. >>> we are still awaiting tencent music's opening trade here at the new york stock exchange bob pisanilive in post 5 with the latest. >> post 5 citadel securities, and right now indications 14 to 14.50. pricing of 13 hasn't hoped yet joe mccain runs trading for citadel securities a palpable sense of relief there was a lot of concern this is a crummy market, china is slowing a little bit, but your thoughts on how the process has gone. >> yeah, they priced at 13 i think everyone was happy that it was within the range. we indicate 13.50 to 14 so it started looking even higher than that and now we're at 14 to 14.50. it looks like it's around $14 so i think everyone is happy it's showing that. >> the important thing, i think, right now is that the deal got done at all. did we move the indication up? >> just a little more. 14.25. >> 14 to 14.25 now so we're narrowing the range so the process has been very smooth often on these ipos you'll see prices move all over the place this has slowly, slowly been climbing does that mean anything to you >> it's hard to read into it too much but it does l

for "nightly business report" bob pisani at the new york stock exchange. o a big day in the oil pits where domestic crude had the best day in two years. the u.s. benchmark c wsed up nearly 9% above $46 are b helping to push energy stocks higher exxon chevron, marathon oil and hess led higher todaes butte the surge oil prices are still more than 40% below the most recent high back on october 3rd. >>> and as bob pisani mentioned earlier, fed chairman jerome powell got a vote of confidence from the winte house a to the bullish sentiment on wall street. butev as liesman tells you now, the president's issue was the fed may go beyond the chairman. ident's top: the pr economic adviser affirming to reporters wednesday the president does not intend to fire federal reserve chairman jerome powell. >> is t cirman's job safe. >> 1090% yes. >> hundred one hers not in es on. >> yes. >> after numerous reports that president trump angry at the fed for raising rates have been asking dwirds if he has the power to fire jerome powell. the nominated powell to post in 2017. on c

for nightly business report i'm bob pisani. >> andri levitt joins to us talkbout the sentiment. good to see you. welcome back. >> thank you. >> i learned long ago it's dangerou to pick a bottom in the market. but tha high a pessimistic number suggests that' one of the traditional benchmarks of a bottom in the market. what do you think is going >> i think that's a good sign. we have had a natural correction in the markets andme sen got weak. a lot of that around policy uncertainty. we are seein some improvements. we are not all the way there. but it is good news that the fed seems to be backing down. opec seems to have put a bottom in oil prices.d we n see more clarity on trade. it looks like incremental steps. all oft should set up for a better time in the broad equity market. >> you would disagree those who say, you know, we need another 10 to 15% to the downside to market t equalize and prices to become fairly valued. >> no, i don't think we need another 10% to 15% decline in the markets. correspondent earnings are go the global economy is reasonably good. inflation is general

bob pisani is at the new york stock exchange tonight. >> reporter: the new year wl be here before we know it. and a good part of 2019 earnings expectations could depend on at ff deal between president trump and the chinese president xi jinping. with the highly anticipated frl reserve speeches out of the way. the g20 summit underway, the market can try to decipher the earning estimates. jay powell roved uncertainty about rate hikes but there is murkiness around several issues, tariffs higher business costs and global growth. protecting earnings in theext year is never easy but it's almost kbb for 2019. that's why if the markets have been so volatile. according to one estimate. s&arngs are expected to increase 8% next year compared with the 2 gains. but remember the 23% half was due to the effect of tax cuts. morgan stanley a please optimistic they say corporate profits will only be up 4% next year. still the markets rallied this week with one less thing to worry about, an aggressive fed but worry base trafrs input costs slowing global growth. tar notow yet. it's hairy for the end of t

bob pisani is here. >>> and the one-time darlings of wall street have become duds are they set to turnround? are there any names you should be buying? that's when "worldwide exchange" returns. >>> welcome back and good wednesday morning. let's get up to speed on the markets and the futures. the dow futures up 25 points right now. thinly traded. we've seen a turnaround in the futures, but not really a correlation between that market and the way the market ends. a lot of people are off. so volatility could ramp up the more thinly traded that you get. >>> the market turmoil has many wondering if the selloff will continue into the new year let's get to bob pisani with some answers and your 2019 market playbook. >>> cash will offer a competitive return you can get 2% on a bank cd. second, big unicorns like uber, lyft and pinterest will ipo in 2019 but at lower valuations finally let's have some fun here the big m&a deal in 2019, amazon buys target. gene munster floated this idea a year ago amazon is up 30% this year target is down target has a $34 billion market cap, nearly three times the

and the s&p dropped by bob pisani tells us if there's any hope of a last minute st. nicke fro >> no doubt investors will find it tough to get into the holiday spirit this year, but could the be any hope for a year end rally? maybe. you might have heard of the term santa claus rally? the santa claus really begins today and that's the tendencyar for thet to rise in the last five trading days of the year and the first two of the new year.ow you it's good for an average gain of 1.3% on the s&p 500. now thexpsualnation for this is that the first half of december is dominated by tax law selling. ont is cuy stocks for the new year. since volumes are typically light in the second half of september a modestincrease in buying interest produces a modest rally. that mak some sense, but the santa claus rally is usually fred in the negative if santa claus should fail to call, the bears will fallo broad and wall. and versus an average of 2% gain after a santa claus rally succeeds. if there is any hope for a santa claus rally ts year, well, here's the key question. what's the right

bob pisani has more. >>> it was another wild session on wall street. th dow closed down more than 400 points after the50oint swing through the day. the s&p capped off the worst week in seven years. the dow worst in decade. thetr fiving days left in december still on pace tbe the worst for both indices since 1931. today a heavy vume day as futures expire a all at once. a cued ruple switch. the big headlines worth noteding np new york federal reserve john williams took on a friendlier flexible tone than the markets heard from jay powell and stocked rally almo 40 oh points from the comments. but the rally fizzled out. all rallies have donehat recently because they've been more apt to sell on the rallies than buy on duchs. add that the resignation of jim mattis and contentious comments from peter navarro and the fed and china and all that didn't helpen stiment. and stocks took on a defensive tone. utilities led the charge while tech and communications services like facebook, netflix and twitter all led tohe downside. for nightly business report, bob pisani

bob pisani explains. > reporter: an early rally fizzled out by late morning whippi out a gain in one fell swood. a midday rally ended slighy down. the markets have a new problem. investors are indecisive a positive trade talk is starting to run a course as a market mover. look what happened. stocks opened as president trump said watch for announcement on china and trade. lasting for an hour. but the market lost the gains before 11:00 a.m. eastern and took a decisive the downturn after on camera slash with the house majority leader and chuck schumer. the d.c. drama did nothing to ngnvince investors any positive legislation inclu infrastructure spending might come in the next two years. but the rally lost steam before that meeting. big industrial names like caterpillar and boeinglat. energy stocks. bank stocks, tech stocks. what's going on? many traders now believe the constant stream of tweets on positiveotrade ntions is no longer having the magical effect it had a few weeks ago. the trade story is starting to take a chlorer toll. th markets are going, wait a minute we he had heard th

we don't for nightly which is, i'm bob pisani at the new yorkantock ex. >> and earlier today another federal reserve official said the outlook for t economy has grown cloudy. and he too isrging patience. >> i think at this stage you are hearing me be much more cautious and counsel patience. i think there is more uncertainty,lobal growth is decelerating. i'm seeingntest-rate sensitive sectors showing weakness. i want too soon what to make o it. but i think one of the key tools we have as central bank is patience. and i think we ought to use tool. >> the market has not lowered the probability of interest rate crease when the central bank policy makers meet later this month. t that long ago a december rate hike was a virtual certainty. what can investo expect from the fed, the economy and rates? we'll talk more aut that now with craig dismunok a chief economists at vining sparks. >> good evening, sioux. >> welcome. despite what we heard you expect the fed to continuse to r rates for this month, correct? >> i do. i expt they'll hiken december. and i think where you get some question abou

but we begin with bob pisani at the new york stock exchange. >> stocks rallied ahead of federal reserve decision today but sold off in a notable way. once the announcement was made. the fed raised interest rates by a quartermu point prett anticipated by the market. but the fed trimmed t rate hike forecast from three to two. the market found it tough to swallow. they were hoping for one if any next year and the fed ashierg everyone they we flexible but why was the selloff so damage a lot of it technical. the dow at a newow f the year below the march lows at the same time as the dow transported closed at aew low. this is a red flag for dow there areollowers. looking for one trend following another. when both hit a new lo it's a technical trend by some. >>> today's federal reserve meeting had been called one of the mos controversial in recent memory. and as steve liesman reports it lived up to that description. >> reporter: at negative reaction in markets to the decision by theederal reserve raise interest rates and signal further rates ahead. it seemed like thearket wanted the fed to back

bob pisani looks at the market highs andows. >> a roller coaster year with wi several 10%ngs in the market. theix most important stories of 2018. number 6, the tax cutshe in market ballot are wooft earnings 2002 grew half due to tax cuts the best growth since 2010 the rkets sniffed out global slowing laid in the year. stocks come down 10% in the fourth quarter. number five, the return ofash. suddenly you could get a 2% on a bank krert of deposit for the first time since 2008 cash and short-term treasuries tperformed a 6040 stock bond pofrlt bofrld. kwash is up 2%. thehe stock pofrlt down 2%. bitcoin popped out near d 20,00 ember of last year and it's closing out the year near 3,400. what did it combination of endless reports of the thefts and break inombined with the s.e.c. that refused to approve the bitcoin. etf. number tree the interest rate spike that never happened. short-term interest rates rose most of the year but longer term not. did 10-year treasury yields about where they were in february. those betting rates would rise were surprised when inflation remain subdued and concerns a

bob pisani starts us off from the new york stock exchange. >> the markets continue to throw a temper tantrum the stocks managed to end off the lows. the dow plulgd 67 points at the worst. the fedeeting was the last market catalyst to be 2010 but the markets grapples with issues including trade war uncertainty. brexit concernsnd global economic slowdown. the problem is no one is sure how bad the slowdown is. so these are all old issues for the ma and they've been coping with them a few months now. but now two new issues. the fed with a less than friendly tone on rate hikes and now looming government shutdown with border and security spending. there is no reward for buying on the dips lately. maybe not until the next year. where are buyers. retail investors are froze. hedge funds in redemption. and companies are oing buy barkers but there is a limit how much they can do. the markets have taken on a life of the own and there is strange technical pressures np new lows in s&p.ud cre sink fog 15 month lows and a lot of internals extreme. more than 1,200 stocks hitew lows at the new york st

and as bob pisani tells us now, investors should be keeping an eye on january. i >> the an old saying on wall street as goes january so goes the year that's the january seasonal gauge. according to the sck trader almanac is registered nine errs and accurate roughly 75% of the time but in a yr when old saws are not working this may not be true. january saw a gain of 15% and the s&p is down so far. regardless interest for this coming january remains because every down january on the s&p sincet 1950 with exception has precede add new or extended bear market or flat mark for the year or at the least a 10% correction. now the recent history of the january gauge has been a bit mixed. january of 2008 was the worst. butdown januarys in 2009, 2010 and 2014 it not produce negative years though they foretell correction. that part was right. with thetorm track record and so much market confusion around the economic risks like china and tariffs and the rate heit risk and theedal reserve and political risk in washington it's a little won remembers eager to get out of december

back to you, melissa. >> thanks, bob bob pisani at the new york stock exchange two-part question.round is sparked by short selling does it matter to the overall markets, b does it matter to the individual stocks. >> i don't think so. you have to have the follow through, right but let's say the short sellers are first buyers number one thank you very much for being short because you are putting buy support in the market. number two if that pulse everybody in and says you know, maybe we got a short-term bottom here you can get that rally. you can get momentum injury it's okay. >> only thing that matters if they lay back out if they cover and lay them back out then come to trading raenl, they're saying okay -- the market is giving you a gift we wished for a volatile market. we all wished for volatility as traders. you wanted something other than sideways motion. we've gotten what we wished for. and now if the shorts lay them out again then -- we just become in the real wide range, 200 handles in the s&p which is not terrible it doesn't matter -- >> well first of all those names there

bob pisani is at post 9.the low end of the recent trading range so roughly we've been 2632 with the old closing low. we are up to 2800 in the last two months so we're at the bottom of that and i think that's troubling because i saw good news last week by and large so what i saw was the most important thing, a whole bunch of fed speakers signaling lower rates. that was the single most important -- not lower rates but that they were not going to -- the path of rate hikes were slower than it was even a month ago. that was the most important thing. second thing, no matter what anybody says, they did declare a truce at least temporarily on the tariff wars. maybe it wasn't good enough for a lot of people but it was a truce. then we had an opec production agreement. all three were positives yet the market wanted to emphasize the negative so you had slowing growth concerns out there, we saw this in china with the export numbers and import numbers were weaker than expected the tariff message was confusing and the huaw

here's bob pisani with a closer look bob?hello, tyler. 2019 estimates are coming down for the s&p 500, but only very slowly they were about 10% at the start of the quarter now they're a little better than 7% today, 7.2% 17 companies reported earnings for fourth quarter and while numbers have been good, first quarter estimates have generally been coming down, particularly after comments from micron and federal express they noted while the u.s. was strong, international trends were weaker. and that's been a big issue. unfortunately, the fate of earnings may be in macro issues that are difficult to model. that's why markets are having a tough time traders are weighing several issues firg first, can the fed avoid policy error, hiking in a slow environment with low inflation number two, other risks, ecb is ending stimulus. what impact will that have on european profits third, will there be clear progress on trade talks. and finally, how much is china slowing with or without tariffs as an issue. how strategists and analysts interpr

doesn't look like it bob pisani has been digging into the trend. seas seasonality not in our favor this year. >> it begins today and it's a very specific event. the tendency for the market to rise in the last five trading days and first two good for just seven trading days the usual explanation is that the firs half is dominated by tax law selling and once it's completed, they usually step in and buy other stocks since volumes are light, a modest increase will produce a rally. but it's usually framed the negative if santa claus should fail to call, there may come to broad and wall following a failed santa claus rally. what's the right price let's assume flat earnings that's what we earned this year. what's the multiple? if you have a modest slowdown in the economy, the right multiple for the s&p wouldn't be 15, 16, 17, maybe between 14 and 15. so pick a number 14.5 that would produce a price of about 23.50. that's about where we are right now. that's prits ng a lot of bad news no growth b and a low multiple that's assuming a lot of bad stuff is goi

bob pisani is covering the action stocks are continuing to sell off.fell below 2600 on the s&p. >> 2603 is the old inter day low we had a short while ago, several weeks ago. we broke through that as well. that's the closing low, day after thanksgiving some technical, that's part of the problem here late in the day, technical breaches we're seeing two sectors to highlight which i have been talking about for a week one is banks we have 52 week lows on all the major money centers and larger regional banks energy, down a dollar in oil health care is the market leader that's down 1% industrial is also weaker on top of that. banks' new lows, down 400 on the dow. jpmorgan, morgan stanley, doesn't matter, all at 52 week lows we are going into the european close. often there's a bottom there in the past few weeks, we'll see if that happens as theresa may was talking, we drifted lower as you can see this is 10,600, that's a two year low on the dax. talking points for the markets, it is emphasizing negative talking points over the weekend, robert lighthizer calli

bob pisani with the dow down 300 points.et's go to the bond pits in chicago, rick santelli at the cme group. >> good morning. if you look at a two day of twos and a two day of thirds you can see we are giving back a chunk of yesterday, very shar to a two-day chart of the dow or nasdaq or s&p. in the lightened times especially yesterday where big economies weren't open for trade, the equity markets seemed to be the biggest fundamental for dollar index and fixed income sovereign market. maturities are down about a handful of basis points right back towards the lows experienced after creating the double top in tens. there is one notable exception, the five year down by about half as many. it is the new guy we auction. today will be the final. year to date chart of ten year gives you a lot of information, maybe where we close the year. we are bouncing off the low 280s because 281 is the mid point of the range for the year. that is significant especially if the volume remains on the light side. let's pick a mid 2016 chart of bund

bob pisani, dom chu, seema mody are watching things for today's trade.osh lipton is about to speak with oracle ceo mark hurd in a few moments, following the company's earnings surge >>> first up, we start with the market rally i know you have been net constructive here. did the weakness monday and rally today, is it giving you any kind of all clear? >> i think that would come sometime in early 2019 the reason is we need resolution on both the rates front and trade front, and maybe the fed wants to soothe things down, but on the trade front there's no clarity. until we have that, the up trend in the market cannot be very sustainable. >> has the market graduated from trade political concerns to overall slowdown concerns? or would clarity on the trade front be enough? >> i think that's absolutely true i think the market sentiment today is meaningfully different than september and october, and the expectation that we are facing recession, which is being built in in our view is just not correct. i think in the new year as we get closer to a more robust econom

bob pisani is on the floor with what art says 2019 has in store for us. >> mike, i have been with thet the bar doing this more than a decade, reflecting on the wild year that was, looking ahead to 2019. art and i agree the big story for 2018 was return of volatility here's some of art's thoughts on what's in store for 2019 first on the fed and rate hikes, none >> i think perhaps the fed will not hike ever again in 2019. if you go back and look at what i said, both in our interview and with you time and time again, i have been a bear on yields i think the fed is somewhat misreading what's going on yields are not going much higher, and there's an outside chance they cut before the end of 2019. >> on the stock market in 2019, expect a bumpier ride. >> yes, i think it will be very volatile and for the first half probably flat to down as the fed and others grapple with what they want to do. >> next on tariff and trade wars, art thinks the president may walk back tariffs, but long term trade deal with china is much less likely >> i don't believe so. i think we will get something that approx

outlook for the markets in 2019 may very well depend on your outlook for earnings growth our bob pisani us on set with what the analysts are saying about earnings in 2019, what it means for your money and the market >> it depends on what side of the divide you're on, zero percent or above, and that kind of determines the way you think of 2019 in terms of the s&p. so 2019 earnings estimates are coming down, but very slowly they were about 10% at the start of this quarter, and they're a little better than 7% today. they've come down maybe a percentage point in just the last several weeks 17 companies have reported earnings for the fourth quarter so far while the numbers have been good, the first quarter estimates generally have been coming down, particularly after comments from micron and federal express who ♪ed while the u.s. was still strong, international trends were definitely slowing. unfortunately, the fate of earnings may be in the hands of large macro issues that are very difficult toed mole, and this is why the markets are having such a tough time of it recently. traders are weig

bob pisani is joining me here.e'll just show you that as well, because that's an extraordinary big move and why we're seeing energy up oil prize up over 10%, bob. >> so we obviously had the biggest point gain ever, but that's not what is important back on the phone with my former producer this is the biggest percentage theme in the dow since march of 2009, so it's a big move that we're seeing on the upside, and people are going to ask, why did we real 1,000 points, and the question should be why did we drop 650 points on monday? i've said repeatedly the market has discounted zero earnings growth for 2019, and there's a possibility of a recession which nobody thinks is going to happen, so this is what we call really extreme readings here, and it's about time we had some bit of a bounce. we're not market cheerleaders here, but it was very obvious that the numbers were on levels that were slow far off the charts, some kind of bounce was warranted. i don't think we're going to have a recession in 2019 and i don't think

our bob pisani joining with us more on that about. >> many still relatively bullish. the snpd swung in a 75-point range today. the dow moved from a 500 point high to low. imfs's kris to a teen lagarde. the imf, fed officials are becoming less the positive on how the tar var the central bank needs torg the three biggest market concerns only fears of aggressive fed have lessened in the last week process. the other issue base trafr and trade and global slowdown. they're not resolved there is signs those concerns increased wall street strategists remain convinced the markets could have the lows and in some cases significantly. all the major straegtists have year end targets above the s&p close. that was 26953 cannacord expects the s&p to close at 3,200, a nearly 19% gain from today's close. ubs, 3150. a 17% be gain from the close today. jp morgan, 3,000 bmo, 2950 opinion. and the leet bull sish goldman expecting the s&p to close at 2850 but even that is a 6% gain from today. 2019 is a bit more problematic you remember michael wilson, the morgan stanley chief strategist he

squawk alley" has the analysts behind that note first, markets are taking a blow dow down 180 bob pisani more. >> this is what makes everybody nuts, discussions on trade talks. we move the markets with larry kudlow's discussion. look at what's happening you go into the markets. markets open you have positive momentum on the jobs report. the sentiment is with us here is larry, comes on with us here and says comments that larry kudlow was typically make. for example, progress, get a lot done in 90 days on trade talks he would consider extending that truce if good progress on tariff discussions. all positive we go up 15 points in the s&p, then drift around, then peter navarro on another network he says if progress is not made in 90 days, we will reinstate tariffs essentially. down, 15 this is what makes everybody crazy. it is hard to get a consistent pattern in all of the discussions. and you get the usual things that tend to happen, but with all of the trade names, boeing, the same patterns, all of the big trade names that are represented tend to move to the down side. exactly the same thi

bob pisani has more on this. bob. >> you know it's official. all-time record year tor bye backs. 1.1 trillion worth and they are using the authorizations about 800 billion has been bought back leaving about 30 oh billion in unused buybacks. we have seen them from lowes, pfizer and facebook. but as stocks moved lows companies are picking up the pace of activity the buybacks from boeing, johnson & johnson. shoe carnival. replia hotels appear several announcing skrermted buyback processes. y'all state bought back $1.0 billion using an existing buyback program. it's a sign many cfos believe it's under valued. will the buybacks continue into 2019 that's what we are trying to figure out and the answer is yes. provided the companies throw off free cash flow if there is a economic slowdown the cash flow will diminish and the pace of buybacks will diminish second companies need to continue to believe that reducing share count and boosting earnings per share is more valuable use of cash than making investments elsewhere like actually investing in the bus

bob pisani is on the floor >> good morning guys, 3-1 of declining advancing stocks here.up on industrial average and dow jones. consumer tastaples performing energy okay. tech is slightly to the downside people have been asking the last two day's rally, why you have it i don't think you can decide any one thing. obviously there are several things going on. we over sold conditions zb i can show you some elements of that and why it is the number one factor we have tax loss selling which is abating and finally factoring in that of short covering going on and another pension funds, asset re-allocation that we talked about i want to show you what happened yesterday at 2:15. we had a big sell program coming in, here is stocks that are heavily shorted. i think you will find that there is not a dramatic change in overall short positions but stocks that had been notably and well known this week have done very well. some shorts are being covered. s&p verses treasury yesterday, 2:15 dramatic sales program comes through. at the same moment dramatic buy program comes through in s&p 50

a lot are looking where to allocate and we just saw bob pisani put up the top two performers.ave discretionary and staples there. so we see investors kind of transitioning to a sector like consumer staples for example >> they are buying the bunker. >> they are. >> but in terms of the signs that you might identify in terms of fund flows and other things in your business that might point you to capitulation, what would those be and have you seen any whiff of them so far >> the flows are telling us that the market is bearish on growth and becoming more bullish on defense and value types of plays and also names like emerging markets. so basically anything that is sort of crushed and might look like a value trade with some positive up side like emerging markets, for example we see flows into the bull funds. and again, that is like country specific china potentially easing fiscal policy, you know, brazil a stable president so we're seeing flows into emerging markets and consumer staples again consistent demand, persistent yield and we're seeing flows into the bear funds again on the

a little bit paf fade here in the 2:00 hour, bob pisani. >> yeah.nd i've been calling around checking what you can do if you put up the s&p 500, at about 2:05 there was a volume spike in all of the big etfs in other words, people came in and started trading them more aggressively right around 2. 05 not a lot of stories in the middle of the day. we did report at that time about that "national enquirer" story where they admitted it was a $150,000 payment to an ex-"playboy" model made in concert with the trump presidential campaign for the purpose of influencing the election we reported that at about that time, and to the extent that may have increased the president's jeopardy, perhaps that was a factor in the selloff that we saw. as you can see, we're stabilizing a little bit right now, but still a lot of -- a lot of "x" factors floating around constantly in the markets. if there's anything else, and i've been inquiring all over, i'll certainly let you know. tyler, back to you. >> robert, thank you very much >> shares of general electric hit a scary n

bob pisani has more on today's bounceback. >>> stocks were in rally mode most of the day. the dowurging more than 400 points on at one upon a spate of global market and trade related headlines though closing well off the highs. the markets got a liftro open on news of the cfo of huawei had been granted bail. andmp president taid he was willing to intervene on huawei's behalf if it help with a trade deal. then the "wall street journal" reported that the china was drafting replacement for the current made in 2025 plan. that plan had been a framework for increasing china's dominance in the manufacturing business. meantime european stocks surged ahead of a major confidence vote tonight over british prime minister theresa may's leadership. may had been the driving force bounding a nor brexit deal, the uk plan to exit the european union. she surved the vote. finally italy's prime minister set to meet with the european union this weekhere he says he will pose a reasonable budget deal.lo of headlines today. a sim foinny of positive news will the move last? >>> and while stocks ros

let's get to bob pisani. still roughly a flat year at this point. >> yeah.his is the first time we've seen that since 2015 on a flat year let's take a look at what happened today two important events number one, the market rose preopen when the president tweeted out to watch for an announcement on china trade. it didn't last song. you saw we were moving all the way down by the time we hit that famous oval office clash you just heard eamon talking about, the market was essentially flat and then took another leg down on the ramifications there between that clash between pelosi, schumer and the president. i just want to show you some stocks to indicate how the overall market dropped goldman sachs, new lows yesterday. they opened up nicely, 183 basically was flat by the time of that meeting and now is negative same with the other industrial names, caterpillar and boeing. caterpillar opened around 128. down flat for the meeting and essentially negative exxonmobil, big oil names, same thing, all opening up and then moving to the downside exxon was near 78, now dow

bob pisani has more on the rocky trading on wall street. >> reporter: stocks slid into the red on friday. jolieted by trade related tremendousers. the dow fell more than 600 at lows. but the the november jobs report showed softer but not cessarily weak trends on the labor market giving some investors some relief on the future rate hike path. one market strategist from jp morgan says the s&p 500 lost almost 10% of the value due to trade uncertainty alone. that's a bold call but maybe not far from the truth. look at what happened today. house economic adviser larry kudlow appeared on c nabz nbc after the marke opened at 9:30 a.m. eastern opheim saying president trump would stent the infiniti-day gress is made p on the talks. the kwo jumped more than 100 points the next few minutes backup but then peter navarro appeared on cnnulaying they move forward with tariffs if the talks weren't resolved in 90ys stocks already off the highs fell promptly and kept dropping. industrialik namese caterpillar and boeing dropped about 3 or 4%.am tech dragged down. apple woipd out all of its gains for the ye

bob pisani takes a look at what's driving this market. >> scks staged a comeback early on regaining a chunk of monday's steep los s but another rally faded into the close. it's tough to figure out what exactly the markets want right now. the market has been seized by the slowing global growth story. and it's been a buyer strike lately. we have seen half hearted attempts to rally but all the rallies faile no one is being rewarded for buying the dips. the bul pin hopes on the federal reserve putting a floor under stocks. how would they do that? by signaling a most one rate hike next year down from the three hikes expected a few months llgt. wit matter? the bears are screaming that they have already priced in one hate like for 2019 and bigger debate around those calling for the fed not to hike at rrl tomo or next year. the problem is thatkblois the fed is spooked about something n the economy causing them to hesitate maybe the markets will have the opposite reaction and go down. so far no real agreements on what makes the market go up or down on the fed decision. does the market rally be

dow up and s&p up 1% biggest movers of the day and bob pisani is on the floor and bertha coombs up atnasdaq bob, we'll start with you. >> reporter: off the highs and most of the big moves up, positive trade headlines, usual names. caterpillar, were at 127 and holding up here at 125 saying thing with boeing, another typical trade name we were 331 earlier, but just off of that. normal intraday trading and sitting right near the highs banks are rallying but not quite as much. in fact, u.s. banks, a lot are up about 1%. we still see new lows, wells fargo a new low and some other small community banks israel 52-week lows the bottom line, trade headlines. the huawei cfo being granted bail the china drafting a made in china 2025 replacement, positive and may surviving the brexit confidence vote would be a positive ten cents, price to 13, holding in there at 14.03, and, boy, a lot of happy people down here that that deal got done. >> guys, back to you the dancing stuffed animal little creatures outside the new york stock exchange for ten-cent music. let's send it up down to bertha coombs we'v

but bob pisani tells us now the market has key issues coming up. >> reporter: after the medal month that was december most investors are eager to put the month behind them and moveo january and the new year. what are the key issues the markets are grappling w the first few weeks of 2019? here is what i think are the five biggest. first money flows. investors traditionally put money to work in the first weeks ever january. but will they do that aer the worst december since 1931? second, what will corporate earnings lookike? investors still expect earnings growth of about 8% in 201 but after cautious comments from fedex and micron opinion the markets adequate acting like zero growth inll 2019. he analysts take town numbers or the stock market go up. >> third any c progress onna trade and tariff talks? lll we see face-to-face meeting was level negotiators in january? china indicated that we will. fourth, we'll get the minutes from the fed meeting on january 9th. do the federal reserve officials send more passive signals, particularly on unwinding the balance sheet? finally, there is tru pol

dow is down at 311 let's get to bob pisani. >> good morning carl down 300 points. the week last week of deteriorating technicals we have a pattern of the s&p 500 of lower lows and lower highs that really started in the beginning o f the quarter. one reason technicians are not terribly happy sectors today, defensive, anything that's slightly off, consumer stables on the defensive side energy is lower and healthcare is lower and of course, the banks and most of the big banks are down again today here. i want to point out. the healthcare i lows lower bec of the ruling on the affordable act. you can see centene and united he would and johnson & johnson >> banks, new lows everyday all the major ones, bb&t and sun trust banks is there any chance for a rally? the one this week everyone is talking about may come from federal reserve. remember it is just the rate hikes. september, there were three rate hikes expected for 2019. everyone is expecting to sound like one or possibly zero, we'll see how the opinions go on that. that seems to be the biggest chance that we got for

we are up to 228 let's get to bob pisani. >> good morning, guys.py wednesday and happy holidays to everybody. 4-1. that's not enormous given a big decline that we have seen but it is a gain. take a look at the sectors, nice to see retailers are up. jc penney department stores are up, too. banks are flattish again consumer staples are contributing a little bit and utilities. if you look at the faang stocks, we got a nice rally there. amazon rallies nicely and that's a few big names that are up this year and netflix are rallying nicely. all the faang names are on the occupy side. we talked about dramatically how over sold they are i talked about this on friday. the market is discounting a bad 2019 instead of 8% or 10% growth which is what the analysts have right now. no earnings growth for 2019. the number is 162 for s&p 500. what's the right multiples instead of 15 or 17, it is the multiple for the last two years. let's say slight contraction in the economy. go to 14 and 14.5. do the numbers here. you get to where we are. 23.50. the market discounte

steve liesman's survey indicates high levels of negativity. >> bob pisani. santelli at the cme group in chicago. good morning, rick. >> good morning, carl. one week of tens, we are consolidating off of lower yields. yields we really haven't seen since basically the end of august. however, having said that, we are still at a mode where many traders are paying very close attention to what is going on overseas. if you look at a february chart of our tens you can see there is plenty of action for the beginning and mid part of the year. that's right about at the levels we held. now, as you switch to a one week of bunds there isn't a lot on the one-week chart which speaks volumes. the rates are in the mid 20s. if you look at bunds from june 2019 which is kind of the zone we are trading in, the market must have not expected a lot different. that was dovish with respect to how everybody reacted to mario draghi thus far. the market isn't shocking but i don't think it shocked the market. if you look at the intraday, no doubt there is volatility. open the chart up also

newmont mining, redhat all higher in this pisani joins use floor of the new york stock exchan exchangee're back to 3:00, 2:30 levels of yesterday >> yes, i know before that enormous blowup in the market. it's unclear what's happening. i think that's good news let's look at the s&p 500. we are meandering around just off of the lows for the day. there's been no dramatic attempted attemp to sell off the market there's also been modest attempts to buy the market that have not been convincing most of the major sectors are down about 1.25%, 1.50%. energy is the decliner, along with consumer discretionary and tech staples not so much. where are we now that's what i'm trying to figure out. i'm not sure if we're in sell the rally or trying to buy the dip mode until this morning every rally was sold into. i was always in sell the rally mode i'm not sure how this will end up today that's a little bit of a change in sentiment, a bit of brightness if you want a negative sign, hold the lows that we had yesterday. that was 2347. that's a long way from that. this week, we end below that any point in t

bob pisani is on the floor inside the post?ly cnbc is inside the post showing you the action we have a first public indication for tencent, 13.5 to 14 13 to 15 was the price talk. they priced it $13 with early indications 13.5 to 14 the biggest news story is that the deal is getting priced at all. stacy cunningham is the head of the new york stock exchange. stacey, it's a tough market to go public. >> it is. >> just getting it priced was a bit of a victory. >> i think when you look at volatile markets you do see a slowdown in the ipo market companies with a strong underlying business and strong story tend to do well regardless of market conditions. >> if they can open with a 13 handle i think that would also be a victory there are a lot of smiling tencent executives if you can open this. what does this tell you about the ipos in 2019 we know there's a huge flock of unicorns sitting out there waiting to go public including lyft, uber is this a good early sign? what are some indications you're expecting for 2019 >> there's someth

mattel and amazon leading declines >> let's get straight into trading action this hour bob pisani is on the floor of the new york stock exchange. >> very poor sentiment still the dominant theme down here let's look at the s&p. these technical levels become very important we had a poor open we dropped right below the december 10th lows then we started rallying the important thing is some groups had a tough time recently led the way back apple, the market leader started positive look at apple, a nice move there for apple. about 12:00 apple too began to lose some steam and, obviously, gundlach was talking fairly negative about the markets that didn't help overall we had a nice little bounce and attempted rally in the banks new 52 week lows across the board. they rallied in the middle of the day and now basically flat etf today. oil despite the fact that oil was sitting around the $50 level, oil stocks attempted an early rally. that certainly was nice, value attempt. chevron went positive again just a roll over for the market after about noon eastern time you would think this would be a

carl, back to you. >> thank you, bob pisani dow is down 123.e is accounting for a big piece of the dow's gain. we are getting news that the president called some senate gop leaders to the white house today. for more on that, we'll get to eamon javers >> the republican senators will meet with the president at 10:30 discuss the funding bill and the importance of border security. the question is can the president and republicans work out some sort of compromise in funding. the president had been tweeting throughout the morning urging senate republicans to fight for his border wall saying that democrats will ultimately take the political blame. the republicans they're going to need a large chunk of democratic votes to pass that bill. they simply don't have democratic votes for any bill that would include border wall funding. they passed that in the house last night a measure to open the government which includes the border wall funding. now, they're up in a rock and hard place so they're not going to have a vote is there some sort of compromise her

pairing earlier losses in today's session, following the dow's lowest close since may on friday bob pisanihe floor. >> hello finally an oversold bounce in the most beaten up sectors we broke through the december lows and people watched technicals very much. 940 or so, broke through this, took a quick leg down. that was clearly technical selling. finally, we are saying when are banks going to bounce. finally, they kind of led the turnaround we had jpmorgan go positive, and kbe bounced first into positive territory. then oil, oil stocks oil dropped to november lows in the middle of the morning and oil stocks turned around before oil turned around, moved in positive territory chevron went positive and some beaten up oil drillers moved into positive. dow leaders, boeing, caterpillar, dow duponts that do better on hopes for trade talks, no headlines out there, after navarro didn't say much other than oversold bounce i say the big hope for a real rally this week is with the federal reserve. it is simple, folks. back in september everyone talked about three rate hikes in 2019 the market convinced

. >>> some buybacks starting to bite back after companies spent billions earlier this year bob pisaniess not all companies view it as a way of buying low and putting the stock away, but looking ill timed on some fronts. >> they are not market tirmmers in the long run, it might work apple has lost nearly $9 million this year buying back its own stock. and it is one of those that i call buyback monsters. since 2013, apple share count has declined from 6.5 billion shares to 4.5 billion. that is a phenomenal buyback and there are other major players. oracle, walgreen's, they ever significantly reduced their shares outstanding wells fargo has, applied material as well so this whole argument plays into the hands of two major groups number one, there are those who have been critical of the tax cuts in general arguing that the money is used for buybacks and dividends that only enrich share holders. and those who dislike the whole trend toward what is called financial engineering in the wall street community using money to make earns and earnings growth look better rather than growing revenues

see if we still get some of that back to you. >> thanks bob pisani after the markets plunge on christmasve a high ranking administration official contacted at least one well known investor and we have the details from scott wapner. >> you know how important the market has been to the president on performance and we're learning now about that sharp pull back. how it was playing in the white house. i'm told a high ranking trump administration official reached out for advice on how to get stocks to go up. and that call took place after the christmas eve sell-off of course the worst christmas eve session ever the administration was said to be determined to get stocks to reverse and go higher. i'm also told the investor who was called told the administration the following get president trump to stop criticizing fed chair powell on twitter, stop the turnover in the white house, strike a deal with china and get peter navarro to stop saying incendiary things with china and that we're at odds with what others have said publicly at well. >> maybe around the time of this call, we had kevin hassette

bob pisani joins us from the floor of new york stock exchange you have to wonder if we're pulling forwardns of the scenario we're expecting tomorrow. >> well, i think part of the reason we're up today is besides oversold condition is we are in the fed drift day. there's a simple phenomenon that happens. the market tends to rise in the 24-hour period before the fed decision this is very well studied. the fed itself studied this and acknowledged it exist and claim to say we're not sure why it happens but it is and may be a factor of today. i like some things in the market and some i don't sector wise, semiconductors leading. health care doing well banks, again, no participation at all energy, well, they showed you the oil chart. let's show you again middle of the day we sort of collapsed down into what is essentially a 15-month low in oil prices see that big drop there, down $2 we are at $47 and change energy stocks, of course, 52-week lows and a lot of big names and going on for 2 or 3 weeks. 52-week lows and nothing is really improving what does the market want? what we know right now is

let's get more from bob pisani bob. >> hello 40 points off the lows in the s&p. i want to show you an important technical level we hit at 11:30. 2632 that was the old closing low, november low right after thanksgiving and you drop below that, big technical problem. but there we were at 2632. we hit it, we were found we bounced off it. why do we come off the lows? several things happened. a reversal at the european close. we have mr. bostick at the atlanta fed talking about interest rates, within shouting distance of neutral. huh, that echoes mr. kaplan this morning. that certainly was a positive. remember, the dow was down 1500 points in the last two days at that bottom at 11:30 eastern time due for some kind of bounce. but it doesn't feel like a bottom yet we have a lot of new lows out there, a lot of lows particularly in industrial stocks put up the new low list. morgan stanley, goldman sachs, a lot of banks at 52-week lows and oil names. halliburton, schlumberger, all of those at 52-week lows four issues ailing them and only one of them are looking better the

. >>> welcome back financials were the best performing sector although still in the red bob pisani has the details >> hello the good news today is the banks outperformed on a relative basis. but with the s&p down 2%, some banks were flat or eked out small gains. so comerica, fifth third, pnc, no the bad the bad news is this group is down nearly 20% for the year they couldn't sustain 2 administers on the day oversold doesn't really describe what has happened to this group. most of the big names are down 30% or more off of their 52 week highs. goldman in particular caught up in a major investment fund scandal as malaysia files charges against that firm. and now we're seeing other sectors getting hit. american express just hit a historic high, but it has docome down to 101. and visa has been a monster all year 150 in october, but then it has traded right in line with the s&p 500. still up 16% for the year though same with master card. trading almost in line with the s&p. acting like some kind of future barometer of u.s. spending don't let the selloff spook you too much there is a multidec

pace, triggering more losses they're on track for the worst december since the great depression bob pisanion the floor, watching it all. >> hello, jon, we're down but even on advanced decline line. look at sectors. help from semi conductors. banks in the green just went negative health care is weak. consumer staples, walgreen down on earnings and conagra. i keep waiting for signs of bounce citigroup down 11 days in a row. i don't think that's ever happened, i am checking on that. has to be close. we are mixed on banks. the issues for the markets, dealing with a lot of them the fed was a more positive issue for the markets a couple days ago than now. not as friendly as hoped for tariffs, mixed news, china commerce ministry says more talks in january brexit is unresolved, and global slowing, we don't know how much. that's the big market problem. look at levels where the market is new lows for the year on the s&p 500, ten year yields are sitting at the march lows. oil at a 15 month low. gold at five month high. i mentioned the s&p 500, new lows and ten year yields at the lowest level since ap

bob pisani has more on what's been a roller coaster ride >> can't we get a quiet day going into closet traders are gone. everybody wants to get out of here and show up in january and talk about fundamentals. look at the s&p 500. we had a weak open we rallied off the lows. we went into the december consumer confidence report, data came out at 10:00 a.m., it was a bit below expectations and it confirmed while confidence is high, it is off the highs in october. before you get all concerned, remember that october saw the highest levels in consumer confidence going backto about 2000 we are talking about multi decade records in consumer confidence it is no surprise that we are dropping in the last couple of months this was more severe than people thought, so markets came off their highs. markets are moving in tandem the whole market down 1.5 to 2%. energy leading the decline tech, consumer discretionary, health care and consumer staples are down elsewhere, we like to talk about the january barometer. this is one of wall street's favorite barometers and for good reason it registered only nin