Session highs it was up 163. Of course, plenty of attention on crude oil rising after that china rate cut. Bob, a different pood today . Yes. We have a rally, but not an enthusiastic rally. It was 51 at the open. We should have gone better. The volume is only moderate. It drifted lower. The buyers are not enthusiastic. Im not seeing people go after stocks beaten up. S p 500 has been sideways except for a dip in the middle of the day. Up roughly 300. A few sectorspecific movements. Home builders have been weak. Toll had a report where earnings missed expectations. Growth is slower than expected. Elsewhere its the enthusiasm or lack thereof im interested. Freeportmcmoran is now down. We should have been doing better. Some big multiindustry companies. Textron, united technology. 3m. Down right now. We should have seen this up on bigger volume if you had enthusiastic bounce back. Were fine. Weve got a bounce back. I dont see a lot of buyers coming after the market right now. If that continues, the trend can be slowly drift slower. Im sounding cranky, but really, we should have done better today. Youre not the only one. Bob pisani on the floor. Bob isnt too enthusiastic about this rebound, are you . No. I agree with him. You dont have that real excitement. Yes, the markets up. Its apathetic. As we move into the afternoon, it feels like its going to fachltd im not going to say its going to close negative. It will fade from here. After yesterday there was a ton of damage done to the market, internals and all that. The market has to take a couple of days, weeks as it churns like this to build a new base just to start to feel comfortable again and find its own equalibrium based on the new risk around the world. I wonder when people look for signs that the worst has past, you can look to Interest Rates, energy, high yield market. Are we seeing confirmation across the board or no . Youre seeing most of those things line up okay. It looks like a mean reversion bounce. Maybe people are tentative to see how the cash market in china responds to the easing move this morning which didnt have a chance. We want to see if this is real. Rick, what do you think the signals are out of chicago today . That there is something going on different between the treasury market and equity market. Just consider fridays yield close in 10s was 2. 04. 30year bond was 2. 71. 30year bond closed up. We get half back today and we are up 13 basis points on 10s and 30s. That interesting considering the road to normalization, the process and the notion goldmans topic in a piece i wrote overnight were repricing risk. We have to reprice its partner in crime that everybody wants to be in denial of. That is reward. China almost need a mario draghi moment like in 2012. They need confidence in the markets. The problem the way theyve done it, these have been scatter shot. Theyve been coming up with new measures every day. Im glad they pulled back from supporting the market directly. That was doomed to fail from the start. The reaction in the u. S. Is spillover and contagion from international concerns. Well watch closely what the Chinese Government does. Lets get the latest on the situation in china from our Senior Correspondent in beijing. Yunis yoon. All eyes on the market when they open in a couple of hours there. Thats right. The trading day will begin in a couple of hours. Its unclear where the markets are going to go. Central bank here did cut Interest Rates. They lowered the amount of cash banks need to keep on hand. That should release new liquidity to the economy. The markets here are not as senttive to Central Bank Rate policy. Will the government come in with its unorthodox, untraditional method such as vilifying short sellers or pump more money into the market . Instead, what has been interesting that people have been watching is the fact that despite the fact we havent seen dramatic falls the past couple of days, the government hasnt come in with some of the more unorthodox methods. Thats been raising questions here as to whether or not the government will stick with more traditional methods to try to boost confidence such as cutting Interest Rates or if they are going to throw in the towel and allow the market to find its own bottom. Thank you so much. Early morning there. Going back to what you just said, china needs its mario draghi moment. What is the difference between the ecb chief saying well do whatever it takes a couple of years ago and that seeming to solve things and what china has or has not done today. Europe has done some of the things china has done. Theyve engaged in individual policy measures. They engaged in ecb starting this year. The key in 2012 he reassured the markets. He had this press conference, his bumble bee moment. We have not seen that out of china. Its great they are cutting rates. That will help in the short run. We havent seen this feed into better growth. The notion that china should stabilize, i think the next few months that could happen. The idea it could bounce back to the growth rates theyve seen over the last ten years is very unlikely. That is a very interesting call for a mario draghi moment. Markets are considered developed markets. They operate under different rules set. They are liquid and bigger. The Chinese Market is a controlled market run by a communist country. There is no mario draghi to create that moment for them. Thats part of the issue. The news continues to be questionable at best whether the macro data is what they say or is the Chinese Market telling us the macro data is that much worse than what they are telling us. We heard from Corporate America throughout the day today and the last couple of days. Those doing business in china say we arent seeing demand fall off a cliff. Is there some disconnect or are they not necessarily able to see the future . I think you have to stop looking at the wildness of the shanghai composite as representative of what is going on in the economy. That is flat yeartodate. Maybe the economy itself has slowed down. I think one thing im struggling with the market struggling with, you mentioned this morning, the u. S. Market looked like it would decouple from the Chinese Market which it did at the open. What even would be the mechanism of contagion . What are we worried about even in a bad Case Scenario . I think i dont like the term decoupling. There are linkages to trade maybe minimal. There are linkages to commodities which are taking it on the chin right now. Ultimately, what we are seeing in the market is spillover. 2011, 2012 the euro zone crisis created spillover. We saw big drawdowns in the u. S. Market. What happened after that . We focused back on u. S. Economic growth which is great at the time. Earnings growth at the time and saw markets bounce back. I dont think we are out of the woods yet but u. S. Economic growth will win over again. What china did with commodities for the last three years is minimal . This is the down side of that minimal and i dont think its minimal. If the best case of the greatest moment in europe as mario draghi will say doing whatever it takes to make debt look different than priced, i would like to run away from that. What do you think about china here saying they point the finger at fed talking about the latest round of turmoil . Both Central Banks pointing fingers at each other is awfully rich. Americans are acting more like i would have suspected. China is acting like an emerging market that is far from as much horsepower as their economy is. Now its going to get dicey. You can see we can have master leaders in a Party Running an economy that efficiently. Its impossible. Certainly getting dicey. Thank you. Appreciate it. Good to see you this afternoon. 50 minutes to go in a session that could be the nasdaqs best of the year. Would feel better if it didnt come after the string of losses weve just seen. Nasdaq 102. Up next, well focus on apple, amazon and netflix. Dominic chu telling us which one is leading the rebounds since the depth of the recent market swoon. Later current head of tiaa cref, Roger Ferguson will join us. Welcome back a snapback session for the markets. The dow up 238 points. It has moved down. We were up 300 top of the hour. Well keep a close eye on it. S p up 26. Nasdaq 100. Check out qqq. That having a session up 2. 6 today. Yesterdays selloff, what a difference a day makes. Apple has a market cap of about 616 billion. Up 4. 5 today. If you look at quick math, if you go back to yesterdays intraday low, 92 a share, that means that from that time it was about a 525 billion company. We got back about 92 billion worth of market cap for apple. Amazon shading up about 3. 5 . Market cap about 224 billion. At the 451 per share intraday lose yesterday, it was worth about 210 billion. Weve gotten back about 14 billion in market value for these particular shares overall. Netflix, single best performer in the s p 500, 104, 105 close to a share up by about 8 . Near its best levels today. Its got about 44 billion in market value. During the lows intraday yesterday, it was around 85. 50. We got back about 8 billion approximately in market value for netflix. Those shares are among some of the ones investors and traders have been buying on the weakness yesterday. Well see if that trend continues. For netflix, it still remains the single beth performer on a yeartodate basis. Well ask whether they are a good buy here. Should you own apple, amazon and netflix . Welcome to both of you. Whats interesting is, ross, your favorite name of the three is apple. Apple is the one you wouldnt buy. Im going to start with you, chris. Why wouldnt you buy apple here . This is just one of those oldtime stories, an overrun stock thats run its course. Its not the innovator it was 15 years ago. Back in the day then you had analysts that didnt like apple because they were pushing the envelope. It was down 40 , 50 range. Now youve got around 80 of analysts like the stock. Its at points where you have to ask the question, whats next . We think it is one of those old. Go ahead. Fair enough. I was going to ask ross to answer that question. Why do you like apple . Whats next . Apple music. Apple tv. Ipad pro. More macs. Apple watch. There are so many things. Apple pay. Theyve got so many things happening that are cool. Theyre just at the beginning of these life cycles. So im bullish on apple. Its a valuation thing. When i can buy something at 12 times earnings with a 2 dividend and Earnings Growth 35 , find me a better stock. I did buy netflix yesterday. It was great. I finally got into netflix under 100. I wanted to own the stock for a while. I bought a little bit yesterday. Chris, i wonder. You mentioned netflix is one you would be buying or had been buying here. I get a kick out of the pop its getting today. You have a market that is at 10month lows at a level it got to 15 months ago. Netflix got down 20 to a level of the reached five or six weeks ago. Why is this a bargain . This stock is up 100 or 98 yeartodate. Its one of those situations. You cant put a valuation and say its a value when it comes down to 90. This is a true growth story. Apple is a little more turning into one of those dividend plays. It is simply looking at netflix and what they are doing in the markets they are expanding into. There is a great fundamental story. I see some innovation there. Wait until netflix figures out how to do a bit of advertising on their platform and things will break open. I look at that why would netflix put advertising on their platform . When you start pushing the envelope, when they get done with the organic growth and getting the subscribers in the door, which will take a long time, they are going to ask whats next like everybody else does. I wouldnt put it past them to sneak advertising into that mold. You deal with some advertising. The a la carte is here to stay. What is the argument for amazon here . If you would be a buyer . Im not a buyer of amazon here. I would say the same argument for buying netflix. These are the future blue chips or current blue chips of the future. Alt r amazon, apple and netflix should be in everybodys portfolio. Amazon web services is doing so well. Its a good stock to own. They are growth stocks. I think netflix has a Brighter Future than amazon is a monster in their business. The truth is, i still think apple is the best buy of all of them when you look at the up side potential and the safety, margin of safety you have in this stock is very big. We know sales are good because tim cook just told me. Finally, implicit to what youre saying about netflix and the others is that this correction is not necessarily going to engender a change of lead eership in this market . No. I dont think so. Let me point on the institutional. When you look at apple, 2,400 different institutions own that. When you look at netflix, its about 600. Amazon is 1,200. That equals buying potential in terms of growth. When the Companies Continue to grow. Thats why i think there is a difference between the stocks here. Apple is not the growth stock it was 15 years ago. Amazon and netflix truly are. Thanks so much. Walking through one of the most widelyfollowed sectors here, amazon and apple. 40 minutes to go into the close. Dow down dow is still up, up 151 points. That is the lows of the session. Its half the gains we saw 20 minutes ago. Could be a long 40 minutes. S p s up 16, nasdaq 75. Up next, well look at new signs the Housing Market is picking up. Profits slip with a major home builder, but diana olick has a housing lift. So youre a Small Business expert from at t . Yeah, give me a problem and ive got the solution. Well, we have 30 years of customer records. Our cloud can keep them safe and accessible anywhere. My drivers dont have time to fill out forms. Tablets. Keep it all digital. Were looking to double our deliveries. Our fleet apps will find the fastest route. Oh, and your boysenberry apple scones smell about done. Ahh, youre good. I like to bake. Add new Business Services with at t and get up to 500 in total savings. Tsummer event is here. Now get the unmistakable thrill and the incredible rush of the mercedesbenz youve always wanted. But you better get here fast. Yay, daddys here here you go, honey. Thank you. Because a good thing like this phew wont last forever. See your authorized dealer for an incredible offer on the exhilarating c300 sport sedan. But hurry, offers end august 31st. Share your summer moments in your mercedesbenz with us. Welcome back. With markets approaching session lows, we had a big gain at the open. After any other day, this itself would be noteworthy, but today pales against the sharp declines weve seen in prior sessions. Weve seen markets giving up significant ground for the year. The dow now lower by almost 10 on the year. S p 500 almost 7 . Nasdaq no longer on pace for the best day of the year. Up 73 points. Here is a look at the sectors. You can see where most of the buying is happening. That is Consumer Discretionary, technology and energy on this rebound in crude which is being closely watched here. Its up less than 1 on wti prices. That as earlier could take some of the heat out of this session. Utilities, weakest performer, but they held up earlier in the market. Down 1. 6 . Boast buy with its best intraday in two years. Samestore sales more than tripled analyst estimates thanks for demands for big screen tvs and major appliances. Dsw sliding after Quarterly Sales missed estimates. The shoe retailer did say Profit Margins are expanding and remains confident in the outlook. Still down 10 . New data pointing out the health of the housing manjt diana olick walks through it. Mixed signals. We saw a nice bumpup in july sales of newly built homes up nearly 26 from a year ago. New home sales are way up yeartodate compared to a year ago. While we did see a nice move higher in starts last night, we are still building at well below h historical homes. Builders say they have pricing power. Toll brothers ceo echoed that on the earning call today. Average sales price soared to the highest price ever. Builders shying from entry level product as First Time Buyer demand isnt there existing home prices moved up by 5 in june from a year ago. They flattened out. We are heading into this lower season for housing, but demand appears to have weakened early this year. Red fin reporting a drop in buyer demand in july. High prices turning consumers away. Its not all about Interest Rates either. Rate moves have very little affect on buyer demand. All about Credit Availability and prices. Neither one of those are easing up. Is it a good time to be buying the home builder . Susan mclarry is Home Building analyst. Scott, which parts of the Real Estate Market makes sense here . The impact china has own the u. S. Market. China is trying to export its deflation. If you add that to whats happening in the energy markets, in terms of the europeans printing money, all that portends to further decline in the tenyear treasury. What is happening out of china reenforces the cycle in place. Does it reenforce rates will stay low . Long end stays low and elongates the cycle for commercial real estate. Susan, would you agree with that . We expect any move in rates is going to be very modest and moderate. We dont expect anything that is too severe. If anything, something we consistently heard from the Home Builders is there is a lack of urgency among buyers because rates havent moved the last year. If we do get a slight uptick that could get a few bench sitters off and get them motivated to make the buying decision. Without focusing on todays action, the home builder stocks are backing off in a strong market. Are they already priced in the idea supply demand balance favors the Home Builders right now . We are not seeing a lot of activity going on in terms of broader fundamentals. Things quieted down for now and the stock seems to reflect that. What is the biggest risk for people heavily invested in real estate in higher rates on the back of a better economy . We heard we shouldnt worry about that, or lower rates on the back of a weaker one . The bigger risk