Positive rates have stabilized a little bit. The data is mixed. How do you assess whats been a really difficult week. Well see how long that will last seeing the yields move up again absent an expansion of the conflicts in the middle east, and the reason i say that, if you look at the treasury auction, i think, on tuesday, it was kind of punk, right . I think that will continue to be the narrative going forward. The market was due for a bounce and amazon was as good a reason as any in reflection, i thought earnings were actually great, the market said, hey, we can pick and choose here 24 th is a respite critical companies have missed and missed badly and the market is punitive. Its the largest, the highest ive ever seen as ive said many times, the risks outweigh the rewards theres a time to play and a time to wait your return is definitely defined by your point of entry this is not it youre playing more than look, you bought more meta i did you bought more microsoft i did right yesterday. Yeah. As those stocks obviously had some troubles, even with decent earnings in microsofts case. And you have amazon, too so its not like youre running for the hills. Youre getting a little more invested in the biggest names within the market. Yeah, well, lets go wide to the portfolio. Yesterday i was actually net short yesterday, not necessarily at the beginning of the day, but going into the earnings for meta i was short through the qs, right through the qs. I was short multiple calls on meta i was short the 30s, the 37s, the 42s or whatever. Look, they didnt offset the loss there, but it was unbelievable trading i got into meta. I traded yesterday, got in way too early. It was only down six and then thought i was a hero and then its down 18. I really loaded up down 17 sold part of that. Now my position right now is double what it was going into yesterday. So theres opportunity in terms of microsoft, shouldnt be down at all as ive said and as the earnings bore out this is the number one play in ai so im happy to take on idiosyncratic risks on fundamental stories from bottoms up analysis but not willing to take on broad market exposure. Jenny, be in terms of amazon, its been a tough week lets focus on mega cap. I think thats where people really need to know whats happening and what the broader implications are for the overall market did amazon just save us, the nasdaq, from a bigger plunge that seemed to be putting itself together maybe i think probably and im thinking about the conversation we had a couple days ago where you said are these guys tired, and i said, exhausted. A bigger plunge, probably yes. But what does that mean from here i dont think it saved us from a bigger plunge. I dont think it means its going to reform a bottom and were going to have a huge move up because when steve says microsoft shouldnt be down, it shouldnt be down based on the story, but i think they all should be down, or at least need to take a pause based on the fact that these stocks collectively, the mega caps, are up 55 this year look how much they were down last year. So what . Okay. Thats what some of the bulls would say. Im not throwing it back at you. Theres Brad Gerstner would suggest that they would not overextended, look how much they were down last year. They have come in as well. Thats true and thats right. Im up 150 this year. What more do you expect . What more can i give you the numbers which gerstner is right on particularly when you look at meta, trading at 19 times earnings, 17 Earnings Growth the year after that, amaidsing work on cost cutting its still a great business. Thats all right, but then we need to look at the human side, which is just theres exhaustion and people are just exhausted owning these back up to that, okay, professional Portfolio Managers whether its at the big macro level, are looking at portfolios unbalanced, where they have too much exposure to large cap u. S. And they have to rebalance or individuals looking at positions and saying, wow, i have 9 in apple. I have 7 in amazon. Whatever it is and they just have to take money off the table because its the responsible, prudent thing to do thats where this is coming out, rebalancing, emotional exhaustion theyve done everything we can but the math isnt terrible on them, right . Its just not. Which is why i use the word exhaustion maybe there was, but so you rest for a minute. Rest. Well, you could make the case some had seen enough and started buying the stock kevin, i use stephanie link buying alphabet, right, on the big pullback, taking a look at buying more meta weiss moves, the bounces were seeing today meta is up 3 . Microsoft is up two. We said amazon is up eight intel is up 10 amd up more than 3 tesla is up today. Stocks are having to rebound how would you assess where we are . We were overvalued and saw things come back to earth a little bit an opportunity to regroup. The companies are a higher price and lower valuation. Jenny and i are in a different world for the most part but do own microsoft and apple. Microsoft was my final trade last week. I dont know that apple will be as good. From our perspective and bryns, weve been dealing with this volatility writing covered calls. Steve hasnt seen this in a while. Weve been in a muted environment follows the vix, volatility is concerned. Our call rating has picked up actively a perfect segue to you, bryn. You do employ a similar strategy to what kevin does it was a pretty turbulent week and now we have apple in front of us. Where are we today as we head into the next week stocks were firmly in the drivers seat against bonds and within stocks all about tech then all of a sudden as the bond market started to wake up and say, hey, maybe stocks are right and were not going into a recession and we have all of this fiscal spending baking itself into the economy with the i. R. A. , the a. R. A. , the bond market woke up and agreed with stocks and is uninverting. The bond market has been firmly in control steve touched on it but its not something that we do youre continuing to get signs, the three biggest players, the fed, the chinese and hedge funds are sellers or are short until that settles down, that will be a headwind to stocks microsoft crushed it not only in tone but delivery. Copilot will be huge. Amazon is a really great story has andy jassy finally gotten his sea legs the idiosyncrasy building up, apple is probably going to be like a facebook or a google versus an amazon or a microsoft. I think were going to see dispersion of returns within these names. Until bonds settle down, i think we all have to buckle up and know volatility will remain high you, weiss, bought apple puts are you concerned about what will be delivered next week . I am. I dont know how much of an impact of the 15 launch will be. A lot of it happened after the quarter. I just cant imagine the commentary will be good with whats happening in china. Were seeing huawei pick up share, and the government came out and said, you know, to the government entities, dont buy apple phones and were seeing them shift through supply chain to india. Theres a reason theyre doing that tim cook himself was over in china himself were told recently just a couple weeks ago if not last week. Its troubling plus its overvalued, and they have not shown over the last few years the growth were seeing, also, the growth in their nonhardware business, theyre asset light. Services also declined other than its the ultimate market proxy, because if its waiting, reduced over the last year in the indices, to me theres no there there its a quality brand, a great brand. It does deserve to be where it is i think the odds favor a decline. This, kevin, is one of those names where the p e has come in, right . Now its probably still above its tenyear historical average, but its not as stretched as, if you believe it was stretched, its not as stretched as it was. Not at all. I think if the stock sells off after the earnings and stevens put works out, it would be a buying opportunity to add to it. Weve been writing calls left and right. Im sure bryn has as well, over the past three months generated 11 in premium just off apple. Theres opportunity when you see a stock pull back. To your point it has better valuations here. The earnings might not be fantastic but i want to own for the long term. I will be add to go it if it pulls back well call it 27. It was north of 30 not that long ago. Right so youre right on the p e i own apple, and kevins right when the stock was at 185, i sold the 195 january calls thats not a call away for me which is great the durability of their earnings, theyre not going to whiff on earnings. If you look at the charts on apple, scott, it broke the 100 Day Moving Average just this week so now you have the stock going into earnings and thats just like 101. You dont buy a stock once it just broke a 200 Day Moving Average. I think it will be weak going into the print but will be a buying opportunity once it settles out. Theres weakness and its 10 of the nasdaq its extremely relevant. The other conversation, this idea of bonds relative to stocks, the cover of barons, jenny was talking about this, ackman took his short off. Remember, he was short the long end for a long time. Right the reports say he made 200 million off that position. They say its time to stop crying about bonds and buy them ins instead. Is now the moment . You expect yields to back up maybe you think its too early to buy if you go further out youll make money the rates are unsustainably high large,private investors, theres another option and that is private credit where you can get yields into the midteens and theyre secured. So thats another option focusing on the ten year, 4. 8, or the two year at 5 , there are other options out there including, you know, bbbs that will give you superior yield or paper. A 5. 7 coupon. So why not be there and just wait this out . Going back to apple, if apple did get crushed, i would be the first one to step in and buy it. Since were going back that way, does that mean theres a floor, theres some level of a floor theres definitely a floor. I dont know what it is. Youre right even somebody who has been the most cautious people if not downright bearish on this program says if apple sells off a lot, im going to buy it meta was down, buy it. Thats you microsoft, okay, it didnt get the pop requisite to its earnings what do you do you buy more stephanie link, alphabet, buy it you know what i mean i havent bought alphabet im just saying it is a prevailing thought broadly in the market and where the market is over the past year is having a reasonable year i think tesla right now is on an extended down trend. To me that stock is still grossly overvalued with fundamentals that are failing. So im not stepping in and buying that. Netflix had a good quarter i dont know if thats sustainable. If that falls down appreciably, maybe ill step in you have to be picking and choosing with bottomsup fundamentals rather than trying to play the market the market finds a play, i play it for hedging, i dont play the market to express a positive view necessarily, but i will do that jenny okay. You took it back to apple. I want to take it back to bonds. Thats an interesting question a lot of viewers are into. They have their retirement accounts to protect. Here is how i think about the stop crying about bonds. If you have a very long time frame and you dont mind the ups and downs of the shgmarket, you dont want to buy bonds here a tenyear treasury, at best youre getting 4. 9 for the next ten years. If inflation continues, youre not really getting 4. 9 , because you want to take inflation off that if you have extenuating circumstances like college that you want to pay for or a house, yes, or youre just really nervous about the market and it makes you sick and you want to sit on the sidelines, yes, you absolutely want to buy bonds here, and weve been buying bonds actively over the last week for our clients who want bonds where we had cash and were like, whoa you can buy short, superhigh quality corporate paper right now and get 6, 6. 5 , buy treasuries and get 5, 5. 5 and i dont think Interest Rates are going up significantly from here so if you stay relatively short and you tune out your Interest Rate risk, putting a ton of cash in your pocket, i think you do buy bonds here if you need that but i dont like the blanket idea of, oh, yes, everyone should be buying bonds bond allocations are very, very unique and circumstantial. I want to pivot before we run out of time in our first block jpmorgan shares are down about 2. 5 , and we get news jamie dimon has filed to sell shares for the First Time Ever as ceo a million shares its part of a sales plan. Mike mayo at wells fargo security, the timing along with his recent bearish comments got our attention. Ill leave it to you i will not be the one to read into anything. Its notable for the First Time Ever hes selling jpm shares as ceo. I guess it got mikes attention, its not a thesis for getting in or out of the stock, the fact hes never sold any stocks previously is the most important part of the news, at least to me. Bryn, how do you read this . Well, you just dont know whats behind it, i agree with kevin. I thought it was incredible he had never sold i think we lost bryns audio. I think we got you back. Im sorry, can you start again because i lost you there yeah, yeah. I just think just as kevin was saying that hes never sold any shares, to me, as ceo thats the biggest headline you dont know if its Estate Planning is he always glass half empty the geopolitical risks he sees out there . Hes running one of the most important banks in the world i wouldnt conflate the two. I think thats more guessing i think him never selling shares before tells you what he really thinks of jpmorgan it has at times not to make more of it than there is, we have time stabbed prior moves by him, remember the diamond bottom was a seminal moment. That was a soothing, if you will, effect for people. How do you read this if at all. I dont really think people who worked for me got half their comp in stock every time you invest, sell it youre verextended in lehman and forget that lehman went belly up. What about financials in general at this moment i dont like them i will probably be shorting the Regional Bank index. In terms of the big banks, i met with a couple of bankers a couple of days ago that window is nowhere close to opening. M a, in terms of general m a with rates where they are, capital at 9 , deals dont make stens. Those are the business that is feed the large financials. I do believe in getting another opportunity. First on jpmorgan, bryn is right this is a tax and Estate Planning thing i think theyve said it so lets move beyond it that guy has so much wealth it can go down 60 in his life and he is unimpacted adjust the financials im seeing opportunity in there. Coming out of Silicon Valley bank looking at truist, pnc, and then they all shot back up all of those stocks are back to where it was a really serious second look its interesting, too, steve, when you say youre going to short the banks, we have shares and some are reporting decent earnings the higher Interest Rate environment is benefiting them i think theres opportunity there. Theyre attractive right now theres a clip coming on the refi. Number two, they havent had to write down the portfolio though the office space isnt occupied jenny, please. Though it isnt occupied, theyre still current on the lease payments you cant write that down. You have this massive cliff, they also make money on lending, and, yes, net interest margins are higher it will be less of an appetite yeah, but if you listen to pncs earnings call, theyll go through with you specifically here is our debt related to office buildings, and its much, much smaller. Thats a quasi money center, pnc. Im talking about all the others if you parse through, the reality is a lot of them dont its not cliche its fact. Lets take a break, when we come back we have big moves from Kevin Simpson today. Were gog gthugthe. Intoo roh os [ clock ticking ] were going to have so much fun. Municipal bonds dont usually get the Media Coverage the stock market does. In fact, most people dont find them all that exciting. But, if youre looking for the potential for consistent income thats federally taxfree, now is an excellent time to consider Municipal Bonds from hennion walsh. If you have at least 10,000 dollars to invest, call and talk with one of our bond specialists at 18002173217. Well send you our exclusive bond guide, free. With details about how bonds can be an important part of your portfolio. Hennion walsh has specialized in fixed income and Growth Solutions for 30 years, and offers highquality Municipal Bonds from across the country. They provide the potential for regular income. Are federally taxfree. And have historically low risk. Call today to request your free bond guide. 18002173217. Thats 18002173217. Were back i mentioned Kevin Simpson making moves we need to go through. You sold u. P. S. , what didnt you like with the Earnings Report . It was a humbling experience because ive been banging the table about u. P. S. Saying the market has been getting it wrong until i saw the Earnings Report. It looks like the market got it right. We were seeing something along the lines of 13 historically. When that dropped down to 8, it went below our threshold it triggered a sell strategy very humbling. Do you look at buying it back at some level . Its a stock weve been in and out of 58 of revenues go to employees. Its a big number. Losing their sales, their margins, it will affect the stock for sure i love the company long term, but short term we care about, a lot more, about our clients wallets than ego you were saying a look about this as long as it gets to a level you like but you have a number in your mind. What is it its 125. We started researching it last february and theres been so much going on both from the consumer perspective, the strike that they needed to deal with and the costs of doing business has been complicated weve looked at it and said they took price, they never gave any back their margins are under pressure their shipments are under pressure from amazon theres a lot here theres a margin of safety price and around 125 a share, youre back to where you were on a prepandemic valuation of u. P. S. At that point, too, you have a 5 dividend yield, so i think i can live with it there another 70 down is not going fob pretty if it creates an opportunity, i hear you xpo, youre in that still, right . They report on monday a. Segue to a transport name. This is in our discipline growth strategy. So xpo is up 105 on the year. We trimmed it at 75 here is what you have, weve been watching u. P. S. , how much trouble on shipments, making us really nervous, but xpo is slightly different and two things going for them. One, theyre taking market share. That business is all up for grabs. The other thing they trade at 8 1 2 times ebitda over old dominion so you have a huge kind of multiple gap that can close, so we didnt sell, we just trimmed. Were a little nervous kevin, the other one, you bought more caterpillar. Why cat . Still a gutsy call, if were worried about the economy. Were building a position for earnings they blew it away. The margins, the top line, the bottom line. They have a decent dividend, good Dividend Growth its a stock we want to build a position in. No company is recession proof and that may produce other opportunities to build the position out thats why im surprised. You, yourself, call it gutsy and buying it into the number rather than on the other side makes it even more such they did the same thing last week with microsoft. It played into our favor u. P. S. Was a fail. We want to stay within the space, so were shifting that money into caterpillar we own deere look, i think theyre both Quality Companies but i think multiples are misleading they always look cheap, but theres high sensitivity, the cyclicality of these companies i would like to own them both but just dont believe now is the time to start a position okay. The headlines now with courtney reagan. The manhunt for the suspect in the lewiston, maine, continues. They are looking at a river after robert cards car was found there. A note was found at one of the residences but did not detail the notes contents. The judge in Donald Trumps fraud trial ordered ivanka trump, the former president s daughter, to testify in the case trumps attorney challenged the subpoena saying she should be dropped over the statute of limitation issues. The prosecution said while ivanka trump is no longer a defendant in the case, she still has important information. And the nhl suspended shane pinto over accusations he participated in sports gambling. The league says it found no evidence he bet on nhl games this makes pinto the first modern day hockey player to be penalized for Sports Betting courtney reagan, thank you. Our bob pisani sits down with greg davis of vanguard today. Every day, businesses everywhere are asking is it possible . With comcast business. It is. Is it possible to help keep our Online Platform safe from cyberthreats . Absolutely. Can we provide health care virtually anywhere . We can help with that. Is it possible to use predictive monitoring to address operations issues . We can help with that, too. With the advanced connectivity and intelligence of global secure networking from comcast business. Its not just possible. Its happening. Across the globe, industries are transforming and businesses need to navigate the changing landscape to stay ahead. When you partner with barclays, every change leads to a bold possibility. You have the vision. We have the insights, Financial Solutions and Global Perspectives to help you make it real. Barclays corporate and Investment Bank powering possible. sfx stone wheel crafting the biggest ideas inspire new ones. 30 years ago, state street created an etf that inspired the world to invest differently. It still does. What can you do with spy . Were back on the halftime report. Bob pisani with todays etf edge. Hey, bob i am here at vanguard headquarters in pennsylvania sitting on the companys brandnew trading floor, and its beautiful, the Largest Mutual Fund and etf provider and the second largest asset manager, 7. 8 trillion in assets under management lets talk with the man in charge of those etfs, greg davis. Greg, before i ask about the etf business, direction of Interest Rates right now. What are you telling vanguard investors where Interest Rates are heading into 2024 . Thanks for the question, bob. What weve been trying to tell investors, they have to stay invested for the long term and the higher Interest Rate environment is something that for longterm investors theyre having an opportunity to be more diversified, to be in money market funds operating 5. 25 type yield. There are opportunities we really havent seen. Longterm investors, we think theres a lot of compelling value in money markets, bond funds, and when you talk about the direction of Interest Rates, again, we think the Federal Reserve as a couple more hikes potentially in store because the markets are still operating at a relatively high level. Still 5. 25 money market funds . What we think the fed has a good potential to raise rates at least one to two more times between now and the end of the rate hiking cycle. The goal is to stay at an elevated level for longer. The economy is still running at a relatively fast speed, and so we think they will be for a long time. Below average returns for stocks in the next few years, 4. 7 to 6. 7 return, thats historically below average the s p is up 7 , 8 this year why should we be expecting low average returns in equities in the next few years whats the problem a couple things, bob. First that forecast we gave you was for a tenyear time horizon. Its up about 8 this year again, were looking out over the next ten years or so, a big part that have is driven by valuations when you look at where valuations are today relative to other asset classes, when were thinking about u. S. Equities, were expecting a 5 annualized return for the next decade we think the International Markets offer more value because valuations are more appropriately priced you run a 2 trillion etf business thats one of the largest in the world, the two biggest out there with your competitors out there. Where are the flows going this year and where do you anticipate seeing them in 2024 . Weve take nen 105 billion twothirds in equities and when you look at equities specifically driven into two products what do you think about the other third that went into fixed income the majority went into the u. S. Ag product and the other the global ag. Nice diversification across equities and fixed income. Index is still winning. Well have a lot more coming up on vanguards Economic Outlook for 2024 coming up greg will give it to us along with his outlook for stocks and bonds. Vanguards global head of capital markets, Janel Jackson here is your chance to learn more about the large suite of etf products in equities and bonds. Thats coming up at 1 10 p. M. On etfe etfedge. Cnbc. Com tim buckley and what hes telling investors as well. Bob pisani, thank you our chart of the day. One discretionary stock getting slammed. Wow. Well tell you what it is. Jenny owns it. Well get her take, also vin mpe to trade chevron kesison owns that. That is leading the dow sharply. You got this. Lets go. Gobble gobble. Ive seen bigger legs on a turkey rude. Who are you . Im an investor in a fund that helps advance innovative sports tech like this Smart Fitness mirror. Im also mr. Leg day. 1989 anyone can become an agent of innovation with invesco qqq, a fund that gives you access to nasdaq100 innovations. I go through a lot of pants. Before investing carefully read and consider Fund Investment objectives, risks, charges, expenses and more in prospectus at invesco. Com. Municipal bonds dont usually get the Media Coverage the stock market does. In fact, most people dont find them all that exciting. But, if youre looking for the potential for consistent income thats federally taxfree, now is an excellent time to consider Municipal Bonds from hennion walsh. If you have at least 10,000 dollars to invest, call and talk with one of our bond specialists at 18002173217. Well send you our exclusive bond guide, free. With details about how bonds can be an important part of your portfolio. Hennion walsh has specialized in fixed income and Growth Solutions for 30 years, and offers highquality Municipal Bonds from across the country. They provide the potential for regular income. Are federally taxfree. And have historically low risk. Call today to request your free bond guide. 18002173217. Thats 18002173217. Welcome back our chart of the day is an ugly one it represents a week, there is whirlpool over one week. Dont necessarily look at the 3 decline today. Jenny down 21 in a week, a little worse than that earlier man, its been brutal. Eight Straight Days of decline the worst week since march of 2020 what now in may we bought two stocks, Stanley Black decker and whir whirlpool. Phenomenal longterm companies while they were pandemic beneficiaries. We thought overcorrected and overcorrected for a consumer that was going to be weak. You thought the consumer was going to lay down and die. Stanley black decker reported theyre up 8 . Great numbers. They both reported yesterday and today and now we have whirlpool down 20 , as you said. What i did this morning, i actually added to it you added to it i was going to ask you that. Here is the thing, our previous Earnings Guidance was 16 to 18 a share they lowered the guidance so now its 16 a share where do you sit today with this youre trading at about seven times earnings, have a nearly 7 dividend yield, a company thats producing 16 of earnings that covers the 7 dividend, and one of the things that happened this quarter was actually our investment thesis sped up. When we bought it, we knew they had inventory they were washing out. That happened faster than expected where they were saying we think inventory has overturned in 2024, theyre two quarters ahead of schedule which makes for the weaker guidance. They also lowered from 800 million to 500 million. We think that is 9 a share, more than covers the dividend. I think you buy it here like i did. We started at 2. 5 position. We bumped it up to 3 . Lowered our cost basis i almost wish the same happened for stanley. I do like the win on that. It would have been nice to bump that position up, too. Chevron, Kevin Simpson, i come to you first. Bryn, i will come to you in a second about energy stuff, but chevron is the biggest drag on the dow today, taking 70 points off of the dow whats the story here . Is earnings and doubt in the market the transaction with hess is going to happen i dont think theres doubt the transaction will happen. Theres skepticism how much that will affect the bottom line. Chevron saying the acquisition can double their Free Cash Flow but its not without risk. Earnings were okay 8. 5 better than last quarter, but this same quarter last year over 11 billion i look at it as a negative quarter. We will not sell the stock or abandon it, this may be an opportunity if you see a pullback similar to what happened with apple next week you could add to a position here bryn, you have certainly among the most exposure on our program to energy through various methods, xop, rspg, viper, diamondback, devon, et cetera, et cetera. How do you view the space here i think right now as it relates to what kevin said about synergies, with exxon and pioneer and chevron and hess the market is questioning are you going to get those synergies is exxon going to be able to make pioneer more efficient, those assets well see. I think the way you want to play the space and the way i play it is you want to own the names, you want to own the names that have a high dividend and you want to sell calls against them. Whats happening in oil, as we know, one week, is oil going to go to 100, the next week people think it will go back to 70. Oil stays comfortably between the 80 and 90 range. Take the opportunity as these stocks rise to sell calls against that because in a portfolio, you could have a total return between the dividend yield and call premium at 15 a year. With the stock doing nothing because of the volatility, i do think the geo politics and Oil Volatility is sloshing the names around even more bottom line, scott, it has not been a good year for energy in aggregate for people who own the names in aggregate all right lastly, jenny, back to you pain in whirlpool, gain in intel, which is having a big pop. The best day in nearly a year on the back of its earnings have we seen the worst at this point . I think so. Remember over the past year every time something good would happen, youd give me credit, and i would be nervous about taking it . This is where im confident about taking it. They are legitimately returning to growth, and what were seeing is Pat Gelsinger has had enough time to get in there, fix operations, start to execute theres no delays, and the business is on the trend to be better you know what i love mostabout today . Morgan stanley, stifel begrudgingly increase their price targets. We did have stacey rask on a while back begrudgingly taking a sell off not that he was enthusiastic maybe it is a turning point. Thank you. Up next, mike santoli llwi be here with his midday word. Whatever you see, at pgim we can help you rise to the challenges of today, when active investing and disciplined Risk Management are needed most. Drawing on deep expertise across the worlds public and private markets in pursuit of longterm returns. Pgim. Our investments shape tomorrow today. all toooo youuuuu sean i wish for the amazing new iphone 15 pro jason sean do you mean this one the one with titanium . Its so light. Dont touch it. Maybe stealing wishes from the birthday boy is not your best plan switch to verizon and get 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 get iphone15 pro, apple tv 4k and 6 months of apple one. All three on us. Only on verizon. Something amazing is happening here. Students are inspired and engaged. Thats because School Districts consulted with cdw to design modern Classroom Solutions with preconfigured hp devices making education immersive, accessible and secure. Now, when researchers study elephants, kids learn from 9000 miles away. Make amazing happen. Hp and cdw. All right. Welcome back senior markets commentator mike santoli is joining us at the desk, midday word. How do you feel after this week . The market is very noncommittal you look at this celebration in a muted way of amazons numbers and it got the stock back to where it was Tuesday Morning before we got the results from meta and google. Yesterday good relief on the russell 2000 on the bank stocks. Its a slippery setup right now. I think its worth asking, okay, so you wanted a 10 pullback, so you wanted to see some, you know, evidence that the mega caps were mortal, and they were going to come back to the pack what do you do with it its a stark contrast between how the market is conveying what the macro outlook outloo is and what the data are saying. Even the data coming in this morning, where, you know, pretty much stronger than expected, maybe its going to accelerate but its just interesting that you have essentially this argument going on. I feel like next weeks fed meeting, i feel strange saying this, but it could be the most consequential meeting where nothing is expected to happen. Because youre going to Pay Attention to the words of the chair in i mean, we always do, but now with the rates having backed up so significantly, i cant wait to hear what he says. Theres a big change in the setup from six weeks earlier thats the thing still, based on the docs, they have more hike theres only one more meeting after next week. So its going to happen or not i dont think it matters that much, but how they characterize whats going on in terms of longterm yields, whether it reflects a stronger than expected economy, Inflation Expectations are coming into line, were okay were already a little jittery in the bond market his words are going to move rates one way or the other and the bulls cannot afford to have him move rates significantly higher from where they are now i dont know beyond what they have said about no intention of cutting rates any time soon, how much more has to get into the long end of the market we are going to get that supply announcement from treasury on monday, as well. Thats probably going to be suddenly the new indicator that everyone is deciding is the most important. When they didnt Pay Attention six months ago to it, just like during the debt ceiling showdown so we have some expense going into next week well see you in a couple of hours. Coup next, wlle do some calls of the day thats next. Welcome back calls of the day, merck upgraded to jut perform price targets of 132 from 113. Kevin simpson owns merck we agree 100 with this call. It was our Number One Health care pick going into the year, down 6 , considering health care is at a 52week low today. Theyve got tons of cardiovascular drugs in the pipeline, beating on top and bottom line, quarterly growth going in the right direction bristol downgraded. Bfo, 52week low for the stock we disagree with the downgrade. Bmy is going to produce 75 billion of cash flow over the next five years. In a weird way, its a similar investment to avdi when we got that in 2018 brynn, im looking at roadblocks, up 2 , upgraded from 37 from 35 what do we think if rates would just settle down it would go to 37. Earnings come out november 8th, so i wouldnt add to the position until after the earnings bookings, daily active users are up 25 year over year. This is a great longterm platform and not just a gaming company, so im going to say long and maybe add some more after earnings well take a quick break and do final trades, next. Icy hot. Ice works fast. Heat makes it last. Feel the power of contrast therapy. So you can rise from pain. Icy hot. Good lineup this afternoon on closing bell. 3 00 eastern time. Cameron dawson with me tom lee. Tony pascarello. We get a look at his thoughts. Keith learner with us, as well cant wait to have conversations in a couple of hours brynn, what you got . Jepx. If you want a defensive way to own the best company in the world, they cover calls on the qqqs thank you kev simpson . Microsoft microsoft was my final trade last week, its the final trade again. It wasnt rewarded by microsoft. Vfcorp. Look at sketchers and columbia, all proxies. The only person rooting for the jets and the giants this sunday, steve weiss. Xhb short look, it may pop next week if the fed does nothing good stuff. Thanks for the tease see you at closing bell. The exchange is now. Scott, thank you very much. And hello, everybody im Tyler Mathisen in today for kelly evans. One of our guests says the consumer isnt as strong as the data suggests. The other is feeling like a hopeful cubs fan in reverse. Both figures will explain what they mean and what it means for the fed and the markets. Plus, how is the worlds second largest asset manager managing in this market . Tim buckley will join us for a live interview to answer that question plus, a read on housing from one of the builders