we have lot of news coming out with the fed, bank of england, mof -- i'm sorry, ecb, jobs report. we have a lot of things, and i do believe the market's being a little casual, maybe even naive about what could happen. i'm not calling for a crash, i'm just saying we have a lot of information, and we just don't know what's going to happen by the end of the week. david: p be e for the s&p going forward is still not overvalued, so people say there could be room for growth. >> yeah. david: larry, thank you very much. pharmaceuticals, we haven't talked about them today. two big giants reported earning3 earlier. let's head back to nicole petallides on the floor of the new york stock exchange. how did they fare, nicole? >> both are dow components, two huge names in big pharma, pfizer a winner, up about half a percent, merck down about a half a percent. both companies have tried to keep their costs down for marketing and such, but also they both have the same situation which is generic competition. having the patents expire. merck, for example, for singulare lost 80% of sales because of th

>> i believe so drk no, oh, stop it. >> doesn't she own the bank of england? >> still, all the lines. >> not a word in edge-wise, and we're 2 # 2 minutes into the show. >> i'll join the show from the set. >> there you go. all-star week, coming up on major leek baseball, but the performance enhancing drug scandal is not going away. big suspensions for the game's most talked about players. fox and friends host is next on that. i speak to 20 major-league baseball players including alex rodriguez, may be suspended after the all-star game because of performance enhancing drugs. they will make these suspensions after the all-star game. speed they are trying to put baseball on the spotlight. they have taken a backseat to the nba playoffs. the ratings are down on television. they want the limelight to be at citi field in queens new york. they do not want to be talking about suspensions. we will be talking about them who are accused of cheating. stuart: you are right. don't you think, though, that the attendance and ratings would come back again if we had guys banging

the european banks and bank of england said everything right and the markets surged. what does it mean for us and what does it mean for the feds? >> it's going to be supportive for us, just because. number two, i still take the words, data dependent is probably the most important thing right now which means jobs and inflation, those are the two things the feds are looking at and if those are the two things the fed is looking at. it's not tapered tantrums. it's the taper caper. right now we'll continue to see the fed print in the u.s. here, well in the next year. i don't think it's going to change because i can't see that unemployment number coming down fast enough. >> listen, we spiked to the upside immediately after the number and came down and gave up almost 100 points pre-market here and we're all over the place. i mean, is this number enough to move the fed toward tapering? >> i don't think so. bah us we're looking at inflation or the unemployment rate and that is 7 1/2%. they're looking at 6 1/2%, we have more of a chance of deflation in this country than inflati

p, bank of england making policy changes or maybe not making policy changes. we have our unemployment report coming on friday. earnings season is coming up. something like egypt which is a very big deal however, it is just creating people, atmosphere of where people just want to get out, want to get out of the market all together. not interested in a gentle upward flow we've seen in the early part of the day. david: paul, it is true we have these big important numbers on friday, the june employment numbers but what is moving the market more now? is it concern about the numbers or is it concern about fed tapering? >> i think investors have overreacted to the fed's remarks earlier this month. this fed is not going to do anything dramatic. in fact, this is going to be a reactive tapering policy. meaning, that, as real economic growth goes up, they're going to taper a little bit to offset and to start winding down their -- david: what you're saying is that the fed tapering concerns is weighing more heavily on the market but the market's wrong in letting that happe