i'm mike santoli in for scott wapner.week after sitting hair latest all-time high. here's a look at scorecard with 60 minutes to go in regulation. the s&p 500 getting a modest lift. about 60% of all stocks trading higher on the day. you can see it's up by about 0.4%. the nasdaq is pacing the upside to start the book, carried by tesla, a

. >>> mike santoli to talk about what he's calling the -- maybe you should set this up for us.did they just say in you have a funny term for this market rally. some are calling it the bessent rally. you think it's the mullet rally. explain. >> they can coexist. mullet, the hairstyle, the business up front, party in the back and this is struck me over the last few weeks not really today as much but the last few weeks, at how the core of the market, the s&p 500, if you're an index investor, everything neat and tidy. the market has been extending the uptrend it's been in, rotating rationally around higher growth expectations. the minute it got overheated after the election a few days later it started to cool off in this measured fashion so it just continues to color between the lines and really not really do any missteps along the way. now, alongside that, you've had this burst of high risk high reward action in things like crypto, everything happening behind bitcoin in this realm, but crypto related equities, leveraged etfs, long etfs that amplify the upside, record inflows, reco

mike santoli, same to you. go rangers. election day is nearly upon us. some late shifts. but the polls do remain really close. our next guest says no outcome would surprise him at this point. "power lunch" will be right back. ♪♪ ♪♪ ♪♪ ♪♪ ♪♪ ♪♪ at state street, we know everyone's trying to get somewhere. ♪♪ take the next step toward your future, by investing in the s&p 500 with spy. getting there starts here. jen b asks, "how can i get fast download speeds by investing in the s&p 500 with spy. while out and about?” jen, we've engineered xfinity mobile with wifi speeds up to a gig, so you can download and do much more all at once. it's an idea that's quite attractive. or... another word... fashionable? i was gonna say- “popular! you're gonna be pop-uuuu-larrr!” can you do defying gravity?! yeah, get my harness. buy one line of unlimited, get one free for a year with xfinity mobile. and see wicked, only in theaters november 22nd. >>> welcome back to "power lunch," everybody. we're just one day away from election day as you surely no. polls indicate a very, very tight race in

let's start with the markets and mike santoli is here to round up this week. mike? >> yes, kelly.nd up of the round numbers, right? we have the 44,000, 6,000 in the s&p. it's fun when we hit those landmarks around the same time. here's the two-year of the s&p 500. obviously, what we have seen in the past week is a stark acceleration of an entrenched trend. that vertical move on the end of the chart is going to be visible on this thing for a long time to come. that being said, you know, i keep pointing out we're pretty much at the upper end of the trend path that we've been here. overbought means strong, momentum is engrained. but you have to leave yourself unsurprised if we back off here and take a breather. of course, we had that burst in small caps. here's the russell 2,000. this is small cap, cyclical against mega cap growth stock driven. this is like a 20-point spread back in july. it had been kind of getting off the mat for a while after we got clearance the fed would be cutting into a resilient economy. of course, you have the trump policy mix coming in, as well. what happen

for more on the impact on all this on your money, let's bring in chairman and mike santoli, senior marketsntator. jason, welcome. i'll begin with you. do you see it as simply as this, if mr. trump wins, it's better for stocks. and if ms. harris wins, it's a little harsh her for risk assets? >> tyler, i very much do see it that way. and i think if only because we've had donald trump as president before. it's more of a much more better entity, better known quantity than kamala harris. and i think some of vice president harris' -- some of her proposals seem to be at least an extremist very much anti-risk particularly anti-stock. so, you know, we'll find out, of course. a lot of this depends on what congress looks like and a lot depends on events as well. i very much ascribe to that view that a trump victory would be very good for stocks and i think a harris victory would not be particularly good for risk assets. >> one of the things you see, jason, the biggest theme no matter who wins, biggest themes in the market is deglobalization. i guess that means the returning to the united states of ma

that's mike santoli. i'll, of course, see you this evening as part of our election coverage.ing to go to the s&p, up about 1.20%. the dow, 1%, we're ringing the bell. let's go into "overtime" with morgan. >>> that's the end of regulation. oriental rise holding limited doing the honors at the nasdaq. stocks rallying with major averages keeping up their tradition on gains on a presidential election day. we've got three hours until the first polls close, just one hour to go until we start getting initial exit polling data. that is the scorecard on wall street. the action is just getting started. welcome to "closing bell" "overtime." i'm morgan brennan. we will be all over the election with the issues that matter most to you

that's mike santoli.ll tolling ] -- with the bell ringing here. i'll see you tomorrow. we've got a busy one on election day here in the united states. >>> that bell marks the end of regulation. s&p -- capital corporation doing the honors at the nasdaq. the next session on election eve for the sectors, utilities a big loser, energy big winner, technology about flat, dow, s&p, nasdaq all losing ground. but small caps going out with gains. that's the score kcard on wall street. i'm jon fortt with morgan brennan. >>

i think michael santoli just mentioned some interesting points about valuations.without some sort of digestion of gains. >> right. i'm wondering what's happening with the valuations right now. russell, by the way, it's up another 1% today and it's outperforming. where are we in terms of reasonable valuations? >> well, we're looking at a 40% premium for the s&p 500 to its long term forward p-e ratio. so a bit pricey. this is where we were back in july of this summer when we went through our 8.5% pullback. the tech sector is not as expensive. it was at 78% premium to its long-term p-e. now it's just 65, but still, i think between now and the end of the year, i think investors will be riding this optimism, but i do think that we have to watch and make sure we just don't get too far ahead of our skis. >> sam, i think you said the russell typically benefits from a red wave by an average of 14% or so. is that from the time of the election, not from the inauguration of the incoming president? and by the way, i don't know if the russell is up, but it's an awful lot in the

mike santoli. >>> still to come, president-elect trump nominating rfk, jr., as health and human secretaryat risk and much more? don't go anywhere. (intercom) t minus 10... (janet) so much space! that open kitchen! (tanya) ...definitely the one! (ethan) but how can you sell your house when we're stuck on a space station for months???!!! (brian) opendoor gives you the flexibility to sell and buy on your timeline. (janet) nice! (intercom) flightdeck, see you at the house warming. >>> nvidia out with results after the bell today. expectations are remarkably high, even with reports of overheating with its newest chip. tune in today on "power lunch" at 2:00 p.m. eastern. the fearless investor. the type a cpa. the bootstrapper. the bootmaker. yeehaw [narrator] but many do have something in common. we all trust schwab with our wealth. [narrator] thanks to our award-winning service, low costs and transparent advice. every day, over a million multi-millionares trust schwab with more than two trillion dollars of their wealth. is>>> microsoft's ignite conversation kicks off in chicago. our john is th

i'm mike santoli in for scott.ur scorecard with 60 minutes to go in regulation. s&p 500 dipping below the 6,000 level mod esly before rebounding a bit to the verge of it. the nasdaq 100 feeling the mos

small caps and banks are on investor shopping lists according to mike santoli. joining me now on that and much more is jeffery klinetop at charles schwab. great to have you here. >> good morning, frank. thanks for having me. >> what do you think of the bullish extremes here and do you see it playing out beyond the first week with the election? do you see that continuing throughout the rest of the year? >> i do. you know, stocks are typically up in a post-election environment. despite changing parties in politics, only two negative presidential transition periods. the period from election day to inauguration day have happened in the last 50 years. they were during recessionary bear markets in 2000-2001 and in 2009. now we can see that similar to past transition periods with gains for stocks. >> you know, jeff, you gave us the data looking at a bunch of other presidents. i want to narrow down from president-elect trump. the markets went up 6.5%. we have seen so much bullish now. do you expect something similar to play out? the markets ticking higher or do you see

. >>> welcome to "closing bell," i'm mike santoli in for scott wapner.e or break hour begins with the bulls stampeding through landmark levels to polish off the index's best week of the year. here is a look score card. further follow through to wednesday's post election bounce has taken the dow industrials past the 44,000 mark, the s&p 500 above 6,000 for the first time, you see the s&p up about half a percent on the day. a decisive election result and expected growth-friendly policy mix under a second trump administration has investors discarding caution, reaching for risk, the volatility index has melted

mike santoli, of course, tracking all of the action.up this week. >> david, i mean look the mag seven first of all a lot of differentiation among those stocks, alphabet lowest ever relative valuation and then tesla getting a jolt from the election sentiment and all the rest. they've done what they're supposed to do in terms of delivering results and operating cash flows and everything else. the issue is we had this telegraphed that earnings growth is less scarce, not as concentrated in the stocks and broadening out and therefore the market performance has been broadening out. if you look since the low from early august after we had that little pullback, the average stock in the s&p 500 or the median stock has doubled the performance of the mag seven. so clearly this is what people had wanted to see. you are seeing a little bit more of an all inclusive market. this week somewhat mirrored that although i have to say, even outside the s&p 500 as we've discussed a lot of the sort of high energy moves are in even less -- more speculative stu

mike santoli. >>> watch boeing today.t the tentative offer or continue this nearly two-month-long strike, which has shut down production of most of their passenger jets. a vote in favor would clear the way for companies to resume on the west coast and bring in much-needed cash. we'll talk about that tashe vote happens today. >>> first, a deeper dive into what's pressuring the nuclear-related stocks today when we're back in two. you founded your kayak company because you love the ocean. not spreadsheets... you need to hire. i need indeed. indeed you do. our matching platform lets you spend less time searching and more time connecting with candidates. visit indeed.com/hire this is our future, ma. godaddy airo. creates a logo, website, even social posts... in minutes! -how? -a.i. (impressed) ay i like it! who wants to come see the future?! get your business online in minutes with godaddy airo do you have a life insurance policy you no longer need? now you can sell your policy - even a term policy - for an immediate cash paym

i'm mike santoli. we are live from post nine at the new york stock exchange.ecard with 60 minutes in regulation. that s&p barely off right now, actually close to the flat line. it had been down half a percent midday lows. dow jones industrials the outperformer, settling back more

michael santoli, our senior market commentator. thank you.move into this close. [ bell ringing ] all roads lead to nvidia. i i'll send it into "overtime" with morgan and jon. >>> well, that bell marks the end of regulation. out front ringing the closing bell at the new york stock exchange, nesr doing the honors at the nasdaq and it's a mixed close as the major averages bounce well off their lows with attention now turning to the crucial earnings results from, yes, nvidia. coming in just minutes this hour. that is the scorecard on wall street, but winners stay late. welcome to "closing bell: overtime." i'm jon fortt at cnbc headquarters. >> i'm morgan brennan, joining today from washington. buckle up for one of the most important ho e

i'm mike santoli in for scott wapner. this make or break hour begins.benchmark s&p 500 modestly positive up there a little more than a quarter of 1% on the day, though, that is restrained by some more sluggishness in some of the megacap growth stocks out there. nvidia the biggest drag on the index. falling let's see about 3% on the day. it is down below the closing price from before the company reported strong results and raised guidance on wednesday. the dow industrials are out performing. they are up about

i'm mike santoli in for scott wapner.ts with stocks finding their footing after overnight geopolitical headlines had the indexes wobbling into the open. a look at our scorecard with 06 minutes to go. the s&p 500 bouncing off its post-election low this morning. that was a level that hit a couple times in the last week or so. up about only a quarter of a point right now. down two-thirds of a percent at the lows. the giants of the nasdaq have been catching a bid driving the nasdaq higher by 0.8. nvidia the

i'm mike santoli. we are live from post nine at the new york stock exchange.his make or break hour begins the rally take a rest on the seventh day. let's look at the scorecard with 60 minutes in regulation. that s&p barely off right now, actually close to the flat line. it had been down half a percent midday lows. dow jones industrials the outperformer, settling back more so, down 0.6 of 1%. the nasdaq composite hanging in there, had been sidelined in the media rally after the election with the likes of nvidia and microsoft playing a bit of catch-up. you see each up 1 and 2% there, getting support to the broad markets. the small caps, pull back after a blistering sprint to the verge of a record high on yesterday. it's down 1.6%, up more than 9%. the treasury market reopened after the veterans day holiday, crushing the ten-year yield, back above 4.43. that's not far towards those, from those immediate post-election highs in yield. that takes us to our talk. tape. can the markets pro growth risk be trusted and how has it changed the setup into the year's final s

i'm mike santoli in for scott wapner. this make or break hour begins. here's the scour card with 60 minutes to go. the benchmark s&p 500 modestly positive up there a little more than a quarter of 1% on the day, though, that is restrained by some more sluggishness in some of the megacap growth stocks out there. nvidia the biggest drag on the index. falling let's see about 3% on the day. it is down below the closing price from before the company reported strong results and raised guidance on wednesday. the dow industrials are out performing. they are up about 0.8%. actually so is the equal weighted s&p up about that much while the russell 2000 makes another run above the 400 mark. it's not far from what would be its first record high in about three years. helped by upbeat raetsdsings on the consumer and a services sector gauge this morning. >>> and then the tireless run in bitcoin. it is now trading above 99,000, 99250, got closer to that to the $100,000 mark as the buying frenzy rolls on. riding hopes for wider adoption under the incoming trump administr

mike santoli, now i'm going to say it, have a great weekend. we did have all the major averages finish the day and the week higher. the best week for the averages of the year. "fast money" starts now. >>> live from the nasdaq market site in the heart of new york city's times square this is "fast money." here's what's on tap. a new milestone for the s&p. the benchmark crossing the 6,000 mark for the first time, just nine months after breaking 5k. how much more room is left to run for stocks, and can anything derail this rally? >>> and a china setback from fears over new tariffs, the stimulus failed to impress, the country facing a slew of potentials, plus elon's monster return on his election investment. why the trump master thinks it's time to sell apple. and are we in for a wave of mega mergers in the media business? i'm melissa lee coming to you live from studio b. on the desk tonight we start off with a record week for markets. the s&p 500 crossing the 6,000 mark for the first time ever in today's session. the closing just below that level i

senior markets commentator mike santoli to break down the crucial moments of the trading day and deirdreig swing lower for alphabet shares and courtney reagan to gap and ross the earnings after the bell. mike you first. i mean, nvidia's now positive and the market's got an pretty good day out of this. >> it has. although nvidia, my read on it is the report passed. it didn't do any damage in the long-term fundamental case. no real incremental reason to get particularly excited freshly, bit the catalyst steps aside, the rest of the market is released to do it rotational thing. sturdy rally below the surface. s&p suppressed by selling the other. nasdaq 100 type names. you got the equal weight up 1.4%. banks strong, snaps up almost 2%. the one thing i keep having to come back to the split nature of the market where the majority of the market has been going sideways and cooling off hanging earn the net, waiting for another upside attempt. two-week high for the s&p. but the wild smaller cap crypto link stuff has been really erratic and you got big downside reversals in micro strategy and coinb

. >> mike santoli, thank you very much. quick market check to level set where we stand right now as we go to the fed chair. the dow is basically flat off 11 points at 43,718. the otherarometerbarometers, and the nasdaq is a bit higher. chair powell is entering the room. we will take it now. see you later. >>> good afternoon. my colleagues and i are squarely focused on themandated dual goals of stabilizing prices for the american people. the economy is strong overall and made significant progress towards our goals over the past two years. the labor market has cooled from the formerly overheated state and remains solid. inflation has eased substantially from the peak of 7% to 2.1% as of september. we are committed to maintaining the economy's strength by supporting maximum employment and returning plain "tod-- employment to 2% goal. and we take a policy restraint by lowering the interest rate by 0.25%. we are sure that by recal recalibrating the policy stance the goal of the market rate can be achieved by moving down toward 2

i'm mike santoli in for scott. a sharp turn away from tech stocks and other big year-to-date winners. here's a look at our scorecard with 60 minutes to go in regulation. s&p 500 dipping below the 6,000 level mod esly before rebounding a bit to the verge of it. the nasdaq 100 feeling the most pressure today. down almost 1%. in large part due to further weakness in semiconductors. results out of software and the pc food chain companies. still a solid gdp revision this morning, and as expected, inflation readings keep the upbeat economic story. other soft landing in tact. the russell 2,000 outperforms once again. and bond yields have resumed their retreat. down solidly for the week. that takes us to our talk of the tape. can the market rotate higher away from danger and take advantage of those holiday season tail winds. 11 months through a year that investors should be very thankful for. let's ask adam parker. good to see you. >> great to be here, mike. >> we're starting to see, i guess, the consensus for 2025 coalesc

i'm mike santoli in for scott wapner. this make or break hour starts with stocks finding their footing after overnight geopolitical headlines had the indexes wobbling into the open. a look at our scorecard with 06 minutes to go. the s&p 500 bouncing off its post-election low this morning. that was a level that hit a couple times in the last week or so. up about only a quarter of a point right now. down two-thirds of a percent at the lows. the giants of the nasdaq have been catching a bid driving the nasdaq higher by 0.8. nvidia the biggest upside contributor to the s&p by far about 25 hours ahead of its earnings release, renders a verdict on the overall ai trade. you can see nvidia up 4.5% right now. mixed signals on the consumer with walmart running to a new high on strong results and guidance while a weak housing starts number and softer quarter from lowe's pressures some housing relate the names. both the 10-year treasury yield and dollar index backing away from the top of their recent ranges, takes some of the pressur

mike santoli here to break down the crucial moments of the trading day.g today. and julia borstin looking at overtime. the rally continues though not in every part of the market. >> no. it continues in a similar fashion come is mostly about rotating toward these perceived, you know, improved growth, cyclical beneficiaries. definitely not been an across-the-board indiscriminate buy even from the beginning. and you know, you could take that as a good or bad. it's obviously the markets being selective and discerning about what's going to work. the other piece is it's not a washed out market where you get one of those massive breath moves that -- breadth moves that creates its self-fulfilling momentum. that's usually when you're coming off a big correction. it is part of the action aside from the cyclicals continuing to work and the mega capital rerepeating isthis flight from quality. crowded shorts are getting run up. i mentioned earlier -- the meme stuff, anything that seems like it's got just a real leverage to just high spirits and maybe the bulls sort as

i'm mike santoli in for scott wapner. stocks continue to regroup one week after sitting hair latest all-time high. here's a look at scorecard with 60 minutes to go in regulation. the s&p 500 getting a modest lift. about 60% of all stocks trading higher on the day. you can see it's up by about 0.4%. the nasdaq is pacing the upside to start the book, carried by tesla, apple, some of the other crowd favorites of the nasdaq 100. tesla up almost 4%, apple up almost 2%. we also have a turnabout in semis, with nvidia trading soft into wednesday's earnings release, but the average chip stocks, finding some relief. that's the excess dtf right there. that's been a big underperformer relative to nvidia. now, pressure from the bond and currency markets has eased a bit. the ten-year treasury yield slipping from recent four-month highs. it's down about 4.41%. the dollar index, backing away from the top of a two-year range, as well, on the day. that's allowing for a bounce in struggling commodities. crude oil, lifting by 3%, to start th

market commentator mike santoli here to break down the crucial moments of the trading day and two earningsa partsinevelos taking a look at dell for us. kate rooney on crowdstrike. michael, i'll begin with you. we're on track for closing highs in the s&p and the dow. tariff talk, oh, well. >> yeah. i mean look, even at its worst i think it was like a two-thirds of a percent drop in the s&p futures. it wasn't as if there was panic and if that was off record high levels just about and we're up 4% in the last three weeks. the market in a mode for giving a lot of complications that might come along. we're deferring to the seasonal strength, the also very kind of upside bias of this week. the majority of the market is kind of flat to down today, but there's just enough strength in the large caps to push us over and it's this rotation and kind of dispersion that's been helping the market as you've kind of cooled off from the highs of really like november, call it 11th or so when we got the post-election pop. everything is in order here. i do think that we have to notice that some of the economic

. >>> welcome to "closing bell," i'm mike santoli in for scott wapner. live from post 9 at the new york stock exchange. this make or break hour begins with the bulls stampeding through landmark levels to polish off the index's best week of the year. here is a look score card. further follow through to wednesday's post election bounce has taken the dow industrials past the 44,000 mark, the s&p 500 above 6,000 for the first time, you see the s&p up about half a percent on the day. a decisive election result and expected growth-friendly policy mix under a second trump administration has investors discarding caution, reaching for risk, the volatility index has melted to 15 or so from about 22 a week ago, although it is a little bit steady today. tesla shares, elon musk's closeness to president-elect trump, the stock up 7% on the week, 8, 9% today. treasuries are steady after the fed delivered a quarter point rate cut with more possibly to come. it is tracking to be down a bit after it had a brief pop to a four-month high on wednesday, it's now 430 or so. tak

cnbc senior markets commentators, mike santoli, to break down the moments, kate rooney, and phil lebeaushares flying high. we're barely hanging on to the dow. >> yes, and it seems like there's a little bit of fatigue. you're able to see, especially parts of the market that really had a headlong sprint from last tuesday. in fact, the intraday reversals in things like micro strategy, tesla, goldman sachs, is 8 bucks off its morning high. you started to see some of those momentum leaders that came out of the gate so strong buckle a little bit here. i don't know if that's decisive. what i found interesting is that was happening, and the indexes were coming in toward the flat line, the vix went down to 14 and actually below. it suggested it's actually the wild up side action that is juicing the volatility picture. you're seeing this hunt of heavily shorted stocks throughout the small cap universe. a lot of this stuff is a little bit of a lather, we probably have to get to, it doesn't change the overall trim. i'll be watching as we get the 1% drop in the russell 2000. it's basically not up si

cnbc's mike santoli here to break down the crucial moments this have training day plus the setup on keyreports on earning time, deirdre bosa on lyft. mike, i will turn to you first. what's most impressive to you today? >> first of all, pretty vociferous response. the sustained gains over the course of the day. >> that's the right word, too. >> days like this when you do have just this powerful upside move, they're not one-offs, at minimum you can say that, yeah, sure, at some point it's going to be a fade, overheated, right now even the s&p 500 it's kind of pushing above its trend path, running a little hot, it should cool off. the second piece is it's not indiscriminate across the board. it might be one of the weaker market breadth days for being up 2.5% on the s&p that we have ever seen. it's not even two to one up to down and you have 20% of the s&p is down at least 1% today. the market is figuring out who is relatively better and worse position, most is rate sensitive stuff down, utilities, housing related, things like that. that's why we sit right now. all the stuff that's moving v

cnbc senior michael santoli here to break down the crucial moments of the trading day.wing, higher today for hims & hers. courtney reagan on bath and body's latest quarter. and mike, what's on your mind today? pretty good broad market, moving all sectors, but two are green today? >> it is broad. and sort of an accelerated version of one of these rotations we've seen for a while. it's both out of large caps and into bonds. bonds for multiple reasons caught the bid, the best of news. and obviously economic surprise coming off a little bit of the boil. month end, you have a reallocation trade as well as stocks outperformed by so much. at some point, you know my mantra that a broader market isn't always a safer one. sometimes it's more erratic. sometimes you have less trustworthy anchor, bell weathers leading the way. and you have things coming off the boil like tesla, netflix, and some of these things that just needed to have the fever break. they did, and the money is flowing elsewhere within, you know, 70% of the stocks that are up. so all to the good so far, you do wond

cnbc senior markets commentator mike santoli here to break down crucial moments of the trading day.eirdre bosa has the set-up ahead of airbnb earnings in overtime. joe, i'll turn to you first, some of the things that jeffrey gundlach said. >> i think jeffrey is spot on in identifying that the potential for the long end to back up is a significant possibility. i think jeffrey's right to identify we're seeing a rally in some of the precious maeetals, t i also think that jeffrey's tone is one that i share where i think you have to be optimistic about where we are in the investment environment, and i think we're making a tremendous mistake here. we listened to chairman powell's press conference. we listen to it, and i think a lot of skeptics about where we are in the marketplace were attempting to hear something that would disrupt this rally. you're not going to hear that. you're not going to hear that from chairman powell, and let's remember that the scoreboard for president trump is the stock market. when president trump was elected in november of 2016, the first thing that happened i

senior markets commentator mike santoli, virtus joe terranova at post nine. that was your reaction, short end of the curve move. >> absolutely. shorter term yields up, curve flattening out again the stock market just feeling that pressure around the edges in a day that was already kind of just taking profits further and trying to reassess adds more suspense the fed is in a good spot operating from a position of strength but it does mean less cloudy how far we have. >> it comes on a day where the market was in need of a little bit of a correction. we introduce now that there is going to be a pause at some point early in 2025. i think pace is now back in play we're worried how quick are we going. are we jogging, running? i think, you know, the response in the market dollar higher, small caps lower makes sense. >> it was interesting on the debt issue, on an unsustainable path, but it's not at an unsustainable level now. i thought that was an interesting nuance. >> he does generally frame it in that fashion yes. the economy [ inaudible ] stocks will be red. we ta

i want to get down to mike santoli at the new york stock exchange. mullet, the hairstyle, not the fish. business in the front, party in the back. that's how this market feels. it's very split. the front straightahead view on the s&p 500 is very, very orderly. you had this little two-week side ways consolidation after you got a little stretched after the election. really has done nothing wrong. rotating within it, value overgrowth a little bit, cyclical sectors, banks doing well. a mild pullback and seems like we might challenge the highs from a couple of weeks ago. that comes as part of a very sturdy, longer term trend. however, recently you've seen this eruption of speculative, fast-moving money into other parts of the market. naturally crypto but everything outside the s&p 500. take a look at this relationship, the esf is a etf that has u.s. stocks not in the s&p 500, small caps, big caps and big companies that don't qualify for the s&p or more recent ipos. this is obviously against the quality etf has ramped in the last couple of weeks. the gains

our senior markets commentator mark santoli is here to break down what happens in december and januaryyear once you've had a strong year. s&p 500 up 25% year-to-date and up 25% into the election and you added 4% to that and small caps have doubled that return. but it is a little bit of a shakeout that i think moderated sentiment. i don't make too much of the weekly association of individual investors, but there was more bears than bulls. it is not a scientistic poll but it does show you that there is sensitivity to the short-term moves. and sara talking about inflation coming down, and the economy performing better than a year ago, and earnings are rising, the fed has pivoted toward looking for opportunities to cut rates further. but the entire year the market has been making its peace with fewer fed rate cuts than we thought we would be getting and that is good. and run of the reasons the market could be comfortable with that, if you think about what piece of economic data the fed is keying off of it, it is private sector payrolls. it is jobs. they want to see inflation be in place. b

we want to get to mike santoli at the new york stock exchange. what is on your to-do list?tic reacceleration. usually that's a sign of genuine momentum. the parts of the market that would most be leveraged to a acceleration of growth if we were going to get the anticipated policy mix. it's starting to look short-term, overbought. in general, we have seasonal tailwinds and this is the kind of move you don't necessarily want to overthink right away here. you mentioned the bond market staying out of the way. and take a look at consumer discretionary on an equal-weighted basis. it's actually happening elsewhere. last week we got the first new high in the dow transports in a year and a half and this is consumer discretionary and you have small caps on an all-high. you already had cyclical outperformance that got an extra little bump with the election news. you have been talking about the move in bitcoin, and i find it interesting bitcoin versus gold. gold had been outperforming bitcoin for several months going into this, and you see gold gives it back in the election and bitcoin

and let's get right down to mike santoli, he's standing by at the nyse.he majority of stocks were up on the day. it's been upward drift has been the rule. that's what history says to expect around the thanksgiving holiday. the s&p 500 year to date was up 21% into the election. it's tackeded on 4% since then. inflation has continued to come down, earnings broadening out. here's where it sits, up 25% year to date. sometimes a little pullback in early december, if you care about the seasonal patterns. generally a stronger than flat finish typically. take a look at consumer discretionary sector broadly defined. the equal weighted etf for consumer discretionary. it's not just retail. retail, if you take out walmart, costco, that's been the bulk of the strength in the retail sector with some individual chains doing well around that. but this really includes travel, restaurants, obviously autos but also home related, home building. that's for over a two-year basis has maintained a lead over the equal weighted s&p. you can question about whether the consumer is g

mike santoli joins us from the new york stock exchange. good morning, mike. >> good morning, joe. rally following the election, even preceding the election a little bit. it looks pretty normal here. what we've done is come back to the october highs, about october 18th you had the pre-election high, curled back underneath it. the 50-day moving average is below it. another percent down would probably be in the routine pullback zone. within the index a lot of back and forth movement based on policy expectations. of course, the cyclical parts of the market doing better. since that point in october when we were at this level in the s&p, small caps are up a little bit, banks are up 10%. clearly winners versus losers. transports versus health care. now, look, they were in a pretty similar position here. not that long ago. right there. right around the start of october. you see you got this real jolt higher in the transports. again, economically sensitive stocks, energy prices have been going down. then, of course, health care on a lot of those policy concerns. it's been a struggling grou

treasuries this morning, 439 on the ten-year, let's get to mike santoli at the new york stock exchangege stock. we have been in this prolonged stutter step. if you look at the s&p 500, the broad large cap indexes made that high around 6,000, a few days after the election. didn't have much of a pull back. definitely have kind of reset and cooled off a little bit, and you see right here, kind of on the verge. yesterday was a stronger day than was reflected in the s&p 500. 3-1, up versus down. small caps leading. banks very strong. value over growth, and the mega cap tech stocks restrained the s&p. this is a relationship i have tracked for a while. nvidia, relative to bitcoin, and they were really in lock step. in the middle of last year, through about the spring of this year, you can see how they were moving. lift off from nvidia, the sales and earnings estimates were taking flight for nvidia in the ai buildout, and you see at least by this framing, look like a bit of a catch up move for bitcoin. you can't necessarily draw specific rational but they draw from a similar pool of capital th

let's get right other to mike santoli. he's been watching the markets.et open, but obviously the market entered its cautious wait and see moat mode ahead of election and earnings season just fine in thing a rat numbers but not dazzling. a chart of the s&p 500, we're at levels in the s&p that we first reached around six weeks ago, although still up 20% year to date. the trend is still solid below the surface, the average stock is corrected a little bit more than the headline index. so you're in this mode where you've been sort of just consolidating for a little while. you guys are talking about what's been going on in treasury yields. very interesting interplay of the s&p 500 and the 10 year treasury yield. year to date, there's no specific relationship between these two at all times. the beginning of this year, both were going up at the same time. yields up, stocks up because economic growth was strong. then you entered that real vertical move in the spring in 10. year treasury yields, it was an overheating scare and the stock market backed off, then yie

let's get over to mike santoli standing by at the new york stock exchange. hey, mike, what's up?m this uptrend even with the tariff headlines and things like that. you have the bullish bias for the year-end tailwinds as well as holiday week and then just a general sense out there that the fundamentals are pretty supportive. take a look at a one-year. so much has happened this year. a lot of headline, thick headline environment and basically the market is now held the uptrend that was in place from the fourth quarter of last year and the first quarter this year. that's a steady line. we're not super stretched within it, but maybe, you know, it wouldn't take much to get there. so it has been pretty orderly, very modest pullback after that reflex post election rally. there is a change of character underneath the surface. semiconductors relative to the transports. now any time and beyond year-to-date or one year it's going to look like semis are racing ahead of transports. more recently you see transports have kind of edged ahead. semis have struggled here. they were inflated going i

let's get to mike santoli, sort of some bond nervousness.er the veterans day holiday. the sellers came in, we're testing the limits of where yields can go and have equities be comfortable with it. when you look at the s&p, it's kind of hesitating at these all time highs after the sprint hire in the last week, which cked on to a longer day up term. when it gets to short-term, a little bit of a stretch to the up side, right here, back in mid-july, that was around 5% above the 50 day average in mid-october. 4 1/2 at the highs a couple of days ago. you were about 4 1/2% high. obviously it doesn't mean that the up trend is over. often it wouldn't be surprising if you get a backing off consolidation. these levels in the mid 5800s, that's the former highs, perfectly routine if we went back and revisited them in the short-term. here's a changing of the guard type of chart. semiconductors, versus capital market stocks. that's brokers, investment banks, exchanges, asset managers, private equity. that's in orange. kce. this is a two-year chart. it show

i want to get down to the new york stock exchange where our good friend mike santoli is standing by.et taking a deserved breather after a real vertical sprint we have had in the last couple of days. look at the two year chart of the s&p 500, this goes back to basically when the bull market started, a very aggressive vertical move we have there at the end. wednesday was all about the market quickly pricing in not just a decisive result in obviously the election, a big volatility crush, then of course figuring out the winners and losers of the underlying policy mix and repricing them really aggressively. it wasn't an all-in rally, it was really about winners versus losers, but the winners gained so much. yesterday was more routine, nasdaq 100 sort of outperforming which is a familiar thing. it brings us basically to the upper edge of this long-term trend path. that's not something that means it's a peak, it's something that means it would not be surprising to have it settle back a little bit. but these types of aggressive upside moves are not necessarily to be faded, let's put it that

let's get to our senior markets commentator, mike santoli, there's a lot to run through here. >>> theking the last couple of days. the market got hedged up into the uncertainty of the election. the average stock correcting. we have the tension release, and the market is trying to execute the 2016 trump trade, once again, across the board. now, we can argue about whether the preconditions are similar or not, but right now, you see the russell 2000 futures on a one-year basis now about to overtake the nasdaq 100. the s&p is going to open at a new high as well, even if it's up 20% already year to date. now on a two-year basis, importantly, the russell 2000 is lacking the nasdaq 100 by 60 percentage points. in other words, there's a lot of catch up for small cap, for value, core cyclicals, things left behind and banks making a big move today. here you go. you can see that's a two-year version of that. i want to put the move in yields, a two-year chart of the ten-year treasury yield does that. what we have done for sure is we have broken whatever down trend we had from october of 2023, tho