And so cold. Meanwhile jeff bezos is at amazon selling 7 million worth of his shares. That stock has reached a 3 trillion market kapp. Were going to have a stock brawl on what to do with amazon coming up. Everybody loves to debate amazon. Then theres the jobs report coming in this morning coming in below expectations. Does this guarantee a summer without a rate hike. Thats also coming up. But lets start, though, with the nasdaq on pace for its first threeweek losing streak since midjanuary. Bertha coombs running down some of the biggest losers for us, bertha. One of the biggest losers is apple as well as nasdaq has come off the lows. Take a look at apple trading low. Weve gotten a bit of a lift this afternoon as we receive a little bit of buying come in on facebook, amazon, and netflix. The usual fang names have been Holding Things up, but that move on apple, down for three weeks in a row, is really part of what is causing that downward plunge on the nasdaq. But a small cap here today really helping things out. Yelp amove the stocks left for dead. Its seen a huge move after earnings and sales topped expectations. A real relief rally here. The stock is down nearly 50 from its recent highs. Biotechs are the weeks worst performing sector, down nearly 5 for the week. Weve had a lot of disappointment and today the big drag is coming from endopharma. Take a look at this chart down off the cliff, sinking to a sevenyear low after cutting its year forecast by about 23 , talking about price and pressure. Its oolz also weighed on others. One analyst at ma zoo low calling the stock toxic. They say the surprise was really just that magnitude of the outlook cut real estaather than itself. Kelly . The specialty names especially. Bertha, thank you. The slowest growth in job creation in seven months. Steve liesman has more. This was supposed to be the reliable indicator. If this is reliable, this is a big disappointment, right . I dont know about that, kelly. Reliable doesnt mean perfect, but were getting different takes on the jobs report from one fed member and the market. I want to go through this. Three prominent wall street firms changing their tunes for when the fed will move operates. Theyre all changing their forecast for the next rate height from june to september. Barclays says we now expect one hike in 2016. That is in september. We believe it will take longer for policy makers to accumulate it. But new york fed president bill dudley in a New York Times interview release this afternoon said while the report was, quote, a touch softer, he was not putting much weight on it. Said it was still reasonable and hiked twice this year. Heres whats going on. You know, its within the margin of error more or less. Ice softer than the market expected. Unemployment rate unchanged at 5 . Labor force partition rate ticking down after really coming up for several months in a row here, but the bottom two are actually pretty good. Average hours worked and wages up. That puts more money in the consumers pocket. Heres the deal. Theyre grueling out a hike. A jobs rebound together with evidence of a bounceback in Second Quarter growth could, in my opinion, put a rate hike back on the summertime picnic table, bill. Steve, im also wondering, those are the two most sensitive facts. The fact of the pace of it. Remember they told you it does mean something psychologically to see a 200 round number to see that condition. That moves against them but the wage number which is probably the most important, that missing piece in the outlook moving in the right direction. I think people have to put this in perspective. There are no economists who think that the economy should be creating 200,000plus jobs nchl general it should be closer to 200,000. Its a stable Unemployment Rate which is a job growth number that marches demographic or population growth. Thats what it should be. The idea that its been 200 doesnt make that right. Doesnt make that the only healthy number out there. I think 160 next month, kelly, if we come back and this thing is revised up to 180, would that mean it would change your opinion . Its within the range. If you were down 100 and a quarter and you did it a few months in a row, i would be crazy about it. It takes more than one to make a trend, steve. Right. Good reminder. Well see. Thats our steve liesman. All right. Lets get to our closing bell exchange. Joining us stevery sciutto, so is keith bliss from kit tonen company and Rick Santelli is in company. Steve youre the resident. Your numbers werent particularly high, were they . No. I do think theres this disconnect between the employment numbers and the confluence of other economic numbers that roll into the gdp numbers and im leaping more toward those numbers. I think the fed is off base in this regard. Im surprised. Its a tick up. From the market data and the price action, its going to be weaker heading into the summer. Youve got seasonal factors at play, technical factors that are lining up that are counter to a market going up. Again, ive been beating this drum for a whieshlg even through the strong period in april that i see the path of least resistance at least as we trend through may and june going down as oppose goingd up. Were starting to see that in some of the price action. Eric, what are you going to do with this market then . You know, the trend lately has been to get back into those defensive stocks again dwrouchlt want to stay with that or go for growth here . Those defensive stocks are pretty defensive at this point. Right now youve god got middling growth and Profit Margins very high. We think u. S. Equities will do okay but we think european equities with bar these lower and emerging Market Equities that are much more attractively priced probably a better place to put your money than bet oong the u. S. Certainly until we get more clarity on the back half of this year and thats going to be a while. Rick, anything you can do to put a spring in our steps here . Pretty its a troubling set of data and analysis. You know, i never look at up or down as putting spring or taking spring from anybodys step. Down here, theres a red side of the card for selling, blue side of the card for buying. You can make money either kwachl it doesnt have to be a oneway street. To me its all about the dollar. The dollar has been getting trounced. Monday it had the lowest close. Weve talked about this since january of 2015 and it stabilized. While thats going on and maybe its just the low gist ticks of the market going through the distribution phase, we see theres even less horse power to the notion the feds going to be tightening. You know, it was two times. You know, we talked yesterday. Second quarter, first look is the 29th of july, 27th is the meeting. So we were talking about it yesterday. It seems like the big firms took july off the table. The election is a week after the meeting. So, yes, its going to be september, december. My guess is maybe only december, but the point is if thats true, the dollar should take another leg down and if that rejiggers all of the Foreign Exchange relative value arguments, then the best place to invest may not be so much europe and our countries. Even spain in the southern part that are starting to look a little bit better, but the Foreign Exchange side with the biggest economy, whether its france or germany is going to take a toll on experts. This week aside, to see if the dollar index can hold that 93 mark which is very significant. Which brings me to you, keith. Clearly youre watching the dollar, i would imagine. But what it does to oil and things, what impact do you think that has on equities. Are we going to see this synergy that occurred between energy and stocks come back here again, do you think, at some point . Its an excellent point to examine right now. Im not sure were going to. Weve seen the uncoupling over the last couple of weeks. I think a lot of that has to do with how we trend. Weve gotten through seasonal patterns. People have looked elsewhere for what the global picture looks like. There is some valuation concern. When i talk to clients. Weve had the foreign looking eps kind of disengage from where stocks have been trading right now. And, of course, you factor in the Global Growth concerns. A lot of that, rick is right, is going to have to do with how the dollar trades in the summer and how it impacts on the rest of equi equities. Steve, before we let you go, a quick comment on the wage trends. Are they moving in the right direction even gradually or are you still just not seeing enough oomph there . When you take out january, which has a lot to do with the minimum wage increase, thats really biased the entire year over year numbers. I think ricks comments before about the currency are the key thing thats going to drive markets and Monetary PolicyGoing Forward. I think the dollars going to continue to weaken on the back droch of u. S. Inflation being stuck around 1 and Global Deflation dominating their currencies. So i think thats the key issue to watch. The currency and the dollar will move lower. All right. Gee, this has been fun. Thank you, guys. My pleasure. Have a good weekend and happy mothers day to all of them. Was just thinking here, its amazing the way the market anticipates these things. We watched the dollar go from 100 to 93. This soggy payroll report lands in our laps. We mentioned it yesterday as if it anticipated yesterday. Its fascinating. The market always knows. Seems to. The market does. We have no idea. We have 52 minutes to go. So is todays decline of gadget stocks, fiit, gopro, and square a good buying opportunity for investors . Mike santoli has a special report on that. Up next, the update on the fire raging in alberta plus well speak with an analyst who says the barrel will drop back. Heal make his case. Keep it right here. Youre watching cnbc, first in business worldwide. Real is touching a ray. Amazing is moving like one. Real is making new friends. Amazing is getting this close. Real is an animal rescue. Amazing is over twentyseven thousand of them. There is only one place where real and amazing live. Seaworld. Real. Amazing welcome back. Keeping our eye on materials. Really, its a specialty pharma space. It took a leg down with the valeant issues. Several Different Things going on. I wonder why utilities will be lower if youre not expecting rates to rise here and, in fact, yields have gone down on the treasuries but yields are down. Maybe they bought the rumor and sold the news. Energy and financials, not a lot of leadership there. Lets check a couple of other movers. Teradata. Theyre replacing their ceo immediately. Theyre upgrading their stock to hold from sell citing what they say is this newfound sense of urgency at the company. Meantime Activision Blizzard rising. The visit owe gamemakers earnings trounced street estimates. It provided upbeat guidance for the current order of cal of duty black ops 3. Your favorite. I was going say the same to you. The update on the wildfire in alberta, canada. Deirdre, this one looks like its getting worse. Reporter that right to. Give you an idea how big this fire has become and how quickly it has spread, it went from 25,000 acres to 250,000 acres within just 24 hours. It is now bigger than the entire city of chicago and it does continue to grow. If it does continue grow even further, canadian Officials Say they may have to ask the u. S. For help. With no rain expected until next week, its becoming a real possibility, guys. This is all taking place, as we keep saying, in the center of canadas oil industry. This is a region that produce 2 Million Barrels of crude day. Estimates report that theyve procut that in half now. Canadas economy is already suffering from oil prices. Bank of montreal has come out and said the wildfire, the damage from the produced output could grind the canadian economy to a halt. Guys, back over to you. Thats incredible. I certainly hope thats not the case. By the way, dear degreirdre, wh this . The fire has been moving south. We went out there. We wanted to go to ft. Mcmurray but the fire has been pushing us back. Theres nothing past ft. Mcmurray. We were talking to people on the ground. Those who were pushed north because the highway was cut off completely they went to the sands. They call it a bridge to nowhere. Theyve been stranded for a few days. Theyve been airlifted and back down to edmonton. But, again, ft. Mcmurray itself is a city and the towns around it less populated but youre seeing evacuations around it. Deirdredeirdre, has any of t been destroyed sits . I wonder if any can get back online after they get this under control. Theres no employees to man the operation because theyve been evacuated as well. The flames earlier this morning, it was report theyd with were just mile ace bay from two oil sands sites from ft. Mcmurray. All it takes is changing winds to push the fires further to affect some of the facilities and make the damage even worse than it already has been. So right now the actual facilities, oil sands facilities not affected but certainly the workers are leaving the area. All right, deirdre. Thank you. He thinks the wildfires are giving them shortterm strength. You think we could see 35 again by the end of the year, dont you . Bill, we certainly do. We had a seasonal rally. Last time we spoke to you it was january and we were talking an rally in march and april. Weve had that. The fundamentals have not changed that much when it was around 30. Theres a lot being made about the production in the United States. Of course, were losing barrels out in canada right now. But as we get past driving season, were going to have once again a glut of oil and were losing places to fill storage tanks around the world and believe it or not, were starting to import oil here again and i think this fall were going have a big supply problem on our hands once again. Before we get to that, james, to your point about whats happening in canada, bp canada has just declared a reduction in available western canadian select crude among other grades and thats reporting to roit ters which cites true trading sources. So bp is saying delivery of oil would be affected during the month of may. So focusing on the direct impact of this, james, what do you anticipate it would be . You know, today crude oil is trading 2 under its previous high over the last week or so. We hit 47, 47. 50 recently. Were down 2 below that in the summer months. If, in fact, we thought this was going to be a longterm fundamental change, we would be trading. The fact that were down, tells us that the seasonal rally and a play that a lot of invests took part in is just about running its course. Were probably in the third period right now of this market rally. You know, for me, i wonder why were not at 35 a barrel now. I get the whole concept of the seasonal rally and all that, but were in unusual times if not unique times right now with the glut of oil that weve seen with the pre tre men does overproduction thats gone on around the world. We still have tankers, im told, out in the ocean waiting to find some place to drop off their oil. So why does the seasonal you were even making point that fundamentals maybe arent supporting this seasonal rally and well have this glut down the road. Theres a dichotomy there. Whats going on there . The market rally is practically every february through may, whether we have the largest supplies in history like we do right now or not. If, in fact, the fundamentals bode well for the market, it then moves into june and july. Bill, you nailed it. The supplies worldwide are enormous. The United States has supplies near 100year highs. Iranian and iraqi barrels are going to start coming onto the market, september, october, november, and were going have a glut of oil again and no one knows how low were going to be. Wed expect well be in the low 30s in the fourth quart ore thf year. Seasonal rallies are interesting how, in fact, they do take place. They did this year. We would be shorting oil over the next 30 days with both hands. James, thanks for joining us. My pleasure. James cordier from options. Com. Did you see buzz aldrin is here. And her sister. Now i understand why he would go with buzz. 30 minutes left in the trading session here. The dow was down 80 points. Its been up 80 points. Were up 73 as we head toward the close. Coming up, amazon founder jeff bezos selling more than a million share os testify company this week. Well talk to amazon watchers to see if Mainstream Investors should be following suit. And up next, gadget stocks. Well talk about whether investors should be buying them at these levels. 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[ soft music ] when you find something you love, you can never get enough of it. Change the way you experience tv with xfinity x1. Welcome back. 35 minutes left. Tough week. Thats a weekly chart for the index. You can see down roughly 3 to 4 . They keep getting hammered. Yep. Gadget stocks like gopro, fitbit and square have been getting socked. Mike santoli takes a look at these stocks and the Common Threads we should all be wary of. Three Different Companies and three types of products. There are some things that unify these three companies an not that the stocks are having a hard time of it. Here are common themes about these relatively young companies. First of all, they had a hot product in a buzzing category. Wall st