. >> covering the market action, mike santoli, rick santelli. michael, we start with you, please >> bill, thanks a lot. let's tell you where we came from here before this shakeout in the s&p 500 right from a record high that was carried by a relatively narrow group of stocks you see here, look, nothing has altered the trend here it is solidly higher we had kind of stretched right up to the very upper end of this sort of uptrending rally channel. at the lows this morning, we basically just undid the month to date gains in the s&p, went back to about where we were right at the end of june kind of probed lower and then actually regrouped from there and found some footing take a look, also, at two opposite ends of the spectrum. the nasdaq 100, which is the very largest growth stock and then small cap, russell 2000 one really benefits from an accelerating higher treasury yield type environment, that would be the russell 2000. they basically have come to a similar spot here along very different paths. massive ramp to start with the reopening enthusias

rick santelli. >> talking about the bonds, of course. >> i want to just be clear about that, my friend. >> steve, rick, thank you for this chapter in the ongoing debate discussion about bond yields on "the exchange. >>> crypto identity crisis bitcoin drops back below 30k new fidelity shows many firms becoming more bullish. those results with big names reporting after the bell including netflix and united the ultimate stay at home stock verss the symbol of the reopening. as the delta screen spreads the market might not be big enough for both stay with us hey lily, i need a new wireless plan for my business, but all my employees need something different. oh, we can help with that. okay, imagine this... your mover, rob, he's on the scene and needs a plan with a mobile hotspot. we cut to downtown, your sales rep lisa has to send some files, asap! so basically i can pick the right plan for each employee... yeah i should've just led with that... with at&t business... you can pick the best plan for each employee and only pay for the features they need. ♪ watch the olympic games on xfinity ♪ ♪

. >> rick santelli at the cme and ylan mui with the updates as she gets them. we begin with mike tracking the action in the interest rate sensitive names. mr. santoli? >> reporter: the last couple of days you've seen a move toward those sectors of the stock market that benefit a lot or coincide a lot with lower yields, perhaps lower growth, more accelerated expansion you look at things like the nasdaq 100 against the small caps, we've had this huge comeback in those large mega caps that has maintained itself this week that's a week to date number today it's been less pronounced. so you wonder if people are alert in the short term they may be bottoming similarly banks versus technology it's a similar story banks reflective of the reflation trade giving back a lot, trading 11% below the highs. again, on an interday basis trying to stabilize here as we did hit the low in yields earlier and then obviously you see tech doing well but very much concentrated in things like apple and microsoft for the moment, morgan >> mike santoli, thank you to rick who has the fed mi

been a roller coaster ride with the bond market as well with the 10-year yield turning higher rick santelli has the latest for us rick >> for the last couple of weeks that roller coaster ride has been predominantly aimed downward yields have been moving down don't you remember a time not long ago you were talking about how many sessions in a row we were in the 1.50s and 1.60s? those are gone look at an intraday of 10s yes, we're at 1.20 just shy of 1 sp sp -- 1.21 yesterday we started at 1.29 and went to 1.17, 1.18 if you consider that at 1.17 if we close underneath there, we'll close under yesterday's low after a big drop in yields over the last couple weeks. not good so you really want to watch the close. but it doesn't end there the dollar has found love with all this volatility and it is slipping a bit today look at the pound versus the dollar it's virtually unchanged and now lower on the year. the dollar index as you see on this chart, it's not far away from being close to the best levels since the fall of 2020. tyler, back to you. >> all right, rick, thank you very much. rick santelli

let's get to rick santelli with the latest. >> yes, it was a two-fer selloff but only the second oneck. let's put 10s and 30s on one chart. you can see what we're talking about. 8:30 eastern, cpi is hot, hot, hot. market pops. then it loses all its mow me meant -- momentum. nothing like a shunned auction to get investors to pay attention. these are the highest intraday yields since the 6th of july the same could be said for 30-year bond yields. if you look at the stock market, here's a chart of the s&p and 30-years at 1:00 eastern we captured theic quit traders imaginations. the realism award, after cpi at 8:30 eastern look at the intraday dollar index, it stuck. unlike many who are buying the notion that transient doesn't count, the dollar index seemed to glob on to the notion of higher rates and stuck even higher when it saw the results of the auction tyler, back to you. >> rick santelli, thank you very much. >>> today we begin a brand new series, the powerhouse road trip over the next six weeks we are taking a trip across the country for an in-depth look at what's happening in the

more on the sharp move we have seen lower yields ahead of the fed's minutes from the june meeting rick santelli is here with a look at what is behind the slide in rates rick, i'm hear ago i lot of different narrativing kick around right now >> there's lots of different narratives but the best narrative is follow the money and know where the positions are. we had a parking lot that was looking for higher interest rates. doesn't happen overnight when you start to redirect the cars out of one trade maybe into another. here's an intraday chart notice that scalloped pattern lowering yield and on the two-day you can see it accelerating under yesterday's low yield. that's classic momentum building and the reason, yesterday you had the service sector ism, for example, the employment index dipped below 50. jobs, jobs, jobs always important. we learned this morning, 9,209,000 job openings but the trick is matching openings with the people and it may take a bit longer and gets a little bit messy productivity with the supply issues, all of those are a growth story that we're taking away some yield on the t

. >>> speaking of real yields, we have a real news alert rick santelli standing by with the results. how did it go, rick? >> well, kelly, it straight up went eastern when the dutch auction results went out i give a b, b as in boy for demand above average only interrupted wednesday by the fed meeting seven years, won't be until thursday. yield point 2.13 one issue market was 1.22, bid offer to.21. bid to cover was a little light at 2.47. here's something good. 21.3 on directs. that is the highest percentage insurance companies, mutual funds since december of 2019 and dealers, well they take 26%. and to me that's a pretty good number because it is the second smallest amount taken by dealers since november of 2019 and the less they take, that means the more investors take, hence better demand. now, of course tomorrow we'll get five year and each maturity gets longer in time and most likely will find a little wider audience but this one was a good start, kelly. >> thank you, rick rick santelli. u.s. and chinese officials are wrapping up a tense meeting as beijing continues overhauling its

rick santelli is at the cme with more on the action how low can they go, and what's the driver >> yourader never guess how low something can go while it's in the process of being guns hot, meaning we're trending lower in yield. higher in price. and it's proactive to step in front of this now is probably not a smart thing to do. but if i could take a step back, i'd say the chances of us getting much closer to 1% still exists look at a 24-hour chart of tens. you can see right around 1.25, a little bit lower was today's intraday low yield and if you open it to a week to date, we are cascading lower as you pointed out in the opening piece. we keep seeing more moves. every day this week we're trading under the previous day's lows which yesterday was 1.29 which we're hovering at, but we've been lower if you open it to february, 10s and 30s, this is a long dated, not only treasury but sovereign issue across the globe you can see we're hovering at lows for 10s and 30. and bunds overseas, lowest yield since april. this has a lot to do with how the currencies end up relating the difference betw

have a great weekend speaking of bond yields, let's bring in rick santelli rick >> reporter: hi, good afternoon, kelly. a 7:00 a.m. start, you could see do we have a lot of volatility at 8:30 eastern. we had really what was mostly a pretty good jobs report. now if you look at what's going on on a one-week chart, we're down four basis points on the day at 1.42. we're down ten on the week how important is this area super important. look at a chart that starts in early june you can see on the 10th of june we closed at 1.43. if we usurp that, open the chart up, the lowest close going back to early march the one market that looked great all week is giving it up a bit and that's the dollar index. you'll see as long as it closes what was the breakout this week the close at 92.22 and, by the way, when we look at year over year wages that were up 3.7 -- excuse me, 3.6, we can say it was as expected but consider this, if you take out all the wage gains that are post-covid and look at pre-covid, we had 3.6 just to give you some context. back to you. >> rick, thank you for the context. >>> news a

and marathon leading >> thank you very much just like oil is on the rebound so are bond yields rick santellier: if you look at the two-day chart you can garner a lot. obviously we've had a big reversal yesterday's low yield wassed 1.12 a 1.19 yield but maybe the most important thing has been the relationship lately with the equity markets one week of the s&ps rates definitely led the equity mark lower. soft rates made investors nervous. a global reopening trade gone awry but clear on the right side of that chart today that stock seemed to be leading when rates seemed to be moving higher if you go to a one-week chart of the dollar versus tens, you could see more clearly the dollar likes higher rates but today higher rates repel the dollar index though mostly the trend has been higher. for the rest of the week, the weekly close with regard to which side of 1.36 to 1.38 we close. we could have put in that bottom yesterday. tyler, lack to you >> rick, thank you the era of esg investing is here with money pouring into what was once a niche market. according to black rock investors invested $288 b

. >> steve, stick around, perhaps we can ask our guests about that and bring in bob pisani and rick santelli rick, we're seeing, if you want to call it a spike in yields, we're up a couple of basis points sometimes that gives us the market's take on what this meeting did or didn't do here. do you read a slightly hawkish tilt or is it way too early to be having this discussion? >> reporter: hawkish hawkish? there's not a beak in it no, nothing. this is all about -- this is all about warming up the car when my significant other isn't ready, she says, go warm up the car. that's kind of what we're doing t they're not ready, and the delta variant as tyler brought up, and you get an a-plus today, it gives them another avenue to kind of stall a bit. now whether you want stalling or you don't want stalling, that's not for me to say. but here's a couple things i can say. if you look at what the markets did, 30-year yields are now a bit lower than they were they were around 1.91. they're at 1.90. they're back around 1.26 the sticky part is the short end in the form of five-year notes a real finance ra

to the bond market now where there was just another auction rick santelli tracking things. rick >> reporter: yes, seven-year note auction completing 183 billion in coupon supply was on the messy side a d-plus apple is coming to market with $6.5 billion four-part deal. on the corporate side lots better demand, i suspect you could see around auction time at 1:00 eastern we did see rates pop up a bit because there was buying interest. our yields are outdistancing european equivalent yields and currency at the same time euro versus dollars at a one-month high that doesn't add up. look at the charts, the euro versus the 10s minus bunds, our currency should firm up. there's arbitrage, a trade to pay attention to frank holland, back to you >> rick, we are paying attention as always. >>> up next we'll continue to monitor and discuss the robinhood ipo shares, currently down 4.5%. two ceos and two different reads on the economy we'll speak to the ceo of international paper. we're going to tell you why they're pushing paper away in favor of cardboard, but the company facing issues last

breather after a wild few sessions you can see the ten year just under 1.3 so 1.27% let's get over to rick santellil more this afternoon rick >> reporter: yes, and, kelly, if you look at the intraday chart, 1.27, no big deal, only down a basis point. if you attach friday to this what you see is we are doing quite a bit of work under the 1.26 low yield and that is very critical. lots of volume down there and it really gives us a hint that there's still a soft side to this market where rates seem to be more easily moved lower than higher and if we look at what's going on on a year to date of ten-year break it is 1.5 month high moving up to the 2.40 level. we know we have a fed meeting this week. inflation will be a big topic. look at the crb index. six-year high from july 2015 to today. we can talk about the reflation trade being dead in the minds of many who write about markets but in the final analysis we are using a distorted tenure in the break to calculate negative real rates when we could see inflation might have moderated a bit. it certainly hasn't disappeared and ten year is probably a horrib

still the ten-year yield rick santelli, what's going on over there >> reporter: you know, eamon, it'syou look at retail sales for june, we were up 0.6 on a headline, much better than expected we knew autos would be a drag, because we don't have enough the number more than doubled up 1.3. and university of michigan, look at this chart, one year inflation outlook jumped, the highest in 13 years. now, granted michigan was on the weakside in terms of the confidence number, go to the interday charts and what you see is that right at 10:00 eastern we started to lose the horsepower from retail sales and that couldn't save it. why? it seems from a global standpoint there's not enough horsepower to create enough selling and push rates up. inside day today no momentum in either direction. finally the dollar index hovering at some of the best levels since early april and it is up on the week despite rates being down kelly, back to you >> another paradox, rick thank you. >>> now some scary headlines as covid cases spike due to the delta variant. average daily new infections up by two-thirds compa

in the meantime so much of the story is unlocked in the bond market rick santelli can maybe make sense of the 10-year yield for us rick >> i think it makes perfect sense. you don't fight the fed, there's a lot of glitter to go around. the downside of equities is actually pushing back some of those fed tightenings that started to get pulled forward with the dot plots so look at the intraday of 10. right now 10s and 30s look to be on pace for the lowest close since february here's the key open it up to may of 2012 because july of '12 and july of '16 we had double bottoms, 1.36 and up 1.38 most likely we could erode and test 1% again. while all of this is going on, the dollar index is zoom zoom zooming to the upside, a close above 92.60 is a technical breakout they taught t-bills today. high yield etfs at a 17-month high they can't get enough of any securities tyler, back to you. >> rick, thank you very much >>> and ahead on "power lunch," today's special menu item is tillman fertita. he joins us next to talk business specs, and more. >>> oil lower after hitting multi-year highs the white

certainly feeling the pinch at the gas pump thanks >>> over at the bond market ten-year notes rick santellis our second big auction. we had 96 billion in supply and do remember the fed buys at least -- at least -- 80 billion of treasuries and mortgage backed securities. 30-year bonds looking at a three-day chart. we are staircasing above previous days' highs reversing the pattern of the previous days last week and beyond when we were trading below previous day's lows momentum shift if you look at a one month you can see we had a decent bounce off five-month lows but telling in the supply is normal. we have to really watch. we have jay powell on wednesday and thursday and humphrey hawkins. it's not just us all sovereigns are the best. you can see gilt and bunds drop and bounce the same as us. >> thank you very much >>> china's recent crackdown on its own companies has sent those stocks plummeting. didi down about 30% from where it opened on its ipo date just on june 30th the crackdown spooking investors, too, pulling money. seema mody has the numbers on the outflows >> reporter: that's right

rick santelli has that for us. mber, expecting 1.6, did better than expected, up 1.7, and that is the second highest read of the year, i'll tell you, january, which was up 2.3, a revision in the rearview mirror, but a positive one, from minus 0.6 all the way to minus 0.1 you strip out transportation, you're still up 0.7. so you can see transportation did contribute but still a positive number. and the revision doubled last month from a half a percent to a whole percent. in durable goods, we take the mid month read and we toss it. it remains the same. the second highest read of the year outside of january up 2.4 if you look at ex h-transportato on durable good, exactly the same mid month as well capital goods orders, nondefense aircraft, a favorite of mine, a proxy for business spending and originally mid month was down 0.1. and finally up 0.1 and that is good news. the last negative news was february down 0.3. it was comps to that month, 2.7 last month, and that up 2.7 last month doesn't seem to be getting revised.

get in to that a little bit more in a moment and meantime wholesale enstories are just out and rick santelli mid month released at up 1.1, that gets replaced with up 1.3. so we added a couple tenths and that of course is a good thing we know about some of the supply chain issues building inventories is key. and if we look at sales month over month up around 0.8% and that is followed by an upwardly revised up 1.1 that is a bit light because in march we were up 4.6 on sales. so sales being a little bit lighter of course than it has been running makes sense, you can't sell cars you don't have inventories are important. and on interest rates today, 134 and change on the ten year, that is up five on the day. up almost ten from the lows yesterday at 125 it is still now nine basis points on the week key technical level to pay attention to, right around 1.35 to 1.38. back to you. >>> we're 30 minutes into the trading session and here are the three big movers we're watching. stamps.com surging after announcing that it will be acquired for $330 per share, a 67% premium over the ecommerce shipping soft

something we have not done since february ism out a couple moments ago rick santelli. >> yes, ism onwe are looking for a number below 61 close. 60.6 a little bit light 60.6, that is the lowest level going back to january, actually. january when we were 58.7. so a bit of a digression the high-water mark has been march at 64.7. remember anything over 50 is expansion. these are still solid numbers. prices paid zooming. 92.1 historic number. new orders, 66.0 and finally, considering that we have the big employment report tomorrow, it's very interesting to notice that the employment index dipped under 50. 49.9 49.9 we haven't dipped below 50 since november when we were at 48.3. this is not a good dynamic in front of the employment report i understand we seem to have a lot of job openings. we seem to have a lot of people. we can't seem to put them together and quickly, construction sending out also, down 0.3 of 1% we were expecting the other way. last time we had a number this big was february when it was done 0.8 this makes the second month of 2020 with a negative construction number. con

right to the bond report and rick santelli is following all the action at the cme. rick >> reporter: and there is a lot of action. we start out with empire at $43, an all-time record since record keeping. but maybe the 24-hour charts of 10s and 30s will show you how yields plummeted today again we auctioned and anybody who bought in the auctions big, big winners. they're pleased. if you look at 10s and 30s and open it up to february if we close under 1.29 in 10s and 1.925 in 30s we are below. these are fresh low closes going back to february when the federal's dovish yields are going down in the dollar index is going up. you can see we're hovering in a neighborhood for fresh closes. eamon, back to you >> if i may i have a very simple question for you why are bond yields sliding? why are we now 1.29. you heard what jeff gundlach said is it about the fed? >> reporter: of course it is it doesn't matter who is right or wrong right now you can't afford to be anything but long and part of it is technical a huge part is large institutions but like he said today, he said the

. >>> rick santelli tracking the action there's been plenty of it at the cme.e were talking about lower yields today higher yields. >> reporter: that's what makes the market, bill it's not only been a crazy week and this, of course, is the crazy week, it's been a crazy month. here is the month in pictures. an interday of all ten-year note sessions pay attention to lows. we do a lot of work under the lows every session for like eight in a row we do work under the lows. but what happened today doing a lot more work above yesterday's highs. that does change everything because the momentum has shifted and one of the reasons primary dealers were telling many clients maybe they need to be careful. on monday we have two options. $38 billion of ten-year notes. 11:30 and 1:00 eastern respectively there will be some selling in front of those does this mean the big sell-off in rates and buying is done? i don't think so remember, reflation trade, there's the word trade at the end. it's up close to 26% for the year this might be a flip frank, back to you >> thanks a lot, ri

happening, when rates took a leg lower this morning, early this morning premarket on "squawk box," rick santelli came up. >> sure, he did. >> we don't close between 1.35, 1.37 this week then it's going to be a quick move to 1. >> tomorrow's thursday so we only have two more sessions. >> exactly which is why i bring that up >> right. >> seems like it's a long time away. >> bk. i am together with brian kelly for the first time. >> 15, 16 months >> it's been a while >> i'm so excited. listen, i think rick is probably right. people will say the fed has gotten it right. i'm not one of those people. we do test that 125 level but i'll stick to my guns and say 2% by the end of the year seems farfetched inflation in all the wrong places and steve grasso will say this deflation in all the wrong places as well that is a bit of a witch's brew that the fed cannot policy their name out of. >> let's get the technicals. off the charts check in with chris verrone of stra tee strategis. what do you see? >> i think guy has it right. ultimately the move towards the end of the year, 1.75, 2% is still not out of the

and i tell the story again of being in gibbs' office, i think you were there, were watching the rick santelli rant, and we were like this is nuts. you could tell there was something off putting like is this going to be a thing? and all those people that responded to that are like the people who responded to the leader, they have a bunch of grievances. they feel like the system itself is just corrupted and institutions can't be trusted. and a black guy is president. so there's a racialized trigger there too. i think that that was what drove politics, the whole time we were in government, at home and abroad. abroad you could feel -- you mentioned those leaders, like they started to fall, like, you know, brexit in the u.k., like merkel is the only one who kind of survived. the movement was in the direction of populism and nationalism and more assertive russia and china. i say in the book what could we have done differently? and i am sure there are some things. i think there was such a momentum to this backlash, to america, to democracy, to globalization, that we were kind of, you know, we were p

you've had mike and rick santelli talking about foreign governments seeing a favorable rate here. everybody is scrambling around, looking for some kind of yield secre secondarily, we just went through a reweighting, so your portfolio is a bit out of balance, so they're probably buying the bond area, and that has supported things, not what classic economics would necessarily tell you is going on, but in today's global economics, under that yields are down what's your viewart, for the second half of this year could it be as strong as the first half >> well, you know, success leads to other success, yeah, hi historically when the first of the year is as good as this, it's usually followed pretty well on, getting back to seaso seasonality, july usually looks pretty good, august is not too difficult a month. once we start to move toward the next quarter, september is notoriously one of the weaker months of the year surprises tend to pop up and weigh down on stocks october is famous for being the month of bottoms usually the sell-offs that start in september or earlier find some kind of

let's bring in lisa ericsson and our own rick santelli. rd mechanism, and let's just look at the facts you know, we zoomed up to 175 yield because of the reopening trade. we see that there's supply chain issues and glitches. gl growth always trumps inflation, especially considering how we went into recession and how the reopening may have had bigger issues than we anticipated so the growth side is moving down in expectations, and the stagflation equation is moving up more data is moderated, commodity prices have come down, but things like crv and other aggregate measurements still show break evens, still show sticky inflation services might be even stickier, but when you put this all together and then yesterday the culminating factor, in my opinion, ism services, jobs component index actually dipped below 50, okay this is making many a bit ner nervous. so the reality is we do have all the buying joe and cramer we're talking, then add in all these new turnstiles of the reflation trade getting tossed out and the new mantra being 1% here we co

for that we go to rick santelli. rick >> absolutely. number we're expecting up half one percent, that's what we received we need to build inventories, there are issues last month down 2/10 moved it up 1/10 that's a good thing. for the money ball number to finish the week, our july preliminary read which means it will change, 80.8. not a terrific number definitely much less than we were looking for, we were looking for a number around 86 to 87 this actually is the smallest number, 80.8, going back to february but keep in mind it can come back, the mid month reads change here's what's interesting, looking at current conditions, 84.5 also lower than 88.6 our last look. 78.4 what lies ahead, below expectations and last month our final number was 83.5. inflation numbers. one year inflation ticked up 4.8. the high water mark had been 4.6 and that was in may. it now stands at the highest in 13 years, if you want to go back it'll be the highest since june of 2008, before you find a higher number but the five to ten year inflation on the other h

for that to rick santelli. rick. >> a few moments from now, carl, i can 't see that farinto the future, but we are looking for a number around 800,000. it's a big miss. 676,000. 676,000 seasonally adjusted annualized units before we see any revisions, if we continue to look at the past month as 769,000 that puts it down a little over 6.5%. and remember pre-covid we were around 730,000 in february of '20, 756,000 in january. so now we are dipping below pre-covid levels and really this is one of the few reads that has done that outside of the reads right after covid hit in early 2020 and the high-water mark of 993,000 was in january so you could see that we have fallen, what, over 30% from that level, and it really dig down on whether it's labor or just a supply shortage, we look for more granular information from diana olick. >> diana >> a big disappointment on this read. >> diana, go ahead >> a big disappointment on that read, down 6%. i want to look at a couple of things that the median sale price is up 6%, wh

the leader in 5g >>> rick santelli here live at the cme hq having a bit of computer problems, but thingsagain of course we are awaiting the release of the chicago purchasing manager, the pmi, it's expected to be somewhere less than the 75.2, which was out a couple of months ago that was a 48-year high. now, we are awaiting this data to come out momentarily. you know what? my systems are down here, i'm going to have to kick it back to the show my apologies >> i'm not sure it's your system actually -- you know, rick, i'm just looking at a water flash head i think we're seeing 73.4, which i think would be above expectations. >> yeah, 73.4 and i thank you, carl my systems went down 73.4 as i was saying, 75.2 is a 48-year high we are backing back away from that a bit, and right now as we sit at 124 on a ten-year note, it's down several basis points on the day, several basis points on the week, and of course we'll continue to monitor how all of this in this morning's hotter than expected year-over-year pricing will continue to affect yields quk t see wl return after these messages. te. - ten-x

let's go to rick santelli. >> main read on jolts is less than sxekxpected.and an all-time record every month this year we've been higher and we made new records because last month had a big revision so every month still indeed is higher the issue is from february to march, we literally leap from the 7 million camp to the 9 million camp it is not about openings anymore, it is about matching people to openings and that is what the markets are focusing on back to you. >> rick, thank you >>> we'll set our sights on the department of defense right now. the d.o.d. scrapping as expected the jed icloud program that had been embroiled in protests for years saying that it no long meets its needs. yest jedi had been most recently stalled alleging that president trump interfered with the bidding process. so enter the cloud capability program that is doing to replace jedi this will be a multivendor indifferent quantities that will solicit bids this fall and then be awarded next april. and acting d.o.d.cio john sherman saying that tell be invited to bid and that the d.o.d

ism data is out ten minutes ago and rick santelli has a breakdown of that for us hi, rick. >> reporter a key part of the service sector economy expecting 63.5, a little light 60.1 this is the lightest level since february when we were at 55.3, and we follow 64 which is the highest ever going back to when this series started and i do caution, as morgan pointed out we're at 140 and haven't closed under 140 since the 2nd of march and those were very key bottoms from 2012 and 2016 that represented all-to imlows for treasuries so pay attention to 135 to 138 morgan, back to you. >> santelli, thank you. >> we're 30 minutes into the trading session, three big movers that we're watching chinese ride-hailing firm didi tanking after chinese regulators removed it from app stores citing a cyber security review didi listed just a week ago sending some shock waves through the market that stock is down about 22 right now. amazon one of the top gainers in the s&p. that as andy jaffe officially takes the helm from jeff bezos in his first day as ceo. you can see the shares are up nearly 3% and finally am

broader health of the market because they are just suppressing volatility in such a way that as rick santellihey end this. and the biggest reactions last cycle when they ended their various qe programs came when they were buying mortgages hand over fist. so this is an increasing risk that they need to start walking back from. >> and brenda, your biggest concern is that right now there are a lot of people who are investing today who have never lived through a cycle where rates are rising and you see inflation picking up at the same time how should people prepare for that >> yes, i mean, it is something that, you know, most investors today really have never invested through an environment like that, and so that's what certainly keeps me up at night thinking about how we're going to muddle through this, and i think we could expect to see certainly a pickup in volatility in the market in the second half of this year as we go through these environments where the fed likely signals that they're going to start tapering perhaps faster than what the market expects. and when we really learn what true i

our own steve liesman and rick santelli we have seen some weakness in the last couple of numbers that'soast. the big number, please >> 850,000 better than the 700 plus we are looking for. looking at change in private payrolls they are up 15,000 better than expected 662 average hourly earnings month over month better than expected an hourly earnings year over year. 3.6% average weekly hours a bit light. we look at the underemployment rate 9.8% with the labor rate holding steady at 61.6 interest rates they've moved up a basis point or two the jobs seem to be getting better and pushing back on some of those added benefits and maybe the inflation story is about services than goods. becky and the gang, there's your numbers. back to you. >> important point there let's get some instant reaction there. let's start with you what jumps out from you or is this just a goldilocks number? >> it is a good job. adding and the government coming in strong. loobing at where the strength is i'm seeing it in trade transport and utilities. looking at professional business services tech up 33,000 some of the

the leading index data is just out and for that we turn to rick santelli >> thanks, morgan.e expected to be up 0.7 to 0.8, up 0.7, the lower side of expectations and last month was revised from up 1.3 to 1.2. it's darn close to half of last month and it is the lightest going back to unchanged in february now, the issue here might not be so much the economy as it is some of the constraints within the economy, supply chain, we know the story, and it is having an affect here existing home sales also out for the month of june. but for that we head east to diana. >> rick, existing home sales in june up 1.4% month to month to a seasonally adjusted annualized rate of 8.6 million units. t that's a slight miss now, the headline in this report is that we may have turned a corner on inventory. inventory 1.25 million units for sale down 18.8% year over year but represents a 2.6 month supply last month we had a 2.5 month supply inventory getting slightly better still very low, pushing prices higher to an all-time high yet again. $363,300 the median price of an existing home sold this jun

good to have you all week long andrew >>> we are getting jobless claims coming in right now rick santelli364,000 from 411,000 usurping the first week in june, 274,000 as the new post pandemic low i'm continuing claims. not quite. our last look at $390,000 does get revised a bit. the current read is still a bit higher 3,469,000 is the current continuing claims read, so it isn't at the post pandemic low last month's 411,000 now moves to 415,000 you look at early june on all the pandemic related came a bit less than 15 million we have 22 states in the month we just closed out june. we are stopping the 300 kra a week bringing that total and we'll monitor them the note finished last month at 174 back to you. >> i'll pick it up when we come back, heyman capital management founder and cio. stay tuned >> you remember when we talked about the eco. the first thing about wheres my car. we are back to that. 1%er problems. china's communist party turns 100. talking about america's business should us executives be speaking out about human rights there as much as we've seen them do it here ray conversat

rick santelli is standing by rick, take it away. >> yes, we are expecting our june read on consumer pricep out the all-important food and energy still up .9. if we look at year-over-year cpi, which has a base effect, we know it will be a bit higher because of depressed covid levels a year ago, zooming up to 5.4% and if we look at x food and energy year over year, up 4.5% all these numbers are hotter than expectations. all these numbers are hotter than what's in the rear view mirror and we continue, of course, to point out certain things yes, there are going to be bottlenecks that are going to reverse. there's going to be supply chain issues and commodity spikes that are going to reverse but are there things that may not reverse or it's too early to tell i certainly think so one of them we put in our gas tank every other day we have air conditioning on energy prices. 48% of small businesses, becky, have raised prices in may. that's the highest, largest percentage in 40 years and we all know green and climate change, there is a bit of a war on fossil fuels there will be a price for that mig

>>> rick santelli is standing by at the cme in chicago. rick, the numbers, please?veraging fits and starts on the reopening. if you strip out transportation, it drops down to up .3%. last look was up .3% on the final read but it was upgraded to up .5%. nondefense aircraft, proxy for capital spending by business, super important component, is up .5. sequ sequentially, and lastly we switched to shipments versus orders, up .6. it's the only revision that went the other way from 1.1 to up .9. to summarize, the numbers were definitely a bit weaker on headline all the other numbers were around as expected when you factor in the revision s, especially on the headline number, it really does give you this notion that things aren't going badly, it's just month to month there's a lot of volatility interest rates were 124 down from that 128, 129 level listen, we could all debate fundamentals nobody sends anybody a memo saying this is exactly why the market moved yesterday however, there is a bias for buying to keep interest rates low. in my opinion, we could all take the easy r