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mike santoli what happened? >> it shows you how tentative this market s we spent more time this morning right around the year to date lows. in fact, made a marginal new low. we got this rally. bond yields calm down. it seems as if european markets closed we didn't have to worry about what is happening with the bank of england now taking pension funds have three days to sort out the exposures and rebalance the funds. the bank of england will no longer be supporting the bond market over there after that period that seemed to just be another excuse for the market to take this leg lower so you see here, we're basically testing that september 30 low level. you can call it a retest you can say that market hasn't accelerated to the down side we're oversold we need to get through the cpi number on thursday clearly, without the bond market really having another bit of a tantrum. take a look at growth versus value. it's been consistent growth stocks way down the mega cap tech stocks have been leaders this is a two year ch

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"the market dashboard" with mark santoli. the swings are ginormous >> and more remarkable is you have tremendous declines in some of the biggest market caps settle apple aside, yet the overall tape has had some followthrough buying the hallmark of this month has been the market's ability to rally on bad news. remember, the low intraday was on a bad cpi number october 13th we got through a lot else in terms of poor earnings, clearly housing is cratering and still managing to get up there around this 3,900 level on the s&p 500. it's fairly impressive 11% to 12% climb off that intraday row, october living up to its reputation for upside reversals after a dramatic bottom i'll point out broke this downtrend above the 50-day average. a technical and seasonal basis, there's some reason to think it's in a better position. just for benchmarking's sake, we were about right here when jay powell gave the jackson hole speech that spooked the market he didn't like that the markets were assuming a friendlier fed the vix was under 22 credit

s&p 500 lower, every sector down except for energy right now, mike santoli, as we close out overall aestion is what happens next. >> big question. obviously there's a lot of focus as you mentioned earlier on the seasonal patterns. thought it would keep people from getting too negative this time of year, mitigate some of the pullbacks for now. today it's the end of a strong month and before a fed meeting you get markets pulling themselves back into balanced footing, which in this case would be trimming back a little bit on stocks. yields are inching higher. the dollar is getting a little bit of support essentially it's a little bit of a reversal of all the moves we saw today. but again, up something like 8% for the month of october in the s&p still. >> wanted to point out other charts for the month of october. bitcoin up 3.8% for the month, not as strong of a rebound as the stock market but the dollar down half a percent. i think that's the big reason stocks were able to rally. and gold down again. what is this, seven months in a row lower for gold it basically goes down no matter what

sherri red stone good question. >> mike santoli next with his midday word.ate hispanic h heritage here is courtney garcia >> my grandfather immigrated to the u.s. speaking only spanish in hopes of obtaining a better life for his family. two generations on i'm happy to report he achieved those goals knowing the value of a dollar and savings, all things instilled upon me at a very young age. as i now look to instill the same values with my own children, peers and clients i want to stress the importance of investing and making sure your money is working as hard as u yo are to ultimately create generational wealth for your family for years to come wait, i don't do tai chi. i don't do most of the things you see in medicare health insurance commercials. cut! all the ads look the same because the insurance companies all see us the same. humana is different. they get to know you and listen to what you need. they have all-in-one humana medicare advantage plans with medical and prescription drug coverage. most plans include vision, hearing and dental for as low as a $

mike santoli here to break down the crucial moments of the trading day. plus our guests.dow had been up this morning, almost 400 points, lost those gains. right now we've been hovering done 100 points or so. mike santoli, there are still some areas working what's your read so far on earnings it does feel like the news is better fundamentally than we expected. >> yeah, i think the news has been, in general, reassuring or not incremental reason to be concerned. that said, i think you had a bit of a mixed bag the regional banks have not taken it very well the industrial health care roll-up also down a bit. it's mixed i think next week we'll get the critical mass of records that will give you the full narrative, but to me it really gets repetitive, and monotonous, but it's the ten-year treasury yields stretching to new highs that yield move does look extended it's hard to anticipate, as long as it's going on, the equity market stays in check, even though we're not selling off much where we are a few days ago. >> i gel people have been saying that it can't get more hawkish. >>

buy albertson let's break down the reversal in the markets are our senior markets commentator mike santoli and his dashboard. we're not giving back all the gains from yesterday. >> no. >> but still, it's an ugly turn. >> high compression and high emotion market and when you have the moves that shuttle from low to high in a hurry like we saw yesterday, it shows you it's kind of a quick money easy come and then, you know, kind of quick to discourse i'm not saying it's all mechanical and technical but that's a certain element of t.yesterday ehlo in the s&p 500 was 3500 so we're above 100 s&p points above where we were and 200 points from yesterday morning's low to this morning's high and now we've given back, you know, let's call it a third of what was gained, so it's not comfortable, but right now you're still hovering right in the vicinity of the september 30 lows really not that far either from the june 16th lows so essentially over the past four months you haven't been any net progress but if you bought at the lows, you're also not quite yet a loser. treasury yields remain a big part of t

commentator mike santoli pretty broad although i note treasuries aren't moving a lot. >> no. did get a backup in yields to start the morning. it did relax the equity market a bit. ten-year back to 4% level. could present a little test here broaden it out a little. look at s&p 500. basically today adding back what was lost on friday brings the s&p back to that level of close on thursday after that very dramatic kind of 5 percentage point low to high swing thursday doesn't get you too far off the year-to-date loes. can try to make the case the market hasn't really made a lot of net down side last four months this is june 16th. not sure how far that gets you could start to be defined lower end of the trading range if lucky. buying light today even though breadth is strong skewed to the up side. all that stuff into the mix now as we get into earnings season, starting to know just exactly how much the forecast has to be adjusted, revised higher, lower, whatever we're not paying nearly as much for the earnings of the dollars as before. forward pes across the board broken into piece

see you in a bit mike santoli. >>> talk more wra to do with tech the sector dragging down the entire market today microsoft injected uncenter sbi an already anxious market environment still a number of key tech results coming up. meta, apple, amazon, in the next 24 hours bring in wedbush securities equity trading and citi group chief u.s. equity strategist scott, eager to talk to you because you recently upgraded the sector, what i think in september >> right. >> anything in these results today make you change your mind? >> no. nothing there. i mean, essentially the premise was we've been underweight since last november. been concerned about a hawkish fed rate implication the multiple compression thus far this year has been pretty severe from the sector. and our positioning here is pretty clear we think any relief on the rate side is a net positive again from a valuation perspective we do think as we enter sort of recession territory next year we'll find much of tech is surprisingly earnings resilient. of course, we have to discount increment many news sump as today, but the setup co

mark zuckerberg's huge bet on the metaverse and whether it will ever pay off let's get more mike santoli and vfor the first time in a while, feels like we've got a growth versus value split in the trade today >> that's one way it's working for sure the market's ability to set aside the problem children and to focus on things that's working. so market, money is moving within the market not out of the market meta is responsible for about half of the s&p's net decline today. in other words, if meta shares were flat instead of down 24%, you'd have half a decline. managing to hold above these levels, 3800 it's up 7% so october has lived up to that reputation of being when you often have a bottom created and a little bit of a reversal to the upside so, so far so good we kind of tentatively have broken above that little splied. but credit markets are doing fine the soft landing story is not totally out of the question so that's supported at the moment take a look here at a split between apple and other versions of the technology sector right here so this is a three-year chart. apple holding the

mike santoli here to break it down in today's dashboard.here. >> yes, definitely some relief and really fascinating over the last few years just the sort of push and pull of changing fortunes between netflix and disney compared to the overall market it was almost four years ago today, in fact on november 8th, it will be four years that disney announced disney plus was coming that was when the real revving up of excitement for disney as a competitor came into the this market and you see they've been almost the same stock even though vastly different business models you've seen a huge push in the pandemic and well underperforming the s&p 500. even though millions of s subsc subscribers have come in these are the two net consensus winners and they're still fighting it out to make it financially attractive for investors. now just going to a different little bit of compare and contrast between two different approaches to investing. tesla against berkshire hathaway he tesla just surges past so it's really about are investors willing to bet on the

up next mike santoli joins us with his midday word half time will be right back i started as a single mom with $2000 and a passion for new orleans. i'm lauren haydel owner of fluerty girl. today, my tiny online shop has grown into eight stores. we're a must-stop shop for unique nola-inspired gifts. lauren doesn't just create cool nola merch; she creates opportunities. small businesses like lauren's open doors for neighborhoods to thrive. support your community. support small business. >>> welcome back to half time. senior markets kmen tear mike santoli joins us now from the new york stock exchange with his midday word. >> interesting reaction as many have been remarking this morning. you might expect the big megacap growth stocks to act as though they actually haven't really represented what was going on in the market right now they actually did outperform in november last year, inhas dack and they led to the down side, but the average stock has been able to diverge here, so i think that's one of the explanationstd really had particularly high hopes for these numbers from either alpha

talk us to in eius in eight days >> mike, thank you mike santoli our next guest says enjoy the rally while it lasts the market lows are still not in let's bring in tony dwyer, chief market strategist. is this one of those calls where you have seen a short-term bottom, but not the bottom for the bear market? >> yeah. throughout this whole year we talked about a low versus the low. it would be unfortunately unique since it is a 500 stock index, for the s&p 500 to make the low before the two-year bond yield made its peak. so if you count last thursday, it is the peak in the two-year bond yield for the entire cycle, that would have meant for first time the s&p bottomed before bonds. >> so you're not convinced that, what, we have seen the highs on the yields >> really comes down to -- no, i -- i'm wrong on that already i don't think the yield should have gone up so much i don't think the fed should be raising rates so much. but the call from here is that when we're coming out of the summer rally, we talked about the fall fall on the show. what comes after that is the year end route early

. >>> stay with us mike santoli will join us next with his midday word we're right back - oh, the stock thing again. news from the future: you're going to live through that about 10 more times! (laughs) no stress. i just discovered yieldstreet. they vet investments that don't ride the stock market rollercoaster. - [narrator] yieldstreet: private market investing. the hiring process used to be the death of me. but with upwork... with upwork the hiring process is fast and flexible. behold... all that talent! ♪ this is how we work now ♪ ♪ icy hot pro. ♪ ice works fast... to freeze your pain and your doubt. ♪ heat makes it last. so you'll never sit this one out. icy hot pro with 2 max-strength pain relievers. - oh, the stock market is doing that fun thing again. so you'll never sit this one out. news from the future: you're going to live through that about 10 more times! (laughs) no stress. i just discovered yieldstreet. they vet investments that don't ride the stock market rollercoaster. - [narrator] yieldstreet: private market investing. >>> we're back senior markets commentator mike sant

cdw makes it powerful. >>> all right, there's your market picture as we bring in mike santoli from theyork stock exchange for his midday word, and it's no surprise at all we're at the lows of the day as yields are, michael, at the highs of the day i know it's repetitive, but play the story that's in front of you, and that's it >> pretty much the story, yeah you can watch it throughout the day as sort of the pressure builds behind the dam with the yields going up. the one-year treasury yield in the last week has gone from 4.25 to about 5.62. that's where the market is now attacking and things like the dollar yen that chart look like it's just in escape velocity mode once those things start to happen and you start to ask those moves getting stretched, do we maybe give a break and get some relief to the equity, which is a pretty decent or not as bad as it could have been earnings season the atlanta fed gdp is now running 2.9% for the third quarter, and you have to ask if that's a good or bad thing because it means the economy can absorb more of what the fed has for us we have two more wee

. >>> up next, mike santoli on whether the market could be setting itself up for a year-end rally. we're building on the gains here just gained 100 points or so dow is up 330. we'll be right back. vo: ferrari knows racing. palantir knows data. bonded by engineering excellence. palantir. data driven enterprise accelerator. if you have this... and you get this... you could end up with this... unexpected out-of-pocket costs. so if you're on medicare, or soon to be, consider this. an aarp medicare supplement insurance plan from unitedhealthcare. medicare alone doesn't pay for everything. and what it doesn't pay for, like deductibles and copays, could add up to thousands of dollars. medicare supplement plans help by paying some of what medicare doesn't... and making your out-of-pocket costs a lot more predictable. call unitedhealthcare now and ask for your free decision guide. medicare supplement plans also let you see any doctor. any specialist. anywhere in the u.s. who accepts medicare patients. take charge of your health care today. consider adding this. call unitedhealthcare today a

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so you can go see more of all the world's sand. >>> senior markets commentator mike santoli joins usidday word. hawkish harker, that's what we'll call him because he seemed to today so far? >> no doubt about it, that was the timing that's when bond yields perked up and that's been a very familiar dynamic it was interesting we got a little bit of a lift in the morning and the short end of the treasury curve softened up in yield. it seems a bit of a stretch to say that that was somehow going to set the scene for a fed pause anytime soon and we talked about it monday and tuesday, scott we were free of fed speak. we had this little rebound rally. the market was oversold. we know the inputs to what could make this a little more of a decent recovery, seasonal sentiment. earnings seem to be okay but that was the big one out there, that the fed wants to reiterate its stance we know they need to see inflation come down, but they're just reminding us, you know, at any turn, that they could find >> i'll see you in a few hours that's mike santoli with his midday word. check out this mystery char

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and weil wl have santoli's midday word, and we will do it after this ♪ ♪ connecting to opportunity ise hustle. ♪ ♪ opportunity is using data to create a competitive advantage. ♪ ♪ it's raising capital that helps companies change the world. it's making complicated financial concepts seem simple. opportunity is making the dream of home ownership a reality... ♪ ♪ ...writing new rules and redefining the game... ...and driving the world forward to a greener energy future. (applause) ♪ ♪ opportunity is setting a goal... ...and charting a course to get there. sometimes the only thing standing between you and opportunity... ...is someone who can make the connection. at ice, we connect people to opportunity. i started as a single mom with $2000 and a passion for new orleans. i'm lauren haydel owner of fluerty girl. today, my tiny online shop has grown into eight stores. we're a must-stop shop for unique nola-inspired gifts. lauren doesn't just create cool nola merch; she creates opportunities. small businesses like lauren's open doors for neighborhoods to thrive. support your community. suppor

a lot of semiconductor names headlines this week's earnings, as you mentioned let's bring in mike santoli who has more on how we're trading. hey, mike. >> hey, jon. well, in the past week or so we're trading without much mercy for any companies that disappoint, as we have seen pretty starkly with net microsoft, amazon, some of those you mentioned. but it's really been a story of discernment, too, between these companies that are disappointing and still do have two expensive valuations for not being reliable and the rest of them here you have apple trading on year to date basis right in line with what's this it's not part of the nasdaq. it's the low volatility etf, the stocks that have demonstrated the lowest volatility of all the index members. really the stability premium that's been driving apple. it's not because growth has been fast it's been reliable and financially they are obviously very sound now, you have the nasdaq 100, which has one of the weaker profiles here. here is the june low you see it did make a lower low there. not all -- not the overall market has not it's not really

more manageable in terms of valuation and more in line with how the broader market performed mike santoli, thank you. >>> news out of the labor department this morning. a proposal that could significantly shake up the gig economy. shares of uber, lyft, doordash, watching all morning cratering on the news. making it easier to classify gig workers instead of independent contractors. it could upend the business models requiring them to provide employee benefits including minimum wage, overtime and more. an issue fighting against for years now. we saw it right here in california, but now given the macro cost-cutting environment, certainly not helping those profitability fears that have arisen especially over the last few years. guys, did hear from lyft this morning. just got a statement from uber's stokes persson saying that, in a time of deep economic uncertainty it is crucial that the biden administration continues to hear from the more than 50 million people who found an earning opportunity with companies like ours we continue to look forward to constructive dialogue with the administratio

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. >> we mention we've got a nice move on wall street here on this friday mike santoli is going to joinday word trying to get back to that 700-point gain for the dow what did i say 1976. back after this. efficiency-right now. allow monitoring of productivity at remote job sites, with next-generation bandwidth. enable ai cameras that spot factory issues in real time, using next-generation speed. and deliver ultra-capacity 5g coverage that's years ahead of the competition. t-mobile for business has 5g that's ready right now. i started as a single mom with $2000 and a passion for new orleans. i'm lauren haydel owner of fluerty girl. today, my tiny online shop has grown into eight stores. we're a must-stop shop for unique nola-inspired gifts. lauren doesn't just create cool nola merch; she creates opportunities. small businesses like lauren's open doors for neighborhoods to thrive. support your community. support small business. as an independent financial advisor, i stand by these promises: i promise to be a careful steward of the things that matter to you most. i promise to bring you advi

. >>> to the market desk with mike santoli locking at the tech wreck. certainly tech has been in the eye of the storm >> exactly, sara and also how retail investors have been dealing with it. they've been slower to pull back and pull money out of the this market especially when it comes to individual nasdaq stocks. we have the nasdaq 100 in orange the blue line is the net buying of individual nasdaq stocks by retail traders goldman sachs estimates this on how the trades are executed and you see it was reluctant to decline for a while. when this is above zero, it's still net buying until recently. it dipped into net selling just into the late september lows so maybe that's a sign that finally there's a bit of a surrender in terms of retail in general, there haven't been massive flows by individual investors out of the market. a lot of people are waiting for that shoe to drop. hedge funds, everybody else has been very defensive for a while. >> are you saying this is a buying opportunity >> eventually we're going to run out of sellers, but not to say dippi

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mike santoli, are there legs to the rally? that's a key question. so far not a ton of enthusiasm for the previous ones. what about today >> we have been conditioned to have skepticism about the quick rallies, the market making the place that with the dramatic gain into the close maybe had some significance. there's some longer term trend average price levels that people have been watching that actually are right in the vicinity of where the market is right now. i'm going to just draw roughly where it is. that's a thousand day moving average. it's kind of 200 weeks it's almost four years we didn't undercut it in the nasdaq 100 at the lows, back in march of 2020. you hover here you're in this zone right there. 10,000, it's the initial burst off the lows from the covid crash. that's kind of where we're hanging out right now and it mimics in an amplified way what the broader market is up to. more tactically, there's perhaps a little bit of hope in there. if you look at the way that dealers are positioned in nasdaq 100 futures, now, dealers are considere

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re'valady discounted a lot of these negatives >> let's do a quick break and we'll come back with mike santoli his midday word. we. you need cdw to implement vmware cross cloud services. a portfolio of multicloud solutions. it'll simplify workflows, speed innovation, and secure all of your applications. how did you get here?! [watch: the backdoor is open.] vmware makes connected multicloud possible. cdw makes it powerful. thinkorswim® by td ameritrade is more than a trading platform. it's an entire trading experience. with innovation that lets you customize interfaces, charts and orders to your style of trading. personalized education to expand your perspective. and a dedicated trade desk of expert-level support. that will push you to be even better. and just might change how you trade—forever. because once you experience thinkorswim® by td ameritrade ♪♪♪ there's no going back. >>> we're back senior markets commentator mike santoli joining us now t what do you make of it >> the start appoint has some significance you and i have spoken about it that 3,500 level just had a lot of focus, a lot of

. >>> all right, senior markets commentator mark santoli with his midday word.o you feel today? three down, two to go. we're talking about the megacaps, and i guess once a megacap in meta. >> for sure. we talked last night the top 20 stocks in the s&p 500. it continues the story, you know, you have the small caps up 1% today, the equal weighted s&p up 1% per the market cap weighted version apple has been completely its own species. it's not really behaved like a tech stock it's not even really behaved like a consumer staples, so it's essentially been the answer for everybody fleeing something else, and we'll see if that can continue because what's fascinating is nobody went into this earnings season and keep saying with high hopes it's going to be a beat and raise type story across the board. i also don't think that's the case when the comes to apple you obviously don't want to see, you know, further negative commentary about what indemand is whether they're going to have be belt tightening more than people thought i think it's its own thing >> out of meta, alph

business and sustainable fuel efforts, big announcement today the market dashboard, commentator mike santoli, where after the brutal sell-off on friday, pockets of strength today, mostly in the defensive areas but materials are higher and industries >> yes it's not an across-the-board new down lag in the market it's semiconductors and some of the cyclical areas that are pressure points. the market is yap hennive -- apprehensive and how aggressive the fed has to be and what economy is going to do encapsulates what we've been dealing with at the lows the s&p 500 was above the prior low for the bear market down september 30th so you he see we're hanging around this area, not really breaking aggressively yet and then down 25% from the peak threshold as well. that's where we did hit the low as of now september 30th the bond market is a story even though the u.s. cash bond market is closed. the bond futures are open and the bond etfs are open in europe you're seeing new highs in government yields and something we've not seen here. in the uk and germany, you're seeing new highs in yields, the etfs

mike, thank you, stay close, mike santoli for more on the market reaction to the inflation numbers, let's bring in charles schwab, chief investment strategist liz ann saunders, what do you make of this stunning reversal >> i think mike had it right a lot of this was technicals at 3517 on the s&p. that was the point at which half the post-pandemic rally, and i think that probably triggered not just taking off of hedges but probably some short covering, which tends to sort of fuel an intraday switch on the upside i think it's premature to judge anything beyond that if you wanted to find something more fundamental to explain it, you did see a reversal in the ten-year yield you saw a bit of a reversal in the dollar in the case of the yield that jumped back over 4% that's been a short-term driver and trigger for the equity market, and then maybe the thought is such a hot cpi reading, does that -- is it sort of a last gasp does that put us closer to the point where we can start to look at the peek in the rearview mirror that's best guess as this is happening as to what the fundamental reasons m

it's good to have santoli back at the desk.our times, we have had back-to-back 2% since 1953 pretty rare. >> i think maybe as much as 5.7% that's the rare part, exactly that magnitude of a gain it has been pretty rare to have that two days in a row, especially to start a quarter, start a month, so people are slicing it it has happened as the market has roared off a very important low. it has also happened, something like it has happened as we keep getting with all of these statistical breakdowns during the 2008 period where you did see these ferocious bear market rallies, sometimes multi-month rallies. i think we have to keep that in mind so i think there's a lot of good tea leaves you could read into the action itself. the s&p 500 declined below the june lows. it got to 15 times forward earnings it kind of had a lot of atmospherics that you tend to see where the sentiment and positioning got blown out at the end of september now we've gotten the strong bounce and it's going to be tested i think by, whether the fed officials co

of october and the markets, of course, have stuck close to the historical script recently our mike santolihat you might expect the rest of the year. mike >> yeah, carl, it's been true to form a weak september, s&p down 9%. with the weakness loaded into the second half of the month, that's pretty much what the historical patterns would suggest. in october, an important low on october 13th and a rally. midterm election year seasonality, i think, is a pretty significant component right now of the short term bull case as many have repeated, from november through april after midterm election year since 1950, the s&p has never been down now, that sounds impressive. on the other hand, that's only 18 instances these things are just broad tendencies you can't really rely on them. the fact that people are reluctant to just throw in with the seasonal patterns is why they work more often than they should there's always a little skepticism around them what else does the market have going on around them i would say resilience to bad news the cpi numbers, the mega cap tech shortfalls, showses there's a l

to be indicating equities market at least the last couple of days. >> well, i agree with what mike santolie fed a jolt to say, hey, you know, what things are slowing a lot faster than perhaps they thought possible. in today's "wall street journal," there was an article that said home builders are offering buyers, not final buyers, but bulk buyers, 20% discounts to take homes off their hands. they are not getting any traffic with the surge in mortgage rates and the softening in prices. however, the personal consumption, the cpi, that won't record deflation in the housing index. we talked about those leags, tha is 1450my biggest worry they will look at the housing inflation, while on the ground there is no question housing is going down and that is a very important factor we just heard on your program half hour ago what is going on with car loans and what that mightdo to car selling all the signs are there for a slowdown the fed must recognize that and temper their hawkish stance. i think that is really why the market has rallied particularly first day of the quarter is often a rally especia

just -- it warmed my soul yesterday, mike santoli.l in wherever there is an opening and you'll see me again at 4:00 today. >> really? i'm glad i set my dvr. >> there you go. and take a look at where we're set up market wise idling ahead of the jobs number. we've given back about a quarter of a two-day rally not much of it market clicked down to the mine us 25% level from the peak that is where the lows were just under 3600 have regained a little bit so everyone has been scrutinizing the mechanics of that bounce. was it strong enough to say it was divisive not easy to say. but we do have a little bit of embedded expectation for what the market thinks it is looking for from the jobs number, which is maybe some softness in the labor market or at least a higher participation maybe the unemployment rate could lift in a not so painful way. two-year note yield, that is where all of the focal fears of what the fed is going to do and inflation. so this is year-to-date. it got some relief that helped the equity market rally a little bit. but i

. >>> welcome back we want to get you cause up with the market >>> michael santoli at the new york stockp 500 did just about about, and that's under 3700 and then they did get this, and we're holding most of it right now, add lael brainard did have more nuanced comments about the fed's inflation flight, make acknowledges some of the effect of the rate hikes that have already been in the system and perhaps that eventually a way to see clear to them. it's been the down side driving. with exports restrictions, and all the rest that seems to be the main problem that the nasdaq is having in handling that. now, u.s. cash bond market closed, something that you guys have been hitting, long-term treasury impact, making new low s so that's one of the things keep investors a bit on alert here of course, the tlt bond etf is trading, but the u.s. bond market is not trading. it's closed for columbus day we do want to bring your attention to a big intraday move jim car ron explains the move by saying this is concerned the gilt market when the bank of england purchases end, basically their quantitative

mike santoli is with us, real micro versus macro. >> for the past couple days, the company's specificl received a relief to be able to focus on earnings that are clearing a low hurdle just in general i think the market can look through things like foreign exchange related shortfalls hesitance this morning because you had the ten-year treasury yield pushing the a new high you almost have to micro analyze the intraday moves it backs off to 4.07 somehow that's clear for the stock market to get a bid in it seems as simple as that the don't over think it view of the markets, don't find with the bond market is telling you it's telling you the fed might get to 5% short rates in may if you look at the total bond market over the last year versus the s&p 500, it's the same chart. it's not tgoing to stay that way it's interesting the stock market has to continually make its piece with each new threshold of yields on the upside. >> i was thinking earlier in the summer, remember the day the three of us talked about the tn-year at three being a source of stress. >> that's a good reminder that what

mike, thanks mike santoli. >>> still to come, the latest on elon musk's other venture, spacex and thes. >>> throughout hispanic heritage month we are celebrating our cnbc teammates and contributors. here is kraft heinz north america carlos abrams rivera ♪ >> we are very much a passionate people who care deeply and celebrate loudly so, i think when you're with us, you get to see the world with a new tapestry of colors that you have never seen before the reality is that we are entrenched in the fabric of america. you may know the sounds of, you know, black bunny and j.lo and know the feed of mexico, puerto rico and brazil. we're all that but we're also in congress and the supreme court, and we are nobel laureates and scientists when you talk about the story of america, many of those voices are going to have a spanish cent >>> we take you to the president commenting on that opec plus move >> no, it was not essential to oil. it was about the middle east and israel and realization of position it is a disappointment and says they are a problem. >> all right that is the president there. a fe

i'm david faber with mike santoli.n is in washington, d.c., this morning, and carl has the morning off. let's give you a quick look at markets as starting to get into the day a bit here futures reversed, they were positive, but now the broader markets are lower. morgan >> we're 30 minutes into the trading session. here are some big movers we're watching, starting with automakers ford and general motors, those stocks sliding as ubs downgrades both names we have a lot more on the auto sector later this hour gm down 6% ford down 7.5% now. >>> goldman making calls on consumer names downgrading p&g but upgrading kraft to buy we will end with ppg, shares of the industrial paint producer sliding after issuing a profit warning for q3 citing elevated raw material costs and soft demand in europe and china those conditions are expected to continue into the fourth quarter. latest industrial name to come out with a preannouncement here. shares are down 4% right now mike >>> let's turn back to the broader markets trying to rebound,

." >> welcome to "overtime" i'm mike santoli in for scott wapner you heard the bell we're just gettingstarted today moving back on today's big energy after opec announced a major production cut what the move means for investors in the energy space, but we begin with our talk of the tape early losses finishing well off los of the day the move follows big back-to-back gains and s&p 500 up nearly

this is the make or break hour for your money welcome to "closing bell," i'm mike santoli in for sara eisen here's are things stand in the market mentioned that the highs for the day, the s&p 500 up almost 1.4%. it was hovering around that 1% for much of the day. the dow up just about 500 points the nasdaq lagging slightly. parking lot of that is a weekday for tesla, and the russell 2000 also trailing behind it's mostly some of the mega caps outside of tesla driving things check out our chart of the day it is the chinese internet group getting clobbered as president xi firms up his grip for power much more on those moves ahead. >>> we'll talk to former pimco chief economist paul mccully let's get straight to the market and today's dashboard. the s&p 500 index now clicking just above the 3,800 mark. this is an area that it hasn't been above since early october, so trying to get to a month to date high right here you see in a broad sense, the market has been kind of just sort of bouncing above those mid-june lows, refusing to go lower even though bond yields had been going higher. there

this is the make or break hour for your money welcome to "closing bell," i'm mike santoli in for sarathe market mentioned that the highs for the day, the s&p 500 up almost 1.4%. it was hovering around that 1% for much of the day. the dow up just about 500 points the nasdaq lagging slightly. parking lot of that is a weekday for tesla, and the russell 2000 also trailing behind it's mostl

i'm mike santoli in for sara eisen. here are where things stand in the market started out much more hesitantly but we have rallied throughout the day. dow off a similar percentage nasdaq slightly underperforming as is the russell 2000 as bond yields come in a bit check out the stock chart of the day. snap after revenue missed estimates on advertising headwinds. we'll talk more about that and the implications for meta and alphabet and more in just a bit. >>> also ahead on the show, former ford ceo mark fields will join us to talk about gm's reveal of the new electric pickup and where that company stands in the ev race. >>> let's begin with the market. the major averages on pace to end the week firmly in the green. treasury yields having a big week as well earlier in the session, the ten-year yield touched its highest level in just about 15 years. but a new report from "the wall street journal" calmed the bond market the story indicating fed officials are likely to raise rates by 0.75 of a point in the november meeting be

. >>> all right, we're moving toward session highs for the major averages mike santoli is with us fromchange for his midday word. you've got the journal piece, daly, now you've got bullard on the take what do you make of it >> despite the fed is going to at least have a two-sided debate whether they can pause after the november rate hike is that the market has been kind of stead yg itself even as the bond market was melting down i mean it was a quasi-crash in prices the s&p today is exactly at the level, in fact, slightly above where it was four weeks ago today. four weeks ago today the ten-year was at 3.7, and today it got to 4.3. the point is not that bond yields don't matter, they don't have the potential to compress equity valuations, the point is the stock market has absorbed this latest bout on it on a point to point basis we'll see if that can last if the market can hang in there for a while, i'm not sure that's super bullish but i think you call this more resilience than denial on the part of equities here >> i love the way you put it at the very top a two-sided debate because

that is mike santoli with his last word. "fast money" begins now. >>> right now on "fast," new covid lockdowns in china tourists are trapped, resorts shut as cases spike and in parts of wu hath and beijing and jung jo, new curves are in place as the zero covid push adding to the fear that the country is uninvestable for american business plus president biden bashing big oil set to call for a windfall profit tax on energy giants. is this just empty ahead of the next week's election and tilla fertitia taking a stake in wynn. what is the next move. we'll break that down. i'm melissa lee and this is "fast money. on the desk tonight tim, karen, dan and guy. and tonight we start off with the latest covid crack down in china. shanghai disney shutting down as new cases spike. visitors stranded there unable to leave until they present a negative covid test. in macau, they were on lockdown after a dealer tested positive a single dealer. the latest curb comes as china doubles down on the zero covid policy and what will it mean for the

mike santoli with his last word. that does it for us. see you back on the desk "fast money" begins right now. >> right none on "fast," the s&p could drop another 20% from here that's who jpmorgan show jamie dimon is saying and adds that the next 20 will be much more painful than the first 20. why jamie is so bearish and what the traders think of his latest storm warning. >>> plus, auto stocks hitting the skids. gm and ford following after analysts say that we're just a few months away from a natural auto glut. how did we go from three years of unprecedented pricing margin power to oversupply in just a flash? >>> later, so much for safe havens, gold not exactly glittering, crypto crumbling and bond funds this year, well-known ones have performed even worse than the s&p 500 where can the investors hide in the rough and tumble market? i'm melissa lee. this is "fast money" on the desk, courtney garcia, kiaren fine per and guy adami there was this forecast on how much farther the s&p could fall according to jamie dimon. >> may have a way to f

but first mike santoli is going to join us to break down cpi the impact today on stocks, volume, vix. there is a lot to watch here. >> a lot of stuff was already moving pretty hard in one direction. we got an accelerant at the open how do you make a 1.5% drop in the nasdaq feel okay start with the 3% drop in the nasdaq, basically where we are we are down enough you have to look at a longer-term chart to situate us in terms of where we are and how far back in time we have here you go. that is the pre-covid high in the nasdaq 100 it is around 9600 between 96 and 9700 down a thousand points from here you know what? we went down a thousand points in the last 10 or so trading days in the nasdaq 100 you are kind of in the zone there of going back to the pre-covid levels of course a ton of stocks, maybe half of all stocks are below pre-covid peak right there we did kind of lose out on some of those other areas i was looking at more like in the two-year round-trip range that would have brought us back to sort of before the 2020 election that was a correction we had right there. apple continue