook for "nightly i'm bob pisani at the new york exchange. and now to the economy where the federal reserve isn't just focused on what is happening here but also on what is happenin overseas. especially in greece. steve liesma tells us what central bankers need to see in order to carry on what their eventual plans to hike interest rates. here's what to watch for in the economy in the second half of the year. the outlook for the next six months is reasonably bright with one major wild card. greece. right at the average of the expansio the recession, somewhere bet 2 and 3%. fed officials continue to think that the economy will improve to the point where they can raise interest rates for the first time in mo t nine years. the possibility of a greek default and exit from the euro complicates the outlook. economist forecasts unemployment to head down and wages are seen picking up. that's your second half economic outlook. for "nightly busine i'm steve liesman. >> so if all goes as expected and the fed hikes interest rates in the coming months how

. >> bob pisani is on the floor. you got some more? >> the important thing is we've confirmed that the nyse is canceling all of the open orders. that's not a trivial thing. not just bids and offers on stocks that was trading when it was halted, but also closed. there's orders that are put in for the market closed, even at this time of the day. so it's not clear how many orders are canceled, but most assuredly, it's in the hundreds of thousands. i mean, that would be my estimate. maybe a half a million orders that are probably now going to have to be canceled. and they'll have to go through that and simply cancel everything that's out there right now. so everybody has to have finality, and certainly those orders, if something should come up again, are not going to be executes because circumstances have changed. so that's the most important thing right now. and just about the fact that stocks are trading off of here, and it's a very good point, only about 20% of the volume in the nyse stocks trade on the floor right now. back in the mid-

as bob pisani was saying earlier today.eadership is getting narrower and narrower with a number of new highs in those two sectors. but maybe it is a bit of a warning sign. >> used to have the old four horsemen of the nasdaq intel, microsoft, cisco and i forget what the other one was. now may have a new four horsemen -- google apple, facebook and -- pick your fourth -- netflix, i suppose. >> google was one of the reasons we saw the nasdaq move to that record close on friday after google's strong earnings. this week we've got a lot of big heavy hitting tech names like ibm after the bell also microsoft and apple this week. that will be one of the things. >> $64 billion in asset value added to google on friday. that's a good day for sergei and larry. >> not bad. not bad. >>> that's it for the very first hour of "power lunch." but lots more to come. >> thanks very much. i'll be joined now by melissa lee. >> hey, guys. >>> 2:00 p.m. on wall street 11:00 a.m. in seattle. you are watching the second hour of "power lunch." i'm melis

bob pisani on the floor with more. >> we watched the open. the nyse said it would be smooth.has been. the volume pretty good. relatively heavy volume. we are not far from the same volume we had at 11:30 big day for pepsi. stocks up. a smooth open. going by glen's post here. he has some of the big names. twitter opened okay. under armour is okay. go daddy is up almost 2%. some of the energy stocks trade here like colombia pipeline. disney dew point, 3 m invesco. they are all trading fine. some of the big financial names traded around the corner here. citi has opened fine. no real issues there. by and large, we are looking fine. the nyse said a piece of hardware wasn't correctly set up. it is no the a hardware problem but likely due to a software problem. they are updated and sometimes there are coding errors where you have a piece of code that causes a problem with interacting with the customers. sometimes it works. sometimes it doesn't. it is amazing this thing doesn't happy more oven. the big question for the nyse. did they follow the best practices in doing the update. i th

let's get right back to bob pisani at the nyse. much is oil recovery playing in the conversation on the floor of nyse today? >> a big part of it. the industrial and commodity recovery is the main story. let's look at the s&p 500. we're at the highs for the day. number one, we are getting a notably oversold bounce in sectors that have been beaten up most and it's about time after seven straight days where declining stocks and advancing stocks of the new york stock exchange that's rare and as brian mentioned energy is the lead here. materials are making a comeback and industrials. these are three groups most beaten up in this month and they're bouncing. health care has been a market leader. was wobbly recently because of some disappointments on biogen in biotech area. elsewhere, sector bounces in subsectors. so metal stocks. oil and gas exploration and dow transports. a notable lagger. they are market leaders today. we are getting an oversold bounce. money coming out of treasury etfs in a large way. we see treasury etfs that are spec

bob pisani is on the floor with us. >> the nyse said it would be a smooth open and it was. been monitoring the trading activity. nothing out of the ordinary. the volume is about normal. people were wondering whether it would be some slippage to additional business on the floor i don't see it, 230 million shares changing hands, a pretty good number for this part of the morning. the important thing, no glitches, looking at a couple of stocks here, palo alto, net sweep. hub spot. zendisk. big chinese names trading as norm@al. all on the upside. i put up the shinzhen and the shanghai stock indices, 5% rally in shanghai, the biggest one-day move in six years. a lot of the stocks are not trading, so that the caveat. >> there's stock restriks, so take all of it with a grain of salt. over in europe we had two things to deal with, not just china, but vague hopes on greece, there's talk about them presenting a plan. nothing of it is concrete yet. but generally the european markets are up. so germany, france and spain are up. the greek market is closed in greece. but here in the unite

. >>> welcome back to bob pisani on the floor of the new york stock exchange.e has released more information on the cause of the outage at yesterday on the floor of the new york stock exchange. they're now saying that the outage was caused by a software rollout that caused what they're calling communication issues from customers. let me put it in plain english. what's happened is what we were talking about. the nyse and all exchange routinely upgrade their software to improve communication, with other exchange as well as the customers. why they did a software rollout yesterday, in the morning there were communication issues between their customers and the nyse. they then upgraded the software, fixed it and open occurred as usual. however, in the process of fixing the software it causing other issues in the software that eventually caused the breakdown on the floor of the nyse that we saw. so the bottom line are software rollout, didn't quite get coded the way it should have and that's what caused the series of glitches that eventually led to the shutdown. >> we

for "nightly business report," i'm bob pisani at the new york stock exchange. >>> a crippling decline that is rippling in other industries. >>> germon lawmakers agree thod a third bailout for greece. the measure was approved following a warning from the channeler will merckel that is the alternative was chaos. >>> the hits keep on coming for coal industries. a pension fund has filed suit against pea body energy after an alleged $800 million lie liabilities from patriot coal. part of its bankruptcy they floon sell some of its assets. >>> meantime coal prices have plunged since their 2011 peak but the decline accelerating this year and the tough times may be getting tougher. not just for the coal industry. bup as morgan brennan explains more to it. >> reporter: april 2013 natural gas is the primary fuel for electric generation. and 31% of power and coal 30%. come nair to just five years ago, when coal generated 44% and nat gas, just 22. it's one more piece of bad news for a kmoddy that is struggling for years. a stronger dollar is making coal exports more expensive and u.s. regulation t

bob pisani on the floor. as we said, our own steve grasso down at the new york stock exchange as well. steve, 1132 happens, crosses, trading stops. what was it like? >> i was actually one of the first people to have the issue with my handheld on the floor, and i saw there was a latency in trying to pull back an order from the order book. so that's when the whole thing really started to spiral a little bit where i started to see it was two stocks, five stocks, ten stocks, to a lot more concerning issues and that's when they shut down the whole floor. that to me is the blow to confidence that people see. even though they know there's other venues, this is the hub of financial capitalism of the world. that was the blow to confidence right there. >> is there any bit of fear in you tomorrow, steve, that this is going to happen again? >> you know me. i'm always paranoid. i always -- i fear something. i make up stuff to fear. but i will tell you the same thing that you said. i spoke to mr. farley. i spoke to tom far

bob pisani is at the nyse. >> important thing is we're starting off the second half with two up trends very much intact and a down trend also very much intact. the important thing today. bank stocks continuing. remember they were big winners. the trend is up in interest rates. whenever you get a strong up trend in interest rates, banks usually move to the up side. this trend is now continuing into the third quarter. no new highs here but again every day you get a little bit of a move up in the banks. other up trend -- health care. particularly pharmaceutical stocks. they kind of play second fiddle to biotech but they had had a very good quarter last time. they are moving up as well. the down trend -- energy. again you heard about what what's going on stockpiles increasing for the first time in nine weeks. opec production highest in a long time. they are resuming the down trend. this has been going on for six weeks. shale stocks down as well. greece does trade here in the united states. there is an etf for that grek. this the intraday. it moved down as we got word there would be no more

right now bob pisani is on the floor of the notion.ew york stock exchange.ally all about greece? >> i wish i could say it wasn't but it is. i tell you how you know. 3:00 a.m. this morning the s&p futures shot up 15 points on word that there was a greek deal. that's essentially where we are right now. right at the open we didn't quite gap up at the open but we moved right up to where we are. this is largely because of the greek deal. there are a lot of other things coming today, this week, including the earnings situation. but we've had a fairly broad rally, 2-1 advancing to declining stocks. we are off of the highs but not far. tech stocks consumer discretionary, materials and industrial have all had a very nice day and frankly are still sit something right near their highs. the big talk is about what's going to happen on earnings. of course we'll see the financials first. we'll have jpmorgan tomorrow wells fargo tomorrow bank of america on wednesday and citi group, goldman on thursday. the hope is one, better loan growth. and two, an expansion of the net in

bob pisani is down at nyse.icism about what's happening overnight in china. >> you had it it right on the head. we had a smooth open at the nyse after that trading disruption yesterday. we're keying off of greece an china. we've been strong but drifting lower. it is hardly the basis for a rally. they just don't believe in greece and china. strong volume throughout the day, a lot of trading going on but a lot off people don't believe what's going on in china. solar stocks social media stocks cyber security stocks all started very strong. typical indication of a strong day. finally, e and p stocks a rally. we haven't seen that in a while. >>> folks, it is time now for "street talk." every day we dig through research to find five of the most interesting analyst calls out there. though we save a little more "fast money" at 5:00 p.m. eastern time. western union. upgraded to a buy from neutral. they see as stable both consumer to consumer and business to business. their target on wu $22. >> nice lift for wu because th

bob pisani is at the new york stock exchange. >> nice up day overall.an sachs a bit of the drag on the dow industrials. but you see sideways. germany, all of europe had a nice little bounce. mario draghi said they'll provide additional liquidity to the greek banks. we had a nice global rally for a week now. germany's up 9%. shanghai 9%. australia australia, s&p up 4%. all of this largely on reports greece and china stabilizing. overall what's not working is the global growth story overall. steel industry poor. energy poor. industrials aren't doing much either. a big multi-industry company lie dover. this is what the industrials look like these days. they're just drooping because they work in 30 40 50 countries and they can't get any growth. that's what we need and we do not have it right now. >> bob pisani reporting for us. >>> can stocks move higher from these levels? joining us rob lutz chief investment officer at cabbott wealth manager and ed perks, from franklin equities group. welcome, good to have you both here. right off the top, yes or no? will

bob pisani on the floor of the new york stock exchange.tocks right now in the s&p are drifting toward the lows of the day. we've been drifting lower all week. this is the lows for the week. been down four days in a row. the s&p 500. that's an intraday chart you are looking at. the problem is we are seeing continued weakness in sectors that have been a problem for a while and a new sector emerging as a sorts of weakness. we know about the problems of material stocks and energies as the commodity rout continues this week. industrials have been hit rather badly because of disappointing guidance from major industrial companies. biogen reporting disappointing numbers dragging down many of the biotech names. industrials on the weak side. dupont chevron, goldman sachs, even in some of the bank names today, ibm among the bigger ones weaker. more "power lunch" coming right back. this summer, challenge your preconceptions and experience a cadillac for yourself. ♪ take advantage of our summer offers. lease select cts models in stock the longest for a

let's get all the trading action bob pisani joining us here from the nyse floor. i thought it was interesting not so long ago this morning there were reports saying china was going to increase state buying of stocks. stocks here in the united states still didn't get any courage from that. i feel that they have absolutely no faith in the ability of policymakers and regulators in china now. >> they don't because no one knows what's going to happen tomorrow. what's interesting, they didn't come out today and say we didn't support the market. this is all speculation about why we dropped. we droopd going into the close in china. everybody said it must be because the government there wasn't supporting but there was no statement to that effect. we're all speculating about what's going on here. for sure they'll be supporting it in the near future though. the chinese etfs here something interesting. the heavy volume we're seeing today is in the hong kong gaysbased etfs. not so much heavy volume in the main mainland china based etfs. seem like people are more interested in

. >>> bob pisani is at the new york stock exchange. janet yellen is giving her prepared speech in cleveland. have we seen any kind of reaction in the stock or bond markets? >> it didn't have to be because the whole world gapped up at the open. i would say modest reaction but no big surprises in her commentary. important thing is what happened overnight. we're 5-1 almost advancing to declining stocks. it's been that way almost the whole morning. tech materials, consumer staples, financials, all the risk-on group here everything is up 1% because the whole world went up 1%. the s&p 500, we gapped up 20 points at the open. that's really rare folks. that's 1% right at the open. that was on greece. we surged overnight when the details on the greece talks came out and they were offering concessions, at least from the greek side. it even happened more strongly in germany. we had a 2% gap up in germany. you can see the straight line there but it is a 2%. trust me. germany gapped up. france gapped up 2%. spain did. all of your europe gapped up b

have a good weekend. >> bob pisani you, too.ares in volume on the close. seeing a pick up but seeing a negative end to the session with the dow down 55. that wraps up the month for us. can the good times keep rolling for this week's hottest stocks? we hone in with dominic chu. >> our friends took a look at top performers. let's start off with best performer in the dow. expect quarterly results earlier in the week. analysts are bullish on the shares. they think more shareholder volume might be unlocked. pfizer wants to keep an eye on the event that they come to fruition. one of the leaders in the s&p 500 the company behind home and building product companies and brands like delta faucets, shares hit an eight year high and reported stronger earnings earlier this week. traders will be trafficking in stocks like masco. also force declines in the overall housing market. those shares will be a focus. the best perf bio tech stock hit a record high in today's trading after a posted better than expected earnings. today's 3% gain you can

we have kenny from o'neil securities at post 9:00 and bob pisani out there somewhere on the floor of the new york stock exchange. >> thank you. >> so, lou. are expectations just too high? we'll talk about that later. apple's numbers weren't that bad, but the stocks still got hammered. >> yeah, i mean it's amazing, right? apple, the biggest company in the world puts up 30% plus growth on the top and bottom line and we're complaining. i think expectations just got way ahead of themselves. the investors started looking at the tension overseas and were praying that tech and the tech sector would be our savior. and that's just not the fact of the matter. i don't think this is a time to panic, though just a time to reset expectations. >> bob, pisani what are you watching in terms of technology? i know you were looking at that standout quarters from google and netflix. and finding that it didn't necessarily mean broadbased strength in technology. >> that's right. think of the big four. apple, amazon, facebook and google. we've got two of them reporting. google was terrific. i thought apple

stock is down sharply in the after hours. >> bob pisani mentioned earlier ahead of these reports, two for every put purchased. obviously, there was tremendous optimism going into this. that's not happening now. the thing that is hitting me the ipad is still light. what is wrong with the ipad market right now? >> there are structural challenges and head winds with the ipad. you can see cannibalization with the larger screen iphone. consumers don't upgrade as often. they don't upgrade their ipads as quickly as rapidly as they do their smart phones. at least on the enterprise side cook is believing this bullish tone talking about partnerships with ibm. he said he does believe you will see that upgrade come you will see consumers out there move to those upgrades. he is confident in that product. >> i'm surprised. he mentioned the android switchover. he didn't mention the blackberry switch over. >> bill is the last remaining blackberry user on the planet. >> iphones came in kind of in line where the sell side was. buy side was up 50. ipad clearly disappointing gross margins in line. guidan

bob pisani is on the floor. >> nice ep o. all ten sectors were on the up side.aterial names are having trouble again. we'll get that in a minute. first, i want to point out mario draghi moved europe even moved us a little bit. there is germany on an intradag basis. that was draghi speaking a little bit earlier. we are in rally mode across the board in europe. i don't mean just greek stocks. look at europe and germany in the last six seven days. we are up almost 10% from july 7th or so. that bottom. this is a one month on germany. we were at 10.6. that's about a 10% move in germany. here in the u.s. bank earnings are continuing. the trend is slight but no big moves up in what we want to hear about. we look at citigroup bb&t, citicorp. net interest margin generally to the down side. net interest income generally flat. that's all we are really hearing from these companies. they are not expanding their net interest income much at all. it is just not there. in a loan situation, loan growth or in the expansion on interest rates. that's going to be an ish crew going fo

bob pisani it will be a flood next week? >> it will be.are going to get in the heart of earnings season next week. the attention will be on other big tech particularly apple. that will be tuesday. also microsoft. there is a real problem here. there is very little growth in the world. everyone is piled in to the few growth stories out there google apple, netflix. biotechs. a lot of traders are hiding out in a few stocks. lot of pressure on these leaders. we are going to get a lot of big multinational industrials next week. the ones i like. united technologies of the world. dover, caterpillar. general electric and honeywell had encouraging reports today. the weak link is revenue growth. the strong dollar and weak global growth are bad combination for weak multinationals. fortunately, we've got feel-good stories. general motors will report thursday. you know they are almost going to double their earnings from the same period last year. almost 100% increase. same story with the home builders. pulte will report. there are concerns about higher

michael douglas, when bob pisani asked him about coming through here, the role made him so famous torybody working in finance, from "wall street." he said it's nice to come back in a nice legitimate role. that's sure to set tongues wagging. >> welcome back michael. >>> art cashin came by a moment ago. we've got a big buy side imbalance right now. $600 million to buy going into the close with the dow up about 220 points. >> up next it's all greek. the pending european bailout for greece is contributing to the fervor in today's market. ♪ if you can't stand the heat, get off the test track. get the mercedes-benz you've been burning for at the summer event, going on now at your authorized mercedes-benz dealer. hurry, before this opportunity cools off. share your summer moments in your mercedes-benz with us. ♪ [music] ♪ jackie's heart attack didn't come with a warning. today her doctor has her on a bayer aspirin regimen to help reduce the risk of another one. if you've had a heart attack be sure to talk to your doctor before you begin an aspirin regimen. >>> joining us rdm financial ceo r

bob pisani was in the middle of it all.s and he joins us with the latest on the "squawk" set. >> the interesting thing is we still don't know what the problem is. they did release a statement last night that added a bit of clarity but not much. the nyse experienced a technical issue and consistent with our regulatory obligations the decision was made to suspend trading as we worked to identify the cause of the problem. the root cause was determined to be a configuration issue. well, that settles that. now that we know what the problem is. this is fancy tech talk. all of this is fancy tech talk meaning there was a server or hardware configuration that was not set up properly. it's a software problem. that's the issue they're dealing with right now. they are routinely given upgrades because of all the other software. there was an upgrade the night before. right at the open we had connectivity issues. meaning messaging traffic was having a problem. they supposedly fixed it at the open. i think what happened was in the process

back to you. >> thank you very much, bob pisani. you may recall at the very beginning, i pointed out the many roadblocks that teva would face to acquire that company, not the least of which was this stichting. a foundation that had the right to exercise its options to take control of mylan in the event it saw something occurring that it did not like or think was in the best interest of the company, share holders and employees. mylan is a dutch company. the key one that teva made was not having to try to acquire them before the share holders voted to have it invert and become a dutch company. here we are at this date. this morning, press release from the stichting, it has stoken and said the following. we are going to issue these preferred shares and exercise our call option represents 50% of our total outstanding since the issuance is a temporary nature. the stichting wants to know that it does not intend to keep the shares for any longer than it needs for its purposes. it wants to create a level playing field. members of the sticht

let's get to bob pisani on the floor of the new york stock exchange. so far so good. >> smooth open trading smooth. disney, dupont 3m all the markets opened smoothly and trading smoothly. volume on the heavy side. look at the s&p 500. we've been keying off largely what's been going on in china and greece. the problem is nobody particularly believes in those rallies. they are not really sustainable. nobody has faith in those countries. that's why we are coming off the highs. what is more important is look at what's real here in the u.s. oil stocks. oil stabilizing around $53. that's finally helping the e&p group. a horrible month for this group. all the stocks up today. i've been asked about what's going on in apple. volume is twice normal. there are a couple of things traders have been talking about in the last hour. i think the most important thing is the technicals about apple. we are approaching the 200 day moving average. $118 and change. there's been discussion about underwhelming iwatch demand. that is a moderate concern here. perhaps more import

but bob pisani down on the floor of the stock exchange. what are you hearing?important thing is china and greece reare not really moving things, klein china indirectly because of the effect on earnings. we're essentially sitting right near the lows today, we've been bouncing along for the last hour but we've seen weakness throughout the day in transports, for example. this has been a sore point for the past couple of months. union pacific was somewhat disappointing in some of its commentary. autos were pretty good for them. a number of transport stocks are weak. ryder is weak. some of the airlines that started positive are also on the weak side as well. in terms of sectors today, the usual ones getting beaten up but some materials and industrials have been weak for a while now. but also today we're seeing some of the financials weaker. they started stronger with be then they have moved to the downside in the middle of the day. remember financials have been the leadership group overall. they're mostly at new highs but that weakened here in the middle of the day.

bob pisani appreciate it. guy, what trades do you put on amid all this?out energy and we talked about the refiners for quite some time. look at tso. look what valoro did given crude oil and the way spreads are moving it lines up for the refiners. they traded well this week on what was at times a lousy tape. i think you stay with those names. if you look at some of the things, mcdonald's is finally starting to peak its head up. maybe that's ready for a turn. the way mcdonald's traded was interesting. even ibm traded up today, which is pretty startling given that performance. i think the thing people are not focused on and what could be the bug-a-boo, coming into earnings season. you need to finally see revenue growth that you haven't seen now for years. >> fair enough. you want to elaborate on those energy plays you were making? >> no. i'm a contrarian. generally speaking i'm a contrarian. if you look at versus the highs towards the end of last year look at the energy sector look at one of the etfs broadly speaking you're down 30%, 35%, exxon, chevron, big

bob pisani will join us with that story. >>> we've also got all the alzheimer's data out today. the best biotech buys coming youry way. no fifth grader's ever sat at the cool table. but your jansport backpack is permission to park it wherever you please. hey. that's that new gear feeling. now get a swiss gear backpack for only $10. office depot officemax. gear up for school. gear up for great. female announcer: get three years interest-free financing on brand name mattress sets. plus, get free delivery, and sleep train's 100-day low price guarantee. sleep train's interest free for 3 event ends sunday. ♪ your ticket to a better night's sleep ♪ >>> recapping the headlines. wells fargo is now the world's most valuable bank with a market cap approaching $300 billion. that's $42 billion more than jpmorgan and $120 billion more than citigroup. >>> shares of pet foodmaker blue buffalo soaring during its debut. company trading as much as $27 per share. that's well above its ipo price of $20 per share. >>> and breakfast lovers rejoice because fast food giant mcdonald's may offer all-day

bob pisani is at the nyse.en we see stocks market time just be a little bit cautious ahead of a fed decision. arguably it could be quite an interesting day today. right? what in terms of what they say and yet we've got a rally on our hands. what does that say about what they're expecting? >> we've got a rally because of energy and what's going on. the s&p 500, we were basically last hour and a half steady sideways here. look at that move up around 10:30 eastern time that's because of what happened in oil. look at oil, huge drawdown in inventories, caught everybody by surprise. oil spiked to the up side and energy stocks and material stocks all moved up. look at some of the big etfs xle, the vix spiked up around 10:30 eastern time and that's maintained its gains. all the shale names, all the small exploration and production companies like consho and pioneer natural. transportation names, nice moves up in a number of these names here including expe tightditeorsexpeditors. hopes for a bottom in transports. we'll h

pisani joins me very quickly. recap of the day. this is when the fed made its announcement.. minor earthquake. we went from 85-point gain to a 132-point gain and then a 67-point gain and finishing the day with about 125-point gain on the dow. oil, another factor today. very quickly, a bullish inventory report. move the price of crude higher as you can see. and it kind of distorts it a little bit. but the s&p also moved higher. that's partly when the rally began, really. in earnest for the market. but wti crude up 1.9% on the close. one more thing, bob, the earnings that are coming out tonight. there they are. facebook is the big one they're watching for. but whole foods, solar city which we didn't get to mention earlier. >> the market viewed the fed statement as mildly dovish. i viewed it -- the fact they said job gains were solid, that's a very aggressive word for the fed to use. i view the statement as them indicating a rate hike is on the table for september. they didn't hold their hands and say they're going to do it. but it's very much on the table. >> you would think t

for more on what's happening to bob pisani on the floor. >> i want to point out the whole greek thingd. we're at just about the highest of the day but i want to show you the greek etf. while the stock market isn't trading, greek etf does trade here including its constituents components, the national bank of greece. we started in positive territory. quickly moved down over what are concerns about mr. tsipras' ability to get through the terms of the austerity plan. let's call it that, through the parliament, in the next few days. that's the concern there. that's still out there. there's still not a clear deal that actually has been signed and agreed upon. let's talk about the markets here. 4-1 advancing declining stocks strengthening, tech, materials, consumer staples, and a nice group of certain stocks in different sectors hitting new highs. let's call it entertainment stocks all at new highs, netf x netflix, comcast, time warner, walt disney. all at 52-week highs. a small group of consumer discretionary names hitting a new high. mohawk, for example, lennar and o'reilly. lennar just tu

bob pisani, thank you. does this make you feel more confident about the four particular stocks? the overall nasdaq 100 may be in trouble but if these four stocks go higher, feeling pretty good. >> i think for the most part they will. apple, as bob said, that one on the valuation front does look like it's very, very inexpensive still. however, i'm not saying the others are overvalued. you take a look at amazon and facebook and google and moves that they're making here. people always talk about stock pickers markets. these are stocks that are going up. josh brown when he's on this show talks about momentum and buying into what's working and that's one of the reasons he's leading the competition. >> that's exactly what joe terranova is doing. at times you add facebook and amazon to your halftime portfolio. walk us through the thinking here. >> someone back in 2012 wrote a book called "buy high, sell higher." >> he's sitting next to me. >> you have to follow the momentum. everyone is talking about being concerned. i am the poster child for the concerned. i got obliterated in the mon

bob pisani had a trader note out today saying that 31% of the market cap of the nasdaq 100 is when the largest four stocks, google, apple, amazon and facebook. all of them are going gangbusters. all of you guys here, well, maybe not you, not dan, like these stocks and think they will go higher. what do you think? >> i don't want to get -- i don't even know what all clear means. when is there ever all clear for anything? can that take us to the next step higher? yeah, if that's what you want to say. i do think we can take the next leg higher. but when you say all clear it implies there are no hurdles, barriers, and it's not the bus you see coming it's the one on the other side. yes i think it can go higher. does that mean all clear? i have no idea. >> we've also got a slew of other reports out, big cap tech names that is. yahoo! microsoft, gopro all out after the bell. we're calling it trillion-dollar tech tuesday with the combined market caps of tomorrow's earnings reports exceeding $1 trillion. time to take your position ahead of these earnings. where do you want to start, tim? >> i'l

pisani here in my favorite suit. i did get one. a kuwait rally today. low volume but very quiet.volatility we had lately. yesterday was one of those days where it rallied at the open and just stayed there. climbed a mountain today, bob. here we are finishing off the highs of the day. it was $600 million to buy on the close, but looks like some of that is paring off right now. one of the interesting features, the oil market after the announcement of the deal with iran. did you get that sell-off this morning. then it came back after word was getting out they were figuring things out that it's going to be a while before we see oil from iran coming on the market again. one trader was saying this looks like short covering to him as well. let's just revisit that crazy story today midday. twitter. word got out there may be an offer on the table for them. turned out to be a fake. didn't take long for the market to bring it back again. finishing up 2.5%. >> glad this went up and down again. if you were the fwi buying there, it's not there was no damage done. >> i wonder if they'll cancel

. >>> we are coming back bob pisani and i will have the closing countdown. >>> after the bell those earningsthe pack it's twitter. we'll have instant analysis. keep it here. you are watching cnbc, first in business worldwide. you're driving along, having a perfectly nice day, when out of nowhere a pick-up truck slams into your brand new car. one second it wasn't there and the next second... boom! you've had your first accident. now you have to make your first claim. so you talk to your insurance company and... boom! you're blindsided for a second time. they won't give you enough money to replace your brand new car. don't those people know you're already shaken up? liberty mutual's new car replacement will pay for the entire value of your car plus depreciation. call and for drivers with accident forgiveness, liberty mutual won't raise your rates due to your first accident. switch to liberty mutual insurance and you could save up to $423 dollars. call liberty mutual for a free quote today at see car insurance in a whole new light. liberty mutual insurance. so you're a small business expert fro

let's bring in our market expert bob pisani. is that what it is, china? >> earnings are really bad.y a reflection of what's going on with china. when you see energy stocks down 35%. their earnings you see industrials diving because a lot get more than half their earnings outside the united states. when you see materials for the same reason diving. those sectors. we are heading towards 500 new lows on the nyse. we probably won't hit that. that's almost 1/5 of all the operating companies on the nyse. that worries me a little. watch market leadership. we lost energy and materials and lost some of the other sectors. we are losing industrials. >> you want to watch the ibt. that's been going down. banks are the other big leadership group. this is a weak day along with the market if that gets worse the next few days you'll see people screaming. the greek stock market has not been open three weeks. that is a three-year low in the greek margaretkets. they don't seem to believe any deal will make a difference. >> feels like everybody is pessimistic. >> i think there is reason to be concerned.

bob pisani thanks very much. have a great weekend. i'm tyler mathisen in for bill griffeth today.e caruso cabrera will take you to and through the closing bell. >>> thank you. welcome to the "closing bell." i'm michelle caruso cabrera in for kelly evans. industrials lower by 160 points. s&p lower by 22 nasdaq lower by 57. declines of more than 1% in the s&p and nasdaq. much more on the markets still to come. an exclusive interview with the former new york governor eliot spitzer. he is still taking on wall street. this time with his business that ranks analysts and analyzes corporate insider transactions. he will join us live at the new york stock exchange. we have evan newmark and kayla tausche. "fast money" trader guy adami. guy, what is your sense of what the problem is this week? >> by the way, ridiculously outstanding job during your tenure in greece. it was amazing work by you. >> thank you. >> crude oil, mcc. it's been cut more than half in the last seven, eight months. look at freeport-mcmoran. it's at a six or seven-year low. u.s. steel is within a whisper of a 15-year low

. >>> bob pisani loves this chart. this is the dow. the s&p and the nasdaq today.he outperformer. little more volatility there. technology leading the way. any positive close will be an all-time high. doesn't look like we'll get one here for the s&p. need a close at 2130. we are at 2127 right now. the dow, the biggest performer has been ibm. gold testing that 1100 level. finally, we wait for ibm tonight and we will see what big blue can contribute. that might contribute to some of the volatility for tomorrow's action, as well. >> we are in new highs on the nasdaq. it's got a small gain. yet two stocks declining for every one advancing on the nasdaq. again, this happened on friday. we had a new high. 3-2 declining. leadership has been narrow. the biggest cap stocks amazon google facebook apple, those big four are 30% of the nasdaq 100 right now. it's remarkable that these big cap names virtually dominate the market as they've been strong this month. amazon has been up tremendously. google up 26%, i believe. >> you are right. the technicals internals are not that str

let's get to bob pisani on the floor >>> defensive names leading the way to the down side.care is a bit of an issue. we are a lot more stable in the lag guards. remember, a lot of concerns about energy materials, transports even. they have all been doing pretty well. this is at the open here. not reflected in the last few minutes. a lot more stability this week in groups that have been down a lot. a lot better earnings too. stanley black & decker was terrific following on horton and massco. all the building and home improvement guys have been great. we have a historic high on stanley black & decker. not only did they beat but they put a chart up there and raised their full year guidance as the profit margins expanded nicely. what matters withstandly black & decker is the tools division. 60% of the revenues. i'm talking about the organic growth. 11%, that's terrific for a company this big. that's kind of automotive repair tools. that's a small part of the business. that's up. security is a bit of a lag guard, up 1.5%. a great number. another group that's surprised this morni

bob pisani stepping in. we had a modest rally today. noose dakota may close in record territory here. >> looks like it's going to do that. we've been advancing on the major indices. germany up 9% australia up 9%. s&p up about 4%. all in the last week. greece looking better. china stabilizing. that's important. at the same time the global growth story is not looking good. energy stocks are looking terrible. material stocks are looking terrible. big global names like dover, emerson, eaton had a terrible time in the last few weeks. then other sectors are not looking particularly good. industrial names. you are being led forward by defensive names. health care, telecom names. we need more global growth and we are not getting it. >> we have a slew of earnings on the second hour of the "closing bell." >>> welcome to "closing bell." im i'm sara eisen in for kelly evans. >> i'm bill griffeth. we had a good rally under way. dow finishing up 69 points. 18,119. s&p up 16 almost 17 points. and the nasdaq, a good rally up 60 points. 1.26% in record