mike santoli, you first.um up this day and maybe even this week. >> i think today is at least a little bit of an exhale. mostly because yesterday's downside reversal was seen as potentially ominous, one of those things that really does kind of demoralize people who have been betting on at the fact that we might be able to buy this dip. today more or less unwound most of it. so i think at least it was an absence of a new negative in the markets today and also a roughly as expected message from jay powell in jackson hole. bond yields are where they are. they have been a challenge but haven't burst higher for, you know, in the last couple of days. i think all that together, you know, leaves the s&p 500 up a little for the week and the middle of its weekly range and still kind of in wait-and-see mode. not really showing too much stress yet. >> phil lebeau, boeing was down about 3% or so yesterday. at least at one point, you know, concerns about the 737 max again. and now we see a reversal higher by about 3%. what

. >>> coming up next, mike santoli joins us for his "midday word. was having relationship issues with my old bank. next to no interest, the fees... it was just take, take, take. so i broke up with bad banking and moved to sofi checking and savings. now i get higher interest, pay no account fees, and get my paycheck two days early. get up to 4.40% apy, pay no account fees, and up to $2m in fdic insurance. download the sofi app and earn up to $250 when you set up direct deposit. sofi get your money right. >>> welcome back to "the halftime report. senior markets commentator mike santoli joins us now with his "midday word." what do you make of the sudden reversal, and do you think it has legs >> it's interesting, dom yesterday when we were talking about a little sell-off, pointed out that we had really just skimmed a little bit of the overshoot to the upside we got off the market we went down to a 20 day moving average right around where we're trading right now and i would look back to june if you want to talk about the best possible scenario, a 2% to 3

senior markets commentator mike santoli joins us with his customary "midday word." what stood out?e because of fitch. is this just the pause that refreshes? >> what stands out is it seems like the first one-day proper shakeout but just a shakeout at this point one way to look at that is the low for the day, so far on the s&p, is the 20-day average that's like one of those case, very, very short term, in good up trend we don't know if it's going to hold there. i do think plenty of things lined up coming into august that said maybe it's enough for now on the upside. whether it's the seasonal stuff, you had a lot of bears capitulating we had a gdp number yesterday at 3.9, everyone celebrating a stronger economy than anticipated. then we get the fitch thing. it's an occasion to rethink where we are, but it's not even behind the yield >> there have been so many macro things you just cited. we are full of microeconomic catalysts. it's been generally good, but is it enough to keep things going th >> the reactions have been kind of meh it hasn't been an embrace of the numbers, it just tell

jessica inskip, by the way, mike santoli, see you at the top of "overtime. thank you as well.now to you, the levels, what are we watching and need to pay attention to >> we're definitely jogging in place. we have the bearish seasonal overhang in full swing we're getting to the bottom of those trading ranges nasdaq 100 is the line leader that leads the rallies, lead the declines their next support level is around 13,950. now, nasdaq 100 has already broken its 13 weekly moving average. that's extremely important because that represents one quarter of prices. we're above one, two, and three quarters we close the week below the 13 week i will raise a flag and something to be of concern that's 14, 300 the april gap i want to pay attention to. >> you think we've seen a decided trend change can we make that call yet in tech >> i do not think so absolutely not i think if we look at the broader picture as in let's talk about how there's gdp growth and there is such a slow down in the labor market, the productivity that we see there, is the health, the pulse of that, and that is all wit

mike and mike, mike santoli, mike bailey, thank you very much. get more of mike santoli's market thoughts tonight at 6:00 p.m. on "taking stock." mike and josh brown will discuss the issues facing the markets and says they're going to have fun doing it. >> looks like we were having fun in that moment. >> that is two guys having fun. >> we'll see. >> can you give me -- >> tell me what josh will be wrong about -- >> what you're going to be right about. >>> coming up next on "power lunch," some headwinds for wind turbines. the offshore wind industry is norv gating unchartered waters, inflationary pressures and rising rates pushing up overall costs. details are next. further ahead, college tuition costs are growing well beyond what many families can afford. it's driving many americans further into debt. he e tas enpor lunch" returns. >>> welcome back. time for our etf tracker. we look at gold funds despite the rising yields and concerns about china gold is down about 1% this week and the gold etf seeing net outflows of $373 million over the past week

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walmart number one next week on that front. >> greg, thank you go back down to michael santoli.lose. a weird week for tech. i didn't know apple was allowed to go down it's actually down a lot meantime oil stocks, xlp up. seven days in a row now. just like a meaningful shift or part-time if a phenomena? >> cooling off of biggest stocks biggest down 10.1% nvidia from s&p 500 on a weekly basis. rotation, certainly energy a little pharma and health care there. combination of defensive and cyclical cat a big upside contributor home depot as well this week seems as if an attempt for another rotation slippage in the gears there. energy's 4.5% of the s&p tech's 27 or something like that it can't be a one for one type of thing but one of the ways the market is able to keep itself supported, and i guess keep volatility somewhat suppressed when things go their own way this is the face, though, of the ten-year yield hitting 416 very much challenging year-to-date highs as well. >> end the show. another show both have shows coming up. on a really high note, because if the market were to close

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up next mike santoli. every busis deserves a great deal.hat's why comcast business is launching the mobile made free event. with our business internet, new and existing customers can get one year of unlimited mobile for free. it's our best internet. powered by the next generation 10g network and with 99.9% reliability. plus one line of free mobile for an entire year. it's the mobile made free event-happening now. get started for just $49.99 a month. plus, ask how to get one free line of unlimited mobile. comcast business, powering possibilities. >>> our senior markets commentator mike santoli is here with us now. we had some buyers come in. we figured it would happen at some point. >> after yesterday's action started to click to oversold conditions and then 4.25 ends up this level on the ten year. a 5% drop from the high is kind of where things if you believe it's a bull market. nothing is stabled today. it wasn't at least a one-way down ticket, at least not as of right now. >> we're thinking about nvidia, apple has a nice bunch of buys com

. >>> mike santoli next with his "midday word."n streets across the us, you'll find pnc bank. helping businesses both large and small, communities and the people who live and work there grow and thrive. we're proud to call these places home too. they're where we put down roots, and where together, we work to help move everyone's financial goals forward. pnc bank. let innovation refunds help with your erc tax refund so you can improve your business however you see fit. rosie used part of her refund to build an outdoor patio. clink! dr. marshall used part of his refund to give his practice a facelift. emily used part of her refund to buy... i run a wax museum. let innovation refunds help you get started on your erc tax refund. stop waiting. go to innovationrefunds.com you really got the brows. >>> michael santoli, right here next to me at post 9. soft news is obviously good news as it relates to the economy, and for the bulls, nvidia running again, too. >> for now that is the case. softer news is what's desired. the u.s. economic sur

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jeremy brian, mike santoli, we appreciate it.ith the dow 200 points off the session lows. >>> beyond the bank. some key earnings moves we're watching today including eli lilly, shares up almost 14%. we'll speak with an analyst who raised their price target on the stock by $115. the stock is around 515 right now. >>> plus, it's been over a year since the $53 billion chips act was passed in the house and yet chip firms are still not seeing government funding we'll talk about the implications when "power lunch" returns. let innovation refunds help with your erc tax refund so you can improve your business however you see fit. rosie used part of her refund to build an outdoor patio. clink! dr. marshall used part of his refund to give his practice a facelift. emily used part of her refund to buy... i run a wax museum. let innovation refunds help you get started on your erc tax refund. stop waiting. go to innovationrefunds.com you really got the brows. >>> welcome back beyond the bank, some key names reporting results. three in particul

time santoli's midday word.ext around macro right now. we've been talking a lot so far today about this rotation that we're starting to see out of certain growth industries, into certain value industries and we wonder whether or not this is just the beginning stages of a longer trend >> it's been underway for a little while energy is beating tech over the three-month lookback so i think it's a lot to ask of the rest of the market to take up every inch of slack left by the pullbacks and the corrections in the big-cap nasdaq stuff we crossed 4500 on the s&p each of the last six trading sessions that rally this morning was like a quick, relax for a second. cpi came in consistent with the soft landing story the problem is, soft landing evidence is no longer news that's the premise, the baseline assumption of most people. we're trading where we were trading before july, meaning june cpi so i feel as if everything is happening in the context of digesting a huge move through july, and now it becomes a little more of a

. >>> and then later, don't miss the cnbc special tonight, "taking stock," hosted by our own mike santolih brown. they're going break down this week's market action and all the biggest stories impacting your money. it's coming up at 6:00 p.m. > t mnttonight. >>inheeaime, "closing bell" will be right back verizon small business days are coming. from august 7th to the 13th. now is the time to partner with our experts. get started today with verizon business. it's your business. it's your verizon. hon? woo-hoo. you've gotta see this. the weathertech's here. (wow, that was fast.) [helicopter hovering] weathertech is the ultimate protection for your vehicle. laser-measured floorliners, no drill mudflaps, cargoliner, bumpstep, seat protector and cupfone. ♪ ♪ ♪ ♪ weathertech. the first time you made a sale online with godaddy was also the first time you heard of a town named dinosaur, colorado. we just got an order from dinosaur, colorado. start an easy to build, powerful website for free with a partner that always puts you first. start for free at godaddy.com >>> welcome back energy, the best p

that's mike santoli. final trades after this break.pa told me i wouldn't qualify for the erc tax refund, so i called innovation refunds. their team of independent tax attorneys will work with your cpa to determine if your company is eligible. [whip sound] take the first step to see if your small business qualifies. pano ai chooses t-mobile for business for 5g solutions... ...because t-mobile helps pano ai innovate, so they can stop the spread of wildfires. now's the time to see what america's largest 5g network can do for your business. >>> hey, a reminder. a big interview tonight at 7:00 p.m., brian sullivan sitting down exclusively with governor ron sadentis at "last call" that is tonight we'll take a quick break we'll do final trades next (man) what if my type 2 diabetes takes over? (woman) what if all i do isn't enough? or what if i can do diabetes differently? (avo) now you can with once-weekly mounjaro. mounjaro helps your body regulate blood sugar, and mounjaro can help decrease how much food you eat. 3 out of 4 people reached a

good friday morning, welcome to "squawk on the street," i'm carl quintanilla with sara eisen, mike santolit post nine of the new york stock exchange jim and david have the morning off. premarkets not thrilled with that macro data today. uk gdp runs hot. our own july producer prices run warm highest annual headline since may. bonds under pressure yet again our road map begins with a slightly hotter than expected july ppi >>> also ahead, the tech stocks are in the midst of its worst stretch since december will the pullback be short lived? >>> president biden speaking out about china's economic challenges, calling the country a "ticking time bomb." >>> let's begin with the markets on this final trading day of the week as investors digest today's ppi number interesting, sara. i mean, 0.1 is not that dramatic we had a negative revision, but coming off the stellar reception to cpi yesterday, maybe it looks a little bit worse >> yeah, after a zero percent in june, you don't want to see it tick up to 0.3% in july, which is what we got, and we know producer prices are wholesale prices that feed in,

mike santoli to break down the day. more light shed on the consumer.watch out of gap and what to expect from affirm as well in the meantime, mike santoli this is a getting nastier looking day. >> clearly some unfinished business in terms of the dynamics of this pullback, trying to assimilate very conflicting economic observations still strong gdp readings praking for this quarter and decent growth numbers, but inflecting enough on the other side of it a very hot economy but higher yields means it will restrain the economy, fast and slow economy. that's what we're coming together on. the market is really operating in some respects in textbook fashion. the 5% pullback in the s&p, a half-hearted bounce that got back to the 50-day moving average. couldn't get there yesterday sellers seemed to stay out of the way just in case we got a buying frenzy after nvidia when that doesn't manifest at the open and it's a much more selective market, it was safe to take further risk off. we're still sloshing around between last friday's low and that 50-day average. i al

mike santoli joins us now with his midday word, the markets in the green across the board the nasdaqped between negative and positive territory. >> for sure. we're getting stress tested a bit by this drop in apple. it's been an interesting back and forth kdynamic, and last week's choppiness and the move higher in yield and the hostile response on balance to most earnings reports and even the good ones has most people on alert that maybe there's pullback mode and we're right for some kind of a retreat in the indexes seasonally obviously, things get tougher here andvolatility is moving up, however, we're at least raising the possibility with the action that it could be one of these stealth corrections and the stealth pullbacks. the nasdaq 100 almost 4% off its high and the rest of the market is hanging in there okay, and i don't think it is time to declare victory, but it is interesting that we're not getting the market on cue, you know, kind of going across the board to the down side although the yields are coming down probably is helping the picture. >> we're seeing banners and talki

senior markets commentator, mike santoli here with us. to that, right? that was just a couple weeks ago, goldman folks saying that. they were talking about some of the intraday mechanics. it seemed the dealers were going to be more postured to pushing the market lower into supply. whatever the takeaway was, clearly not enough changed below the surface, in other words earnings estimates have continued to inch higher in the last few weeks. yield, yep, they got scary, threatened to break out. maybe they still will. for now they're still in the range that we have seen the last several months. >> look at today, right, yields down. the data, the j.o.l.t.s. and confidence, part of the important story that needs to be told this week. >> that goldilocks has made a reappearance. nothing in the j.o.l.t.s. data is inconsistent with this economy is going to decelerate fast, but we're just not there yet. you can kind of frame is however you like. it takes the edge off the run away yield story. we didn't have to reprise the fed path very much after powe

when we come back, mike santoli joins us for his "miayordd wd. the dow down 325 >>> we're back senior markets commentator mike santoli is here for his "midday word." if you're worried about china energy and materials would be down today energy is the worst performer and materials is not that far behind it. >> no, they're not that's the overlay banks very weak. >> because of the fitch story. >> likely the fitch story. a little bit of wear and tear on that group as well it's another day, though, weak under the surface. you figure we kind of touched last week's low and the s&p 500 this morning, keep pointing out the high from july 1 right before everybody decided a soft landing was here, that was the level we in terms of working off whatever was overbought, because we are also at a level we were at two months ago. so i think you can say you can get really lucky and have no more net damage on the index level if we were just to stop and gather up strength that's a lot to ask. i continue to sort of say that bond volatility in general is not that friend

but what are you going to do >> up next, mike santoli joins us with his midday word., if you start having a little trouble, you're concerned that it's going to cost you money. to this day i only paid what i had to pay for the device... when i go back everything is covered. there's so much you're missing by not having hearing aids. we'll find you a hearing aid that fits your lifestyle and budget at one of our over fifteen hundred locations. call miracle ear at 1-800-miracle and schedule your free, no obligation hearing evaluation today. >>> mike santoli is here at the desk, as you can see the thought is like, oh, it has been such a horrible month, but not really it has not been that at all? >> no, more frustrating than painful. we had a maximum five plus percent pull back in the s&p, and some of the deeper stocks were sitting on that we are basically where we were two months ago, mid june levels is when we got up about 4400, and we keep tracking the 2021 path of the market i think the question which won't be settled today or this week is was that enough to reset things

what does it all add up to mike santoli here to break it down this is such a mike santoli kind of story the fact that we've gone nowhere. nothing's really happened here type of story. but plenty has happened below the surface. we're trading right where we were two years ago in the on the s&p 500. and we've been tracking that same rally from the spring into the summer of 2021 the difference, yes, the earnings level projected for the next 12 months is the same as it was in january of last year. we have the same p\e multiple, therefore, i think the difference is, one, the nominal size of the u.s. economy is 10% bigger there's a little more certainty, we think, that those profits can come through, certainly because we've had our little earnings trough, margins have improved, again, the economy is bigger but also, back then, we had five percentage points of fed tightening ahead of us right now, we don't. committee don't know what the net effect of all of that will be, but we don't have it but i think it explains the last three or four weeks of the market kind of being in this sloppy, wait-an

mike santoli. our next guest says high rates are just one of the big potential downside risks for the u.s., but that we are still in better shape than europe and certainly china, at least in the near term. joining us this morning, apollo's chief economist torston slock. you've been consistent reminding us of the risks the consumer here faces. i wonder if you think macy's comments on delinquencies this morning is one micro reflection of that? you would think that's the case. monetary policy is working exactly as it was intended. when you raise rates, people start falling behind on their payments. this is not only corporates, it's also consumers. for that you do and you should expect to see consumer spending begin to slow down as a result of interest rates beginning to hit harder, in particular on households that have run out of savings and also households that generally have higher risks of being more vulnerable to rates going up. >> we just had a discussion about if the fed is not going to do this,

senior stock commentator mike santoli with us. where is sentiment right now, given the nice rally? >> i think coming into this week -- we cooled off from a month ago. i think you got a little exub exuberant, probably in those single stocks. you saw the options volumes and everything get a little nutty in july. we backed off that following the market. now it's still, i think, everything has remained within the bounds of routine pullback. i think that's why you see the general slow and steady asset allocate, money still flowing into etfs and things like that. overall i think the interest in bond has been unmistakable. from retail. you have retail, grabbing the relatively high yields at multi-year highs. mostly in money markets as opposed to bonds. what's fascinating, yields until this morning kept going up, which means there's more sellers in bonds than buyers. can you never really figure out from the observable flows what's actually driving things, whether it's reacting or not. that's why i'm a little hesitant. today's reaction is pretty clear that stock investors or traders are mos

kristina partsinevelos. >>> back to mike santoli. we're talking earnings.ike, and think of nvidia. the two-minute warning just went off. the s&p is going negative. nasdaq looks like it's tracking negative. your thoughts? >> i wish there were a way to handicap this in any way whatsoever. a few weeks ago we were saying, hey, we got to look ahead to apple and microsoft. both of those had just fine numbers. there was really nothing wrong with the earnings and yet they both traded terribly off of it. this is win the market will show its hand. and we'll see how it breaks from there. i don't think that people are as far out on a limb on the stock as they have been a little while ago. if one of the jobs of this pullback has been to moderate sentiment, get valuations off the nosebleed levels, it's starting to happen. we'll see if that continues into the report. >> we're going to look ahead, mike, 6:00 tonight. you and josh brown are hosting your special, "taking stock", what kinds of things are going to be happening? two people who know the marks cold, what should w

mike santoli, 45 seconds or so left do we find our footing in tech >> yeah. >> do we fall further?s nvidia such a unique species within the market it doesn't necessarily have coattails directly for other macro or fundamental factors those are the questions. big picture, not to overthink it, if you thought four weeks ago valuation was stretched, sentiment was too excited, technicals were overbought, you have taken care of some -- in some measure all those things, but the question is, is it enough maybe nvidia gives it a push one way or the other >> i can't wait to see what happens over the next 30 minutes or so. don't go anywhere. "overtime" right now >>> that was a strong day on wall street. welcome to "closing bell: overtime." i'm jon fortt, morgan brennan is off today. nvidia's second quarter earnings report is minutes away one expert called it the single most important print of the entire year. nvidia has been the poster child of the ai-driven tech gains propelling the stock above a $1 trillion market cap this year. it has seen huge moves after earnings this year after q4 result

i'm carl quintanilla with mike santoli. coach owner tapestry buying michael kors and capri holdings in an $8.5 billion mega deal tapestry ceo will join us. >>> white house unveiling a ban on u.s. investment in certain chinese tech companies deputy secretary treasury fills us in. >>> twilio shares up big with guidance boost ceo will join us with those results at the bottom of the hour. >>> markets off their highs of the morning. we did have a little relief trade higher the s&p was up more than 1.1% at the highs, right back to that 4500 level that's been sticky the dow is closer to its highs of the month, actually and the nasdaq outperforming a little bit today as bond yields remain fairly tame, carl. >> got the ten-year back to $3.95 for a moment the vix back below 15 for a moment signs we had gotten used to in july we relaxed a little. the weekly claims is digestible but there was an uptick. soft landing premise remains intact we'll see if the markets get tested on that assumption at this point cooler than expected inflatio

i'm carl quintanilla with mike santoli.ors and capri holdings in an $8.5 billion mega deal tapestry ceo will join us. >>> white house unveiling a ban on u.s. investment in certain chinese tech companies deputy secretary treasury fills us in. >>> twilio shares up big with guidance boost ceo will join us

that's the story, end of story >>> mike santoli will be here with his "midday ord."ith this market today? he'll tell us next i did have hearing aids from another company... i was just frustrated... i almost gave up. with miracle ear it's all about service. they're personable... they're friendly. i'm very happy with them. we provide you with a free lifetime of aftercare. meaning free checkups, cleanings, and adjustments. i see someone new... someone happy... it's really made a difference. call miracle ear at 1-800-miracle and schedule your free, no obligation hearing evaluation today. you founded your kayak company because you love the ocean- not spreadsheets. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire sleep more deeply and wake up rejuvenated. purple mattresses exclusive gel flex grid draws away heat relieves pressure and instantly adapts. sleep better. live purple. right now save up to $900 off mattress sets during purple's labor day sale. visit purpl

mike santoli, our senior market commentator, here with his "midday world." an interesting little roll over for nvidia midday, too. >> probably not bad that it's not at a full rolling boil going into the numbers. who knows what can happen between now and then. the consumer discretionary piece, consumer cyclicals and financials, get to the crux of why yields making new highs matter. it's not about the valuation math that applies to growth stocks. it really is about can the economy handle rates at this level. the textbook way maybe you get a little bit of a low from this 5% pullback i think would be a bid comes into bonds, you have either a safety bid or just this move runs its course in the short term, and then you get a little bit of a relief tradeoff. as it is, i don't know, unimpressive bounce attempt the past couple of days. >> josh was talking about earnings -- we're out of earnings season, earnings were pretty much better than feared, the reason you didn't get much of a bounce is because of rates. since the start of earnings season to today you're up on

from morgan stanley >>> we're in the "closing bell" market zone now, cnbc markets commentator mike santoli to break down the crucial moments of this trading day. ch >>> we are monitoring two tech earnings, what to expect from salesforce, kristina partsinevelos with what to look for on crowd strike. michael, what stands out to you today as the s&p gets back above 4,500? and there's some other things we can talk about too. >> yeah, back to levels the s&p first got to in about let's say mid-july so really, we haven't traveled too far above this so far in this rally, but i do think it's most of it going to script in terms of routine seasonal pullback as everybody's been talking about. nothing really got thrown off the rails. oil never got out of hand, yields went right up to the line of being very uncomfortable, didn't really stay there for long, and even the dollar has pulled back. so i get we're in this mode where the economy seems resilient but not overheating. that pce number tomorrow, even is sort of bracing for the fact that it's not going to look in the surface to be that great i wonder

we'll talk to mike santoli first. lows but not that far away >> yeah, getting a little bit more real, i guess, in terms of this pullback. clearly just repricing stocks in the face of what's happening at the longer end of the treasury curve. bit of a confused and maybe ambivalent message from the fed in the minutes, but reflects exactly what we have been dealing with for a while, an economy that has a little too much momentum to have long-term treasury yields, you know, below or near 4%, but also we went from zero to 5-plus percent on short-term rates unemployment stayed at 3.5%. the economy's picking up pace again, so therefore, it's not really about what happens on the short end. all that being said, the correction, the pullback is doing a lot of what it's meant to do. sentiment is definitely getting a little bit more apprehensive you're sort of taking the air out of the parts of the market that probably required it like the high beta stocks and the high flyers of the nasdaq. that all sounds nice and easy and very or

i'm joe kernan along with andrew ross socrkin and mike santoli.estions of who we could have. did you see that picture i had you at mclovin >> you want to be mclovin? >> i want to be mclovin. do you want to be -- what's his name -- >> jonah hill. >> yeah, why not >> you don't want to be mclovin? >> i'm happy i'm happy to be,, you know -- i'm just happy to be here. >> all right all right. you're mclovin it. the u.s. equity futures are down, down but not out down about 260 points or so -- oh, now 295. home depot part of -- beginning to be part of the downward pressure the dow has been down all day, home depot reported. initially it was trading a little higher, because things weren't worse than what the company had already suggested. and actually posted better-than-expected results for the current quarter. let's look at treasuries, which a lot of people say the long end is now coming around to the fed's viewpoint, less so than the market viewpoint, which is that we would see cuts pretty soon although, what goldman say, there will be cuts second quarte

i'm mike santoli join us as we try something a little bit different tonight >> very different, mike.e a tv show, you can too. >> just straight replacement level host is what you are saying >> you did more tv today than kelly ripa i was watching >> not as well >> i hope you saved something for tonight. >> not as well but more of it. for the next hour josh and i will tackle all of the topics investors are talking about. we will discuss and debate, maybe argue a bit. let's get to it. we will start with a segment we are calling "on the clk"

mike santoli joins us now. >> it has been, melissa. a lot of moves across asset classes.ay. usually higher yields as they eventually by treasuries. it has been a pretty pronounced seas seasonal breakdowns in the s&p. it has sort of broken that up trend we had in place since late march after the regional bank stress and things like that. that doesn't tell you much of anything except we have lost momentum and broken below some key trend levels. we also in march broke that trend line from the october trend. it's not to say it's game over. some washed out breadth readings. here is the s&p relative to the long treasuries, tlt. last year we were tracking well. why? yields were going up because mostly it was an inflation scare along with a very aggressive fed chasing inflation numbers in a hard way. a lot of the higher bond yields and weakness in treasuries, therefore, is about a sense that the economy is stronger. it's real yields going up. it's not an inflation scare. these two can come together and over long periods of time they don't match up. it is worth noting that stocks

i'm becky quick with jon fortt and mike santoli u.s. bit of a mixed picture you're going to look at a very much stronger picture for the dow future up by 120 points above fair value this comes after gains for four days in a row. s&p futures up a little bit, three points the nasdaq is a little bit weaker the real issue that has been helping the dow is salesforce and we will talk more about that in a moment. you can see right now the treasuries picture, yields a little weaker. ten-year at 4.1% the two-year at 4.86% and oil prices, which had been above $80 a barrel, let's look now, you'll see wti at $82.16. that's up another 50 cents or so ice is at $86.50 a barrel. crypto prices, which had gotten some real help earlier in the week after that ruling from a court in d.c. and the circuit of d.c. actually ruled against the s.e.c. in favor of gray scale and its ability to bring that bitcoin etf to market, you can see right now bitcoin prices 27,201 >> that's good for bitcoin let's going to frank holland with a look at this morning's premarket

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good friday morning, welcome to "squawk on the street," i'm carl quintanilla with sara eisen, mike santolit the new york stock exchange. bulls may look forward to putting this tough week to bed. futures down, s&p set for three weeks lower, longest streak since february, even with this slight bid in bonds. got some options expiration today. our road map begins with the markets, extending this week's losses after major indexes closing closing below their 50-day moving averages. >>> this month's worst performer on the dow. >>> plus activism in the restaurant sector. outback steakhouse's parent company down sharply. >>> let's begin with the markets extending this week's losses, not a lot going right, and today, mike, a lot of it surrounds china and worries about not just growth but the debt burden as well. >> you wouldn't say it's a new factor bit's been on the list o worries. you have one of these situations where once you have this pretty sharp break in momentum to the upside, several weeks ago, some breakdowns in the longer term trend, some concerns about, you know, valuation that were alwa

that's mike santoli. i'm not a weatherman.anging out with us for the entire hour. it's going to seem like three or four -- no, i'm kidding. it's going to fly, it's going to fly. mohamed el-erian. because you're spseudo guest hosting, you can weigh in, ask questions. >> not even pseudo. >> not even pseudo. >> i'm kind of guest hosting. >> so i don't know what you're -- yeah, you're kind of a pseudo, quasi. >> joe, i'm here to make you look good. >> you have some heavy lifting there, mohamed. u.s. equity futures, think they'll hold up? only friday did we sustain the gains and add to them. 4.25 on the 10-year, 4.23. you can see the 2-year a little bit more of an inversion than we saw recently. >> well, it had narrowed. >> now it's coming back. >> that's because, let's get to it with mohamed, talk about the markets, big week of economic data coming up and the feeling of -- a year after powell was briefed and relatively blunt and harsh and trying to persuade the markets, he seemed to not want to make news. inflation is down a lot b

i'm mike santoli in for scott wapner this make-or-break hours has the bulls fumbling the ball, unwinding for the morse part, and ongoing pullback in the semiconductor stock as well. the s&p 500 was up 1.3% at the morning highs. we lost one percentage point off that rally just a few minutes we'll hear from francisco blanch we welcome cal ron causing and keith lerner, both here. good to see you both we can frame this, cameron, as this is perfectly routine, the s&p had a total return of 20% in just, it's very normal if it's a bull mark to have this happen, maybe even something deeper. on the other hand, we haven't benefited from further evidence that maybe we have an economic soft landing so take your pick. >> i think it's the combination of all those things. we think it's probably right to start asking the question, did he wit the valuation ceilings. they were up 50% from the october lows, so how much further could they run the certain aspect is yes, we've had the earnings beat, but they haven't resulted in earnings revisions higher, soens comer in better than expected, but we're not raisi

i'm becky quick along with mike san santoli.with us in just a few minutes he's making his way back from uber headquarters. if you take a look at what's been happening with the u.s. equity futures this morning, mike mentioned the first trading day of august, and not off with a bang a little bit of a downward pressure on stocks at this point, are on the futures at this point, the dow futures. 41 points below fair value, s&p futures, 14 points below fair value. you've got the nasdaq down by about 83 and if you've been watching the treasury market, let's take a look right now you're going to see the ten-year is yielding, it's been just below 4%, still there. 3.99%. the two-year, just below 4.9%, and of course, it is a big day for earnings let's run you through some of the key results we've gotten already this morning dow component caterpillar beating profit and revenue estimates with the company's ceo saying that those results are reflected continued healthy demand for the company's products kat was the best dow component for the mo

are liveat the nasdaq marke site on times square i'm andrew ross sorkin with joe kernen and mike santolicky is off today we have 50% more boys. >> we hhave recourtney regagan >> hang on >> we're good. >> let's look at u.s. equities at this hour we have a couple of things going on earnings will hit the tape a

. >> mike santoli, all of you, as well we're going green across the board.ll see you tomorrow into "o.t.," with morgan and john >>> is the dow into the green after all. but the winners stay late. welcome to "closing bell overtime," i'm jon fortt, with morgan brennan we'll bring you those breaking reports as we get them >>> we're going to the top of the board rooms with ursula burns. the top ceo who sits on the ceo of endeavor. >>> stocks an up-and-down session with mixed results

i'm carl quintanilla with david faber and mike santoli. cramer has the morning off. to give a little back of the open as we await inflation data beginning with jolts in about an hour. our roadmap begins with, as we said, first back to a back gain since july, still on pace for the worst month of the year. >>> th

. >>> we're now in the market zone mike santoli is here to break down the crucial moments of the trading picker and kate rogers with what to watch ahead of cava's first earnings report a number of people on social media pointing out issues with fidelity's website throughout this final hour of trade fidelity acknowledging that. we're aware that customers are experiencing issues with fidelity.com they say we're working urgently to resolve these issues. we apologize for the inconvenience and appreciate your being a customer. tough timing final hour of trade for anybody who trades on that site in terms of retail. >> it is the market's been heavy for a while. i mentioned the s&p was sitting right on top of last week's low, which was also exactly where that mid july breakout took place higher it seemed like it was tempting sellers to take it below i would be the say there's a lot to connect the fidelity outage it seems like too many friction points today yields are hanging around their highs. whether it's because of reaccelerating growth, inflation going to be sticky, fed going to have to be o

i'm becky quick along with andrew ross sorkin with mike santoli. let's look at u.s. equities.nts. s&p futures down 12. nasdaq down 49 that is after a pretty impressive july which stacks up to an unbelievable year to date. dow and s&p up 3% for the year in fact, the nasdaq was up 4% for the month.

that has been the thesis of mike santoli, who joins us this morning. we got back to 4.25. >> we did. and these are minor moves relative to the overall moves we've seen higher in yields, but yesterday we spoke about how this move above october highses in the ten-year note yield, the concern about that was for straining growth it's the market's way of saying maybe we have too hot a period of reacceleration within a late-cycle company, and it's not that far from there from say, we actually have too much the pmi number coming in weaker that be expected today on the back of europe coming, plus, of course, this kind of oversold levels in bonds, got you this relief on the yield fund i don't think it's game over for this little phase, but interesting to see, the ten-year treasury yield pulled back from what looks like the top end of its range. oil prices pulling back from the top end of that range. and maybe not that much changed. and we're talking about a 5% pullback in the s&p 500 so far so what have we really solving for when we're saying, hey, what's going

good morning welcome to "squawk box" here on cnbc i'm andrew ross sorkin with kelly evans and mike santolithe musk and zuck drama. >> zuckerberg is out flexing -- what is the latest he was doing? >> combat sports i don't know >> yeah. no surprise. musk is saying wait a minute i wasn't that serious. >> no, i think musk is the one who was serious and zuck said if you are coming at me, i'm not backing down here. then musk kept going that's my read on this, no >> i hope it happens i do i'm rooting for it >> do

santoli is here. >> i didn't know those were the two choices. >> i have to be perry.ft. >> what do you do now? you go other places.

. >> i was talking to mike santoli about your call. the one question we just don't know that would test the bullish thesis is the time frame for the buildout of ai and what the risk is this could be a one to two-year phenomenon? >> we think it's secular. it's not going to grow at a 70% to 80% clip. the semiconductor industry is doubling, maybe tripling, the historical growth rate of 4%. this is invasive in everything. it's leading to significant additions to content for all kinds of applications for car. 20% in a car will be semiconductors over the next five years with 3% or 4% over the past year. we think this is the real deal. this is not a two-year cycle. it's a secular cycle. things will slow down but will be significantly higher than what people expect. >> we started the hour with a discussion with pimco's chief about the promise of ai as a use case -- >> yeah, he's using it. they have a partnership with ai. >> we appreciate you talking about it, hans. thank you. >>> up next, classic cars are flashing warning signs about the high-