1. 75 decline for nas and 4. 78 tenyear note deal. And that is a considerable story well get to all of that. First, though, breaking news on General Motors and phil lebeau who has that for us. Reporter scott, we have q3 sales for General Motors going up 21 compared to the Third Quarter of last year with ev sales jumping 28 compared to the Second Quarter of this year. Why are we seeing increased sales . A big part of it is better production, the supply chain has improved year over year. As a result gms inventory the end of Third Quarter the strongest since q3 of 2020. That will be relevant as the uaw strike plays out in the days and weeks to come. One last note gm, scott, says it sees q3 sales for the industry overall in the u. S. At 15. 5 million vehicles. Thats an indication that the consumer has rebound considerably compared to where it was in q2 and last year. Phil, i appreciate it. Thank you. Thats phil lebeau. We saw the stock moving interday not on the sales numbers, but certainly being impacted quite substantially over the last few weeks by the ongoing strike. Well keep our eyes focused there. I want to get to you, Jim Lebenthal, not on gm but the fact you have the market under pressure. You have this relentless, as i said, rise in rates, and its putting bigtime pressure on stocks, and yet youve raised your year end target on the s p 500 to 4450. Yes. Meld those two together. I will do that. Great discussion yesterday. I know were on today, but great dugs. Brian belski, steve weiss, Joe Terranova on where the markets are going. Im with brian on this. I think what rates are actually saying right now, scott, Economic Growth is better than people expected. That matters for top line revenues at companies. Combine that with margins that should be bouncing back as inflation comes down, and youre going to see earnings growing again. Thats the central thesis. Now that target for year end is based on where we see earnings next year around 250 a share, but a reasonable multiple. 18 times on that. I do think thats reasonable. For the Economic Growth that were seeing and for the Profit Growth that we think were going to see. So ultimately what im saying here i know we want to talk about Interest Rates, and we should, im not ignorant with the deficit and supply, but a very big reason that Interest Rates are going up is Economic Growth is a heck of a lot better than expected. And that does flow through to profits starting with the top line and then with margins which repair. All sounds good. You can make your case as you please, obviously. The question is, if rates continue to move higher, despite all of that, can stocks hang in there or not . Are they going to get slammed, steph . I want to go to you. Im looking at stephs reaction, as i ask the question. She knows what im alluding to, this intense pressure rising rates will put on stocks potentially. Its almost a totality. If rates continue to go up, then no. Stocks cant hang in there. However, and im saying this to steph, and you nodded at me before the show, a chart of the tenyear yield, its doing this, right, going parabolic. Every single chart in the Financial Markets ive ever seen that does that comes back down. Im not saying were going back down to 4. 35. What i am saying is even if rates stay higher, its a question of have they gotten close to the top . I think they have. So to your question he, if they keep going higher, its a question. I think were close to the top here. Steph, what do you make of this price target bump on the s p to 4450 whether you think thats achievable . The likelihood its achievable not that, well, anything can happen. What do you think . I think its a challenge for equities. Can you go out in the fixed income market and get a fouryear muni for 4 , a fouryear corporate for 6. 1 . Theres competition. For the last ten years, there wasnt any competition. You have to introduce is 60 40 back . Is it where youre supposed to be . It all depends on your risk profile and your age, quite frankly. But there is competition. And i think thats one of the reasons why the markets are struggling. I will also say the speed of rates and the fact that its gone up so fast, thats taken the markets by storm, too. I do agree with jim that the rates are higher because the Economic Growth is better. The ism number is still in contraction yesterday but the new orders actually grew and prices paid actually fell. And today the j. O. L. T. S. Number, we still have 1. 5 job openings out there in this country for one unemployed person, so the job be market is still robust. Well see what happens friday. Fridays number is backwards looking. The initial claims, and we talk about this every week, and that is surprise to the upside. That gives the fed cover to do whatever they want to do. Is it another 25 from here, 50 from here . They can because the job market, according to them, they can handle it. Rates really are rising very, very quickly and really its been surprising at how quickly. Josh, how do you see it . So i think i think what stephanie said is right, is the 60 40 back . And in january we heard it was dead because bonds had a bad year last year. The competition from bonds cannot be overstated especially when youre talking about the Wealth Management channel where i live. You talk to a client who has a Financial Plan you built for them six or seven years ago during the time of low to negative rates around the world, and that clients allocation was very heavily tilted toward equities, and why wouldnt it be . It was the only game in town. You would use Treasury Bonds for stability so that you could ride out market volatility, lol, not working so well this year, but predominantly, you were doing reits, doing stocks, maybe a little bit out there doing mlps, but, for the most part, you had to do equity risk. You dont have to do that anymore, and you can have that same client six or seven years have gone by. Their goals havent changed. Theyre still on pace to retire around the same time. They still want to leave x percent to their kids. They can take substantially less equity risk than they would have had to in 2016, 2017, 2021, et cetera, and still all of the monte carlo simulations youre running would get them pretty damn close. So the question is, do you want the standard deviation that comes along with the s p or not for 80 of your portfolio . Most people would say i absolutely dont. What else can i do . Well, here is a solution. And when stephanie talks about a 4 muni on a tax equivalent basis that could be 5. 75 in the top tax bracket, little money, very low risk. The market has to get used to that. And here is my proof. Nothing that you see going on right now has anything to do with is the economy good or not . 100 has to do with this push and pull over what bond yields are. Id like you to consider the following. The xlu, the utility sector, this is the new tell for the market, and its really astonishing. If you asked me when was the last time we have seen the xlu deviate this much from the s p 500 to the down side, the answer would be never. It has never happened. 47 of the utility stocks in the xlu sector are making 52week lows that hit 60 last week. Thats where you see this Decision Point that im talking about in these stocks, and it might not be over. The median s p utility name is a 17 p e right now, which sounds fairly cheap. Its not really cheap historically. They could actually go lower, and that, i think, is really whats jarring the market. The safest areas of the market are underperforming the risky areas as the vix ticks higher, this is a very rare situation. Well, they have high debt level. Utilities have high debt levels. Thats one of the reasons. I agree. I heard santoli make the point earlier that, quote, theres nowhere to hide, to joshs point. These areas of traditional defense or safety like utilities are not working at all so they come off the worst day since april of 2020. You saw it down again today. Josh, it leaves me to next era energy. You sold it but give us more color on that particular name and why youre out at this particular time . So next era has been a horrible performer in a sector of horrible performers. Its been a no place to hide sector and its one of the worst. They have an mlp that trades publicly that they actually cut the distribution on last week, and it was an easy decision from there. Basically the utilities are getting squeezed from both directions. They have this situation where theyre expected to pay out a certain yield. Its never going to be enough to be competitive with where overnight money is right now. If theyre not already there already. And then rate risk, stephanie was alluding to, they have to roll debt. Theyre infrastructure companies. They have assets. Those assets need to be maintained. You have this double trouble situation, and i probably should have thought more about that rate situation months ago, but better late than never. What ive been doing the last few weeks, as youll note on the show, is really getting rid of a lot of things that are noncore. Stocks that are new in my portfolio. You saw me get out of ita, arista networks, out of next era. I think right now this market environment is a greatest hits market environment. Thats really all i want to focus on right now. What are the stocks that i want for the long term . What are my greatest hits . As those stocks trade lower, i need to have the liquidity to own more of them if im going to be a longer term investor. I cant do anything outside of the greatest hits right now. I just dont see the risk reward. None of the trends, none of the charts, are encouraging for short term anything, so i really have to focus on what i want to buy more of and be ready. Which is why, jim, its i dont want to say jarring, but you see whats happening in the market and youre using this opportunity to get more bullish and more optimistic. And i go to Mark Kolanovic yesterday, which we hit on closing bell as his note dropped about why hes remaining as negative as he has gotten because,his mind, Interest Rates are deeply restrictive. These are his words, deeply restrictive, and valuations are too expensive especially given where rates are and with an economy we know we know its going to slow down. Slow down, yes. We do. Slow down, yes. Maybe not recession. I didnt say that. I know, i know. Restrictive rates, valuations expensive relative to where rates are and where the economy is likely to go, too. And then the idea that 2024 earnings have gotten so optimistic that, man, you need everything to go right, everything to go right to think you can get to where we need to go. A good setup. A lot of premise. I will not be able to cover them all. To the earnings because thats the heart of the matter. Are they priced to perception . Are these projections on the s p 500 realistic . I think when i look at the company results, and thats where i really live, i see a lot of companies that have had earnings estimates go up throughout the year, and i can go down like alaska airlines, wynn resorts, gm, a lot of earnings expectations have gone up. You mentioned alaska. Alaska has gotten bludgeoned by the rising oil prices. Maybe the estimates are delusional because the oil price is real. Let me jump in there. Estimate reality. You triggered me because the delusional comment is one weve been talking about for a year and a half. I didnt say youre delusional. I said the earnings estimates. The earnings estimates for the most part have proven to be delusional because theyve had to come down. Come on, come on. When we started talking about delusional estimates last summer, we were talking about a major dropoff in estimates this year, and anybody like me who said, whoa, whoa, whoa, i dont think it will be that bad, we were labelled by delusional. Im coming back to it because it is a word that has often been used when theres a disagreement. Earnings estimates i like it. I think to your question, also, is the market too expensive . I think when you look at certain sectors youre darned right. What josh was saying about utilities and go back a year, utilities trading at the low 20 multiples, i would say the same thing about consumer staples. I see growth and earnings. I think faang are based to perfection. Theyre down from their tenyear averages. Thats fine. Thats seven stocks. Seven stocks thats led the market. I think those are priced to perfection. Theyve had a nice run but energy is not priced for perfection. Industrials are also with the onshoring were talking about, and that is a tail wind, aviation is actually on fire. Its a long term no one can dispute its a long term tail wind. Its not a near term tail wind. The mover is where the economy will go. We saw last quarter and the reason the industrials have done so well and held up is because they did come in better than expected. Only up 1 . Pick and choose which you like. Im in u. P. S. And other names, john deere is a fairly new position for me. I think youre seeing some tail winds, not all, but its a tenyear theme. The economy is stronger than any of us are giving credit for. I hear you on the slowdown, and i dont know if the atlanta fed is right at 4. 9 . Going in the right direction. You cannot ignore the ism yesterday at 49. Thats right. You cant. And new orders. Thats more important than the headline. The bearish macro economists are saying its a blip. Dont believe it. Theyre entitled to that position and maybe theyre right. It looks like its bottoming. Durable goods orders and the labor markets, you mentioned it. You have continuing claims below 1. 7 million. Get an update tomorrow. Weekly jobless claims, the jolts, the labor market is the most important indicator. Josh, there are some who say its Pretty Simple right now. I mentioned what i was told the other day. Its relevant because, to him, its really easy. From qe to qt weve had a paradigm shift in how the last 15 years, for the most part, have been traded on free money, and now we have a different fed, and now we have a Balance Sheet thats being run off rather than bulked up. And thats having as we see every day a dramatic impact. You pile the issuance on regarding the deficit and everything else, and the lag effects, which have probably yet to take full effect. The consumer, which maybe starting to feel pressure, earnings estimates that may be overinflated. Si don i dont know what the multiple is. The multiple will move up and down but also so will the earnings. I think one of the things worst pointing out the news was as bleak or things were as uncertain last october, a year from next week and the stock market bottomed. Most of the big nasdaq names doubled and there was no reason, quote unquote, the predictions that would happen to earnings went true. So the bears were right on earnings but wrong on the demand for a certain type of stock because they couldnt have seen chat gpt come along. This correction to stop on a dime and turn. Maybe it doesnt. You almost never know in advance but, again, near term, a 20 vix not elevated relative to longterm history but to this year. This is about as rough as weve seen things outside of the banking panic in march. Every one under three years is yielding 5 . If the deal is here is an institutional share class fund, im giving you 5 now. You dont have to worry whether or not the s p finishes strong, the instreumental dollar. 8 out of 13 are yielding greater than 5 . I wouldnt go so far as to discount that nothing else could happen that might jar us back into bullishness. I dont know what that might be. Hes not saying hes not overwhelmingly negative. I said that repeatedly since i spoke to him on friday. In no way, shape or form is he suggesting that in any regard. Anything can happen in the market. One of the big risks to the upside, firms like wolfe, which have been negative every month totally wrong. They see major upside risk, the chase to the big 7. Jimmy says a rip your face off rally now to the end of the year. Hes invested in some of the magnificent seven names. Is that the thing that saves the day . No, profits save the day, over the long term, stock follow profits. In both directions, scott. Thats why its so important to follow the economy and the data points and feel confident in the consumer, which is a big part of the economy. And the strength in the consumer is all on jobs. And then a little bit of manufacturing is blended in there. Stay diversified. If stocks if profits come in better than expected long term, the mark goes higher. Josh . In 2022 that didnt help you at all. The nasdaq fell 35 as we added jobs. But earnings fell big time. No, this year. You said 2022. Thats my point. You said focus on earnings and jobs. In 2022 earnings were fine. No. I wish it were that simple. It is that simple over the long term, josh. Earnings fell for faang and for technology. He asked you a question into year end. Yeah, and you brought up 2022 you brought up 2022. What im saying into year end into next year if i think profits are going higher, the market goes higher. That was my point. If you have a recession and profits go down, then youd better be bearish. If earnings decline from here, we have problems. Josh, to your point in 2022 this time, people were looking at 2023 earnings and saying theyre going to be down. Theyve come in flat. That just didnt happen. Thats where this market rally let me ask you, absent absent the summer ai boom and all of the stuff thankfully we got from, lets say microsoft, nvidia, oracle, amazon, a. M. Sent that we probably would have had earnings worse than they came in. If you look outside, these are the biggest components in the index. I get where youre going. The problem when we start slicing and dicing, i can say, well, if we took out Energy Earnings this year, if you want to say its all on faang, theres legitimacy to what youre saying. I will say if you take out energy 40 of the market, though. Energy isnt. Im not cherry picking. Im not accusing you of anything. In terms of earnings contribution, technology is a heck of a lot less were not buying earnings. Were buying stock. Buying stocks based on earnings. At the end of the day, thats what were saying. They dont necessarily move in the same direction. Yes, they do. Over the long term, they do. Lets take a break. Coming up we have another Big Committee move to get to. The dow stock that Jim Lebenthal is buying, its down nearly 20 this year. Wel llouhaits tlte y wt iinwo minutes. Icy hot. Ice works fast. Heat makes it last. Feel the power of contrast therapy. So you can rise from pain. Icy hot. Nice footwork. Man, youre lucky, so watching live sportsin. Never used to be this easy. Now you can stream all your games like its nothing. Yes [ cheers ] yeah woho running up and down that field looks tough. Its a pitch. Get way more into what youre into when you stream on the xfinity 10g network. The dow is down 363 as you see. Six names in the green. Nike is one of them, and Jim Lebenthal is buying nike. Why . Theres a simple truth in equity investing. Sometimes this backfires. If you look at nike versus disney, theyre almost identical. Disney is going through some things over the last year and a half it has cleaned up. Inventories were one. Inventories are down 10 as of the last earnings call. China is another. China is starting to grow again. Finally, a lot of things that have held us back that applied to margins, and you see costs go down, its a great brand, a great company. Im getting it at a good price. How do you know that . Historically why do you think that . Ive invested in nike over 30 years, in and out several times. Ive said this before, people are like why this number . 24 times forward earnings has been a win. I have it closer to 27 forward p e. Im 24. I have 24. Its on a weird year, scott. Im just looking at whats written on my thing. The tenyear average is 28 times. It was 35 in january. Its a terrible chart. Im trying to jump in front of josh. Its a terrible chart. It depends on what you think margins can do. Josh brown, we watched the stock go down, you said you were looking at it, thinking of it last week. What do you make of jims buy . I want jim to make all the money in the world and given enough time he will. Its the same chart as disney, both great companies. I appreciate jim pointing out the fundamental distinction. I agree its not the same situation. I said before the earnings the stock was 80. It got close to 100 after reporting, it just feels so heavy to me. I said disney with a seven handle. Now its 79 today. The stocks are just heavy and they have the same shareholder base. These are amazing companies. Technically they feel heavy. I hope im wrong. Let me get a stott from you . Its all about even margins. Inventor jis are coming down and that will be powerful if the demand, if sales can stay strong. I think thats pretty exciting with china coming back. Do you think now is the time to buy it . I do. I think for the long term theyre in very good shape, gaining substantial market share and can increase price. All right. Bertha coombs. Major Drug Companies have agreed to price negotiations with the federal government including johnson and johnson, merck, bristolmyers squibb. The first ten prescription drugs that will face negotiations with the federal government to determine prices for some of the most expensive medications. Final prices are not expected until september of 2024. President biden called leaders of u. S. Allies, the European Union and nato, to convey american support for ukraine. Doubts of future support were sparked. Leaders meet in kyiv to show support for the war effort. The United NationsSecurity Council wanted to send an armed force to haiti to combat gang violence. They will be in country for one year, the first time a force will be deployed to haiti. Scott, back over to you. We have more Committee Moves to get to. Its just one of those days. We have some action all over the shace. Jo brown is selling an energy stock well talk about next. when the day that lies ahead of me seems impossible to face a lovely day lovely day lovely day lovely day a bank that knows your business grows your business. Bmo. Its not just designed to look good. A bank that knows your business grows your business. Its built to command attention. Its not just a comfortable interior. Its a quiet refuge. Theyre not just headlights. They light the way forward. The new fully electric audi q8 etron models. Meet gold bond daily healing. A powerhouse lotion that moisturizes, heals, and smooths dry skin. With 7 moisturizers 3 vitamins. And. New gold bond healing sensitive. Clinically shown to heal moisturize dry, sensitive skin. Gold bond. A lot of red on the board today, thats for sure. We do have another move to get to. Its josh brown and he is selling rig, be transocean. Talk to us. It was a trade, and theres a sell discipline there. When its not an investment and the stock was on the verge of breaking out and failed, i think there is risk down to the mid7s, a little bit of support going back a few months ago. I think fundamentally the company is doing the right thing, they did a 300 Million Debt Offering. They have fixed the Balance Sheet and now are funding future growth. I have no issue from a stock trade perspective. Its a greatest hits environment, not where you want to have your third and fourd best stocks on the board. Jimmy, you own it. Trading discipline, technicals, i totally get it. Fundamentals, and i hear josh. Fundamentally i really like the story. The 300 Million Debt Offering at 8 is not a high, high yield risk company this is a company doing well. The thing im looking for, and josh knows this. One third of the fleet is cold stacked. The rest of the rig fleet is contracted at this point in time. Thats the catalyst im looking for, thats the catalyst im looking for to break the technical trend josh is talking about. Steph, no rig but you have chevron, diamondback, slb. Very overweight energy. Im 10 of my portfolio. Double the market . I still like energy very much. Maybe i trip if i see a rally. Im more inclined to go the other way. Because i do like these companies. Schlumberger is my favorite. Well come back with another move. Its part of our call of the day. Well talk about it after this. This thing, its making me get an ice bath again. What do you mean . These straps are mindblowing they collect hundreds of data points like hrv and rem sleep, so you know all you need for recovery. And you are . Im an investor. In invesco qqq, a fund that gives me access to. Nasdaq 100 innovations like. Wearable training optimization tech. Uh, how long are you. Im done. Im okay. Nice footwork. Man, youre lucky, watching live sports never used to be this easy. Now you can stream all your games like its nothing. Yes [ cheers ] yeah woho running up and down that field looks tough. Its a pitch. Get way more into what youre into when you stream on the xfinity 10g network. Heres why you should switch fo to duckduckgo on all your devie duckduckgo comes with a builtn engine like google, but its pi and doesnt spy on your searchs and duckduckgo lets you browse like chrome, but it blocks cooi and creepy ads that follow youa from google and other companie. And theres no catch. Its fre. We make money from ads, but they dont follow you aroud join the millions of people taking back their privacy by downloading duckduckgo on all your devices today. All right, stephanie link, lets talk about this move you made. You bought more amex. Do you want to tell us why . Its down 17 from its high, right . I do feel good about the earnings, the e. So the p e is at 13 times, which historically the stock traded at 17 to 18 times. I like their business mix, which is 80 fees, 20 net interest income. And they did just release august loan data up 18 in the month alone year over year. I think the consumer will hang in. I think theyre gaining market share. Morgan stanley likes the stock. Theyre super bullish. They raised to 188. Do you know where it was before that . Yes. 185. At least its going in the right direction. It could be worse. I wouldnt resist. I know. Delta cut from 40 to 50. You have cost pressures, think about oil. The same deal, so these companies have been optimistic. People have been traveling. Whats the story now . I like the way you set that up. People have been traveling like crazy. 6 in total Airline Traffic above prepandemic level. People are traveling but the market thinks it will end at any point in time. It will slow down. It has to. How much of a slowdown . Im not sure, scott, that it does slow down. Job strength. Inflation coming down. I think people continue to travel. Weve been talking about travel falling off for a year now and it hasnt. Thats so true. The transports below their 200 day. Terrible. The cost pressures are real, thats a fact. If what i just said about average Hourly Earnings on a real basis on jobs continues to be the case. I was going to move on until i saw this line from stephanie link. I would not own an airline. Thanks, be patti. I would not. Exactly. Thanks, patti. I think theyre trading vehicles. They are so focused on oil and what happens with oil. I agree with you on demand. Its hard when times are good, the companies cant outperform. When you have head winds with oil, its challenging. Thats the point. Here youve had the most incredible period of air travel any of us in our lifetimes can remember. Theyve talked nonstop, all these ceos, demand is not letting up. Were selling tickets like its popcorn. The stock is up 9 year to date. Frustrating. To stephs point, if not now, when . I will say this. Companies are making money. You know what theyre doing, theyre paying down debt to a degree the Airline Industry hasnt seen in my lifetime. Thats what i think may turn these into less of a trading vehicle. Am i hanging myself . If i am, come back and youll find out. Paying down debt is good. If not now, when . If the stock still isnt doing much. Ill go back to where i started. This question are we headed into a recession or not . Slowdown, the stock is underpriced. Recession is probably appropriately priced. I see a slowdown, yes, i dont see a recession with the economic statistics. Do you know what they remind me of . Other stocks have p es ford. Its a good day on the show, folks. Im glad youre watching. Did you think i was going there . No, i thought gm. Josh, quick . No. The answer is no. No for no reason. No what . No airline stocks. Never. Unless youre trading it. Theres no longterm investment in airlines. Enough already. All right. Well come back th mwiike santoli. His midday word is next. 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Clinically shown to heal moisturize dry, sensitive skin. Gold bond. Xmarkets commentatorsclearly, right . Transport is having trouble, utilities, brutal. Rates up, stocks down. Theres a familiarity to it. Let me try to draw a little bit of knuance. Today, the bond market was at least reacting to a piece of fundamental news. It wasnt just vague, too much supply, momentum downward in bond prices. The chinese are selling. Today, part of the story, is bonds under 4 were in the wrong spot. The economy we have and what the fed has been telling us forever. It doesnt help in terms of stocks trying to absorb it necessarily. And so now youre in the game of, have we started to get more washed out . You look at the extremes in the numbers, and maybe on the borderline of that. Last week, i was saying how everybody watching for 20 vix, and we stopped at 19. 7. So its all incremental. Theres Something Interesting about theres no one part of the market that stands out as getting excessively punished today. Small caps, equal weight, s p 500, all down about the same amount. Its 1 point something percent. So Everyone Wants the yields to burn themselves out on the upside to see what we have in the way of the fundamental backdrop and figure out how we price things off. I quoted you earlier when you said this morning, this is a day where theres no place to hide. It looked like that, yeah. So we get a little bit of a bounce in utilities today. Some of the traditional things are waking up. In general, whats fascinating is we were so fixated, and i certainly was, about the markets panicked that the economy cant handle rates up here. Now you dont know what todays economy is, but its sort of a different narrative. The economy is going to hang in there, higher for longer is with us, but also makes sense. This is what the fed told you was going to happen . Yeah. And what the fed wants to happen, and well see what happens next. At some point people will think theres going to be a policy mistake if we go too much further than this. 12 of them expected another hike in the september meeting. So that doesnt tell you anything you dont know three weeks ago when they say were going to have another hike. But the market moved in a different direction than the fed. Now we are coming in line. Ill see you on closing bell. Thats mike santoli. In tde a nt. You cant buy great conversations or moments that matter, but you can invest in them. At t. Rowe price our strategic investing approach can help you build the future you imagine. T. Rowe price, invest with confidence. all toooo youuuuu sean i wish for the amazing new iphone 15 pro jason sean do you mean this one the one with titanium . sean no way i can trade this busted up thing for one. jason maybe stealing wishes from the birthday boy is not your best plan switch to verizon and trade in any iphone and get the new iphone 15 pro on them. sean what . jason yup, and on an Amazing Network sean and i dont have to ruin anymore birthday parties jason yeah, that ship has sailed. Lets go get you the iphone. Here we go, come on hon. vo trade in any iphone in any condition for a new iphone 15 pro on us. Only on verizon. This tiny payment thing is a giant pain hi ladies alex from u. S. Bank can she help . How about a comprehensive point of sale system. That can track inventory, manage schedules and customize orders . Thats what u. S. Bank business essentials is for. oven explosion what about a new oven, can u. S. Bank help us there . We can serve loans in as fast as 12 minutes. That would be a big help huge jumbo ginormous woo woo finding ways to make your business boom. Thats what u. S. Bank is for. Well get there together. With powerful, easytouse tools, power e trade makes complex trading easier. React to fastmoving markets with dynamic charting and a futures ladder that lets you place, flatten, or reverse orders so you wont miss an opportunity. E trade from morgan stanley. This is going to be an interesting one on closing bell today. Dow down about 345, so well track every tick right into the end. Both in yields and stocks, with kevin gordon of schwab, theyll all be with me. So join me then. By the way, congrats to stephanie and jim. Barons ranks their top 100 ria firms of 2023, high tower number two. So good stuff. Lets do final trades. Josh brown, what you got . Remember what i said about greatest hits . Im watching high quality situations like starbucks. I think there will be an opportunity there in the 80s. I may end up owning it. Stephanie, you still own star bucks . I used to. Where did you give up on it . I used profits from it to buy more nike. I still like it very much. It pulls back i i just need more cash to buy nike. Okay. Whats your final trade . Cisco. Its a new position for me, down 7 from highs, trades at 13 times forward estimates and i like this splunk acquisition, where software will be 55 of recurring avenue. So i think its value. Jimmy . I agree on both of those calls by the way. You own cisco . Yep. That splunk acquisition is transformational. Boeing, look, i know this has been disappointing over the last month or so. But look at the news, they think theyre going to get 737 production. Thats big and meaningful. I will see you. Thanks, guys. Ill see everybody on closing bell. The exchange begins right now. Thank you very much, scott. Welcome to the exchange. Im kelly evans, and heres whats ahead other than searching bond yields this hour. We also have two big legal cases. The first concerning the fate of sam bankmanfried, the second over cfpb. Trillions could hang in the balance. Details ahead. And microsofts 9 billion ai tool, is it worth the hype . The first verdicts from users are in. What they are, what it means for the competition and why microsofts stock is lower. And two different trades in the weight loss craze. One is a bail, the