A CNBC reporter since 1990, Bob Pisani has reported on Wall Street and the stock market from the floor of the New York Stock Exchange for more than a decade. Pisani covered the real estate market for CNBC from 1990-1995, then moved on to cover corporate management issues before moving to the New York Stock Exchange in 1997.
He was nominated twice for a "CableACE Award"—in 1993 and 1995.
In 2013, he won Third Place in the National Headliner Awards in the Business and Consumer Reporting category for his documentary on the diamond business, "The Diamond Rush."
In 2014, Bob was honored with a Recognition Award from the Market Technicians Association for "steadfast efforts to integrate technical analysis into financial decision making, journalism and reporting."
Prior to joining CNBC, Pisani co-authored "Investing in Land: How to Be a Successful Developer." He and his father taught a course in real estate development at the Wharton School of Business at the University of Pennsylvania from 1987-1992. Pisani learned the real estate business from his father, Ralph Pisani, a retired real estate developer.
Follow Bob Pisani on Twitter @BobPisani.
Trader commentary is a bit incredulous this morning over what is going on in Germany. For example, the restrictions on naked short selling of CDS has no teeth because most CDS is traded out of London, and Germany has no jurisdiction there. Even the French aren't going along with this.
The SEC has released its Preliminary Report on the Market Events of May 6th. (151 pages. Thank you.) The report does not cite any single cause for the nearly 1,000 point drop in the Dow. Importantly, the SEC "found no evidence that these events were triggered by 'fat finger' errors, computer hacking, or terrorist activity, although we cannot completely rule out these possibilities." So what did cause the drop?
The SEC has released details of new rules on single stock circuit breakers. As expected, "trading in a stock would pause across U.S. equity markets for a five-minute period in the event that the stock experiences a 10 percent change in price over the preceding five minutes." The important phrase here..?
Lots of cross-winds today, with much of the focus on Europe and the euro. While late-day news of a naked short selling ban on some German stocks, CDS and Euro-government bonds is getting a lot of attention, the main focus is the euro, which is again weak against the dollar and the yen, and has been all day.
The SEC is expected to release its preliminary report on the causes of the May 6th drop in stocks this morning. They will also likely promulgate rules on single stock circuit breakers, as well as new rules on a macro circuit breaker and specific rules on breaking trades.
I am expecting the SEC to issue a preliminary report on the causes of the May 6 drop today or tomorrow. Along with the preliminary report, they will separately be issuing details on individual stock circuit breakers. Sources tell me that the single stock breaker will kick in when an individual stock drops 10 percent in a 5-minute period; this will halt trading in that stock for 5 minutes across all trading platforms.
What will a European slowdown mean for U.S. stocks? That's the big debate on trading desks today. Those who are bullish on U.S. equities argue: not as much as you might think. Why not?
As has happened many days, US markets stabilized as soon as Europe closed at 11:30am ET. Regardless: it was a poor showing, despite a modest rally into the close, with 8-1 declining to advancing stocks, and more than 90 percent of the volume to the downside.
Beige Book report was filled with commentary that is mostly positive on the US economy.
We have what traders call "degrossing," where participants are simply taking down overall exposure a bit.
Four Chinese regulatory agencies have issued a joint statement "encouraging" listed companies to take action to shore up their shares.
There are still plenty of bears betting that that rally will have trouble sustaining itself in early September.
Omega joined the growing chorus of investors blaming last week's selloff on trading strategies pioneered by funds like Bridgewater.
Based on historical stock valuations, the Nobel Prize winner told CNBC it's a "risky time."
U.S. stock index futures indicated a higher open on Thursday, building on Wednesday's rally.