The 10 year treasury yield hit a record low. Its rallied a bit. Its given the dividend trade a big boost. Well break down how to avoid dividend traps and the wall street journal ken brown says why stocks could be riskier than they appear. Gold has been one of the hottest trades this year, as you no doubt know. The gold rally is just beginning. We found one of the few gold bears to lay out his case against the pressucious metals. We were scrambling i dont know who we found. Well find out coming up. Tesla ceo elon musk giving into a war of worlds over the time it took the automaker to report a accident involving a autopilot. I dont know how well get to this over the next two hours. Lets start with the global yield crush. Bill, another day, another record in terms of low yields all over the world. Theres so many jurisdictions all over the place that have these negative yields, these record low yields, we just want to point out a few of them. The notable ones to give you an idea, a sampler, appetizer if you will for just how strange the global Interest Rate environment is right now. You talk about the global yield crush. Record lows in a number of places, japan, east side of things, far east, the ten year japanese Government Bond jgb yields close to around negative 28 basis points. Ten years lending, again minus. 28 . A big move there. Record low on that side of things. Move to the continent of europe, we know that the euro zone bonds a lot of those places countries are trading negative. Germany, the ten year there trading negative. Almost 20 basis points there with the Interest Rate there and for switzerland. We want to put it up there for shock value. Weve seen half century bonds up and down around the negative, positive mark around flat and they did hit at one point a negative 50 year yield for switzerland. Notable move there. Of course well move across you reference to the United States here. Record lows at one point today. We rallied strongly off of them thanks to good economic data. Ten years at 1. 34 . 2. 11 for the 30 year long bond. Its got a lot of people talking about dividend years and s p 500 and now they are bigger in terms of yield than the 30 year treasury. Its one of many record lows in the Interest Rate picture today. Well see if it holds, remember, oversold conditions or low conditions overbought for bonds, oversold in terms of yield. Well see if that reverts more than weve seen today. An extraordinary map there. As the treasury yields slides some companies are rewarding investors with healthy income. We have more on rising yields but also the risks. This vanishing yield story across the world in bond markets piling into stocks. The dividend yield and s p 500 slightly now higher than 30 year. Its been higher than the ten year treasury yield for month. A lot of people thought that was a reversal signal. Not necessarily. A lot of people are talking about the risks in the standard dividend yield stocks like the staples, utilities, maybe theyre overvalued but the dividends will be reliable. Im looking for potential dividend traps that are about the vindividual companies that have eye catching high yields. Here are things to think about. You should probably beware of stocks yielding over 5 . Not necessarily that those dividends are not safe, but in this environment, thats the mark markets way of saying the dividend itself is not going to grow or the company has serious fundamental challenges, maybe the company is in chronic decline like old retailers or disadvantaged things like newspapers or printing companies. And maybe can earnings cover dividends on a sustainable basis, thats the big question the market is asking when you have the yield over the 5 market. Some come companies would bead seagate technology. Thats a double digit yield after a really bad stock performance. Its real questions as to whether theyll cut that. Sands not recently covering its dividend. Seaworld has had a lot of fundamental challenges and staples is representative of a lot of those old physical retailers that are also about 5 . Finally, one area that i think might be underappreciated is old tech. If you look around, 3 yields from intel, going up to about 4 for qualcomm. These are cash cow businesses. Theyre not the growth businesses they were 15 years ago. People dont think of them as yield sources right now. It reminds me a little bit of a line to borrow mike, mo mo problems. The highest of the majors, were the ones that were seeing the most vulnerable to a dividend cut. You have to be careful, not taking the yield numbers at face value. All right, thanks very much. Looking at the dividend risk there. Well see more from him in just a bit too. Did you say were not doing this . Okay. Yes. Kelly, by the way, wrote a great article on the bond boom. You might want to check that out at cnbc. Com the spark. You have your own little space there on the cnbc. Com. You do too. I do . I guess i should visit it once in a while. Take a look at that. Joining our Closing Bell Exchange today we have renee norris from urban wealth management. Steven guilfoyle and rick s santelli joins us. The yields continue to plunge as the safety play continues, gold continues higher. Is that safety play continues, and yet here we sit with equities that the s p back up to 2100 today. What is it with the equity market . Today the market got a help from the sector. Weve all seen the numbers for deutsch bank. The total exposure. The italian Banking Sector. Theres a fellow by the name of ive got to read this because its tough he said e. U. Bank failure laws would allow the central bank to recapitalize banks should they bleed out. This was a point of convention. So when we saw that news this morning, almost on the spot, domestic banks here actually reacted well. And the market followed suit. Given whats happened with i think the dutch which were among the first to use the bail in clauses that are in the heart of what the italian markets are worried about. If the italian state ends up being the back stop for whatever the political fallout is it will help the markets. Certainly. The feds stress test, one of the major hurdles is a failure by a major counterparty. Theres nothing in there about a failure by a foreign counterparty that cause as cascading failure of three or four foreign counterparties. This is why our domestic banks reacted well. I saw in the notes you think i mean, certainly uk banks would be radio active right now. You start thinking about nibbling at some point. When would that some point be . What are you waiting for . Im waiting for a few things, one of which is that final details of this brexit transaction takes place. Because we still dont know all of the details right now. So there will be some other pots along the way. I would start nibbling at some of the big wellknown banks. In that region. Like . Well, probably not individual names. I would focus on an etf that would give exposure to all the european financials. So that way if one doesnt work out on a timely basis, ive got some other ones to kind of protect me and protect my clients assets. What do you make of a lot of these funds exposed to uk property who have gated investors . Is that in everybodys interest in order to avoid panic . You know, its hard to say. I think it makes sense. I dont think anybody knows how all of this is going to turn out. Indeed, when it comes to brexit or property or its not only relationships that you mentioned. Theres issues, of course, in spain with housing, issues with the toxic real estate. In italy, anybody know anybody who has owned a piece of property in italy . To try to figure out how many signatures you need throughout generations of ownerships shared by relatives, if thats collateral its not liquid. Thats the tip of the iceberg. I agree with sarge, if you look at the charts on ten year yields, 10 00, we did get the nonmanufacturized. It was the best since fall. But the market was well underway of rising yields from the 131 yield low. I think the reasoneniing to monitorlith the issues of europe and european banks makes perfect since. Stabilization as weve learned since the crisis doesnt really do much. Because the reform never occurs. You go through the bouts of stabilization. Our equity markets in the final analysis now matter how counterintuitive are going to see much higher prices at some point. This is like tina on steroids. Where is it going to go . Everything in europe has aa annast risk. We were talking about the dividend payers and yields search that everybody is on right now. Are you playing that game right now or is it too much of a crowded trade here for you . Its a crowded trade. Im concerned most about the quarter Second Quarter earnings which were getting ready to go into right now. And for the fifth consecutive quarter weve seen decline in earnings. Projected right now to be down 5 . For the sixth consecutive quarter weve had revenue decline. I think the Second Quarter is going to be really tough. Im sitting on the sidelines waiting for opportunities. As you mentioned at the top of this session, there are great Tech Companies that have some great yields. There still is Growth Opportunities there. Thats one of the groups id be looking to buy. All right. Very good, folks, thank you all for your thoughts today on todays market action. We have a market flash. What do you have . This is a story surrounding chemours and du pont. Dupont has lost a third case involving teflon toxin and has been found liable because of a mans testicular cancer. The man sued du pont but chemours a spinoff of dupont will bear the cost. They found dupont responsible for negligence, cnbc is reaching out to chemours and dupont. In terms of price action shares, were down as much as 17 . Theyve come off the lows but dupont trading lower. Well keep you updated. There is dupont its down 2 as people continue to pile through what this means. Thank you. Keeping an eye on markets broadly here with 45 minutes to go. The dow is up 73 points. 74 the s p up nine. The transport down ten points today. The nasdaq is up 32. Tesla ceo elon musk said the fatal crash involving the companys autopilot feature is in his words not material to the value of tesla. This has raised questions whether musk is overstepping his bounds. The experts will weigh in on that coming up next here. Ahead, the last decade is being called a lost one for the nations top 1 . Our wealth editor has data he says backs it up. Youre watching cnbc first in business worldwide. Hi baby hi daddy gain the freedom to fumble with the new water and shatter resistant Samsung Galaxy s7 active. Buy one now and get the samsung gear s2 for free. Exclusively at at t welcome back, airline news, American Airlines and continental has been moved to out perform citing concerns over european travel and the companys cash flow. The firm is cutting united rating to neutral. Netflix is having a winning streak. It has been down graded to under perform. It was slashed from 80 to 120. The trajectory for netflix may turn out to be flatter. Tesla ceo elon musk reacting to news he did not report a accident involving the autopilot because he did not feel it was material to shareholders. This prompted a heated twitter exchange. Murray tweeted seems pretty material to me with a link to a fortune article. Musk responded it was material to you it wasnt material to tesla as shown by the market. Is elon musk over stepping his bounds here as a corporate representative of tesla . We have our panel to weigh in. Phil, you actually have news on tesla right now. What do you have . This is an update, this is a statement from the national highway Traffic Safety administration. Its collecting information from the Pennsylvania State police as well as tesla and the driver of a model x who was involved in a crash on the pennsylvania turnpike last friday. His model x was going down the turnpike, it hit one barrier and then it went across the medium flipped over on to its roof. He was not injured nor was the passenger in the vehicle. He told the state patrol this was in autopilot when the accident happened. The national Highway SafetyAdministration Says its collecting information on that accident. Looking into whether or not the automated functions were in use at the time of the crash. So that just came out from washington. We should point out that weve reached out to tesla and they tell us that their information is that the autopilot was not engaged when the accident happened. However they also point out they havent had a chance to debrief the owner of the vehicle. Remember, bill, these guys get information back from their vehicles on a pretty regular basis. They quickly should be able to tell if the certain functions were taking place inside a vehicle. Paul, you know, just looking at the sequence here that seems to be part of whats at issue. Tesla, it took fully about two months for the disclosure of the fatal accident that happened. In the meantime they were able to sell stock. In your opinion, is this disclosure about accidents involving the autopilot feature material for tesla . I mean, i think its material. I dont see how you can say its not. Whether its material or not, in terms of responsible behavior, its definitely wrong. I mean, the bar is not very high in terms of this industry. And its behavior in the past, and i think he had an opportunity to achieve his goal of becoming a different kind of autocompany, one that was more sustainable. And for this kind of behavior, following on the solar city problems a few weeks ago, i think you have to question whether this is responsible behavior by him or not. Well, okay. Im not here to defend him or prosecute him at the same time. He is defending his company. So do you fault him for that, or just the fact they took this amount of time to reveal the crash occurred, especially when you consider the timing involved with that stock sale they had pending at the same time . Is that what youre faulting him on . Yeah. I mean, obviously, youd have to defend your company. But taking eight weeks before you come out with this information publicly and selling stock in the meantime, i think hes skirting around the edges of what is responsible corporate governance, worse than that, i mean, the response to this with carol lumis, it doesnt pass the laugh test in terms of responsible behavior. In the meantime, there have been more executive deparchiers, a vp of products and Vehicle Production and manufacturing, this as was pointed out brings to eight the number of executives who have left this year. He also said talking about the high number of departures, the last High Profile Company we saw with large Senior Executive departures was valiant. What a comparison there. We should point out they have brought in executives from other established automakers, they brought somebody in from audi, a couple other european automakers who are taking high profile positions. So teslas response would be, look, this is part of growing as a company. Some executives are going to leave. Were going to bring in talented people in response to that. So its hard to say until you get a real good understanding quarter by quarter as theyre making their deliveries whether or not theyre hitting targets or not and whether they can keep up the next two years, really how hard to know how much the brain drain if you will versus talent coming in how much its impacting the company. Let me ask you this as well, is this the kind of behavior that youre disagreeing with on the part of elon musk the kind that should get the secs attention, do you think . I think, you know, whether it gets the secs attention is up for grabs. It has grabbed the attention of the media and the public. And that inevitably leads to other things. I think theyre hiring from audi and other companies is like the blind leading the blind. Theyve got to come out with someone better than that to try to stem the loss of responsible behavior that is in peoples eyes right now. Its very disconcerting. We have to go, but one of the points musk made is we dont report deaths of other manufacturers nearly in the same way as we do with tesla. Is it warranted here for there to be more scrutiny and more Media Attention on these deaths, especially because they involve this new feature, the autopilot . Yes, because it involves autopilot. I want to say, yes, when you have a feature like autopilot that is so intertwined with the brand and with the allure of these vehicles, certainly the first fatality that may have been linked with autopilot warrants that attention. Do we cover every fatality with every automaker . Ive been covering this industry for 16 years, certainly we dont. If theres something thats huge in a general area, go back to the ignition switch, we cover that extensively. Autopilot for better or worse if you love or hate tesla is one of those features that its cutting edge technology, it warrants the coverage thats out there right now. We got to go at this point. Thank you. Phil good to see you. Paul thanks for joining us today. Appreciate it very much. Thank you. Weve got 35 minutes left in the trading session. Here the dow had been down 127 at the bottom this morning. But now up 50 as we head towards the close. You may not believe this, but the 1 has lost some of its mojo over the last decade. Our wealth editor robert frank has new data youve got to hear, stay with us. This may come as a shock to some people. But our wealth editor robert frank has new data showing the 1 is in the midst of a lost decade or had one i guess. I got to hear this. Robert joins us now from cnbc headquarters. In this political season we hear candidates and pundits talk about record levels and rising levels of inequality between the 1 and the rest. The new data shows its not true. An analysis of irs data from the economics professor at the university of california berkeley who is considered the leading expert in income data. Found income inequality was low lower 2007. Its 13 below its all time peak in 2007. Now incomes for the broader u. S. Population are also down from their peak but they have regained more ground than the 1 . Theyre down only 7 from their peak. The 1 also has a lower share of National Income than they once did. They control 22 in 2015, thats down from 23. 5 in 2007. Now no one should feel sorry for the 1 , they still earn more than 20 times the broader population. And the rich have gotten richer since the crisis. Over the decade, the 1 and inequality we are below that peak of 2007. Guys . Robert. Does this square with t