86 points. If youre looking at the treasury market, this has been our big interest point. Right now it looks like the 10year is back where it was yesterday, not back above 5 even though yields are a little higher. 2year is at 5. 08. Crude prices around 85 a barrel this morning, wti is up 3 cents, and then crypto is on fire. If you check out sessions this morning i dont know why i say sessions. Bitcoin is always trading, never stops. Just above 34,000 this morning. Meantime lets talk about todays squawk planner. Boeing, norfolk southern, and tmobile. After the close well get reports from meta, ibm, and mattel. And as joe said, the drama continues for speaker of the house. Tom emmer ended his bid. Dozens of larms and former President Donald Trump expressed opposition to his candidacy, last night choosing mike johnson as their next nominee. A social conservative from louisiana. Hes a former analyst and radio host and served on president trumps defense team during his two impeachment trial
Make homes more affordable my next guest says it may be time for the government to make a move lets start with the markets, though back to session lows this hour over to dom chu with the numbers. Just about deeply in the red right now, given some of the price action we have seen and certain key stocks within the market, the heavily weighted ones but to give you the state of play, down roughly 44 points for the dow industrials, 0. 1 of 1 the broader s p 500 is where were seeing things play out down 48 points right now 4199 is the last trade there at the highs of the session, it was down about 15 points, down 52 points tat low. So, again, tiltding right around the lows of the session. 4238, thats the level the 200 day moving average, that longer term trend line that some traders are watching keep an eye on that. Of course, the nasdaq composite is down 254 points, 12,885 that represents a near 2 decline, really getting heavily hit right now on earnings reports especially from Big Technolo
Yield. Oil down for a Third Straight day. Back into the low 80s on wti crude. Small caps had been outperforming much of the day. Banks, though, continue to lag. They have certainly been pulling up the rear for much of the last several months. We begin with our talk of the tape. Is the threemonth market pullback driven by macro and Interest Rate concerns running its course as the final earnings season of the year gets under way or will the bolts remain penned in by higher rates and fears of slowing growth and whatever else we can think of. Lets ask adam parker, cnbc contributor. Adam, i dont know, people trying to look on the not so negative side. Yesterday, a bit of a failed rally. Today, yields are quiet, markets able to maybe seize on some of the fundamental news. Are weable to go from macro to micro at this point . During evenings season, some stocks give you four updates a year. The rest of it is all macro or factor betting. I think were getting some mixed to positive results on ag
5 level. Todays action coming ahead of the busiest week of earnings. A number of key Economic Data points, whether youre a bull or a bear, theres a narrative to hang your hat on. Lets bring in mike santoli, cnbc senior markets commentator. Whats the bull case . The bull case is yields are going up largely because the economy has been stronger than expected. The bottom were seeing in earnings is going to hold. Well actually have progression higher in s p 500 earnings. The market should eventually reflect that. The other piece is the fed is at the end or near the end. Everything going on with yields is also maybe taking the pressure off that end of things. The market seems to roughly agree about that. The other one is sentiment and positioning and seasonals have primed the pump for a decent rebound attempt at the end of the year, i would say. Youre talking about shorts, in other words, coming off very short, equity exposure is coming down, in general. Yeah, all that stuff seems to be bui
Psychological five level last night before backing off. Investors closely watching the weekly close and what these moves mean for the yield curve. Mike santoli, cnbc markets commentator joins us. I did mention uninversion is happening for the wrong reasons. Exactly. Uninversion, in general, is not great. This time its happening because people are willing to sell the long end bonds. This time there is a little bit of a bid in the short end. You have had twoyear yields come down. All that being said, you know, the stock market is down a little less slightly than it was a few minutes ago. It was a very determined angle of descent down to 1 drop in the s p 500. It just seems like markets getting a little twisted up and risk averse in advance of the weekend. There actually is a little bit of a bid in treasuries. As soon as you get maximum afraid of 5 yields, we back off 5 yields. And its a matter of making our peace with it and why is it happening is part of the story. But just what the eff