has got the santelli exchange. rick i look at the equity markets, i'm always amazed, especially lately. there's a lot of headwinds coming into stocks and yet they keep coming back as a matter of fact, just quickly, s&p 500 going back to 2015 i'm not going to slice and dice this in a big way, just a generic thought. single tops, even double tops, they're important. but when you start getting one, two, three, four, i have a saying, there's no such thing as a triple top, which means there's no such thing as a quadruple top or a quad top. there's single tops, double tops, and then there are patterns and this is going to turn into a pattern. and ultimately, it certainly looks like a pattern to go higher that's the table setting for what i really want to talk about today. see, when it comes to equities, there were two issues we need to be really cognizant of one, we're living through. taxes. okay, tax reform certainly gave it a tailwind and it gave the whole economy a tailwind but many said this would never going to garner th

rick santelli, morning, rick >> good morning carl absolutely, markets, paying very close attention of today's weaker than expected numbers weakness in the dollar and rallying a fed fund future, the further out you go in time or further back of the crack. t contract. look at a one-week of two-year, a couple of notable features here right now we are trading at 181. you can see on the one week chart that we kind of touch 177 twice on held. the slowest yield is 183 of the cycle. we are below that. same one week of 10-year, you see the same notion, 206 spike, 206 spike. the close yield is 207 we are sitting right on top of it the 30-year bond is trading at 257 which is really interesting. it is the omnivonly one in jeop of a cycle yield close that's currently 253. back to that dollar index. right now we are getting close to down half a percent look at the intraday dollar, very responsive and makes a lot of sense in the grand scheme of they thin things and determining probably we'll see less support of the dollar or at least through the interest rate complex and finally opening that chart t

let's go over to the cme and rick santelli. hey, rick. >> good morning and thank you. boy, we've had a wild ride over the last several sessions in treasuries, and it's a unique ride because much of what's been occurring in treasuries is in response to other countries' sovereigns, like europe, like japan and their central bank policies that continue to push rates down through stimulative policies let's look at some charts. there is a three-day of two-year note yields. what i want you to notice on thursday the high intra day 213 on friday, the high was 203 and on today's social the low is 183 been that's 30 basis points from 2013 on thursday it was 228, friday 219, today the low 207 21 basis points. inth obviously closers are the only thing that and i talked with bob hormat against bob mueller and the question of the respondents was basically about all the global trade issues. these respondents filled out that survey before the surprise mexico trade tariffs the fascinating was how they continued to come up with an alternative to china what happens when there's no it will

he'll join rick santelli next.reet" will be right back the market has really recovered over the last 43 minutes now up 117 points. we'll be right back. man: stand up if you are a first generation college student. stand up if you're a mother. if you are actively deployed, a veteran, or you're in a military family, please stand. the world in which we live equally distributes talent. but it doesn't equally distribute opportunity, and paths are not always the same. i'm so proud of you, dad! man: i will tell you this, southern new hampshire university can change the whole trajectory of your life. southern new hampshire university plike... zelle. to conveniently makesend money sier, to your babysitter. for overtime. or pinacle, to tap into your organization in the office, on the go, or in the stop-and-go. pnc - make today the day. >>> long time market bull jeff sots says don't panic with the volatility find out why he thinks new horizons are on the way on tradingnation.cnbc.com more "squawk on the street" coming up. geic

. >>> now let's get to the cme rick santelli has got the santelli exchange. rick >> thanks, john.'m really excited today there's so much going on that we could learn from i'm going to call this one the fluid dynamics of central bank liquidity. kind of a physics lesson of central bank activity. and it's really pretty easy, okay we have two buckets here and we pour some water in this bucket, starts to still up, and then we connect the two buckets and watch what happens no matter how much liquidity you put in that one, you'll end up with the same in both of them. let's say we have a lot of global economy buckets here. doesn't matter which one we put the liquidity in, does it? because ultimately we are all connected and it's going to always seek a similar level. i say central banking policies are highly contagious. if you want to get business way, let's substitute contagious for fungible because it is all fungible and when i hear the president say, oh, my god, the dax is up more than our market, here's what i would say he needs to kind of ponder is that mario draghi is filling his buc

john today >> very true mayor moorial and john watt, thanks a lot >>> bond yields today, rick santelli tracking action at the cme. hey, rick. >> reporter: hi, big bond moves. a lot of humor on the floor. uncertainty is really bullish, isn't it the two day of tens. on the day they're down 4 and what's really interesting, settled the same place as last friday bounces. the low yield close for the cycle and down 4 for the week. bund yields. trading minus 26 basis points. historic lows in bunds and pretty much many maturities in europe and finally, the dollar index. talk about a sad story this is down over 1.35% and dollar index getting crushed down a half a cent today on the jobs front we could all debate how good or how weak it was, but in the end, it's really all about the fed or is it how much underlying strength is in the economy we will see going forward, when we start passing through the fed meetings melissa lee, back to you >> rick santelli, thank you. >>> up next, today's tasting menu cities crippled. walmart takes delivery to the next level that's all coming up on "power lunch. >>

could be happening momentarily rick santelli, i'm sure you're watching slack, but i'm sure you're alsoching something else in chicago today. what's on your mind? >> absolutely! interest rates continue to be soft wonder 2% in ten-year and philly fed manufacturing index seems to back the notion that we're weakening. but does it really i don't think so tu iafr e ea -driverless cars... -all ground personnel... ...or trips to mars. $4.95. delivery drones or the latest phones. $4.95. no matter what you trade, at fidelity it's just $4.95 per online u.s. equity trade. >>> i'm scott wapner here's what's coming up at the "halftime report" at the top of the hour how far can the stock really go with the fed ready to cut rates? plus, former dallas fed president, richard fisher, rick reeder are with us on what is really likely to happen next and a big list of moves from our panel today. we reveal them at noon when we see you on the half. carl, we're about ten or so away we'll send it back to you. >> quite a day, scott. thanks while we wait for slack here at the nyse, over at the nasdaq, grocery outl

to the bond market, in the meantime, rick santelli at the cme. >> hi, tyler up 5 basis points and doesn'tound like a lot double bottom right around 207 208. this could be the high close in 8 trading sessions you know, muni not many seem to talk about them lately there may be credit issues but low interest rates the best levels you see on this etf since september of 2016. the mexican peso is strengthening this chart through mid may shows how the dollar gave a lot back which is obvious but the dollar index is up just a peso, such a small piece of it and finally, the dollar versus the yuan, small piece of the dollar index but this time to the upside hovering at the best level since thanksgiving of 2018, tyler, back to you >> thank you very much rick santelli. >>> coming up, a huge auction, huge of baseball items including babe ruth and his personal collection in the house, we have what could be the most expensive baseball jersey ever to be sold. you're taking a look at it there. and the babe's granddaughter is here to talk us through it th'sexonpor nc at nt "weluh. >>> on saturday, at yankee

. >>> to the bond market, rick santelli at the cme. >> anyone involved in the short end on exchanges a hard time. the type of volatility we've seen in these short maturities is making it hard for market makers to make markets and for some of them to hold on to their dho dough. just ponder, 281 at one point. low close was 283. that was trading today actually under for this move and now it's back to unchanged at 286 the short end just pulling the long end up with it. we are within a basis point on 10 year and remember the main reason for this is because interest rates pay a lot of attention to the durability of equities that they build wider margins to the upside and cognizant of what's going on tomorrow with jobs dollar index, unbelievable one week ago around 98.14. dropped 1.25% in a week on the dollar index that will help evaluations and finally, look at the last time we closed at this level with the dollar index around the third week in march right around the 27th so we want to keep an eye on this line right around 97 even tyler, back to you >> rick santelli, thank you very much le

rick santelli is tracking all the action at the cme. y, rick. >> hi, melissa lee both the short end and long end are both idling near cycle low yields if you look at a may 1st start to two-year note yields which are up two basis points on the day at 1.86, you see that 1.83 low there. so we're three basis points away go to the farthest end of the curve, the pattern isn't much different. those are 30-year bonds hovering at 2.57. their cycle year close is 2.53 we're getting close. four basis points away that's the point as we get ready for next week's fed meeting. treasury yields aren't bouncing much maybe the data this morning, that weak data with regard to manufacturing and the gotham area could be a reason and finally, an etf that's really soaring and that's the lqd, the investment grade etf. it's at the best level since october of 2016. melissa lee, back to you >> rick santelli, thank you. >>> tim cook speaking at stanford graduation this weekend, but his comments weren't very collegial to his silicon valley colleagues. that story next

. >>> to the bond market now, rick santelli is tracking all the action at the cme. >> reporter: h >> hi, melissa lee good day, good retail sales, good revisions atlanta gdp ticks up to a level of 2.1 now, let's look at some two-day charts two year, 10 year dollar index twos are basically unchanged on the day and the week two day of 10 year shows you down a little on the day and down on the week dollar index the most aggressive chart up a penny on the week and some of that data might be fed related, quickly to the white board. university of michigan, 5 year to 10 year inflation, 2.2. do you know when this chart starts 1979 the lowest reading on the entire chart. i'm sure the fed will pay some attention to that next week. "power lunch" crew, back to you. >> that's a great looking chart. i'm impressed. looks computer generated >> rick santelli generated >>> as it turns from spring to summer, the housing market usually starts to cool down. but not this year. we'll tell you why what's going on out there and whe trehe heat is coming from when we come right back my old fri

rick santelli with the santelli exchange good morning, rick >> good morning, sara.s teed up we'll have to deal with that listen, my guest today is torestin sloc. thank you for joining me and right off the bat, i will react and i want you to react to that what we just played, my answer would be the president has a lot of hyperbole and i think he's the most transparent executive we have ever had my saying to him would be let's lower 275 basis points and join europe you think we're better off now what is your comment >> well, we tried to raise interest rates in europe and japan and honestly it is not really working very well that's a number of problems, particularly in europe from that perspective, lowering interest rates is not helpful. lowering into modestly positive would be helpful but the question is it that's needed or not. >> exactly that's where i really want to begin this discussion. right now all fed futures are down just a little bit but many still believe if you look at distant contracts, a lot of easing is built in, many say stocks easing built in what do

rick santelli i'm sure sends his regards. i want to get back to rick rieder you thought bond yields were poised to go lower how low will they go >> it depends on the curve we were talking on your show for a long time front end of the yield curve was attractive if the fed wasn't going to raise rates and if the fed moved, you had some upside in terms of a down side in terms of yield in terms of where the front end would go the front end is basing 80 basis points that's aggressive. i could see a dynamic with the ten year i said it a couple of days ago on cnbc.com that the ten year can get down to 180. one thing is important for thaty important for the fed and investors to think about we live in a global monetary policy world we live in a global investment world. what mario draghi said earlier this week lifted the bar for every central bank around the world including the fed and where european rates are going and other including emerging market rates are going is where the fed could potentially move a bit more for the first time i

. >>> rick santelli in the bond pit in chicago good morning, rick. >> good morning, sara.s paying very close attention to three-month to ten-year on that spread the inversion was minus 22, minus 23 earlier in the week, now minus 21-ish you could say maybe it steepen aid little bit although i wouldn't. twos to tens, twos to 30s, indeed it is giving back its steepening one week of two year and you could sort of see why. today, you look at two-year. it's hovering kind of quiet at the bottom of the range. consider this. it's unchanged on the day. the range on that one-week chart covers 2.15 to 1.76. that's a two-year note yield that's a lot of range. one week of 30-year bonds are down four basis points, tens are down three you see the flattening of the curve taking back the recent steepening due to the big drop in two years what's the range on the 30-year on that chart? 2.70 to 2.52, big ranges finally a lot of talk in concentration, as it should be, on what mario draghi in europe, ten-year ends in october what's he going to do? certainly not any snugging, inflation dropping o

yes. >> all right, guys >> that's why. >> thank you rick santelli, steve liesman, stay with us we want to talk stocks now bob pisani with reaction to the fed station. utilities, which hit a 52-week high off the back of this decision, as well as health care defensive tilt >> yeah. but utilities up because yields are down, banks are down look, this was a masterful statement. the risk was tremendously to the down side. they misplaced a comma, and the markets could have gone down on this but they handled it tremendously well look, slight downgrade to the economic outlook moderate job growth instead of solid job growth the key is uncertainties about the outlook have increased that's the tip-off, what everyone likes in light of these uncertainties the community will monitor incoming information for the economic outlook and act appropriate to sustain the expansion. that's the tip-off you throw in the dot plot, talking about two quarter-point raises, a big move and you add 2916 on the s&p 500 going in year. we went into 2928. that's a big move up, considering we have 1% from historic highs and

santelli exchange is next. rickt's after the break zbr i'zbl there's a lot going on with respect to digging into today's jobs report. we have just the man after the break. former chairman of the president's advisers don't want to miss it. coming up. >>> here's what's coming up on the halftime report this friday. stocks are surging tariffs are looming and inv investors are hoping the fed will be acting we're going to debate what you should be doing with the dow and s&p on track for their best week of the year. plus, a fresh new price target for chipoltle sizing up the stock along with a bunch of names and josh brown on his latest take with how the tax law is impacting your investments. see you then >> thanks. >>> and the dow right now up about 275 points 271 to be exact. s&p and nasdaq also up better than 1%. back after a quick break company. but we're also a company that controls hiv, fights cancer, repairs shattered bones, relieves depression, restores heart rhythms, helps you back from strokes, and keeps you healt

rick santelli at the cme group in chicago tracking the action as always. >> good morning, sara. how low can rates go well, you know, last week on wednesday was fed day. that established at least for a while a new low closing yield for 10s, 202 last night 201 let's look at a chart that starts last wednesday on fed day. you see we had some 197 low yields intraday. but the close wasn't down there. now we're definitely hovering below 2%, most likely extendinging textending i the historic run with the rest of the curve and the rest of the world. look at bund yields. you can see from this chart, this is just an intraday, we ticked off minus 33. so maybe three quarters of a basis point more negative than the most recent negative yield close. they really auger the question as to where is the exit, where is the support for banks in europe and japan time will tell it is not only our rates, of course, i showed you bunds let's look at the ten year gilt, the uk's ten-year, reached 880 basis points we haven't been under 8 0 basis points on a closing basis since around ha

amanda agauti, david rosenberg, and rick santelli. rick, what did you learn that was new, if anything >> you know, i didn't really learn anything that we didn't already know with regard to slowing and moderation and tight job market maybe not improving as much. today's adp is more of what we call an averaging number you look at it, you're shocked you pair it up with last month's, divide it by two, it looks better and more in line with economists. probably rosy agrees 150,000 is what people expect in this cycle. most of the nervousness of the fed is real. the slowing is real. the key is how much we could see is from trade, is trade the catalyst for the slowing is it indirectly a big part of things to come with regard to ongoing slowness, downgrades by the imf and world bank with regard to china and europe as a whole? today's big news in treasury specifically on this topic is the short ends trading like commodity futures. wild trade in two-year note yiel yields tens and 30s are steady and a lot less volatility on the long end. it comes f

. >> thank you have a great day >> to the bond market now where rick santelli tracking the action at e cme. rick >> hi, boy, you've been really painting the picture, an accurate picture of treasuries there's a lot of demand, but it's machine been much stronger. especially since the fed meeting and the long maturities. the announcement was wednesday let's look at a ten-year it's recouped everything if you look at the curve down six on the week bonds are ten-year now up two on the day and 30 year are up four on the day, almost unchanged op the week let's look at tens minus dramat tells us that the two year hasn't recuperate d from the pressures on the fed being put on for the marketplace easy in if future. finally, the dollar and index. the chart starts around march 11th melissa lee, back to you >> have a great weekend. coming up, the head of a major hospital with his prescription to lower drug prices plus, one of the biggest mall operators in the world on how they are staying relevant to the age of amazon and in a tight labor market, companies have to get creative what one company is d

we are dom, bob pisani, rick santelli and diana olick, and meg tirrell. and leslie picker has more on why this time should be different for allergan dom, let's start with you. >> so jerome powell speaking today saying that the federal reserve will act as appropriate to sustain the economic expansion. he says uncertainty over trade and global growth has increased, but he says whether the uncertainties will continue adding that policy should not overreact to any one today i ta data point and hinting at the potential for an insurance rate cut. >> i think in a world of lower interest rates, research seems to show that it is better to act pre-emgt differen preemptively >> and this is after james bullard said that now seems like a good time for an insurance cut, but that 50 basis point cut may be over done but he does still see 50 total basis points of cuts by the end of the year. >> and let's get to bob pisani on the floor >> and bottom line is the market did not get any kind of assurance that there will be any 50 basis rate cut next month a little bit of a hi

. >> and for now let's get to the cme, rick santelli has the exchange hey, rick. >> thank you very muche issues involved they have a get out of jail free card on inflation potentially but the big thing i see is right here, a pillar maybe there's a new pillar we have new pillars now, maximum employment, stable prizes. this might be a pillar of the community, that'sglobal trade. how will the fed tackle global trade? i have no idea i'll tell you why i have no idea, when you look at the data points, the economy and market, and you didn't know there was trade infractions going on between u.s. and china and the closed chapter on mexico, you have have no idea. isn't that what the fed is supposed to monitor, they're thinking about the other issues, maybe the economy don't notice it, but obviously the supply chains are going to be disrupted. i think that's a possibility. >> i wouldn't dismiss it think about the fed when they do stress tests, they try to create conditions to see how banks react. i think the president by default has created a stress test of adaptability for supply chains many ceos

. >> carl, back to you >> bob pisani, let's get to rick santelli at the cme group in chicago. od morning, rick >> good morning carl, if you look at yield on the curve, it is like yesterday didn't exists. we are sitting on the level, we settled that on friday the 30-year bond, we settled at 256 on friday or 258. we are up eight bases points as you see on the two-year note the three-day out does not include the drop that occurs but what we have seen is something important. you see on the right side? today's interday yesterday's that's quite important if you look at a three day of ten's it's a very similar notion today's intraday high, nothing is set in stone, if you're going to challenge that drop, if we're going to take a footing and make a stand here, that is a small way it's going to work if you look at what's going on in boons, the three-day in bunds, we talk about the epidem equities, i have been using the treasury, on the year to date chart it's coming down just a bit. we want to be cognizant of that. interest rates do incite volatility and the dollar versus the mexican pes

to rick santelli rick >> well, if we look at what has been going on in treasuries, absolutely amazinge avoided a close under 2% in ten year we did to many, that may not seem significant. but it is huge psychological area and is about an eighth of an point below a technical level. let's look at charts that all start on tuesday when mario draghi spoke before our central banking announcement you could see two-year note yields, climbed a bit. all maturities are virtually unchanged on the day and down about 5 basis points on the week look at ten-year, see the way we avoided the 2% below close even though intraday we did trade down to 197, actually several times. dollar index, well, you know, this one is just having a problem altogether we're down a full penny on the week we settle around 96 1/2 last week 97 1/2 currently around 96 1/2. it doesn't end there the euro versus the dollar the talk was that mario draghi was talking about easing and the euro currency was hit. but then again, maybe this artificial stimulus, the primer they keep pumping in will help the economy. the euro is popping

it is turning negative as well rick santelli, what are you watching today >> you know, morgan, i'm watching the dollar index. the dollar index is a tricky one. that's what we're going to discuss right after the break. >>> the dow is going for the seventh straight upday back down to nat line as the morning has gone on. a little fatigue is setting in you look at also the s&p 500 is at a level that has sort of stalled out a few times in the past right below 2900 off quusly, we' obviously, we had a 7% decline in may that has goot enthem a hill winded let's get to the santelli exchange rick >> thanks, mike. there is a lot of moving parts lately to the marketplace. but one that's always prominently featured is the robust rally not only in equities but in tech especially but like to monitor the interest rates below it and they have bottomed to some extent in all maturities it's always difficult to call a bottom because there is not that much distance from the lows to where we're trading. a ten year note is hovering at $2.15. it's a nice bounce but uche i had like to give it a dozen basis points be

outlook for the year that stock down double digits over the past three months but first, rick santelliwatching today? >> i'm waumpbing you -- i'm watching you it looks like a little steepening is starting to happen with may have the clue as to whether the bottom is in place the key to that is 1175. wh ds atatoeth mean? you have to tune in after the break. >> shhh, sorry, i didn't catch that. i said ask how soon they can be here right now? what's now? he says they're surveying our property now they're probably at the wrong house i don't see any hovering his name is hovering? look up? by automating claims with machine learning and analytics, cognizant is helping insurance companies advance how they serve even hard to reach customers. cool ♪ >>> here's what's coming up on "the halftime report" at the top of the hour. today we're discussing this turn around tuesday, whether it's something to build on or just a one-day event. plus the street gets uber bullish on uber. our josh brown already owns it as you may know. is it time for you to buy it >>> and we are calling it a bank brawl, two wel

rick santelli at the cme in chicago. good morning, rick. >> absolutely, carl.urn not only our fed, but mario draghi and the liquidity keeps playing louder and louder songs. two day of bunds, around minus 32 basis points, unbelievable when you think about it, when you think about how many trillions of dollars of negative yields are washing in the globe and how banks and profits are almost next to impossible under those conditions it is such a vicious cycle don't understand why it continues. but you see the bund chart there. as carl was saying, let's look at the december 17 of two-year note yields. on the lows around 181, that's the comp on a closing basis. i look at everything on a closing basis, which gives us this u-turn. we move from 181 to 186, down to 184. remember, needs to close under 183 to extend its cycle low yields not an intraday number if we look out at 5s and 10s, basically similar. both have bounced to levels where they're not going to or very close let's take 30-year bonds, for example, 2.53 the low cycle close. at the low, sitting right there, s

the santelli exchange with rick. >> thanks, carl. everybody, of course, is talking about the empire striking out this morning and of course, i'm referring to the june read on the empire manufacturing index, which came in at minus 8.6. and last month, it was 17.8. the absolute valued difference, 26.4, well, that dropped as the biggest since 2001, we'll call it 18 years, and the number is the first negative number in this series since october '16 and the lowest number sings october of see '16. so what are we supposed to do with this number we have a chart that should show you. it's hard to ignore. if you take a look at some of the other region surveys philly came in, but that was a main number, and it was kind of strong on its may read at a little over 16 but if you look at all the other may reads, whether it's kansas cit city, which was close at the week at positive 4, and look at some of the other regionals, for example, the ism let's take ism manufacturing we did that release, i brought it to you live it was 52.1. that was the weake

morgan, back to you. >> rick santelli, thank you. >>> one of today's biggest earnings movers, canopy down 7.5% right now. aditi roy is in san francisco with the latest. adi aditi? >> hi, there, morgan shares are really taking a pummeling here, driving that bottom line miss that you just talked about the company says it's making some big investments to meet demand in canada and abroad and claim a stake in the cbd space here's what the companies are spending on. also, marketing and development of new products in anticipation of canada's cannabis market, opening to things like edibles, beverages, and vaping products at the end of the day. and also into the global cbd market, including hemp operations in several u.s. states and it's spending money on expanding its medical cannabis to markets outside of canada, in countries like columbia, spain, denmark, germany, south africa, and australia. finally, r&d for marijuana-based medical therapies and clinical trials as a result of all of those spending costs, operating expenses went up nearly 3.5 times year over year from about $56 no nearly $

. >>> rick santelli is tracking at the cme. rick >> it is crazy down here you look at intraday of two year note yields. they've just been dropping like a rock as a matter of fact, at 182, if they close here, a current sicyl low and the other end, intraday of 30 year bonds, heavy at 259 but low cycle at 253 a bit aways from that and a 30 year bond auction that kept $78 billion in supply today and $16 million 30 year bonds, pretty good auction solid to cover indirects and direct pricing was a little tough at 2.607 but all in all, a "b" minus and it's made a lot of volatility you can see it in the yield curve there. tens, minus twos back in november playing around more and not because long end yields are going up but short end yields are dropping faster. kelly, back to you >> thank you, rick >>> coming up, how to fix financial education in america can't get any worse. the boss who wants his employees to leave early and not tell why. ♪ ♪♪ ♪♪ ♪♪ man: stand up if you are a first generation college student. stand up if you're a mother.

back to you. >> thank you rick santelli. a good thursday morning everybody. ome back to squawk "squawk e street." as rick said, #% 2% on the ten-year, a shade blow a record high on the s&p 500 which we gotten the open. >> the rate rally. stocks surging s&p 500 an all-time high at the open the fed signaling a rate cut might be on the horizon. we will discuss. >>> slack making its public debut. opting for a direct listing priced at nearly a $16 million valuation. >>> and shares of kroger are down this morning as the grosser looks to gain traction we are going to bring you rodney mcmullin's comments. >>> higher across the board. s&p 500 surging 1%, hitting an all-time high at the open. investors are feeling good the federal reserve signals an interesting rate cut might be coming as early as july. joining us with reaction to the fed decision and what it means for the market, mike santelli and steve liesman. power lineup steve, virtually 100% odds now in the market of a july rate cut. does that seem right >> yeah. i'm not sure it's virtual. i think it's actual. it

. >>> to the bond market now, rick santelli is tracking the action at the cme rick >> hi, melissa leen 7 and 10 year note yields 3.5 in tens. it's all about a strained steepening on the wide curve and obviously, inversions on the short end. april 1st of 2016 starts the 10 year hovering at the lowest levels you see on the spikes in september of 2017. but maybe more important is just the breadth and quickness of the sell-off tens, minus twos of hovering at 24 steep close here since thanksgiving of last year. and finally, 10s minus boons a lot of talk and minus 20 basis points lowest yields ever in the history. but you see that huge drop this time, we can't blame europe or global weakness this is our own created trade issues coming home to roost, affecting rates and the dollar index giving up ground as well dlarn d dollar index, lowest since mid april. back to you. >> mr. santelli, thank you on the tasting menu, americans living alone and drinking less those two things not necessarily related. upset in the world of boxing and talk to the ceo of the company behind this mystery chart up 10

rick santelli is tracking the action as the cme. >> yes, indeed look at the this hour chart. you could see before we came in trading, we had tagged down to 197 but here we do sit at 2% small bounces and open the chart up to mid april. the spreads and boons narrowed significantly suggesting global pressures are having a huge influence on our yeel curve. we haven't closed under 2% yet i know it sounds like a small detail shl but it's important in the grand scheme of things continues to be the lowest in the his are of deals i think draghi was putting pressure on the u.s. fed to ease maybe sometimes efb efb in the same jar is a good thing i say the u.s. should fight it and draw capital when everybody else seems to be b moving more negative >> thank you very much shares of beyond meat soaring more than 550% and now it seems efb everybody is trying to get in on plant based meat alternatives. even tyson getting ready to come t thla bedugtsouwi pntas nge we'll talk to the qfo about this big shift in eating b habits man: stand up if you are a first generation college student. stand up

to the bond pits, rick santelli at the cme group in chicago. >> good morning.ou look at barons or read any of many publications since the fed meeting last week, this is as if investors just discovered we have a lot of problems with low interest rates and foreign central bank policy impacting our markets. but it is ongoing and i don't see any way to relieve ourselves some of the pressures. if we look at the curve now, 2s, 3s, 5s, 7s, 30, they're down two basis points, parallel shift it usually means there is some sort of equilibrium. but it hasn't been an equilibrium since wednesday's fed meeting. you'll see why all the following charts start wednesday of last week look at two year notes the distortion to the downside, how much yields fell flattening the curve in a downdraft of buying well, it was fed related you can see the right-hand side still hasn't recouped what it lost as you manufacture domove down r 30 year, it is higher and higher on the right side. that gives me some optimism. the long end probably is distorted and in the giving us a message of weaknes

. >>> to the bond market rick santelli is tracking the action at the cme today. >> interesting day outf the box for higher yields and retracement the intraday too. right around 1:15 eastern with the great vice chair of the fed and completely different story the 25 basis points and one week of fed funds december, tells the story. forget percentages that contract rals, and looks for less keep the option of the ease on the table. >>> caught up on tasting menu. squares, misdirected messages and amazon wants to help you make up your mind. how a labor strike in france could impact your lunch. plus, facebook and google and apple all bouncing back today. after falling sharply yesterday on those regulation fearlfears. did they overreact or a little bit of both? "power lunch" will be right ba introducing the first of its kind lexus ux and ux f sport, also available in hybrid all-wheel drive. lease the 2019 ux 200 for $329/month for 36 months. experience amazing at your lexus dealer. >>> welcome back did you ever back for a digital receipt and not gotten one it might have been sent to the wrong p

lowest level since november of 2016 earlier today, and we're stuck below 2% still lets get out to rick santelli. he's in chicago for the latest moves. rick, here's what i find kind of interesting. the fed says look, if tariffs linger as a concern and as hurting the economy, then we'll be forced to cut rates and my point would be if you're the president you might say sure, i'd be happy to keep that uncertainty around a little while longer then i'll get my rate cut. >> and then the president gets a more active turbo trust on the market, from a political standpoint and election timing that's a good thing for him. and jay powell i hope he doesn't succumb to some of the uncertainties. they may have a way to rectify them feds normally don't do an ease and take it back unfortunately i say because maybe that's what they should do if that was the way the fed operated i would have no problem with it. they have a tendency to get caught in long trends. we're only three basis points down on the day. right before midnight we violated that 2% down it 197 this charts in may and it's at 231. it's dropped from t

pisani is here at the stock exchange, eamon javers has detailed on the iran briefing, bertha, rick santelli and mike santoli here with his market dashboard but bob, let's start with you >> iran and trade headlines dominating the markets we did hit an intraday high, we'll see if we close 3 points above that right now you see the comments in the middle of the day, president making comments on iran then sort of came back a little bit, some hope for trade talks in the middle of the day risk on throughout the day i mean, all throughout the day metals, semiconductors, industrial stocks, energy stocks, all doing really well. that's what you want to see when you see risk on. new highs over 300 at the new york stock exchange, big dow names, honey well, travelers, mx, merck and visa all at highs. going public rather than ipo, it's technically a direct listing. there's slack. remember something reference price, $26, open, $38.50 right now trading at $40 doesn't matter, folks, up $55, i think we've settled where the direct listings work or not in the ipo market, let's just call it that in general, cert

first rick santelli what are you watching today >> i'm watching the yield curve have many different movese session and, of course, waiting for mexico and the u.s. to get together on tariffs and talk to jeb hensarling, former chairman of the financial council with regard to the house, we'll talk about everything tif aarfsnd what it may mean for future prices after the break. >>> i'm scott wapner a look at what's coming up on the half financial marktime rep. what happens if the fed doesn't do what it wants the calls growing louder after a dreadful adp report. what all of it means for your money. our call of the day is a jim favorite he sold roku weeks ago but is he about to get back in now he's going to tell us. john and pete on the case for unusual activity and what they found as well. we'll do it at noon. carl, we're 15 away and we will see you then >> all right scott, thanks. >>> let's get to the cme group and get the santelli exchange. >> i'll get it right this time former chair of the house finance committee jeff hensarling, let's get into it. thank you for joining me what do you think

. >> my stocks for today, rick santelli and i like the ami group. >> you're right.t is a winner and ai should have gotten behind it when it was much low but never too late and to amy in new jersey >> caller: booyah, jim what is going on, man. >> that is a definitive one. what is going on with you? >> caller: i'm good. i'm trying to see what is going on with microsoft. >> here is what is going on with microsoft. buy buy. and people said what do you think? buy buy. and to allen in pennsylvania >> caller: springfield philadelphia eagles, booyah to you. >> that is a coalition i could get behind what is going on. >> caller: there you go. in this turbulent market, i need a relatively safe investment for my "mad money" and i want to get a buy, sell or hold or biopharma. >> that is at a 52-week high and why don't you buy bristol-myers because once that celgene deal gets together they'll do a great job. hillary in new jersey. >> caller: hi, jim quick question for you what is the opinion on adobe growth -- >> one of my cloud kings i think it is soars tomorrow off salesforce e

complaining because they agree with the ultimate purpose kelly, back to you >> rick, thank you rick santelli>>> up next, nba star andre iguodala will be live here in studio lots of basketball to talk about, the nba finals, free agency, the draft. and his huge portfolio of investments, including hitting it big on one recent ipo, as he makes his way over that's coming up right after this on "power lunch." my experience with usaa has been excellent. they really appreciate the military family and it really shows. with all that usaa offers why go with anybody else? we know their rates are good, we know that they're always going to take care of us. it was an instant savings and i should have changed a long time ago. it was funny because when we would call another insurance company, hey would say "oh we can't beat usaa" we're the webber family. we're the tenney's we're the hayles, and we're usaa members for life. ♪ get your usaa auto insurance quote today. >>> you probably know our next guest for his skills on the basketball court, but andre iguodala of the golden state warriors is much more than a

. >> let's get to rick santelli. >> good morning rick, good morning carl we get weak numbers on jobsyou put fed speakers out there in the time of turmoil ding, ding, ding, what do the markets do they expect fed cut and it is going to be a big positive force. how else can one explain it? we continue to wrap pretty well and closing around the week of adp number and adp just disappeared when we come to friday's numbers look at the two-day of twos. absolutely, of course, it has to do with what's going on with regards to the fed and trying to come up with some type of relationship in the feds' role of how they put the pause at the end of this year verses last year reacting to the market we don't know how trades turn out, it canda disappear quicklyo not. they're down a half, half minus four ten minus twos, it zoomed all the way up to 30 bases points. we have not been there since the end of last year here is something truly fascinating. here is may 1st of fed funds december forget percentages, just remember, is thatrocket puttin mores on the table the long end is hovering is own. we have no

. >> let's go to the bond pit, rick santelli is at the cme group in chicago hey rick >> guys, it is so today to watch the yield curve it is flattening a little bit. why is it so important seeing two-year note yield leading the chart to higher rates. look at the chart starting on may 10th, it is not quite a big bottom, we'll get to that. it is certainly turning. you can see the reversal it is all about the fed. equities are looking better. the notion of the fed and built in into the keg. it is changing every minute. if you look at the ten-year, now you can see what i am talking about. same date, may 10th, more define double bottom. it is the bottom, we are going straight up in yields. it is a bottom nonetheless now foreign exchange is future ca fascinating. there is going to be much worse for not having that chapter. the euro currency is doing better because the notion is st stimulus whether it is china or europe or loans. reflecting on this chart starting on may 1st, i will look the reversal of that the year of kuscurrency -- you see and this is really a drop pattern for the dollar ind

today let's bring in our fed jeff herming, chief investment at double line capital michelle, and rick santelli joins us from the cme. steve liesman will join us shortly, as well as stephen moore. what's your takes in terms of the reaction >> i think the bond market has been pricing this action in all along, right as josh just mentioned, whether it's a 25-base cut, now we have effectively priced it in. >> 100% nearly, right? >> yeah. roughly. >> it's delivering expectations. whether you go and dissect the dot plots, saying that there were be a cut, most of them saying there should be at least one 50-basis point rate cut, it's delivering on market expectations that's why you're not seeing a lot of activities in terms of equities credit spreads are holding in there. that break-even spread actually went up today, so it seems to be bond market pricing a lower growth rate. >> michelle, i thought the most definitive point was when he answered a question on president trump. he said, i think the law is clear and i have a four-year term, and i fully intend to serve it does that clear anything up? >> you

. >> to rick santelli. good morning, rick >> good morning, carl. thank you.e peter bookfarb you saw the price data today, cpi, ppi, doesn't seem to be a lot of inflation, it is very hard to pick up anything regarding the trade infractions. your thoughts. >> most of the impact from the tariffs have been on global sly chains, manufacturing, which and on a global base sis now in a contract physician you look at the jpmorgan figure from the price perspective. the current sy has been absorbing a bunch of the price increases and the chinese possibly have an absorbing it. not really filtering into consumer prices yet. the 25% tax now on the $200 billion, if it shows up, that will show up in coming months, rather than what we saw in today's import numbers. >> i always like discussing conventional wisdom. conventional wisdom, markets performance, a lot to do with the fact that the ease is built into the back months of fed funds and so it is going to happen i say maybe it is the strategic macro of the fed, not tightening as much as they had anticipated without paying m

lindsey graham is/cassidy graham/cassidy, a health bill he came up with with rick santelli tore um.in south carolina this pre-existing conditions. this is a bill that will reduce money going into states. we've had four rural hospitals that have closed in south carolina. so if you have issues with diabetes or if you have a stroke or a heart attack and you're in one of these communities, it doesn't matter if you're a democrat or republican, it doesn't matter if you voted for donald trump or hillary clinton or lindsey or myself but in you are in that position and it takes you 25 or 35 or 45 minutes to get to the hospital, that is a death sentence. so it's not about a left or right thing, this is about right or wrong, and lindsey is just on the wrong side of many issues in the state. >> i grew up in the other carolina, north carolina, where i heard a lot about the new south. as you travel and write your column and look at the terrain, what does it look for you. jaime is talking about the change in the pass. what does that seem to you? >> in a lot of places they are almost there. stacey

. >> let's send it to the bond pit with rick santelli >> good morning will we had some important date of days especially in front of the fed meeting. the only thing that the market seems to be going up on is the fact that there maybe some fed easing, i personally disagree with it. we'll know more as these meetings start to pull forward here is a six-year chart of cpi for inflation. it was 2% today. look at that chart and forget that it is cpi core. and think about it as your favorite stock does that look like a chart you buy? looks like a double tactic that's going to go lower they won't give it too much room and they could ease. >> is it the right thing it is a whole other topic. it gives us some volatility today. let's look at the chart, not that we have not seen a lot of volatility, it is all the short doing the heavy lifting and throwing away like a microphone. right now it is down to 4, 2-year yesterday was exact opposite we saw the short leading rates up and the curve is flattening if you look at the dollar index, it had a large degree of volatility which translates to the upsid

. >> thank you >>> to the bond pits as well, rick santelli at the cme in chicago. , rick. >> good morning. lots of fascinating trading in the fixed income space o, of course after the big u-turn yesterday, intraday, 181, now it is hovering at 1.89, up a couple of basis points the ten-year, one of the only coupons on the curve yesterday that actually made a new cycle low. we're not talking by much. one basis point. look at the three-day chart there. you see 2.06 is the settlement price. we traded down as close to 2%, 2.01 and change f you open the chart up to may 1st, you'll see what i'm talking about the steep drop in yields, then you see kind of that little bumpy part to the right. well, 2.06 yesterday 2.07, basically twice. very technically significant one basis point make all the difference in the world, all depends how your models and triggers work. but i would say this level continues to hold. of course, today, will be a big day. if you look at three-day chart of bunds, they clipped off nearly minus 33 basis points yesterday. 32 and change to be exact. now they

let's get to rick santelli for the bond report.0-year at 3.08 i meant 2.08 >> yeah, no. that's a freudian slip as a matter of fact, the tone was set at 8:30 eastern with empire at minus 8.3. you see the chart there. you know something else that comps october of 2016? 3-year bond yields at this area. not only that, with the last manufacturing index of ism comped to the same and an intraday of 10-year notes. unchanged on the day two more basis points lower and they have fresh lows back to september of 2017. back to you. >> all right thank you. >>> new changes coming to goldman sachs says the firm planning to merge four separate units for a new division and the new unit to invest in private companies, real i state and hard to access deals putting them in competition with blackstone and kkr. wilfred, how meaningful of a change is this >> i think significant business perhaps not as significant as you might immediately think and they have done this sort of private equity type of business and sat under the investing and lending sub sector

. >>> let's head over to the cme and rick santelli for the bond report hey, rick. >> hi. mandy -- morgan. it is amazing the one-week 10-year note chart not only do we have a double bottom at 2.06 many technicians are looking at retracements 2.07's low close and that is technically significant pf we've down four on the day, four on the week the dow index in one week it's lost over a penny. consider that the first day of that chart we're over 98 now we're basically right above 96 1/2 it's been a big drop when was the last time the dollar index was here? right around the 25th of march as you see on that dollar index chart. whether it's demand for treasuries keeping yields down and fed coming into the picture potentially keeping the dollar down, boy, these are huge moves. wilf, morgan, back to you. >> thank you very much for that big news meantime, coming out of walmart's annual meeting today, courtney reagan is there with more for us. hey, court >> hi, wilf. it's been a very big week in northwest arkansas and walmart ceo doug mcmillan ending the week by taking questions from

rick santelli's got that for us. hi, rick >> hi, wilf. we had a three-year note auction. solid auction. look at a two-year chart of three-year notes you see the way it's gradually moving up? today's close the highest close since may 30th we're closing in on two weeks. that indeed pulled the entire curve yields up. flattening as you see on 10s minus 2s moved from around 25 down to 21. the euro versus the dollar we could look at the dollar index but i think the biggest factor in 50% of valuation is the euro versus dollar the last high in mid march was around 1.15 plus many traders think that's the area to pay attention to wilf, back to you. >> thank you very much for that. we have 12 minutes left of trade. are we going to get the seventh straight day of gains for the dow? not at the moment. but we're covering it. >> highs were up 185 points. lows why wr down about 64 points it's been more than 30 days since uber's ipo early investors are having a hard time selling the stock. we will tell you why next. you should be mad at airports. excuse me, where is gate 87? you should be

. >>> big week, let's get to rick santelli, bond pit picture at the cme in chicago >> absolutely.nly that, we have four central bank meetings this week. ours, bank of england, bank of japan, central bank of norway, so there is going to be a lot of information. but the most important thing is to realize all central bank policy is pretty much fundable, hence part of the demand in treasuries, long dated one week of ten-year note yields, we didn't make a new stab at a low yield close on friday but we have 2.07, 2.08ish, three different bottoms. that is the low goes back to september 2017 look at five-year chart, we'll start that in september '17 because five years, big maturity that joined the rest of the curve friday with a new cycle low yield close at 1.83. when you talk about these low yields, everybody starts to get a bit nervous. but in the end, there is lots of reasons why. some of them do have to do with sluggish growth. look at empire today, negative number and some of it does have to do with demand. but this particular chart is a barclays investment grade securities trade cha