bob pisani has more. >>> thematic etfs is getting hit as well. 3-d cloud computing, and there's kathy woods, arkk, getting hit again, subject to the same forces about the rates higher, elsewhere don't forget that reopening trade. oil comfortably over, and a lot of oil names on this, department, chevron, as well as other names. i want to point out to everybody, we topped out february 16th in the s&p 500 that was the day when interest rates started moving up, when the ten-year yields started moving to the up side from 1.1, to 1.2%. particularly high-growth megacap stocks mentioned today, because rates were basically stable yet, but still sold off into the close. >> re, something, as rates start moving up, it puts a ceiling on the multiple you can have. that usually means prices are going down. >>> we're just about at session lows at the nasdaq right now steve liesman has the details from the fed's beige book. steve? >> melissa, the beige book saying economic activity expanded modestly across the 12 district washington mutualer spending report to be mixed in regular spending and in auto

down more than 17% from its record high, which it hit just back in january for more, let's go to bob pisani mr. p? >> tyler, what is highlighted today is this increasing sensitivity of particularly big tech stocks, growth stocks, momentum stocks, whatever you want to call them, to interest rates. when interest rates tend to go up, the future cash value, the future earnings stream, tending to more problematic. bottom line -- tends to be more probl problematic. you can see it in semiconductor stocks like xilinx and micron. tesla has a monster comparative. they tend to pull down the overall indexes. again these are among the biggest momentum names out there. this is not a one-day phenomenon we have been dealing with this for several weeks. for example, the ipo etf, which was a monster earlier in this year, it's down 20% right now. biotech, another big monster down as well china was leading the world up to about two weeks ago, but now it's down 13%. elsewhere, if you look at some of the megacap stocks, the correction is even more noticeable i'm looking at stuff that tends to be appearing in the

let's bring in bob pisani for more on the market's battle back good afternoon, bob. >> courtney, i was on the floor that day and it was one to remember, march 16th, 2020, was the day when covid got very real for market investors everyone realized that the shutdown was going to last a very long time the dow industrials dropped 12.9% on that day one year ago it was the second biggest percentage loss ever for the dow. the s&p 500 dropped 12%, its third biggest loss ever and the nasdaq 12.3% it was the largest percentage loss ever for the nasdaq the s&p 500 would not bottom until a week later on march 23rd from the february 19th, 2020, high to the march 23rd bottom, the s&p would decline about 34%. almost as quickly the market reversed by august the s&p 500 was back to its old highs now, the market has been led back by stocks that have benefited from the reopening, stocks like freeport-mcmoran, l brands, mgm and halliburton. what changed the fed and congress came to the rescue the fed announced rate cuts and massive asset purchases. congress passed three stimulus packages and one simple pa

let's bring in bob pisani. sort of like the tennis match turned vertical here, bob. up and down, up and down >> yeah, right, exactly. last four days, two days, nicely up and then sideways today but we're trying to go positive. i keep stating we wait for the s&p to turn positive look, we were down 24 or 25 points in the s&p earlier, but we sort of have turned around here and getting very, very close to going in the positive territory. you can see, dow made it in the positive territory s&p not quite. triple q there's the tech stocks. they haven't been doing much today and that's always a problem. the russell 2000 also a little week that's the biggest subsector that's moved on the year a big cap tech, it's tough to keep moving when the chips don't cooperate, so your big names like nvidia aren't doing anything micron not doing anything. apple lounging around. facebook and amazon, they sort of stopped dropping. so stable to slightly down in the tech area. in the meantime, old economy stocks out there, just roaring ford at a new high these automotive stocks. b borgwarner a

will soften the moves for rain to hit is like pisani. pieces that sunny don't talk about how big their heads are it's like ask him what he has in his bank account. he gets approximately 500 euros for me since a large animal to slaughter house. to send of one creature means he can food to keep 20 others improved infrastructure is attracting more and more people to the fun of sweden it's only the last 1015 years before that have never been trouble in this way what is now. because now everyone can go buy a quad bike everyone can buy a snowmobile. and. everyone think if they have the right to. truth to build a house to fix things up there in the mountains. that's what. i get little bit upset over it when they say we have also rights but it's. no. you only have been here for. it's not only that one person is not only mine says not only see this it's not only true it is companies it's everything together because in this society. are pushing us from all the directions. soon we don't know in what direction what where we can go to be free. close

to new orleans for reindeer herders like pisani. kids says that sonny don't talk about how big their heads are it's like asking him what he has in his bank account. he gets approximately 500 euros for me since a large animal to slaughter house. to send of one creature means he can food to keep 20 others improved infrastructure is attracting more and more people to the fun of sweden it's only the last 1015 years before that have never been trouble in this way what is now because now everyone can go buy a quad bike everyone can buy a snowmobile. and. everyone think they have the right to. truth to build a house to fix things up there in the mountains. that's what. i get a little bit upset over it when they say we have also rights but it's. no . you only have been here for. him. it's not only the one person it's not only in mine says not only this it's not only true risk companies it's everything together because the society are pushing us from all the directions. soon we don't know in what direction what where we can go to be free. cl

bob pisani told you that at the top of "fast money." mike says, don't sweat the weak. still be a baba boost ahead. he's breaking it down in his "call to action. mike >> yeah, so i'm taking a look at baba there's interesting parallels when i think about alibaba relative to amazon now when you take a look at the company, there's a few things i find interesting first is monetization which you might look at and say it's rather weak. their monetization, which is essentially their commissions on the gross market value of sales that take place across their platform that's about 3.7%. i look at that as a potential positive because, of course, this company has been growing rapidly and they have an opportunity to expand that monetization that could obviously improve their margins considerably you know, another important thing that i would think about here is that they have a huge footprint, nearly a billion active customers on their platform right now their target, believe it or not, $2 billion that's obviously a very large number so finally one of the things i would think about

sultana williams who reigned in their display pisani. kids says that sonny don't talk about how big their heads are it's like asking him what he has in his bank account. he gets approximately 500 euros nissan's a large animal to slaughter house. to say no one creature means he can food to keep 20 others improved infrastructure is attracting more and more people to the fun of sweden. it's only the last 1015 years before that have never been trouble in this way what is now. because now everyone can go buy a quad bike. everyone can buy a snowmobile. and. everyone think if they have the right to. truth to build a house to fix things up there in the mountains. that's what. i get little bit upset over it when they say we have also rights but it's. no. you only have been here for this. it's not only the one person it's not only in mind since not only this it's not only true as companies it's everything together because the society are pushing us from all the directions. soon we don't know in what direction what where we can go to be free. close

. >> the most convincing one is we don't want to give money to the pisani. >> i believe that actuallyg brittle old bread new life by using fresh tomatoes to create a surprisingly refreshing salad. knowing my love of food and art, daniela has invited me to a festival this evening. a very fancy self. festival. the one thing that everybody has in common is food. >> yeah. >> this event is about as far as you can get from the wheat threshing festival. here florence's richest and most powerful families have gathered, as they have for centuries, to toast the city's new creative talent from chefs and musicians to artists hoping to follow in the foot steps of da vinci and michelangelo. >> you are right now in a situation where more or less 500 years ago, the medici would have done something like this. so we're going have some food now. >> yeah, good. >> she knows me too well. >> interesting. >> panzanella. >> really? >> it's a very sophisticated form of panzanella. >> this looks very different than the rustic bread salad we had for lunch. >> it tastes like panzanella. >> it completely tastes l

i'm bob pisani everyone who is holding on to high-yield bond funds wants to know what to do with themakely is u.s. head of ishares fixed-income, and steve, you oversee the high-yield etf, symbol hyg, the biggest high-yield fund in the world what will this impact have >> bob, thanks for having me extra 'tisally it's been very resilient, so far, they're -- by ash 3 %. that trend continues away from increases in interest rates, fundamentals are actually improving. we're seeing default rates fall and seeing upgrades outpace. >> isaac, the high-yield funds have held up relatively well under the theory the fed has pumped so much money into the economy it's effectively refencing the -- companies that companies that normally would have been in trouble when might the fed's protection of those companies effectively end? >> from a fundamental standpoint we're seek some weak necessary we've seen most of that price whap all right when you've seen huge reductions at this point, the teslas, ford, carnivals of the world all paying significantly lower yields, a lot of that is apparently priced in i th

rally, tracking for a record close while tech seems to be sitting out the party let's bring in bob pisani with a look nasdaq falling about a percent and a half, what do you think? >> what's happening the gap between growth and value stocks is getting wider and wider, but it's even simpler, that it's tech versus everything else. tech being down today is the reason we're not get a lot of energy faang stocks are doing grange. citigroup at a new high. even industrials, eaton is at a new high some of the materials are at new highs. exxon mobil is at a new high look at tech, as you heard frank say, lagging the party there big-cap tech and xilinx, and advanced micro same thing it was less than a month ago when we were hitting new highs we have lots of new highs, darden, exxon as i mention ed ad you can -- you want it simply, how you about disney versus apple? did i any jumped in early november, on the announcement the first successful vaccine test, disney jumped finally, california, of course, saying disneyland can reopen. that's a big help today, but this has been going on for a while. look at

for its worst week in a year we're now up nearly 1% for more on the volatile tried let's go to bob pisani morgan, the important thing here is what's going on with the ten-year yield you see how the market is jumping all over the place high and low today, that's telling you the market can't decide what is going on with interest rates. is the yield is.5 or goods to 2% three months from now? when you market can't decide, it just bounces around. generally we're seeing some of the megacap femme steps. you can see some of the big names, the semiconductors, paypal, apple, nvidia, but don't kid yourself it's been a rocky week and a half let's show you the same stocks, how far they're off most of which they hit just a few weeks ago. xilinx, a lot of -- there's apple, 17%, as for kathy wood ark's tough. tesla, square, roku, teledoc, all continue to say drop you live by that sword, you'll die by that swore. obviously big growth here. it's not the overall market. we're only 3% off the historic highs. it feels like we're in a massive correction, but we're not. it's the high-growth tech names. s&p is o

. >> let's get to bob pisani for a look at the biggest movers during the course of this very volatile, this was a very strange day. a 120-point move in the s&p? the market really doesn't know exactly how the read the interest rate scenario that's the moirmgal mover of the market mike's absolutely right on that. let me show what you a rough week it was for kathy wood the main arc fund arkk is now down about 25% from its recent highs, but it is a tough week overall for tesla, square, roku, teledoc health she drove these stocks up and there is a up move and a down move in the last couple of week as interest rates moved up remember, february 16th was the top for the markets. that's when interest rates started moving up. elsewhere, other sectors like on line retailers had a rough week. good reason. chewy and stitch fix are not even profitable yet and they have had huge run-ups. etsy is trading for 60 times forward earnings there in a high interest rate environment when they start moving up high multiple stocks get hit. none of this is ill logical what's going on with some of the online ret

bob pisani and the bond market and rick santelli. >> good morning, thanks david.g a huge deal on the drop in yield and keep in mind if you look at the three day chart, friday was the big day. 175, nice round psychological number if for intraday yield high and we settled at 172. yesterday settled at 170 gave back a handful here at 165. i would look we're down 7 basis from the high yield close going back to january. it is a start. but man, everybody is making a huge deal that that's pretty much it. i'm not sure i'm there yet one 153is key yield support. we could go down there and easily keep this in place. a day to day start the pattern is not broken. and one of the reasons this is being used and this correction as maybe we're locking in the high yield for a while is because of the march fiscal year end for many pension funds some countries, canada, india, hong kong, japan march is the end and april starts a new fiscal year. so pensions are going to probably come in and swoop down and scoop up treasuries. but yes there is also some issues that the expiring slr progr

. >> steve liesman all over the hearing today, thank you >>> stocks as session lows, bob pisani how all of this played out in the last two hours. over to you. >> second day in a row yields are lower. that provides stability in the market, and reports of additional lockdowns in europe, particularly germany, i think that's putting a bit of a lid on our market here. it certainly is in europe. it's a narrow trading range, not terry constituently significant. you see when consumer staples are a lead, that's a defensive group, that's a sign the market is not quite sure of the direction. tech has been stronger that's the most important story for the stock market, but look at the great reflation trade -- energy, banks industrials, they generally have been weaker in the last couple days i'm not sure if that trade is losing steam or it's a bit of rotation that's likely it, the rotation, but energy stocks have been in trouble for the last week navy oil topped out at about 65, and since then the oil stocks have been essentially on a downward slope, but they had one heck of a start for the year over

bob pisani. >> frank, that yield you mentioned is very important. the bulls are trying to convince everyone the higher yields are reflective of a more normalized economy, and right now they're winning the battle you see the banks, the industrials, that's the reflation trade. that continues to do well. lagging are the two sectors most sensitive to interest rates -- technology and china, msci is reflective of china stocks so here's the narrative, the important thing that's going on, the relationship between stocks and interest rates the narrative for higher yields is very, very powerful stimulus is the big mover for global growth. all over the world $6 trillion in stimulus. that's an enormous amount. we also see concerns about inflation, but transportation bottlenecks have added to the price increases, a lot of people think those will be temporary and they go away after alternates while so we get this growth/value yo-yo. this is what it looks like banks at new highs today, wells fargo, citigroup, we also get the reopening stocks at new highs. restaura

100% in the last week as retail traders bet on the digital transformation under ryan cohen and bob pisani, what's the latest >> good to see you, frank. we're at the highs for the day but only 2 to 1 advance declining stocks because the reopening stocks, they're faltering today because tech ascended look at the sectors here two things matter. tech spacs, particularly, s semiconductors back in a big way and then china both back both of these sectors, big corrections in the last month. at the same time, reopening banks, energy, they're faltering. again, healthy rotation for the markets. take a look at big cap tech. you see these off close to 20% from the 52 week highs as of yesterday, big bounce back today. mega cap tech stocks you see here facebook, apple, alphabet all on the upside here. the multiples for the stocks, the good news is they've all come down rather dramatically. the important thing here, you see the stocks, but they've all come down dramatically you're talking about facebook was 30 multiple forward earnings, 23 now apple trading at 32 times forward earnings, now it's 27 or so

let's go to bob pisani for more. bob? >> hello it's back again. this reopening trade has kind of waxeded and waned in the last couple of weeks. it's all the cyclical sectors. steel stocks, energy stocks, global stocks, copper stocks, for example. industrial stocks. home construction. that's the reinflation reopening trade. they're all doing better today after a rough week the thematic tech etfs back up today. we have a broad market advance why tech's doing well and the reopening trade's doing well so everybody loves the lithium stocks and the 5g stocks and the robotic stocks doing well. what's not bouncing? cathy wood, ark innovation another down day can't get a break right now. the s&p, ra thel is right we are positive for the week and the rotation from the tech names, the big growth tech names into the cyclical values continues and then rotating back and forth into the different sectors keeping the market held together another tough day for a lot of the big chinese stocks and noted all week there's big selling in the u.s. listedchinese names lik

. >>> stocks sinking to the lows of the session let's get to bob pisani on what's driving this actionob? >> melissa, a lot of this looks technical to me. remember we are in a paradigm shift this week from covid being the primary worry for the markets to now interest rate rises being the primary worry and that's creating moving and in stocks. when i say technical here, 3945, about half an hour ago, the lows of earlier this morning. when we hit that level there was a volume spike in the etfs that trade a lot like spy and we took another leg down i think intraday traders said we won't be rallying and might as well get out want the show you the tech names i follow semi and big cap for a general a area of the mega cap most of the big cap tech names were flattish on the week. there was not huge selling this is a first time this week to see the notable selling going on what we are seeing selling this week is in the thematic tech etf area investors love to put money in ark funds, cloud computing, clean energy founds, cloud computing etfs when they start thinking i'm going to not put as much m

. >> good to see you again bob pisani has our etf edge. hey, bob >> scott, good to see you.e etf edge portion of halftime report active magt is making a comeback in the etf space as many active mutual fund managers convert to etf but one area and the fund advisers and he's been studying the market timing efforts for decades. heavy bets on banks, energy, and small cap etfs how do you decide when to rotate this portfolio we think valuations do matter and not only valuation though. you have to have a catalyst that goes long with that valuation.>r and not only valuation though. you have to have a catalyst that goes long with that valuation.>r and not only valuation though. you have to have a catalyst that goes long with that valuation. r and not only valuation though. you have to have a catalyst that goes long with that valuation. since september, there's been a massive rotation into value, size and being small cap and sickly calls and that's because that's when rate bottoms, people realize we weren't going to have a double dip and the catalyst for the value component is coming

carl, back to you. >> bob, we'll see you in a little while bob pisani thank you. >>> plenty of time tot rates all the way into the 2:00 p.m. hour. let's get to rick santelli >> we should be talking about rates. hopefully the fed panel gives us their ultimate decision through the chairman today we'll pay more attention to the market's view, even knowing that quantitative easing, they could just tap that accelerator, pretty much any time they want to it's pretty brave of the market to challenge that notion now, housing today, the february numbers were not good, okay? each down over 10% starts and permits but permits have been really pretty solid, even now that they lost a bit, which really paints a better picture, maybe for building and easing some of this supply issue, it's very tight supply what i want to bring up something that came up yesterday, and the national association of home builders index was down for the fourth straight month but it brings the point home it started in 1985 and even with the downdraft, 82, it is still 4 points above 78, which was the all-time high, prior to c

let's get to bob pisani. hey, bob >> yeah, that's not the only weakness, krarm.y flattish open, after a confusing and really difficult trading week quadruple witching today a lot of volume toward the close. but take a look at the sector, and as i said, mercifully kinds of on the flattish side. nothing really tremendous. you can see the banks are weak here i think that's important here. let's put up some of the banks here and as carl said, the fed is not going to extend that slr rule. that's the pandemic crisis rule that allowed banks to relax their capital levels so there's some concern here that the banks might have to buy more capital against their holdings maybe they'll have to sell treasuries maybe they will be able to buy back as much stock there's a lot of vague concerns about this but you can see some nominal weakness the bigger issue is just the confusion this week, i mean it's just been head spinning to try to figure out what the trends are this week, so remember, the main narrative, was pretty simple, starting this week, inflation replaced covid as the

. >> let's get over to bob pisani. >> we had a great close here, up on a day with bond yields near 13ement for the market here. sector movers for the week the reflation trade is still on and tech is weaker but not as weak as it was before. there is your reflation trade. the retail stocks, doing great the bank stocks doing great. the industrial stocks doing great. the nasdaq 100, big tech consecutivor down 1% but it is better than it was earlier in the week. it is an impressive close given concerns about higher rates and the impact on technology stocks. as for mega cap tech stocks this we are, yes the sem conductors were hit we saw xilinx was hit earlier in the week but look at the moves towards the end of the week. up 5%. amd up 3%. amazon apple was flat, 16 on monday, 120 today. again, white an achieve men for the everyall mega cap sector one thing that's starting to show up, the reflation trade is looking tired in the energy group. oil is having trouble at 6a going any higher this week after huge run-ups in the last few months most of these high beta energy stocks, marathon, devin,

interesting way, the best day, at this point, for the markets, in exactly a month let's get to bob pisani hey, bob. >> good morning, guys. what a great start to march. 10 to one advancing to declining stocks, due see that very often and of course, lower yield, means less pressure on the stock market, and that means the reflation trade can reassert itself take a look at the sectors to see. broad rally so tech is leading, a very good sign but energy, banks, and industrials, materials, there's your reflation trade that sector was up dramatically, we saw some of these energy stocks up 20%, banks up 20%, in february, and industrials up 8, 9, 10%, materials up 5 to 10%. this is all in february this trade is now continuing, a lot of this is dependent on interest rate pressures that we're seeing travel and leisure stocks, flying again this morning. all of these names, of course, you heard about the secondary, some of these companies that are offering, but carnival was up big, in february, all of these big, big moves here, for these companies, and i looked at some travel in florida, in april, and

bounce a bit here just south of 13 k it was briefly the lowest since january 29th let's get to bob pisaniood morning, guys. happy thursday is the kind of market the market really likes because you've got a broad rally. you have the tech sector up. and you've got the reopening sector up. so you've got energy up. you have generally banks up. take a look at what is going on industrials doing well consumer staples, generally flat to lagging but that's the story all year, so this pleases the bull, when you see, this the probably is the damage is already done and a significant correction going on in a number of sectors and not just technology by the way, so if you look at ipos, 16% off the recent highs and a lot hit their highs in january and early february, and biotech, both the idv and the other major etf, 14, 15, 16% off the highs and china the biggest market of the year, and up until the middle of february, and 10% correction there, and nasdaq 100, heading in that direction, down 8%, and mega caps, some of them, the clip sector is basically hit their highs in the middle of january, so d xil

let's get to bob pisani. >> carl, a lot of new highs this morning in the bank area the joke going around this morning, we had a vaccine for covid and now we need a vaccine for inflation. some say we need a vaccine for the fed. that's what is going around today. take a look at the sectors, movers, carl is right, banks, a lot of new highs on the new high list for them, industrials, a lot of new highs on the industrials as well here energy is lagging because oil is back down around 63. tech, obviously the laggard today. as yields rise the important thing i think is the new highs in the bank area these are value stocks and this is one of the reasons that value has been outperforming growth so much, we've got a lot of new highs, jpmorgan, pmc, fifth third, morgan stanley, u.s. bancorp, a whole rack of what i call the mid-level companies in the south and midwest, and some of those banks doing really well, the regional banks right now. also dos well, is any of the big global cyclical condition, the deeres, the caterpillar, general motors, textron, all new highs in the last couple of days and te

bob pisani has much more on the markets. >> frank, the stock traders who have been obsessing all week about bond yields got exactly what they want from the ten-year auction today. it was fairly boring not that interesting yields were fairly stable and the bottom line was that's what the market wanted. you can see the s&p 500 intraday, nothing here midday. it has not reacted at all. that's good news that's exactly what you want for the markets, at least for the moment where are we on this obsession with the bond yields we have had tame cpi today and now a tame ten-year auction. the longer-term question is whether or not inflation is overhyped. a lot of the bulls come out and say the commodities run up, we've seen it is used as an excuse for influx. it happened because we had bottlenecks. that should ease later this year we'll have a 30-year auction tomorrow, if that's okay, some traders obsessing about bond yields running the stock market will have run out of things to worry about. we have the reflation trade, that's going fine. that's not dropping much at all. you can see most of thes

bob pisani here. welcome to the etf edge portion of "halftime report. more people going to the office and shopping in malls. what's the outlook for real estate let's talk to men who know michael is the chief investment strategist for the spider etf at state street global adviser who runs the real estate select etf over there xlre is the symbol the president of adviser with the alps active etf. reit, started trading on friday. rising rates are causing some worry for stocks how does that affect the market and how quickly do you think people will be returning to all those empty offices? >> bob, it's really interesting. typically, higher interest rates are a headwind for reits but interestingly enough, prior to today, reits were actually feeding the s&p. more than a $1.5 billion come into real estate etfs so far this year. two things are driving it. excitement about the reopening of the economy so folks are expecting to go to malls and get back to the office as the economy reopens so we see that in this rotation, even in reits just like in broader markets.

will soften the looser rein to hardest pisani. cases that sunny don't talk about how big their heads are it's like asking him what he has in his bank account. he gets approximately 500 euros resumes a large animal to slaughter house. the saint of one creature means he can food to keep 20 others improved infrastructure is attracting more and more people to the fun of sweden. it's only the last 1015 years before that have never been trouble in this way what is now because now everyone can go buy a quad bike. everyone can buy a snowmobile. and. everyone think if they have the right to. truth to build a house to fix things up there in the mountains. that's what. i get a little bit upset over it when they say we have also rights but it's. no . you only have been here for so short. it's not only the one person it's not only in mind since not only does sits not only true is companies it's everything together because the society are pushing us from all the directions. soon we don't know in what direction what where we can go to be free. c

our thanks to our guests meantime, as stocks move higher cheered by the fed report let's get to bob pisani for the market reaction robert >> this is a thread the needle story for them: they upped the growth forecast. they say no rate hikes through 2023 even if inflation overshoots a little bit. bond yields stable making that announcement and move up 20 points on the s&p in positive territory? they have threaded the needle. just take a look at the sectors. throughout the day because yields were high we are the usual situation, the reflation stocks, all of these have improved tech is also well off the lows now and some going positive so the overall market has lifted. the clean energy, the solar stocks were lower here and improved throughout the day. inflation and yield worries replaced covid worries and the fed's dilemma is acknowledging growth improved without bringing forward the timeline, at least in terms of this announcement they have done that we'll see how he does in the press conference back to you. >> thank you very much, bob. now let's go to chicago. i'm sure rick san ttelli has th

shep >> yeah, bob pisani, thanks so much. >>> bitcoin is heading to the ballpark and that's what's toppingelling private seats for one bitcoin using green back to sweeten the deal. 65,000 bucks they've already received more than 60 inquiries. the oakland as are the first team to accept cryptocurrency as payment. >>> dick's sporting goods selling men's athleisure they debuted vrst. that's their new line of men's athletic apparel they're trying to capitalize on the work from home trend >>> and google wants to track your sleep the company unveiling the second generation nest hub. it can monitor your sleep using a built-radar sensor so you don't have to wear anything. you can hit the snooze button by instead waiving your hand in the front of the screen. in stores for $99.99. >>> on wall street the dow down 1.19 >>> i'm shepard smith on cnbc. it's the bottom of the hour, time for the top of the news a conservator ship britney spears is in one turns out a lot of people are, but critics of the system say it's flawed and full of fraud. >>> late at night while we're sound asleep something strange i

let's get to bob pisani. bob. >> hi guys tech is back but the russell is weaker and the reopening trade a little weaker take a look at sectors here. you can tell momentum is back when you have tech leading, china leading and the i poe market is back too banks is energy. industrials is weaker materials weaker here. the bottom was march 5th and 8th for the sectors. oil stalled out at 65. energy is having a little bit of a tough time i wouldn't say tremendous bu certainly flattened out the last few days your big beta names like ox dental having a tough time. and vix below 20 t lowest level in a year so there is another sign of easing concerns. we were at 20 in february of last year. the bank of america fund manager survey global fund managers every month and what's really interesting about the survey this one, the biggest risk is inflation and a temper tantrum wait a minute, the biggest risk has been covid for 13 months covid is not the biggest risk anymore? that is the change in attitude inflation is the bigges

the last week or two so 10-year, just out to 1.6, a record high on the transports, let's get to bob pisaniy, bob. >> good morning, guys. happy monday mixed open 3-2 advancing to declining stocks but it's the reopening stocks that are doing a little bit better this morning so just take a look, yields up a little bit, so banks are doing a little bit better, and we're seeing nice moves up in industrials, and energy, materials, there's your reopening name, tech as you can see here, is flattish, a lot of news over the weekend, about that microsoft email problem, if you're looking for a jump in cyber security, you normally would see this, on that kind of announcement, but you're not today, some of the big names are kind of flattish on the open, so palo alto, fireeye, checkpoint, and modest moves to the upside, and part of the problem is these stocks are suffering from the same valuation concern, all the tech names are suffering from, since interest rates started going up they're not cheap. fireeye, 50 times forward earnings and palo alto, 50, 55 times forward earnings, all of these stocks hit ba

stocks that are working, david it's not just the ones that they're buying >> right >> let's get to bob pisanieast for some of the biggest cap technology names but overall of course the market continues lower. though already off its lows of the session. >> yes, it's a very strange market it's actually a very modest drop the s&p is holding up okay but there is a lot of underlying anxiety. let's take a look, nice open here, at least we're seeing some movement in some of the tech names here, it's flattish but not as bad there's the ark fund you can see the reflation trade is not working and the tech trade is not working this is a sort of characteristic of parts of the market in the last few day, it's got a little bit of concern energy is a complete round trip. up 10% in the past month and down 10% in the last month as far as market issues, there's three or four things that are really weighing on everybody right now. first is that we had these stable lower yield, it's not helping stocks overall and then we had the high-tech multiple name, those over 30, multiple, sort of breaking down rather notic

let's get to bob pisani. hey, bob. >> happy friday, everybody you're right, carl, yields are smacking around the stock market again. what we're seeing is the stimulus is pumping the global economy. and it's moving bond yields and that's affecting the markets let's take a look at the sectors. banks of course a big winner and been a big winner this week and bank up about 6% as a group here energy is holding up and industrials. there's your reflation trade which continues to be strong what's lagging the two sectors most sensitive to moving yields which would be tech stocks as well as china, china's been lagging all week, along with technology, and they tend to move pretty much hand in hand so where are we with this whole story about markets and treasury yields it's complicated but basically, this whole narrative for higher yields is really, really powerful. you just feel the market, and the yields want to move up at this point, and stimulus is the big mover for global growth. what are we at 25% of gdp of the uni

following yesterday's sell-off does this mean the retail trading frenzy is making a big return bob pisaniery good day forric wil -- for equities it was a good day for the retailers, great day for credit card companies caterpillar, 3m at a new high. good day for the banks and good day for the retailers. home depot hit a new high. lowe's also hit a new high not a good day for kathy wood and all the arkk holdings. down again not only today, but these stocks are now 30% to 40% off of their 52-week highs. most of them hit those highs right in the middle of february just as interest rates started going up, so the market is not looking kindly on high multiple stocks moe most of these stocks have multiples, some of them north of 50 as for the reddit favorites, so much for buy low, sell high. yesterday gamestop was down 30% and at the bottom couldn't find any buyers at all. today, look, a huge bounce, essentially all the way back up and volume was very heavy. that's the same situation with koss and amc entertainment they seem to be more interested in buying them when prices are going up an when th