And thats a key area to keep your eye on. Stephanie link, murky was the best word to come up with. You feel like you have a view and it gets all muddy. Whats up . Weve had a good couple of days since fridays jobs report, waiting for earnings, for cpi. Rates are stabilizing. Oil has pulled back. Some fed members are more dovish. Rates will stay higher for longer. I dont know if theyre dovish but maybe less hawkish. Better than all hawkish. Inflation, todays number was hot, that was entirely energy. Food prices fell over 1 and goods also almost glad. Youre at 2. 2 in the ppi headline and you were at 11 in march of 2022. Were making big progress there. The tracker rose for the Third Quarter of gdp. Its still really strong. And the economy is still doing good. We wait for earnings. We have to wait, right . I was encouraged with pepsi, though. Everyone talks about Gross Margins being under pressure. For a stock thats gotten creamed, right . Everyone says margins will get crushed. Its a nice start. I think earnings will be good. Barclays calls it make or break. They use the word satisfactory season would be helpful for stocks to find a floor. We always show this now the Earnings Growth estimates, the bar chart. Do you agree a satisfactory earnings season is enough . Yes. A satisfactory earnings season allows you to say similar to what your jets were able to do on sunday, they won the game. Didnt matter how they played or how they won the game, but they won the game. So the market will win ugly . If you have a satisfactory earnings result, you can say, okay, were out of the earnings recession. And what we see looking forward where were going to see subsequent quarters of accelerated Earnings Growth, theres validity to that premise. So i like that message, and i think thats really all you will need. Im a little concerned about were front loaded with earnings because well talk later, but i think the banks will be somewhat of a challenge here for earnings, the real strength of earnings will come later on. I like what steph mentioned with pepsi. Pepsi is the type of company which right now investors will pay the premium for and thats a company thats defined as qualitative. Its a quality company. I feel like, sure, you can be out of an earnings recession and still not live up to where expectations are and that means the market is overpriced. Relative to where expectations are for 24. Come on, you know thats not going to be good enough. We just showed you where expectations are. If you come in well below that even if youre out of the recession. The market is not priced for that or q3 of 23 moving into q4 of next year. I think as long as we see from mega caps theyre able to continue to deliver and thats been the dominant theme of 2023, theyre overvalued, theyre not overvalued, you cant dismiss what their contribution has been to the s p 500 and also the yeartodate performance. And as long as those critical companies are able to deliver whether in totality, its a satisfactory season, i think its enough to get us through the hurdles and set us up for a nice end of year run. You think that you think you really think that mega cap earnings, thats all that matters . It dictates where we go from now. I do think theyre going to have great numbers. I think industrials will do very well. Energy will do very well and margins will hold up across the entire market. Biz, what do you think . Earnings season is important for the investor psyche after a tough august, a tough september. You get into october, if we hear margins are more insulated, people are expecting and particularly some of the big sectors like tech, like industrials, like financials, if investors hear things are okay, satisfactory, whatever the word is you want to use thats the word barclays uses. The bar is low. Flattish, right . We went from expecting negative 0. 3 growth to now expecting 1. 3 growth. These are not impressive numbers either way, but satisfactory numbers. If theyre not bad and piling on to a correction that started at the end of july, its enough to keep markets afloat absent any shocks. Joe suggests that you just need to get out of the earnings recess, and that will be good enough. So the point i would make on that is you have to remember how the sequence of events usually goes. You get a Market Correction and then an earnings recession. Then you get an Economic Contraction. The question that we still do not have an answer to is if and when and how deep that Economic Contraction will be. If the earnings recession is confirmed over with this season of earnings, then we have to wait and see what happens with the economy. My bet is that we will see a contraction, we will see a slowdown. The other thing i want investors to keep in mind the market rarely does. What happened in 2022 and the beginning of 2023 was it. If not were likely to see more volatility in the market. Were waiting for birkenstock to open. Our leslie picker is on the case there. Well go to her as we move closer to that. Lp is at the post watching all of that for us and well go to her, again, priced at 46 a share. An interesting open. Shell be on that. Oil we mentioned down again about 83, steph. You bought ph. Its a diversified industrial. Its aerospace. You know im a Big Aerospace fan. The stock down about 5 . I thought a very attractive price valuation at 17 times, theyre backlogged 38 , Free Cash Flow is substantial. I just wanted to have more exposure. Which other ones do snuff. Boeing, ge deere . Mmhmm. And i did sell u. P. S. To buy parker hannifin. Its also a part of the story is onshoring. You want to go bigger in industrials . I do. Lean into cyclicals. I think the economy will remain strong. I do not think well see a recession now. Maybe in the second half of 2024. Well see. A lot of time between now and the middle of 2024. Industrials now, do you like this move . I like this chart. Its near a fiveyear high. Held the support there. It looks like a solid name to own. I think you have to be tactical within industrials themselves. Im sure well discuss where the etf strategy went long and the stock looks like ski slopes down. Its really about finding opportunities like a caterpillar, a parker hannifin, those are the companies i think you want to own in this environment right now. Well talk about industrials where the momentum is overwhelmingly red. Okay. You want to have Jim Lebenthal call in for that, too . No. Are you talking airlines . Just maybe. Do it now, boeing theyre awful. Delta . The outlook for 2024 looks brutal. You think of a higher cost of fuel, when you think of consumers who are now beginning to show that spending on services is contracting. You think about what we went through over the last 12 months, scott, where you did have that roaring 20s mentality. They benefited from that, benefited from capacity. The best is past for them. The momentum has broken down significantly. We took the positions. They are what they are. Steph was vigorously jotting down notes as you were hating on boeing let me have it, steph. Didnt hate on boeing. Ive never made money in them honestly. Boeing is different, its a duopoly. Has a unit backlog and theyre improving in production. I still think they can get to 10 billion. You can still be levered to the Airline Business without being overly reliant on the strength of the Airline Business. Thats why i look at the backlog. Theyre making the planes and have the orders. Orders can be canceled. Just because you have an order doesnt mean it gets fulfilled. The age of the fleet, those are big themes. Theyre trying to cut costs, the airlines are. I like the story a lot. This was a 400 stock a couple years ago. Its been a hard one. I think the airlines are telegraphing the economic outlook. Theres not much excitement and i think thats what the airlines are representing in their price action right now. A muted growth environment. Thats probably what well be challenged with. Im gathering you dont like industrials, liz. Why are you laughing . It seems obvious. Am i the master of the obvious . Is that why youre laughing . Not at all, scott. You are correct. I dont like industrials. I expect a slowdown to come. To talk about the airlines, if the thesis on airlines, if anyone was bullish, consumers are going to keep spending, keep traveling, that has played out. Even months you see Inflation Numbers that are attractive where things have come down, transportation costs have stayed high and continue to grow. Industrials in general i think is idiosyncratic and you have to troos the companies that operate like well oiled machines, no pun intended, but can cut costs. I would expect there to be some like cuts because i think companies have run out of spots and inflation has slowed down. 3 trillion in infrastructure spend is real. They cant even find labor. So there are parts to your point within industrials you want to be overweight. Speaking of welloiled machines, the exxon pxd deal, joe, we talked with you on the day this was reported as maybe happening. Now we are we have it. You own exxon in the t. Used to own pxd. Im puzzled why pioneer is trading below the price. Does that mean theres an element of the marketplace this doesnt get done . Thats puzzling to me. This is a fantastic deal for exxon mobil. It makes them the leader and the daily production will be larger than the production from some of the smaller opec members. If this gets done, and hopefully it does get done, its a good deal for all, this will benefit exxon mobil. Why dont you own pioneer anymore . Pioneer came out of the joet strategy around 217, so basically before the deal it was announced, thats where pioneer natural was. It had lost momentum and that was the reason we had gotten out. What do you think about this, steph . You own chevron not exxon, correct . I think its interesting that the two big companies, the Biggest Companies are doing deals. Interesting or troublesome . That to me is telling. They see value. The price is in line with what the rumors were at. I like the big majors. I prefer chevron and i like the m a and diamondback energy. I love slb. Its poised to go higher. The mega caps we hit in context of the earnings season. A lot of love from amazon because of their prime big deal days. Reiterates outperform. Truist reiterates the buy. Nathanson 51 billion reasons to buy the stock for 2024. A recent buy for me. Its not cheap. I do think aws is stabilizing and is poised to move higher. Margins are going up for the first time in a very long time and youll see better operating leverage. I would buy more on any weakness. Apple up again. 171ish, now 178 1 2. The one that im excited about is nvidia. I think it really month to date is coming back very strongly. Maybe meta can rival the type of performance. Apple youre not seeing the significant comeback there, but looking at the mega caps, i think it is. Can meta, can nvidia, can tesla, can those names continue to carry the leadership through the end of the year . And thats why i went long the qqq because i felt there was a deficiency and this chase for performance and is the only way to get significant exposure to a Fourth Quarter rally. Whatever the you think of the fundamentals and valuations. Youd better hope rates stay where they are. Especially using tesla as a tell, seems to be maybe the most sensitive of the mega caps to rates. I believe that to be true and youre right. Weve heard enough from the fed that on november 1st i think they pause. I think we have the signaling from jefferson, heard from lorie logan. I think the bigger risk really is are we going to continue to see the increased supply. So many people have talked about this. The supply that will lead to more issuance. All right. Lets take a quick break and well come back. Were waiting for the birkenstock first trade. Digging into the food stksoc. Steph bought a new restaurant name. Well serve it up next. Were back. We have a developing story around this birken sock ipo. Leslie picker is on the floor with something you never want to see with an ipo and thats the prospect of it opening substantially lower than the ipo price. Reporter indications showing a decline of about 10 or more at this point in time. We do still have some time, maybe a little under an hour before this opens. You can see still a 2 gap between 39 and 41 a share. This priced at 46. And im told that currently theyre seeing a lot of orders between that 40 and 41 price range. So maybe we could see an open around that area. We are not used to seeing too many declines. And this one in the middle of the range as opposed to other deals in the last month orthopedic so that price at the high end or above traded up on day one but subsequently faltered trading a few days above the ipo price depending on the company. F factors exogenous, the potential for a Government Shutdown that almost thwarted the road show, the events in the middle east added an additional layer of uncertainty in the market. The executives said this is a one of a kind brand. Good companies can go public in any market. Indications are showing a decline at the open. If it gets to that moment in the next 35 minutes, well be back to you. Joe, this caught your eye. It did. This is surprising. Look, weve had a series of ipos in september that went relatively well. Day of. Day of. So instacart is down nearly 10 since the ipo. Listen, weve turned the calendar into the month of october. I think its much different given the horrific events going on in the middle east, the significant rise in the long end of the curve. I know a lot of people are doing that, a company thats been around for hundreds of years. All birds is a much different business model. What were seeing in, its certainly not optimistic. Suboptimal. I like that. A cramer word. Well get back to leslie if and when the first trade happens. I do want to get to another move, steph, buying mcdonalds. Again. I should never sell it. Its been a while since youve owned it. Its down 14 and i wanted something consumer staple like. I like the 3d strategy. Digital drivethrough and that gives them pricing power. I think the valuation, its not cheap. Its at the low end 21 times. By the way, joe, did you see that kava call today, speaking of relatively recent ipos Morgan Stanley upgrades to overweight. We made it our call of the day. It plays into what steph is talking about. It plays into you, fast casual with chipotle. Looking at cava, this is below the ipo price, first day of trading. Its fallen back. I like stephs call with mcdonalds better. I think the Balance Sheet is critical studying a lot of these fast casual dining stocks and looking at cava, its a relatively immature company to the public markets. I would be waiting here longer before stepping in and would remain high up in quality, it is chipotle and mcdonalds. You do have to consider the strength of the consumer and whether its deteriorating or not because theyre two different areas of the food chain, so to speak. Mcdonalds versus chipotle. On that note, i bring it up because im looking at headers from bostic who is speaking. Here is what he says. A lot of signs the economy is starting to slow, dont think we need to do anything more with rates. Do you want to address that . What appears to you today may not be strong tomorrow. Certainly. To certain members. Were going to slow, scott. I would like to hear this. This is another fed official thats being more dovish, thats good news. Theyre probably done with raising rates. I dont think theyre going to reverse immediately, right . I think theyre going to keep rates high,see how it plays out. The inflation is definitely coming down absent energy and i think that is really the most encouraging signal. The nonfarm payroll numbers, the Hourly Earnings numbers were tame. That, too, is coming down as well. I mean, i would go for the lower price point. Youve seen traders trading down. The fed is not getting too wrapped up in core inflation. I think they can survive it but are going to continue to pull back and trade down. Scott, on the nuanced anyway tour of restaurants and a consumer retrenching within that Morgan Stanley note, they take shake shack down. If you look at the performance, it is an example what youre speaking towards. Well take a quick break. I have a number of interesting calls including a bank stock. Stephanie isn e rks day. Ithmaet well do it next. Cause the right information, at the rightght time, may make all the difference. At humana, we know thats especially true when youre looking for a Medicare Supplement insurance plan. 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I think the duck goes the distance alright, you about ready to get out . Whats this . A hospital bill . for a thousand bucks . gaaaap did this goat just say gap . Hes talking about Expenses Health insurance doesnt cover. But with aflac, you can get money to help close that gap. Aflac, huh . Aflac ahhhh okay oh duck 1, goat 0. Get help with Expenses Health insurance doesnt cover at aflac. Com you want to race . For real . Welcome back. We have more moves. I said steph was active in the market today. You bought more Morgan Stanley and more bank of america and you sold schwab. Do i have that right . Schwab i made about 12 since i bought it last march. I took my gains. I dont think the cash sorting is going away. If rates do come down that should improve. Im looking at Morgan Stanley down 17 from its highs. A 4. 2 dividend yield. Nii Net Interest Income and net interest margins will be crummy. Thats for the entire space. But trading, Investment Banking and fees should be better than expected. They have 18. 5 million customers and i think thats growing. The total address billion is 100 million customers. This one i think is a bargain and i expect the stock will recover. I dont have this in front of me, joe hi, scott. If i recall yes, sir. You sold Morgan Stanley a week ago. And bank of america as well. Great. Take the other side of this trade, please. I could say steph will be right for Morgan Stanley not with me here, you cant. I have concerns about what well hear on friday. I have concerns as relates to the condition of commercial real estate and the consumers and what does that mean for the banks with chargeoffs, bad loans. I think youll see a very high level of lone loss provisioning. Theres going to be a lot of capital hoarded on their Balance Sheet and when you look at the securities portfolio the unrealized losses will be there. Thats going to the notes. Do you think trading will be good . It will be less bad. Less bad . Trading i think will be fine. Youre not going to be down 50 . I own jpmorgan because i think the nii will be okay there. Because of first rebound. Thats the only bank that will be good. I dont think you should worry about chargeoffs. American expressed released august data and loan growth was up but chargeoffs only rose 4 basis points. I think theyre coming in higher. They could for sure. Especially commercial real estate. Wells fargo has the most, so i get it, sure. I think the Capital Markets will be something that surprises. Morgan stanley downgraded at ubs to neutral. Price target lets show the stock again, if you would for me, please. Price target to 84. 79. Cut to 84 from 110. Not much upside here. And they cut earnings estimates. I dont know why you would do it now, down 17 . Trying to get ahead of the report. You know what, i think is it going to be great, the earnings . It will be mixed, as i mentioned. Expect ations are so low. They have a lot of wiggle room in terms of the efficiency ratio. They plan on getting that down below 70 . Thats what will be key on the conference call. They have to reiterate that and i think they will. Okay. Lets get to the headlines with silvana henao. Hey, scott. The state department reported sorry about that, we are just getting an updated death toll from the state department of american citizens lost in the israel hamas war. At least 22 americans have been confirmed dead so far. Yesterday President Biden said that 14 americans had been killed. A Bipartisan Group of senators asked the defense secretary to send israel batteries for its iron dome. The letter says that the u. S. Army is in possession of two iron dome batteries that cannot be used inside the united states. The iron dome launches interceptors to block incoming rockets. The senators wrote that these batteries could provide lifesaving and sustained support. As House Republicans meet behind closed doors to discuss who should become the next House Speaker, a group of new York Lawmakers introduced a resolution to expel their colleague, george santos. A new indictment tuesday says the long island representative was accused of stealing the identities of donors and using their credit cards to ring up tens of thousands of dollars. A vote on a new House Speaker could come as early as this afternoon. Scott . Silvia, thank you. A bullish call in the transport space. We have ownership on the desk which means that trade is next. Personalized Financial Advice from ameriprise can do more than help you reach your goals. Wow. We can make this work. It can help you reach them with confidence. No wonder more than 9 out of 10 of our clients are likely to recommend us. Ameriprise financial. Advice worth talking about. With gold bond. You can age on your own terms. Retinol overnight means. The smoothing benefits of retinol. Are now for your whole body. Plus, fastworking crepe corrector diminishes wrinkled skin in just two days. Gold bond. Champion your skin. Welcome back. More analyst calls. Jpmorgan upgrading csx to overweight from neutral. Its a more recent position, fantastic Balance Sheet. It was the quality factor, the reason it was added. The price has been disappointing. This is a company that scores very high when you study their debt to equity, their return on equity, and ability to see Revenue Growth potentially increase. Transports are coming off three Straight Days off gains for the First Time Since august 30th. Do you like rails, steph . Not at this time. Why not . I own a lot of industrials. I dont think the valuations are that compelling, scott. Union pacific ive owned in the past but csx is interesting. Its trading at ten times ebitda which is attractive. I just have ex composure else elsewhere. You are one of the more optimistic folks on the show on the economy. Arent transports a perfect reflection of optimism or pessimism into the economic picture . I would rather own more pure plays like the parker hannifin, the ag cycle. Deere has the gotten hammered. Rails about as onshore as you can get, right . They are onshore. Transporting things to and fro. I prefer the ones i own at this time. How about you, liz young . I dont want to put words in stephs mouth ill do that, dont worry. You just do you. Talking about onshoring, that takes five, ten years. It will be a while before thats all finished. Transports, to me, are an indicator of sentiment right now, number one for consumer goods products and in the market you want to see transports confirm a move up in the market. Three days to me is not enough of a confirmation. I would still be holding on here. Mike santoli, our senior markets commentator, will join us next with his midday word. P you reach your goals. I can make this work. It can help you reach them with confidence. No wonder more than 9 out of 10 of our clients are likely to recommend us. Ameriprise financial. Advice worth talking about. 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. 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. At first, i used better than bouillon for broth. And then stir fry. Sauces. Even marinades and with all the varieties. Organic. Reduced sodium. And now the culinary collection. Its like the deliciousness never ends make everything better with better than bouillon swords clashing had enough . No. Arthritis. Here. Aspercreme arthritis. Full prescriptionstrength . Reduces inflammation . Thank the gods. Dont thank them too soon. Kick pain in the aspercreme. Were back with mike santoli, our senior markets commentator. Ppi hotter. A mixed picture on rates, and i would assume that puts more pressure now on tomorrows cpi. Yes, its all exactly what it is. It shows you that yields and the potential runaway move to new highs is still the monster under the bed. A few days of Good Movement down in yields, short covering, oversold rallies in bonds, so thats part of whats been going on. Maybe stocks cant take too much comfort. Ive been saying 4. 6 seems a bit of a line between maybe we have a little bit of a peak in place on the chart. Down much closer to 4. 4, it would seem its a broken uptrend. It is down 30 in a week. A tremendous amount, yeah. We were solidly below 4. 60 before the ppi number. We have a keen sensitivity on that score. Up 3. 5 , the market is digesting the average stock is taking a breather. Stuff moved on its own. You dont have the index macro heavy moves. Oil is down, what else is on your mind . It is the oil and the breather in the banks that got a little bit in there and it will have to work itself out. I think its a modest move. A nice sprint for the russell giving a little bit back. Its been five or so Straight Days up. Ill see you in a little bit, mike santoli. Kate rooney is covering the Sam Bankmanfried trial a short distance from here in manhattan. Kate . Reporter Caroline Ellison has been on the stand. Getting a ton of salacious details from her time in alameda. In order to plug a hole at ftx, the company ellison said bankmanfried was trying to raise money from Saudi Arabian investors, Prince Mohammed bin salman, mbs, and later alameda paid a 150 million bribe to the Chinese Government in order to unlock some accounts on a chinese crypto exchange. Before they did that, one of the options was to use fake accounts to withdraw funds. They were thai prostitutes, that is according to ellison. That failed so they transferred 150 million to the Chinese Government through cryptocurrency. They wrote about it calling it just the thing, the 150 million thing, to cover it up. There was an employee that pushed back around all of this allegedly in a meeting he told her to shut the eff up, was known for these outbursts in stressful situations. Ellison said they used what they called the New York Times test, so anything that could have been written on the cover of the New York Times you wouldnt want in writing, that was a mantra internally. Everything was done on encrypted messaging apps. Conversations with her were set to a onewoke auto auto delete to make sure nothing got out. She also talked about their relationship. She said they broke up in december of 2021. She was just setting him updates about the business but avoided one on one meetings. She talked about that bahamas apartment they lived in. She said they started crying when Sam Bankmanfried confronted her about the financial mess being her fault. She said he blamed her for not hedging earlier. She got upset and later made a list of things she called the list of things that sam is freaking out about. He would talk about various things they needed to address, including raising money from mbs, getting regulators to crack down on one of their biggest competitors binance to improve their market share. And buying snapchat, that he was trying to buy snapchat and freaking out about bad pr for the company. And details around his moral compass. Ellison described Sam Bankmanfried as utilitarian. She said he didnt think lying or stealing was wrong if it was part of the bigger picture. She described living really in a state of fear and anxiety around all the lying. Shes pleaded guilty. And this is a part of that cooperation agreement. The defense has really tried to place a lot of blame on her, and they will cross examine her at some point this week. Incredible testimony. Kate rooney, thank you very much. Well have more from kate. And youll see much more on the rise and fall of Sam Bankmanfried in our cnbc documentary, the collapse of ftx, insiders tell all. Check it out on cnbc. Com. Coming up, big moves in the medical devices space as we wel kespk. lta a quick break. Well come back and do more on that, next. Powering Financial Solutions that transform industries. Powering innovation with access to capital. Powering critical decisions with precise data and insights. Powering seamless execution in evolving markets. We deliver our entire global bank to power new possibilities for you. Barclays corporate and investment bank. Powering possible. 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. Welcome back. Here is the etf there, the ihi down more than 4 , tracking for the worst day of the year. Joe, you flagged this. I mean, many of the names within that space, hospital stocks, i mentioned those, hds, tell us about those two. This is sort of the euphoria over these weight loss drugs. It is taking a toll you think in weight loss i mean in medical devices, excuse me, and hospitals to some degree, too. Absolutely. Youre seeing devito, down 20 . But the news comes from the fact that ozempic, that drug is having a positive effect here on kidney disease. Its why youre seeing all these medical devices implode. But it is about ozempic and a lot of the impact being felt right now, and being felt in health care and to a certain extent in a lot of the consumer staple names. You have stryker. Yes. And those are two of the more quality names that you could own in the medical devices. Its going to be interesting to hear what United Health care says on friday about utilization rates. Thats why i own zimmer. Utilization rate rsz going higher, and this company can see Margin Expansion and the supply constraints are easing. But its down 5 today on this news. Theres a lot of bad news out there today. I would be a buyer on weakness with zimmer. Final trades is up next. Opportunity is using data to create a competitive advantage. Its raising capital to help companies change the world. Opportunity is making the dream of Home Ownership a reality. And driving the world forward to a Greener Energy future. [applause] sometimes the only thing standing between you and opportunity is someone who can make the connection. At ice, we connect people to opportunity. our therapists give their all each day. And while were in the business of taking care of others, its important to make sure our therapists know that with benefits from principal, theyre taken care of too. is it possible to fall in love with your home. Before you even step inside . Discover the Magnolia Home james hardie collection. Available now in siding colors, styles and textures. Curated by joanna gaines. Join beon closing bell today. Market picture looking different today. Well see how it looks when we approach the end. Well walk you through it. Kevin simpson always making trades. Hell bring us his latest. Still waiting for a first trade on birkenstock, the ipo set to open 39 to 41. Remember, the price is 46. So it will be a disappointing open, at least at this moment. Well track when it does open and let you know when it happens. Final trade . Consumer staples, down almost 12 since the end of july, much more than the index. I talked about the consumer trading down before, a lot of these companies should benefit from that and hang on to consumption that remains. Joe . Adobe. Looking for it to break out further to a new high. Jm smucker. This trades at 12 times earnings. I like it. A lot of these stocks have gotten hit pretty hard. Coca cola, smucker. Ill see you on closing bell. The exchange begins now. Welcome to the exchange. Im kelly evans. Here is what is ahead this hour. Bond yields are down again today, but stocks are also turning lower. The nasdaq still the outperformer, but shouldnt lower yields do more to boost sentiment . Well try to figure out why. And House Republicans are meeting behind closed doors to investigate a speaker. And conflict in the middle east could materially raise pressure for the u. S. Government to return to regular order. Well get the latest. And well look ahead to delta, dominos, an