rick santelli.hen we come back later this morning think of the states that have implemented mask mandates in recent days alabama, kentucky, montana and colorado where yesterday we will talk to governor jared polis later this morning. don't go away. we're carvana, the company who invented car vending machines and buying a car 100% online. now we've created a brand new way for you to sell your car. whether it's a year old or a few years old, we want to buy your car. so go to carvana and enter your license plate, answer a few questions, and our techno-wizardry calculates your car's value and gives you a real offer in seconds. when you're ready, we'll come to you, pay you on the spot, and pick up your car. that's it. so ditch the old way of selling your car, and say hello to the new way-- at carvana. you can take a personal assessment to get a customized plan. the assessment takes into account the things that matter to you the most. i've lost 101 pounds. it's incredible. summer's on us. get your first t

the painted tiles rosalyn a shoe's on the wall of santelli to see a church to pick scenes from the city's past. then the tram which locals simply call electrico stops at lisbon cathedral the city's oldest church from here it's just sends a steep hill. there are several breaks so when one gives out the others can still bring the tram to a stop but to drive you move this forward when you pull it back the wheels move in the opposite direction stopping the tram. and this is a pneumatic brake this one is magnetic wall and this is the handbrake when suddenly go because of what. many people agree lisbon wouldn't be the same without its electric codes. couple months we'll catch the 28 it's totally normal for us i live here and had to do my shopping i don't know why i like it a lot this is the city's cars saw that they south ossetia with a staggering 13.5 percent incline no tramp aside to the electric co can manage it if you just do we don't think about the sand on the rail this window frames to increase traction the bit of it is old decommissioned trams end up in the museum. starting in 1983 they

for that we'll get to rick santelli good morning, rick. >> good morning, carl.p in mind these are july preliminaries. this series started in july of '17 so three years and running, 51.3 on a manufacturing pmi. that's the best level since january, and of course the all-time low there was 36.1. that was in april. we look at the pmi for the service sector 49.6 not quite up to 50, but also the best level since january and the low read there was 26.7 in april. the composite pmi right on 50 on the nose and do keep in mind that we are seeing lots of excitement in the foreign exchange markets the euro is king today against the dollar and the chinese currency carl, back to you. >> all right, rick, thanks for that rick santelli. as we said earlier, verizon's hans vestberg will join us on this friday morning in a moment. don't go anywhere. businesses are starting to bounce back. but what if you could do better than that? like adapt. discover. deliver. in new ways. to new customers. what if you could come back stronger? faster. better. at comcast business, we want to help y

we're getting a chicago pmi for the month, let's get to rick santelli hey, rick? >> a shockingly strong read for our julychicago pmi. we were expecting a number around 44, zoom, zoom, zoom, 51.9 51.9 that's the best read since may of 2019 when it was at 52.8. definitely surprising especially considering what it was a couple months ago, may read at 32.3 was the worst read in 38 years going back to 1982 now, let's get to the charts of course, last trading day of july, let's look at month to date charts, month to date of two year note yields of course, computerized scaling masks the fact we closed at 15, we are currently 11, only 4 basis points but maybe the best way to get a handle on exactly how big a move that is for two year is to consider it's down 27%. so i don't like to use percentages on yields, but we really are in a very compressed state especially on short maturities move down the curve and look at a month to date chart at tens. closed at 66 basis points, we are basically at 55 down 11. we can see that's not as big a move but every bit as important as long

carl, back to you. >> all right rick, we will see you a little later on rick santelli.ake a look at where we stand right now, bob and rick spelled it out for you, underperformance in the dow and s&p as the banks, energy, industrials underperform, down about a percent, although otanher all time high on the nas back in a moment >>> dow is down 100. the recovery for restaurants is being hindered by a resurgence of co-vid cases ahead of earnings season. kate rogers explains why this trend may only get worse and what we're expecting kate >> good morning. restaurant transaction data had been improving but over the past two weeks we've seen that trend reverse course data from the npd group shows overall transactions at major restaurant chains declined 14% last week's report showed it declined by 13%. nationwide full restaurant transactions fell by 25 % and quick service actions declined by 13% full service is most aligned with sitting down and eating in dining rooms and we're seeing states pause reopening or roll back some plans to reopen dining rooms and major chains like mcd

. >>> let's go to rick in chicago for a santelli exchange. >> yes, we would like to welcome ed lazearthank you for joining me on this job's thursday we have a surprising amount of jobs if you go back to that third month, april, make some sense of how we should categorize this number if we're trying to hold or add to investments invariou sectors. >> there is no negative to this number it is absolutely amazing that we have come back so quickly. the best news about this is that it is not only the size of the number not just that it is 7.5 million jobs in two months but the nature of the jobs and the come backs. so if you look at the jobs that came back, they were lost. that is that is the sign of a healthy recovery when you retrace your footsteps. it is going on and causing a problem. that is good news. the other good news i would add to this is we have a lot of run way left most of them are nowhere near back to the payment levels they were at. they are still in the 50% range of coming back the big states, california, texas, florida, they're in the 50% to 60% range we have a lot of room

. >> now to the bond market, where rick santelli is tracking the action >> two day of tens all thoseities today, when they're at their lowers interday yeels would be below the yam tike one of the reasons is big stimulus package on the budget. and you can see it's close to 1% as those yields move down. kelly, back to you. >>> meanwhile, retail investors are helping to send trading volumes to new records, all from the comfort of their sofas we'll have fresh details on that story, next. for my mother my father my grandmother my brothers and sisters my friends for going back to school the bbq the lake the beach my place for my neighbors my community my people my country my home for him for her for them for you. ♪ >>> welcome back, top brokerage firm, with people starting to get back to work with growing volatility, can stimulus checte running out, can it last kate rooney has the story. interacti >> interactive brokers are seeing frenetic activity and they say that can hold up. these firms have set the bar high look at some of the triple digit growth at charles schwab, trades up 126% sinc

thank you for having me >>> in the meantime we have the first in a series of auctions today, rick santelli has the first of two here. >> yeah, two-year. we'll have your results of the five-year auction. the two-year is $48 billion. the field for the auction is 0.155. that yield is the lowerest yield at an auction for a two-year note dplus is the gra plus is the gre it the weakest since september of 2019 the weakest since july of '19 so no matter how or what perspective you took to try to grade this auction it was just on the weak side short maturities are not much fun. i understand that. 14 is the all-time yield low close for a two-year note and we have been toying with it for days we look at the five year today and the seven year tomorrow and i expected results to fair a little better. >> thanks, rick. >>> senate republicans set to unveil their proposal today. we'll have that, next. stay with us this is decision tech. find a stock based on your interests or what's trending. get real-time insights in your customized view of the market. it's smarter trading technology for smarter trading de

rick santelli, the one and only at the chicago cme the numbers. >> the june read for producer price index.2 on headline. that is a big miss considering we were looking for a number up .4. when you strip out the all important food and energy, down .3. we're also looking for up .1 down .3 especially on that core is important because the all-time low from february 2015 is down .4 so you can see that there is definitely a deflationary wind blowing in this producer price dataset this morning if we look at the trade number, that was up .3 if we look at final demand, that was down .8. we are expecting a number to be down that follows an .8 read that was unrevised. year over year -- that was final demand if you look at year over year headline, it was up .1 year over year x food and energy, down .1. this tells us a lot actually i talked to many sources that believe we're going to go through a deflationary cycle, but i also talked to other sources that believe that in conjunction with that we're going to have a back-to-back inflationary cycle so it really is a mixed outlook on the short term versus

products, including skin care, online nuskin is up 25% today ty >>> to the bond market we go rick santelli the treasury market closed a little early today about 45 minutes ago if you look at ten-year note yields we settle with 66 basis points up two on the week. we came off our best levels around 70 basis points due to better than expected jobs data if we consider the federal reserve has a lot of fire power. one of the areas it's concentrating on is investment grade in high yield corporate securities look at an lgd one week chart. it's about 135 it's had a good week when you open it up to 18 years when it all started in '02, today looks to be an all time new high close for the investment grade etf it's diverge frd from the high yield. they are all doing well. we like to say happy birthday america, 244 years old tyler, back to you >>> have wonderful fourth of july weekend >>> mark zuckerberg and elon musk two of the best known ceos in america right now musk is celebrating a huge success and soaring stock and mark zuckerberg is facing a major backlash both of their stories coming up on power

. >>> rick santelli is tracking the action at the cme. rick >> i'll tell you what, kelly i know steve will have a great gran ullr analysis with regard to the fed minutes, but i will tell you this one of the head democrat lines is right in our wheelhouse for treasuries. that is a that many officials agreed they need more analysis of yield curve control yield curve control has been the talk of the town for any of the treasury aficionados and while that is hitting the wires, i see a bit of curve steepening you have a two-year note yield hovering to pretty close to unchanged, but when you look at 10s, particularly 30s, we see yields a bit more firm it's moved up a bit on some of these headlines, so the curve is getting steeper. remember, the japanese, of course, have done yield curve control. we can argue about the merits there. the big talk has been about the 30-year bond is now trading very close to where a 30-year bond yield is for bank of japan, for jgb, japanese government bond. that's making many nervous, especially when other economies

. >>> welcome back to the bond market with my pal rick santelli tracking all the action with the cme. >> we had two big auctions today. two year and five year 11:30 and 1:00 eastern right after the last auction results you see yields popped up a bit. maybe it was some hedging set in place prior to the auctions but it's pretty easy to notice we finally turn the corner a little bit after intraday lows that were right on top of the all of the low yield close which was in the second week of march, right around 54 basis points for tens. foreign exchange, lots of issues going on whether it is the 57% portion of the dollar index, euro is so strong. after some progress is made on the shared debt issue. look at a chart of the dollar. this the is a one week chart you can see it hasn't had a terrific week. if you take the chart back to early 2018, we're now at the lowest levels since june of 2018 there can be a lot mover legsren this move. they tend to trend for long periods of time. kelly, back to you >> dollar below 94 that is a big move lower, rick thank you. >>> google ceo telling employees

tuesday morning, welcome to "squawk on the street," i'm carl quintanilla with david faber, mike santelli live from separate locations cramer has the morning off coming off that five-day win streak close to one-month highs, futures a bit soggy amid signs and commentary that economic activity is moderating on new covid restrictions coming up this hour uber on the purchase of post mates ride sharing demand, david, and today grocery delivery. >> yeah, that's what we will be talking to him about of course, was it their second choice is certainly a question we will want to explore and when will the company get to cash flow positive. remember prior to the pandemic, carl, there had been some important promises made by uber in terms of when they were actually going to get to that point and then of course it's all had to change as a result of what they've seen in their core business which we also will talk about as well. as we take a look, mike, as a market that is going to at least open lower, although certainly unclear whether that will hold incredible momentum yesterday and some of these names,

let's get to rick santelli >> you know, carl, as i look at yields right now it just quite impressivehistoric view. we're under 14 basis points in a two year if we closed here it would be a new all time record low for twos a little under 17, it would be a new record for threes. five years are hovering at 27.5 basis points tied for the all time low closing yield sevens did make a new low closing all time yield yesterday and if they were to close here at 45 and change they would make another one. so you could clearly see that all investors' appetites are pointing towards whether it's high quality sovereigns, investment grade corporates, anything that they can get some type of return on and consider safe from a principal standpoint look at 24 hour chart of tens and realize that the ppi data was more deflationary than anything else. maybe when the demand side comes back that picture can change dramatically with he saw yields pop up a little bit on the long end, it was about the gilead drug story than anything else, it wasn't the ppi data if you open the chart up to early march we are down

how to rick santelli >> we're expecting a 2.1 to 2.2 % economic rebound 2 .0 up 2% for the month of junee made the all-time worst month over month minus 7.5% in may we made the best showing up 2 .8 %. so up 2 .0 fits right in and it comps to that reading we just had in may h in terms of the last time we had that amount of strength it is a june read. and we know a lot has happened since then interest rates still hovering very near all-time low closing yields on twos, threes, fives and sevens ten-year is 4b -- 4 .5 basis points away. >> rick santelli there's virtually no company in the transportation index that phil is not covering today let's get to him on american, tesla and a lot more >> hey let's start with the airlines. we have three reporting earnings today. we're not going to run through all the numbers. they all posted large losses that's not a surprise. let's give a flavor of what the ceos and executives are seeing right now for the end of the year southwest, we heard from gary kelley about 20 minutes. we know the problems southwest is encounters. gary kelley is serious when he sa

>>> those futures, empire looked pretty good, let's get industrial production as well with rick santelliey, rick. >> yes, carl, empire did look pretty good, industrial production should be coming out momentarily, it's a june read. an old number industrial production goes back to 1919 and the lowest level was in april at minus 12.53. this number coming in at up 5.4%, up 5.4%, that of course follows a 1.4 at least up to this point is unrevised and 5.4 actually is a nice number considering the expectations were for about 4%. capacity utilization this number only goes back to 1967, 6 68.6 this is coming off of 64 and change, that was the worst level ever going back to 1967. so we see that both these numbers are better than expected, as a matter of fact, pretty much all data is better than expected as of late what's going on? well, let's look at intraday of ten year note yields, here they are hovering at 64.5, they just were at 65 basis points they gave up a smidge of ground but what's interesting is you look at that intraday chart is to flip it to last friday when the intraday low was 56 bas

. >>> let's check into rick santelli for the reaction. the reason is what we've been discussing they're down close to the all-time low yields. the big story and covid, whether through vaccines, through other forms of medicine, or just being ability to deal with the effects in a more official way,ening that allows us to approve is going to create an issue where there's an awful lot of liquidity out there. >> rick, thank you of course, we are eight waiting comments from jerome powell, but now we want to be back to the house subcommittee counter the ceos of apple, facebook, microsoft and google. >> this is exactly the type of anticompetitive acquisition that the antitrust laws try to prevent. it cannot happen again i yield back >> i would remind the witness that -- of course, do not alleviate the antitrust challenges that the chairman described. with that, i'm going to recognize the gentleman from colorado again, thank him for co-hosting one of the most important hearing, sand you're recognized for five minutes >> i want to offer my apprecia

two-year lows today and it's on track to post its biggest monthly drop in a decade let's get to rick santelli rick >> there's so many strange things going on whether it's the dollar or the conditions driving gold let's find out exactly what is going on with the dollar index look at this chart this chart goes back to 1979 you see the all-time high there around 160 plus. it's started to deteriorate. you could argue it's been in deterioration mode ever since. conditions are so different. look at gold this chart starts in 1979. i was in the pits then gold traded up over $800 the problem is we had to wait 27 years to take a profit it wasn't until 2007, gold took that price out, and you see that gold really is a religion. open up the chart to present obviously the left side disappears even with this high prices realized whether it was the dollar or interest rates, look at tenure rates from 1979. they're at 12 and 13%, on their way to 16% i guess what i'm saying here is whether historic lows for interest rates, dollars are on the slide. gold goes up because the conditions that make it religion can c

. >>> let's head out to rick santelli rick >> another record, i'm not sure if it's a good one, but the size of this auction is 44 billion. it's a seven-year. the year of reduction .66. it was actually a very competitive auction. best of breed. it got a b-minus it was the best of auctions an all the metrics were pretty solid. the bid to cover was on the weak side but direct and indirect bidding was on the wesupply sid. we're done with the supply side, and when it comes to gold, takes some of the competition away one of the subjects is yield control. if there was ever a big reason to start hoarding precious metals, that might be it kelly, back to you >> that's exactly the argument that one of these analysts is making with his 3500 target. rick, thank you very much. >>> tomorrow is going to be a big day. not only are we getting the fed decision, we have the ceos of the four biggest tech companies all testifying in an antitrust hearing tomorrow before congress it's the first time bezos has ever testified in this capacity. deirdre bosa is with us. deirdre, i'm looking forward to this >> wit

. >> thank you, bob pisani let's get to rick santelli for the beige book, which was just released moments ago. >> on one hand, fed says activity increased in almost all districts. on the other hand, it increased but still well below pre-covid levels there's your tug of war with regard to headlines. the fed, of course, is implementing lots of programs. i believe there's nine of them about half of them are functioning. and things have worked out pretty well. if you look at how the market's reacted to some of these early headlines on the beige book, you know, two years haven't moved much they're a little down on the session. if you look at ten-years, virtually unchanged at 62. go down the curve, 30-year bonds are getting a little frisky. the dollar index is like a third of a cent off its lows today it was well below 96 it's firmed up none of that is beige book responsible. in the end, if you're going to walk away with a notion on the beige book and the fed's next meeting, things are looking good, but they're not going to look nearly as good as they did in february. back to you. >> for more n

rick santelli. >>> dig a little deeper into gold right now we just mentioned it hit a new intra-high today we're talking about it at 1951 this afternoon will virus concerns and low gold rush keep the assets going managing director at institutional family services. jim, this is the first time i'm hearing a lot of chatter from people, from the public, saying, what is going on with gold, what is going on with silver? talk us through these moves you see here >> funny you mention that because everyone looks up and says, wait a minute, gold and silver is moving so rapidly, am i missing out here that probably provides the fuel. you see that everything seems to be rallying, and that's really just a function of this week's dollar trade when you look at gold and silver, people are questioning the efficacy of federal policy, government policy going forward. i don't think people think there will be some sort of cataclysmic crisis -- that's more difficult to say that i thought. i don't think people are saying that, i think there is a question mark of how far this thing can go on thursday during t

rick santelli with breaking news consumer price index for the month of june.eadline expected up half of 1%. up a bit more. up .6. this follows minus .1 that made me revise before completing the rest of the internals here if we scoop out the important food and energy, it's up twice expectations for year over year, expecting up .6 year over year headline. that's exactly what we received. and year over year strip out the food and energy components, up 1.2, .1 higher than expected the economists did a pretty good job of calling these numbers they were only .1 off. cpi is running a bit hotter than many expected. of course what exactly is going to occur with prices is anybody's guess because pre and post covid once we get our arms wrapped around this change the dynamics i will tell you this, some of china's trade numbers have been out. their imports of u.s. products has actually surged a bit. exports were higher but not nearly as high as imports. things like beef, so it's going to be very difficult to handicap because it's very difficult to handicap which economies

a little bit more fuel, i want to go to austan before we get to rick, just to really spring load santellimad. look, what i think is the dilemma we're going to face is that normally in the months before a presidential election, both parties are trying to create a series of show votes where they say we were for this, and the other guys are against it, and they don't really want to reach compromises, and so the philosophy of the cares act was we don't have to decide who should get relief and rescue money. everybody gets money you get a car, you get a car, and you get a car. and now we're coming to the spot where you got to choose is the money going to go to people? is the money going to go to small business should the money go to big business, and to get a strong number like this, i think actually it's going to make the compromise decision a little harder because there are going to be some people who say, well, if the economy's going to be strong, let's just wait couple of months before we do anything. so there's the potential of a speed bump there >> all right, rick, i don't know have you w

of course, we have had, let's get to rick santelli. >> hi, david if you look at the data today, pretty the durable goods nonseasonabiay adjusted was more solid and super strong and whether it's the initial jobless claims which broke its run of lower weeks, but on nonseasonally adjusted. it was a different story nonseasonally adjusted data is getting an extra look these days because so many aspects of the economy cannot be adjusted to normal seasonal conditions if we look at a two-day chart of tens thursday night and friday morning around 3:00 a.m. eastern, you see that the ten-year note yield traded 55 basis points lowest intraday since the 9th of march. 9th of march low yield closed at 54 we keep getting ever so close and continue to see good flows and just a matter of time so say traders especially as we get more volatility showing up in the equity space get a two-day dollar index and many trader's agendas of late. we lost one penny since the last session you saw there. month to date not a good july for the dollar index and euro currency which makes up half the value and the story is

rick santelli on the factory orders number there.organ, it's going to be an interesting debate today markets holding up as it weighs sort of the benefits from having a stronger than expected jobs number with sort of the ramifications of what it means for stimulus i see the house has passed a $1.5 trillion infrastructure bill there's a lot of cross currents once again today >> yeah. there's a lot of cross currents. and i think no one doesn't expect -- did i say that right that's two negatives there's an expectation in the markets that we are going to get another round of fiscal stimulus what that's going to look like is the key especially given the fact that we got a jobs report that came in better than expected keep in mind you're talking about data that was collected in the middle of the month an we saw a turn in terms of coronavirus case and reopening pauses and rollbacks in some of the most economically powered states in the country too. what does that mean? one more reason to keep an eye on something like the jobless claims numbe

. >> guys, it's been a remarkable week for yields and curves let's get to rick santelli >> yes, carl, 15 seconds of course we will get our final read on market pmi this series only goes back to 2017 we do have a reading of 49.6 that is the mid month. we will be altering that but before we get to that really quickly what the markets are responding to, adp had a revision of 5,850,000 jobs from a minus number of 2 point -- what was it, 2.369 million to positive 3.065 million when you add in the current month, 8,194,000 jobs were added in two months, the number is out, 49.8. so we take 49.6, we toss it, we replace it with 49.8, which is a nice rise from the all time low which was april at 36.1. now, if you look at a two day of tens you can clearly see the way rates have jumped and they started to jump when we started to contemplate the huge revision when steve liesman brought us the number at 8:15 eastern it is the lead into the employment report from the bureau of labor statistics tomorrow we did the same thing last month. mathematically many think you are going to see improvement on job

. >>> we did get cpi and will get fed speak this afternoon let's get to rick santelli good morning. >> good morning. let's start out with a seven year i don't normally look at the seven year as closely as other maturities but seven year right now, for example, should they close here under 46 basis points would be an all time new low yield close. look at a three day chart of sevens starting friday, inter day low from i was 42 basis points, at the end of june it would have point at .467 the reason i'm bringing this up is we had arguably hotter inflation data but yet we're still giving up ground let's go to the ten year look at the intraday, do you see that big break that was actually before 8:30 eastern when the data was out. that started about two minutes beforehand arguably cpi data was as expected, maybe a smidge warmer. but it's not making a difference or record budget deficits aren't making a difference or mcconnell thinking he wants to add to that not making a difference. rates are heavy, buying is intense, maybe it's the only hedge against equities but no matter how you slice it,

mike santelli, clearly the hearings did not hurt the stock prices for the companies tomorrow we have earnings. >> that is the question as to whether that would cause a rethink. the pattern has been to sell the earnings news, not just for the high flying tech stocks so we'll see if that changes tomorrow it seems like most investors are focusedond liquidity and the secular growth as opposed to what happened over the last three months. >> we're out of time here with all of those hearings today. thank you so much for tuning into "closing bell." "fast money" starts right now. >> "fast money" does start right. i'm melissa lee. guy adami, tim seymour and bono and icen and tonight no pain no gain that is the message from mike wilson, where he sees stocks headed on august plus boeing hitting new headwinds we heard from the ceo when he expects air travel to return to normal and we're all over the action, qualcomm and pay poll reporting results, how we are paying the earnings moves big day on capitol hill. let's take a live look where the facebooks of facebook, apple, amazon, alphabet testifyin

. >> all right guys, let's get to rick santelli who we have missed the last couple days.ood morning. >> good morning, carl. indeed, you know, if we look at what's going on in treasuries obviously many are continuing to look outside of treasuries, especially in the safe hasher. yields aren't juicy enough potentially as we see gold at some of the best levels since 2011, but i will warn, you know, if you go back to 1980, gold had a high of about 835 soin$835 s d if you adjust that for inflation we haven't taken it out. look at a week to date of ten year note yields hovering at 66 basis points, we just moved into the green in terms of we settle at 65 yesterday, so yields are a bit higher, prices are a bit lower, but we are at the lowest levels since the end of last month and on the jobs thursday report we were as high intraday as 71 basis points so you could see that is the high water mark and it really has proven to be we always seem to get the juiciest yields whether it was over 90 basis points in that original report when we saw the surprising growth in jobs. if we look at

meantime, initial jobless claims just out right now i want to get to rick santelli standing by at theme in chicago with those numbers, rick >> well, andrew, we broke our streak we are not going to be able to say 16 weeks in a row of lower initial claims because this week is higher. 1.416 million. so 1,416,000, that is definitely a bit higher than a slightly revised 1,307,000 from last week so our streak of 15, well, that's where it ends not 16 but continuing claims did post an eightth week of drops the number there is -- i'm sorry, 16.197 million. so 16,197,000. that follows a slightly revised 17,304,000 eight weeks in a row on continuing claims. we can debate how much the initial claims rise will mean, but many have expected it. certain areas of the country that reopened had to settle back down due to the spikes and some of that is make being the waters a little muddy the initial claims may be a little bit more sticky, but there is not a huge response in the market although stocks are pre-opening and many are going to see how much is translated into that. but various parts of the wor

mike santelli joins us with more on this national tequila day good morning. >> yeah, s&p 500 this morningelow the highs. a lot of talk about the nasdaq with the shakeout. a lot of people waiting for a rotation year to date does that look like a major regime shift to you? not yet. so you've flattened out here with megacap growth curled lower in the last week or so and then just a little bit of a steadier up trend in the average stock in and value stocks. i've said before, it doesn't have to be a zero sum game even if the big nasdaq stocks have to cool off more. it doesn't mean all that money is going into the value sector it doesn't mean if value is going better, you get some traction, that large cap growth all of a sudden is game over and it falls apart a lot of movement within the index as we go sideways for almost two months here one thing i would point out is kind of restraining arguably this move into more cyclical value trades treasury yields. still very compressed on the macro outlook, guys. >> mike, stay with us. joining us to talk more about the arket, the b of a's security and eq

second quarter gdp and initial jobless claims the all important number want to get over to rick santelli standing by at the cme in chicago rick, the numbers. >> yes this is definitely one of th most awaited numbers now let's start out with what's coming out first on my service initial jobless claims is 1.434 million. 1.43 million this is higher than our last look last look was 1.416. continuing claims, 17,018,000. that is definitely, definitely breaking the streak. we broke the streak last week with initial claims unless you looked at nonseasonally adju adjustment because they follow 16.151 million now if we look at big e, minus 32.9 that is quarter over quarter annualized it is not as bad as the minus 34 1/2ish to the minus 35% we were looking for if we look at consumption, wow, the consumption was routed that's minus 34.6. we look at the price index whiff of deflation minus 1.8. personal expenditure quarter over quarter, minus .1 just to put a face on this, the first quarter of 1958 was our record and the first year was 1958, the year chevy introduced the impala the only double digit d

we're second away from june import prices, dow up about 500 points rick santelli standing by at the cmechicago rick, the numbers, please? >> reporter: yes our june read on import prices expected up 1% is up 1.4% that's month over month.if you up .3 of 1% which versus expectation is a couple of tenths better than expected. the you look at year-over-year import prices we expect down 3.7. give economists tip of the hat it's down 3.1% let's switch lanes month over month import prices up 1.4 year-over-year down 4.4. this reminds me of the cpi and ppi data when you take that year-over-year perspective there's more deflationary to what's going on near term not as much and really it's a comp story as much as anything else empire for the move july up 17.2 up 17.2. we were expecting 10 that's really a good number. that's the best number going all the way back to, boy we have to go back a ways november november of 2018 remember two months ago we were. at minus 78.2. worst number going back to july of 2001 when they started creating empire. joe and the gang i want to draw your attention to a chart.

rick santelli here live at hq cme breaking news, june preliminary read on durable goods.minary is important we'll get a much better potential number up 6.98% expected. end up 7.93% better than expected that follows sequentially, 15.1%. that was the second best read. the absolute best read was in july of 2014 when it was up, what, 23%. so this is solid number. let's take out transportation. still a solid 3.3. that's a little bit under expectations and it's also up 3.3 on capital goods orders, nondefense, x aircraft, proxy for capital spending which was impaired but seems to be coming back a bit 3.3 is much better than we were looking for. if we look for shipments versus orders, that's up 3.4. pretty much outside of a little light on x transportation, these are better than expected data points the big story of the day, the dollar index down 3/4 of a cent. it is at the worst levels of over two years if you look at the strength in the euro, which is a significant part in the weakness in the dollar, there are some reasons for the dollar in and of itself. we've been talking abo

. >>> welcome back rick santelli there. live breaking news june housing doing pretty well up over 17%. 1,186,000. seasonally adjusted and permits, up a little over 2%. 1,000 seasonally adjusted annualized units 1.296 million. yesterday we learned that mortgages with 50 years of recordkeeping on the 30 year, the long mortgage fixed 30 years under 3% i personally know three different people closing on houses today there's definitely a fire going on in housing no matter where you look and with the interest rate not only very low volatility in general, just think about it this way, ten year note yields are approaching four weeks of closing in the 60s, meaning somewhere between 61 and 69 basis points japanese government bonds, they trade by appointment the federal reserve and central banks taking a lot of volatility out of the interest rate complex. that certainly works in favor of housing. joe, back to you. >> rick, thanks. let's bring in diana olick and steve liesman. steve, to you first. >> reporter: you know, rick makes a re

tuesday morning, welcome to "squawk on the street," i'm carl quintanilla with david faber, mike santellifrom separate locations cramer has the morning off coming off that five-day win streak close to one-month highs, futures a bit soggy amid signs and commentary that economic activity is moderating on new covid restrictions coming up this hour uber on the purchase of postat

rick santelli of cnbc, really solid numbers. good news, americans are getting back to work. we need to make sure we reopen responsibly, smartly, safely, the things you were talking about, knowing what to do, how to do it, how to do it right. because the health and safety, as you mentioned, of our families is important and it includes economic health as well. we have that report today with a stellar jobs report. mr. president, i also wanted to point out today that yesterday the democrats in the house passed their 100% partisan version of a highway infrastructure bill. the, they co-opted a bipartisan issue, completely cut out republicans, completely cut them out of the conversation. not only that, but house democrats added a laundry list of really left-wing proposals in what they passed yesterday in the house. in a sense, it's groundhog's day for the green new deal. this far-left fantasy has become a recurring nightmare, and we saw it yesterday on the floor of the house of representatives. the democrats must be taking their cue from joe biden. the biden campaign is promoting t

we return, breaking jobs report we read the numbers when squawk returns right after this >>> rick santellire. live at cme reads on initial and continuing claims, the notion that with the holiday and seasonal adjustments it's a little bit out of sync. 1.4 million with regard to initial claims 1.314 million to do the work >> it stands at 1.427. 18 million.062 the claims number since the 17th of april we do 18,760,000 if you look at interest rates trying to define this mostly steady at 16 points. and we've violated 7 on the dollar versus the chinese. >> thank you, rick want to talk more about these numbers. >> i think the continuing claims number is still at the forefront. wanting to get a read on exactly how fast that huge pool of unemployed is being reabsorbed that was better than anticipated. market firmed up a little bit on the print which does make some sense. we're in the mode where the market craves confirmation that there's progress being made on the labor front, reopening front. despite the fact we've seen surges in other parts of the country. not yet quite a stutter step not an enor