The nasdaq touch and go early on. Briefly dipping below into correction territory. But its now in the green, up better than a full point. In terms of the long bond yield on the tenyear note, treasuries and commodities, they are also on the move in todays trading session. After moving sub2 in yesterdays trading day, the tenyear note. The yield is now 2. 171 . In terms of oil, west texas intermediate is on the upside by almost 2 on the trading session. And gold is near a onemonth high, although it is in negative territory. So we have a lot ahead for you in this hour. We have every angle covered. Bob pisani is going to join me here at the nyse momentarily. Bertha coombs is at the nasdaq. Rick santellis at the cme. And skrjackie deangelis is over the nymex. Thats right, a very busy hour ahead. It was just one day ago that we hit the bottom in the dow and was off more than 450 points. Europe fueling the fears in the markets. Seema mody is in london. Michelle carusocabrera tracking those soaring yields there. The other e fueling fears, it is hard to kwaupt quantify, ands ebola. Meg terrell is on capitol hill. The hearings under way on how to stop the virus. Phil lebeau at the dallasft. Worth airport on what airlines are doing, sue, to ease travel fears. Were watching apple this hour. Of course, its a big mover most of the time on these events. The tech giant kicking off its special event right now. New ipads expected. Jon fortt with all the breaking news as the headlines cross. First to bob pisani with me on the floor of the nyse. The volatility was back big time. However, the tone of the market feels much better today. We did not have the big, sloppy selling that we saw at the open in the etfs. People were getting out yesterday. We were down this morning but it was very orderly. The s p was down put it up it was down 27 points at one point. Rather significant decline. Now you can see the s p has gone positive. It went briefly positive a few hours ago. But were now in positive territory again with the s p up 5 points right now. What you want to do is look at some of the stuff thats turned around. The tenyear yield, we were below 2 earlier in the day. Boom, we just kind of moved up all throughout the morning. Take a look at the yield there. You can see it at 2. 17 . Oil was below 80. Oil was at 79 around 7 00, sue, and the s p futures were down on that. You can see weve had a nice aggressive move up since then. Now at 84. And on that weve seen shale plays and oil stocks move around. Eogs, u. S. Silica. Transports went positive. The russell went positive. Ebay, a bit of a disappointment. The regional banks, sue, we are up here as Interest Rates have finally moved up, but very modest moves here. Theres no big rally going on. Well see if that holds. The european banks, very ugly day. Absolutely. Michelle will talk more about that in just a moment. See you in a bit. The nasdaq dipping briefly below the correction level. Bertha coombs following big movers over there. Hi, bertha. With that dip, we were down nearly 2 . If we finish in positive territory as we are right now with the nasdaq composite, robert hung, one of our quant fellas, said this would be the biggest back in 2009 when markets were very volatile. Big caps have been the drag. Apple now starting to get a little more positive. Netflix continuing to be down in the dumps after the disappointing subscriber numbers. Ebay with disappointing numbers as well. Its been the chip stocks that have been Holding Things up. Thats the strongest performer. As we look at them, they have been among the most volatile performers quarter to date. Some of the biggest losers, and today were seeing folks pile in and starting to do a little bit of bargain hunting there. And in the small caps as well, the Energy Sector has been particular lly strong. Weve seen bargain hunting there. I was talking to art hogan. Isz in some sense folks are doing bottom feeding in the russell because theyre looking at small caps and theyre saying these have domestic exposure. I want to be more domestically exposed. Some of them have also had some huge, huge declines since the beginning of the quarter. Come back out to the wall. The russell has really been the comeback story. It is on pace now for its first positive week in about six or seven weeks. Its a little bit off coming back up here. So watch these small caps. They have been so out of favor. But today it appears, sue and ty, that its the first the last that shall be first. Back to you. All right. Thank you very much. Appreciate it. All right. To oil. West texas intermediate fell below 80 earlier. Bob mentioned that, brent sinking to fouryear lows. Jackie deangelis talking to all the traders who have to really make the market in that. Shes at the nymex. Hi, jackie. Reporter good afternoon, sue. Actually, its amazing, we have turned a corner here in terms of the crude price. Almost a 3 rally just moments ago on our hands here. Very aggressive action in the crude pits today. And whats interesting to me, jeff grossman, one of the traders here, we got a 9 million barrel build today showing that there is a lot of supply in the market. So why is this not a bearish indicator for the oil pits . Why are we moving higher now . Keep in mind this was all that was expected already. So when the most bearish news that could have come out comes out, suddenly now the market has nowhere to go but back up. Thats sort of what happens when a market is overdone in one direction. It has no other choice. Reporter one last question really quick, we are seeing the wti price and brent price come close. That spread tightening close to parity. What happens if wti goes overbrand . Nothing out of the ordinary. Were going to be exporting soon anyway. Its not a surprise to me here. So again, were talking about markets that have been trending this way. Its remember, many years ago, it was the other way around. So were just now getting back to the parity level. Well see. There will be a battle at parity soon. Reporter were following it all. For now, guys, back to you. Jackie, thank you very much. To jon fortt at an apple product event, tim cook has taken the stage. Jon . Reporter thats right, tyler. And the most important thing out of this event so far is an update on the iphone, tyler. Tim cook taking the stage talking about the big retail moment that the debut of the iphone 6 and 6 plus were says. And this isnt surprising, that its the fastest selling iphone ever. But take this quote. He says buy a lot, a whole lot. That was pointing forward to the launch in china which is coming up on all three major carriers, he says. Its ready for 4g. So hes excited about that. Hes beginning to talk about apple pay as well. That iphone update, important, of course, because thats the major both sales and profit driver for apple thus far. The stock ticked up slightly. I saw when he made that announcement, well see where it goes from here. Hes beginning to talk about apple pay, and were looking for some kind of a launch date on that event coming up. Hes just said apparently that 500 new banks are supporting apple pay, which gives an indication that theyre looking for a broadbased launch, tyler. Ill take it back, jon. Thank you. Well be coming back to you as news warrants. We should note apple is very close to the unchanged level now as mr. Cook talks more about the new Product Launch. Over to europe where there was a bit of a recovery at the close, but the ftse, the cac and the dax entering correction territory. Seema mody joins us from london and Michelle Carusocabrera is looking at the soari inin ining yields. Seema . Thats right. Europe continues to be a major focal point for investors. Part of that due to the weak data that continues to pour out of the eurozone. Todays data on inflation coming in at 0. 4 , the lowest level since september of 2009. So thats a fiveyear low. On top of that, five members of the eurozone, greece, spain, italy, slovenia and slovakia seeing a decline in Consumer Prices over the past 12 months. So those concerns around europe entering a japanesestyle deflationary trap, thats becoming a reality. Now, we have seen a massive move of the european markets over the past couple of weeks. Germany, which is supposed to be the most robust economy in the eurozone trading in connection territory. Thats down more than 10 from repeat highs. And if europe didnt have enough to worry about, take a look at greece, down over 33 from its recent highs, putting it in bear market territory. Sue and tyler . All right, seema, thank you very much. So you think yields on the u. S. Tenyear treasury are low when they dip below 2 yesterday. Check out the german bund. Elsewhere in europes weaker economies, theyre soaring. Michelle carusocabrera is here with more. Hi, tyler. The key is that divergence. Look at the oneyear chart of the tenyear yield for germany. You can see a very steady decline throughout the year and to the numbers that you were talking about today. Take a look at a oneyear chart of italian tenyear yields as well. And youre going to see a very similar pattern except look to the right. A divergence there. Lets look at the oneweek, and it really shows the difference thats been happening. The oneweek chart for the german tenyear, pretty steady. With the recovery that weve seen in the markets, were seeing a slight improvement or a rise in the tenyear bund, but take a look at the italian tenyear as well, and youre going to see that it has risen sharply in terms of the yield in just the last 24 hours. We have not seen that kind of divergence for a long time. Its really significant because its telling you that Market Participants are starting to really take a look at different economies there and saying were worried increasingly about the weaker economies like italy, like portugal, like spain, particularly greece, whether or not theyre going to be able to pay back their debts versus stronger economies, even though germany has been weakening, its still considered the strongest economy there. The one chart that i think were going to see more and more of and our colleagues over at cnbc europe use this one a lot, they chart the spread between whatever the german yield is and whatever the country they want to look at. They subtract the german yield from, say, the italian yield, and then you can see the spread. Thats what weve done here. You can see the spreads are widening. Thats the vernacular well have to get familiar with if we continue to see this trend and if people are still concerned that marrou draghi, the ecb and the governments arent doing enough to improve their economies. Back to you. Thank you very much. Dominic chu now, market flash. Energy is the best performing sector so far today as oil prices try to stabilize. Its up about 1. 5 for west texas intermediate, leading the way higher for the sector. Chesapeake on news its selling some of its assets. Also, anadarko. Tyler, overall, the oil sector certainly ones to watch. They do move a lot more than the overall markets. Especially these days. Back to you. Thank you very much. Back to cupertino now and jon fortt. Jon . Reporter a couple of details here, tyler. First of all, apple pay, that will launch on monday. Apple has said apple pay, the payment service, launches on monday. Also, an update on the apple watch. Watch kit is a way for developers to make apps for the apple watch. That will roll out next month. That is november. Tim cook saying the watch still expected in early 2015. He says every day i look forward to that day. So this is an important detail because developers now have a couple of months at least to figure out what kind of software theyll want to build for this watch. Apple is usually announcing platforms like this in the summertime. But for the apple watch, they are rolling this out in november, giving developers their first chance to get creative and really figure out what kind of apps to deliver for that in november. And again, apple pay coming on monday, tyler. All right, jon, ill take it back. And apple is positive right now by 17 cents. The market rallying back in a big way from a big selloff earlier this morning. The dow is positive by 16 points on the trading session. So is this the time to buy stocks . Joining me here on the floor of the nyse is paul pagnotto. And also Neil Hennessey joins us. Hes chief Investment Officer of the hennessey funds. Paul, welcome to power lunch. Nice to have you here. Thank you. Great to be back. You say youve been painstakingly patient trying to get entry points into this market. You got one yesterday, i think. Yes, we did. You know, its been two years since the markets had a correction like this. And we have had 30 to 40 in cash for our clients equity allocation. So now, granted, theres some real issues going on here, the biggest one is the fed stopping the quantitative easing. Thats really significant. And its just going to take time for the market to get their legs underneath them. But you also have europe whos going to start a trilliondollar Quantitative Program which will help. And europe is chinas biggest trading partner. Absolutely. That will also help asia. You know, neil, do you view what happened yesterday as, you know, either forced liquidation or Something Like that, or do you view it as a sea change in the markets direction . Sue, i dont know whats changed in Corporate America since 2, 2 1 2 weeks ago. Productivity is up. Earnings are up. Cash is up. The market has reasonable p. E. , some price to sales. I mean, if you look at it, nothings really changed. And if i take the market, Corporate America in the u. S. And compare it, say, to the dow jones, right now the dow jones 30 will give you 2. 5 yield for the next ten years if not more versus a twoyear treasury at 2 or less. Its a nobrainer from the standpoint of if you want to be in the market and you havent been in the market, this is a time to get in the market. And in the mutual fund world that ideally and at hennessey funds, between money market funds and fixedincome bond funds, theres 6. 1 trillion sitting there earning almost nothing. So paul, very quickly, where would you put cash to work . What sectors do you like . We like areas like consumer growth staples. Consumers incomes are rising. With gasoline prices dropping like they are, thats an Immediate Tax cut. You have more discretionary this being to spend. So consumer growth staples and also the United States is a global innovator in technology. I know theres a lot of talk about apple going on right now. We like the Technology Space here. Earnings revisions have come down. We think its a good opportunity. All right. Paul, thank you very much. Neil, always good to see you. Thanks for joining us. Thank you. Ty, up to you. Sue, thank you very much. Exactly how and exactly to what extent, we dont know, but certainly fears about ebola have unsettled an already jittery market. Congress Holding Hearings right now to discuss how to contain this deadly virus. And our meg terrell is there live on capitol hill. Hi, meg. Reporter hi, tyler. Were in the middle of the q a. A lot of fiery questions about what happened at that dallas hospital, about the cdc response to helping there and a lot of questions ongoing now about travel restrictions into the United States from those three affected countries in west africa. Congressman fred upton, the chairman of the committee, starting out by calling for an immediate restriction on travel from those areas in west africa. And some questions to tom frieden, the director of the cdc, from representative murphy just now. Take a listen. Is this going to be your maintained position of the administration that there will be no travel restrictions . We will consider any options to better protect americans. Reporter well be listening to the rest of the q a bringing you any updates. Sue, back to you. Great work. Thank you so much. The Airline Stocks have been getting hit so hard on those ebola fears. News that the Second Health care worker to test positive for ebola flew commercially on monday night, and spain is dealing with a suspected ebola case abroad in an air france plane that landed in madrid. So how should the airlines respond and how are they responding . Phil lebeau is live at dallasft. Worth airport with some details on that. Phil, over to you. Reporter sue, a lot of questions from the people who are flying through dallas today about exactly whether or not the government has a true handle on whether or not people who are flying potentially in a plane with somebody who has the ebola virus, are they at risk . Remember, the government has said look, its not an airborne contagious virus. Therefore we do not believe that there is a danger here. And there are no flight restrictions. What about the plane that was used yesterday or over the next couple of days and yesterday the cdc came out and said there was a Health Care Worker who flew from cleveland to dallas on this Frontier Airlines flight . Well, that plane was then ferried last night into denver. The headquarters for Frontier Airlines. It was taken out of service, seat covers and carpets for some of the parts of the plane have been removed, filters replaced. The crew is on paid leave. Most people that weve talked with here in dallas say, look, we have no problem with how frontier has handled this situation. But they have plenty of questions about the cdc. We saw one gentleman yesterday who flew in on a frontier flight wearing a surgical mask, rubber gloves. He and others are saying the same thing. Does the cdc truly understand what exposure and what dangers are out there for passengers . Im not too concerned, though. I do think the cdc is mishandling this. They didnt have a grip on this from the start. They were very slow reacting on it. So thats what im more concerned about. We will be trying to not touch anybody or get real close to anybody we dont know. Theres too many people getting it. And theyre not containing it at all. Reporter as you take a look at the airline index, as you mentioned, sue and tyler, its been under pressure in the last week, up fractionally today. Delta delivered better than expected earnings for the Third Quarter during the delta conference call. There was a question for the management about what kind of impact theyve noticed so far regarding the ebola virus, and concerns from passengers. Delta emphatic in saying they have not seen a drop in future bookings. Guys, back to you. Okay, thank you, phil, ver