Be wary of . All things to talk about coming up here. Plus, speaking to a top strategist for a take on which sectors could be big winners of the uks move to leave the European Union. And one industry really hurt by brexit has been the cruise lines. Coming up, carnival ceo with us telling us how the uks plunging pound could affect his companys bottom line in a little bit. Also, nike set to report earnings after the bell and give investors a good read on the state of the consumer spending. We will have instant analysis of those results here on the closing bell. Lets start with rebound and whether its a head fake or not. Bob pisani, what say you . For the most we are doing well and going into the end of the quarter. Just off the highs of the day. Oil is moving up, as well, in the middle of the day. Take a look at the sectors and tell l you whats important. Most beaten up sectors in the quarter moving. Bank stocks and retailers that are horrible and restaurants and thats the jets, the airlines. They have been terrible. Some down 20 , 30 and some of the other groups overall on the upside include, for example, semiconductors on the bottom there doing better here. Lets talk about the market in the last hour. The early gains are holding overall and thats the important thing. Watch the dollar and the tenyear. 6 to 1 advancing to declining stocks. Best of all day. Volume on the heavy side. You want to see coming in trying to buy stocks and not who cares and the volume isnt doing much after declines in the last couple of days and the volatility, vix is dropping. Were at a threeday low and back below 20 where we were prior to the results of the brexit here. Meantime, ill show you the beaten up groups and tough for the banks and the stress test results are coming out tomorrow. Bank of america still down 7 or 8 on the quarter. Retailers, a horrible quarter. Nor stroms probably down 32 33 , 35 . Its up not a lot but at least its a move going into the end of the quarter. Come on over here. Another horrible group. The airlines. Heres delta. Up 3 today. Dell thes been down what . 30 on the quarter. All the airlines have been terrible. At least theres some buying interest going into it. Even the restaurants have been doing very well and talking about the lackluster interest in them. Mcdonalds up a little bit and probably down 6 , 7 , 8 . Theyre down even more than that. Remember, its the end of the quarter. Thursday. And well be reviewing the next day or so and then the chance of a pop going into the quarter and also some pension rebalancings, as well. Well talk about that tomorrow. Right now, a rally going. Back to you. We keep asking the question, is this a sign of a stabilization in the market . What would you have to think that things bottomed out here . Volume watcher, heavy volume today. The dow up 200 points and below average volume. I would say, well, okay. At least the selling interest is exhausted for the moment but buyers are not very enthusiastic and getting good volume. The problem ive got, becky, is this thing could be blown apart again by the meeting going on in europe. If it comes out with the eu officials that theyre being vindictive any way that could spook people again and too many xfactors to feel confident. On a normal situation, we should be modestly higher going into the close on thursday, the end of the quarter. Thank you, bob. See you at the close today. Bob pisani. We have been watching oil and gold and running in opposite tracks. Bertha coombs at the nymex with the latest on that. Hi, beckdy. Energy today is definitely the winner. Nice rebound on wti and the rest of the energy complex. A part of it is going along with that sort of folks coming in and buying from oversold conditions with the markets overall. However, we also have fundamentals. The inventory report from the government tomorrow. Morning. The expectation is that well see a draw down over 2 Million Barrels and a bit supportive and then support out of europe, as well. Norwegian oil workers are set to strike on july 1st so their contract expires the end of this week if they go off line. About 1. 5 Million Barrels of production a day and thats supportive to the markets especially seeing some oil come back online in nigeria so it would balance that out. Also, of course, with gasoline, taking a look at the energy board, gasoline is higher today, the peak of driving season. Aaas expecting us to see record travel this holiday weekend. And natgas is big gainer. Futures off the books today and seen a refinery outage in mississippi. That due to a fire and that sent those futures higher today. Big winner, in fact, for the quarter. Finally, gold has come off of its highs. It did hit a new 52week high earlier in the day and did come off and still up for the week and up for the quarter. Back to you. All right. Thank you. Well be checking back there. Lets get to the Closing Bell Exchange for this tuesday. Kick things around with joe from united capital. Steven from deep values sitting next to me at post 9 and Rick Santelli checking in from chicago. Sarge, little strength going into the afternoon now. 2021 was the 200 moving 2day coming in. We got a strong move, about half an hour ago and blew through and above that. So is it for real today or just a relief . Little bargain hunting . Like bob pisani said, what comes out of the eu can change things but its for real and because of the move that is we have seen in debt markets very recently, about 13 billion or 14 billion has to come into the u. S. Equities today. It is expected to be pretty good. Hey, joe, lets talk about oil prices. Higher today. Jim cramer has been saying that the stock market will go the direction of oil. Do you buy into that . I think im more concerned about Interest Rates than oil, frankly. And what im seeing everywhere is that were talking about this like its a crisis. In fact, it is a choice and what the english people said is we dont want as much regulation, we dont want the central governments of europe telling the curvature of a bah in that. Believe it or not thats a regulation. I dont think this is a vote against globalization. In fact, what i care about is whats happening for Interest Rates because that affects investors a lot. And so i think you want to see whats happening with financial institutions, whats happening with Interest Rates because when you have negative Interest Rates and almost 13 trillion around the world with negative Interest Rates invested, its a distortion of factor has an impact on all investors and much concerned about than oil. I think what were seeing everywhere is a penalty but i care more about Interest Rates. Rick, where do you stand on today . I mean, the classic turn around tuesday. Just a bounce or what do you see going on today . You know, if brexit never existed, i think that the markets would have these types of sessions in the last several days and not surprised that the market is stabilize somewhat. Doesnt mean it cant get nasty again and this is unlike 87 and the credit crisis and the beast way ive been trying to look at it is, you know, if youre part of the euro sharing group and things go wrong, youre stuck with the euro. Think about the plirght of greece, spain, portugal. If they lowered the price, things would have been better. Look at a june month to date chart of the pound versus dollar and the euro versus dollar. Okay . Euro versus dollar from the top 1. 14 to 1. 10, a 3. 5 move and the 149 to 132 on the pound, using closing levels about 12 move. Okay . To me, a, i think the brits can heal themselves better and they like to do exporting. They needing and i think the rest of the eurozone will be happy to comply and i dont think its a horrible thing. What i do look at, pulling forward all the things that we have wallpapered over for a long time and to me thats the real story. Yeah. Thats a fair point, rick. Earlier this morning we had former treasury secretary Larry Summers on talking about the concerns for the market. Listen in to why he thinks stocks have been discounted recently. You have a system that ive been warning on this show for the last year half is more brittle than usual because Central Banks dont have room and you have brittleness and you have a bad shock. And thats a prescription for a quite difficult situation and i think thats what markets are discounting right now. Rick, i know you dont see eye to eye with Larry Summers but the idea youd been warning about this for a while, too. Central banks dont have much they can do. Do you agree with the analysis there . I agree with everything, except for the main thing. Why its brittle. And when i think brittle, i think of Peanut Butter brittle and the policies are nuts that put us in this condition. Hes correct. But its a self inflicted condition. Negative rates were properhap waited by mario draghi. The list goes on and on. The regulations. All of it. See, i never have a problem with Larry Summers. He thinks we have a stagnant economy. I agree. Where i never agree with Larry Summers is why. Who caused it and how to fix it. Because in the end, hes the same type of bureaucrat that brexit said, out of here ill tell you what markets are trying to price in. Uncertainty because theres so much of it but to relieve it, our leaders, elected officials, on their game and probably are not, they would be calling cameron or whoever they think might be in charge in Great Britain and say join nafta. We have a nice little group over here that doesnt require border control. Exactly. Have your own money supply. Control your own Interest Rates and trade amongst ourselves. I dont think donald trump will be calling to make that invitation. Do you think Monetary Policy around the world xexacerbated te issues that are highlighted . I couldnt agree more with rick. You basically have countries in the world that have dual currencies like switzerland and norway and england with choices about how theyre going to make decisions. And then you have the Central Banks corrupting the way the entire World Systems work when you have negative Interest Rates. Really making it impossible to get yield for anyone and who suffers . The consumer. Whos retiring and cannot make a yield and has to now make choices beyond investing with no real good alternatives out there forced to go at the risk curve because the governments not helping the economies by keeping rates this low really making no positive impact other than causing people to have to take risk and push Asset Classes up and inflate asset values. Right. That is not helpful to actual growth in gdp. I couldnt agree more. The good news is this is simply a tax on the way europeans do trade. Its not going to impact the longterm gdp. We need to be concerned with how central governments making choices and theres a message about trump and Bernie Sanders and the brexit. Its that the World Consumers are frustrated with the way the governments are making choices. Not alone in many cases. Appreciate your thoughts on todays trading action and this bounce. Whatever it is. We got 47 minutes left in the trading session here and the bounce continues. The dow up 245 points right now. We have much more to come today on whether the bounce we have been seeing a real rebound, a bottom or is it a fakeout for now . Bill mccawley will be speaking with us exclusively and editor tina brown will weigh in on brexits ramifications and the man that may become the uks next Prime Minister. Not a real fan either. Up next, live to london and demonstrators protesting the outcome. Thats on clong bell. 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Lets see what the gun 30 stocks are doing right now. The last i checked only a couple of stocks lower today and thats still the case right now. Verizon, walmart and dupont among the laggards there. Theyre downgraded. Jp morgan cutting the price targets saying that economic head winds in europe could hurt profit margins. Dow chemical is seeking approval for a merger with dupont. Well, while were talking about dow chemical, lets highlight the company cutting 2,500 jobs, shutting plants in North Carolina and japan. As it takes full control of the dow corning silicon joint venture. Dow paid for full ownership and completed that deal earlier this month. That stock as we highlighted down 2. 6 . Meanwhile, lendingclub is trading higher. Named acting ceo sanborn as the permanent chief executive and cutting 179 jobs and it expects to see revenues and Earnings Growth resume in the first half of next year. Moodys weighing in on british banks. What are they saying now . Bill, that is correct. Moodys changed the outlook following the uks decision to leave the European Union. Moodys Rating Agency has changed the outlooks at eight banks. To negative from stable. Three of which include barclays, hsbc and two banks have been reduced to a stable outlook from positive, those two include lloyds and principalities Building Society and moodies expects that the high degree of uncertainty over the uk future, trade relationship with the eu, leads to lower gdp growth in response to diminished confidence and lower spending. They say or expect reduced Credit Demand for banks for volumes of uk banks. Nonetheless, the ratings changes. Guys, for now, back to you. All right. Thank you very much. I think its all coming down to a lack of understanding of whats going to happen here. You know . When theres so much uncertainty, of course, you have an impact on the economy. Right . It is something to sit up and Pay Attention to. When you see the massive drops on the stocks. What happened with all of this, it does suggest of concerns there. Larry summers was on today. Theres the point that theres money ingested in these. Not a question of liquidity. It is not a financial issue. If youre an investor in the stocks, thats what you have to be on the lookout for. Absolutely. Now a test in london. Sara eisen is following this. What can you tell us . Reporter thousands of people have come here, becky. We have moved locations. We followed the dmemonstrators o parliament. Theyre here to protest the brexit vote. Theyre here with the message, vote it down. That is a recuring chant. Eu, we love you. We want in. Those are the sort of messages hearing behind me right now. We should say that its not representative of the whole country. We are in london which overwhelmingly did vote to remain inside the eu. Also, as you can see behind me, the crowd is very young. There are a lot of students, a lot of Young Professionals who also voted to stay in. Ive been talking to a lot of guys here talking with them asking them why now . The vote happened went against you. They say that the politicians dont have a plan and also here with a message against Boris Johnson, the former mayor of london, the current frontrunner of the next Prime Minister. There have been numerous chants including boris is a liar. Obviously, he was one of the leading voices that campaigned against the brexit vote. So, a number of messages. Id sum it up. Ive been here about a week and seeing behind me and speaking with dozens of people who voted out of the eu, the Common Thread above the economy, above immigration, which are all issues at the heart of the campaigns, it really is about the identity, a lot of people here say that theyre europeans. They identify europeans. They want to be part of europe. They stand in solidarity with europeans and number of the vote out people we talked to say were british. Not europeans. We remember the way it was before. Above all, id say that thats really what this is all about. The identity. And there is a clash and this country is divided and whoever does become the next Prime Minister in Early September is going to have to face a country that clearly is split when it comes to their destiny. Back to you guys. All right. Sara, thank you very much. A demonstration of regret, obviously. Yeah. For the people that lost. Those pple that voted the other way. You know, united kingdoms decision to leave the European Union goes without saying came as a surprise to many here in the u. S. And the uk. But scott at wells fargo says investors should look at it as a speed bump on the way to improving Economic Growth and to explain scott joins us now. Hes the senior Global Equities strategist. Scott, welcome back. Thank you, bill. So much uncertainty. Were in unchartered territory. This has never happened before. The politicians pointing fingers right now