Sinking bond yields could be savior of stocks: Pro

Through the prism of the Good, Bad and Ugly on Wall Street, here are three top items for investors on Friday.

The Good

With triple-digit moves in the Dow Jones industrial average becoming the norm again, bond prices have been rising and thus yields have been dropping. Mark Grant, managing director at Southwest Securities, has been correct in saying the 10-year Treasury rate would be likely to see 2 percent before 3 percent. He said that's going to provide support for stocks.

The Bad

By contrast, Nobel-winning economist Robert Shiller appeared on "Squawk Box" and questioned whether all the volatility in stocks is signaling a sharp move lower like in 2000 and 2007 or even 1929. Shiller won the economic prize for research into market prices and asset bubbles.

Read MoreTime to stop govt-imposed bull market: Jim Grant

The Ugly

Looking at the global landscape, there are many troubling signs of weakness—from the IMF's recent economic growth downgrade for this year and next to oil prices sliding below $85 a barrel. Even Fed policymakers, in the minutes from their latest meeting, worried about global growth and whether the stronger dollar could undercut the U.S. recovery.

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