something else power lunch starts right now welcome to power lunch. i m melissa lee. the rally rolling on stocks at around session highs, the s&p 500 hitting a new record high the dow posting its first intra day record high. rates a big part of this market story. the 10-year note hitting their highest level since mid-may but backing off session highs. check out four sectors on the move here, health care, consumer discretionary on pace to close at new records chip stocks on track for their best day of the month ahead of micron s earnings ahead of the bell region banks breaking above their 200-day moving average contessa. and i m contessa brewer as the markets hit record highs, we re joined by tom farley, farpoint acquisition ceo and a new cnbc contributor it s so great to have you. welcome to the family. welcome to this side of the desk we re really glad to have you. you ve got a lot to talk about this first day sitting here. what do you think? it s great to be here i
dom chu? as we talk about what s going on overall with the markets, talk about the idea that the investors and traders are perhaps looking at reassessing how these things, risks are setting up. a lot changed in terms of market perceptions. the risks haven t really changed. take a look at our market thermometer to see how investors and traders are gauging the level of severity that particular catalysts could have. a summer interest rate hike, yes. front and center for a lot of traders out there. so is the uk possibly leaving the european union and the u.s. election coming up this fall. the riskier aspects for the market right now, some of the ones we ve seen kind of scale back a little bit. remember, last year, china was a huge part of the story. the market volatility there. trading halts, everything. china s economy is a big concern. what they re not a big part of the narrative as they were in the latter part of last year, early this year as well. oil prices, remember, we t
percent or 29 points. that s where we stand right now on this monday. well, despite disney s new star wars movie absolutely crushing it over the weekend, crushing all box office records, in fact, the stock keeps on falling. it s down another 1% today. so you re looking at trading since friday, if we can bring up that board as well. there we go. down from the $112 range to the $106 and change range as we see today. and, mandy, the driver here has been the btig media analyst rich greenfield s two cnbc interviews in two days. watch this. disney s earnings expectations for fiscal 17 and 18 are simply too high. we re 5% below the street for 2017. 8% below the street for 2018. bob eyeinger is not being truthful about the ability for espn to go direct. do you think more than half the households in the u.s. would say i have to have this. you re saying he s straight up lying? we re saying he s not being honest with investors. all right. there you have it. let s bring i
after-market it jumped higher. $37 to the ounce. the commodity has risen 4.5% in four sessions. adam: can you say short covering? pc shipments fell 5.9% year-over-year. top three were lenovo, hewlett-packard and dell. liz: we re bringing a top exec from lenovo to talk about that. terry mack grawe stepping down as ceo and president of ma grawe hill financial. douglas peterson head of the s&p ratings services. he will succeed mr. ma grawe who will remain chairman. adam: nokia unveiled the newest lumia smartphone and the lumia will have a 41 mega pixel camera. it will launch with at&t july 26th t will be cost 300 bucks with a 2 year contract. liz: it is bright yellow. how about that? federal government had the biggest june surplus on record after receiving payouts from freddie mac and fannie mae. after the bell starts right now. adam: it is an historic day. we want to get right to the action. jason pride, glenmede director of investment strategy is cautiously optimistic abou
we re talking about a new ipad again. we re seeing apple finally jumping a little bit up 1.9% for apple shares. liz: disappointment, ford. get a quick read. europe is the problem for ford. [closing bell rings] liz: great. trucks good. europe tough. david: call this a claman rally. everybody is happy that claman is back in town. everybody at nasdaq by the way, just are barely into negative territory there, .0% to the downside at nasdaq. all the other indices are doing quite well. liz: couldn t get the nasdaq. david: you couldn t do it all. we have nice gain in the dow jones. it is about 50, 45 points away from dow 14,000 on its way to a new high. s&p up by the same percentage. nasdaq just down a slight tick. russell 2000 up a slight tick. so a little mixed message here. but clear rally in the dow. liz: so many of you are in etfs. guess what? today marks the 20th anniversary of the very first exchange traded fund. the first etf was the spdr 500, spy. lonesome spdr paved the w