Oil and financials on higher rates. Materials just ticked positive but consumer discretionary, communication services, technology, those are the losers its a reversal of what weve seen in july heres a look at some of todays biggest earnings movers. Lyft a winner up 16 carvana, its up 41 after being left for dead. Amc also surging to the upside while Warner Brothers is selling off, down about 17 . Weve got a big show coming your way. We will talk to former treasury secretary jack lew about todays blowout jobs number, plus why he is endorsing the Inflation Reduction Act and what he makes of senator sinemas changes to the bill. Wingstop saying that meaningful deflation should benefit its results. Were talking chicken wings. The ceo will join us to explain. Mike santoli has a closer look at the Market Reaction and the jobs report, which more than doubled estimates. What a shock, mike what are you watching . It really was relatively muted response in aggregate from equities. It mostly triggered a rotation rather than a stampede out or into all stocks. S p 500 has pretty much held above 4100 all day even earlier in the week on tuesday we got below that so we didnt even wobble down to the weeks lows so far now, it still remains right here at this upper end of the trading range. You mentioned banks, energy strong, that reflationary cyclical groups. Disinflation, lower yield beneficiaries in growth are giving some back what it shows me in part is that the rally since midjune has not just been about for hopes for a fed pivot. All of that has helped but its also about the plausibility of a relatively sturdy economy and soft landing. Take a look at the 2year note yield. This has been a dramatic response this is a standin for what the market expects of the fed over the next couple of years pretty much going back to the highs. So 3. 40 or so right here back in june was the high. Were pretty much as high as weve been in three weeks so still saying that maybe the fed will have to go 75 basis points in september, maybe a couple more after that. We could again start to price in a final terminal rate of 4 but were not there yet, sara. So this bear market rally that we got, 9 in july, continued through this week. Is it over if it was fueled on the idea that the fed is going to take a pause on hiking Interest Rates if thats all that was going on, if that was the sum total of the buying impetus, yeah, i would say its pretty much in deep question if thats the case clearly its not just that i think you also had 80 of all earnings are through companies didnt say demand is falling apart. You still have some relatively sticky earnings estimates for the second half of the year. So i think the idea is the market can thread the needle for a little while longer. Two cpi reports well get one next wednesday which might be more important than even the jobs report. Very likely that could be massive surprise and the market took it in stride. At least the stock market did. Mike, thank you. Wall street has been weighing in on that jobs surprise a Goldman Sachs chief economist expects a more hawkish fed as a result i think it does increase the possibility that the fed is going to have to do more our expectation is a 50 basis point move at the next meeting, but i think this increases the risk of 75 some other tidbits we gathered, an economist from Renaissance Macro says the report is consistent with an inflationary boom, saying the fed needs to get more aggressive in pushing up rates, making the hard landing scenario more likely bank of america now looking for the fed to lift its target range from 3. 5 to 3. 75 and unifed says they likely overtightened policy joining us, karen kimbro, Michelle Meyer as well ladies, welcome to both of you on this big jobs report. Michelle, do you agree that perversely the better news on the economy and the jobs sets us up for a harder landing, a worse recession potentially because the fed will have to do more tightening well, i think it shows that theres more fundamental strength in the economy and if people are still seeing this type of job growth and still getting that type of income in, theyre still out there spending which means in order to properly cool down that demand side economy and take out that inflationary pressure, it means the fed really might have to do more as a lot of those forecasts would suggest. Does it mean that there will be a hard landing per se . No, i dont know thats a fair conclusion but its a fair balancing act the fed has to do in terms of cooling the economy just enough to reduce inflation without pushing it into that downturn. But clearly there is just a lot more momentum, particularly from the labor market, than many people gave credit to. Karen, does it jive with your data at linkedin and how do you square this kind of strength at this point in the cycle with negative gdp growth yeah. Well, look, were looking at it that its not a recession when you add 500,000 jobs to the economy. Our data shows that hiring is holding in it is still a solid labor market do we think there are mixed signals . I do i think right now theres no question that employers are still hiring but were starting to see less breadth across the hiring and less momentum. So for me what i would tell the fed is im starting to see a little rebalancing maybe between supply and demand in the labor market starting to see job seekers looking for jobs with more intensity coming back to the platform were starting to see also employers. Do they really want to add that next job opening or hold back on that so were seeing still elevated job postings and openings but not as much as before. Were seeing more people more actively searching for jobs. Im curious about that last point because we saw the Labor Participation rate go down which was if you had to find a negative in this report, karin, that was it. Absolutely. But what happens with our data is that its realtime so were seeing this as the latest, most uptodate signs of a labor market rebalancing overall im not expecting that were going to see labor force Participation Rates or employment population ratios go back to where they were prepandemic but we do see hiring is around the prepandemic trend even if its slowing, employers are still hiring, people are still looking. I think its going to be a fairly solid labor market for a while. R g youre going to see some quiet rebalancing and eventually well see a tougher time towards the end of the year or early next year. Michelle, so much of this is predicated on what happens with the consumer, which i know youre tracking very closely at mastercard and you have some really Interesting Data showing just how strong the consumer is, especially in july what can you tell us thats exactly right. The consumer was out there spending in july we actually saw an acceleration in the growth rate of our data. It was across a variety of categories yes, the consumer is prioritizing experiencebased spending were seeing outsize gains in restaurants and travel that has not let up i think the shift is very much in play. Were also looking at nominal spending part of this is the inflation story, which is certainly elevating these levels so when you dig into the details for some categories, absolutely real spending is starting to contract the consumer is having to make some choices here in terms of how they navigate this inflation tax. But the important thing and i think what we learned today is that the labor market is still ongoing. People still have their job and they still feel as though they can presumably get new jobs with this churn in the labor market the longer that goes on, the more power for the consumer. And theyre getting higher wages, more than 5 from last year which certainly helps spending finally, michelle, i was looking at some of the numbers relative to where they were in 2019 everybody like to compare it to prepandemic and theyre so much higher jewelry as a category 100 higher than 2019 how much of that is inflation and how much is the fact that the consumers are in just much better shape its interesting that you picked up on the jewelry because that was one i was looking at earlier today. It shows acceleration right after the pandemic that may have been somewhat Retail Therapy people couldnt spend as much on experiences. So theres so many different fascinating things to look at when youre trying to understand the consumer behavioral shift. But i do think the bottom line is that right now the consumer is still out there spending. Again, theyre not pleased by some of these price increases. Theyre trying to balance some of these headwinds that theyre seeing in terms of higher Interest Rates and i do think i agree with karin. Its all about this rebalancing in the economy thats going take time and lead to this ultimate moderation but i think the important thing is that its time. So many Market Participants were looking for the economy to switch on a dime and thats just not happening. Absolutely not. No, its a good discussion. It doesnt sound recessionary based on talking to you guys thank you very much. Thank you. Appreciate it with the dow going positive, shares of restaurant chain wingstop have been on a tear theyre up more than 50 in the last month in its most recent earnings call, the company cited deflationary tailwinds dont hear a lot about that lately well talk to the ceo about it and his read on the labor market and the consumer, next youre watching closing bell on cnbc. S p down 0. 4 of 1 three sectors are positive, energy, financials and materials. Only at vanguard, youre more than just an investor youre an owner. That means that your goals are ours too. And Vanguard Retirement tools and advice can help you get there. Thats the value of ownership. Technology lets autonomous vacuums work continuously around the house, but when your team has to work seamlessly around the world. You need more than technology. You need cdw who can help transform your organization with built for performance lenovo thinkpads. Preconfigured for management flexibility and equipped with the intel evo platform. Responsive Collaboration Tools give your team effortless connectivity to stay focused wherever they work. Fetch. Lenovo makes seamless productivity possible. Cdw makes it powerful. With xfinity internet, you get advanced security that helps protect you at home and on the go. Productivity possible. You feel so safe, its as if. I dont know. Evander holyfield has your back. I wouldnt click on that. Hey, thanks we got a muffin for ed all right you dont need those calories. Can we at least split it . Nope. Advanced security that helps protect your devices in and out of the home. I mean, can i have a bite . Only from xfinity. Nah. Unbeatable internet. Made to do anything so you can do anything. Check out the move in shares of wingstop in the last month, up 92nearly 60 chicken wing prices continue to fall the company citing deflationary tailwinds in its report. Joining us for more is michael stickler, wingstop president and ceo. Michael, welcome everyone is talking about food inflation. Bonein chicken wings are actually falling in price, down 19 . Why is that . Sara, were in such a unique spot in the Restaurant Industry. We saw record inflation last year in 2021 our Brand Partners took the necessary pricing to manage our menu and manage their margins. Fast forward to today, were seeing meaningful deflation. So while the rest of the Restaurant Industry is navigating inflation and likely going to have to take price against a backdrop where the consumer is navigating this record inflation themselves, we actually at wingstop are in a unique spot where we dont have to take price and we can lean into value and present an opportunity where we can continue to grow our top line sales. 2021 was our 18th Consecutive Year of positive samestore sales for the brand. But the samestore sales were a miss and so were the restaurant margins in this latest quarter, but you reaffirmed guidance, which wall street really liked. Why were the margins a miss if youre seeing the deflation and why are you confident that things will pick up here the deflation really hit towards the end of the Second Quarter and the table is set for the back half of this year our business was hit with a bit of a perfect storm in 2021 we had some really, really strong samestore sales growth when all the stimulus money was provided to the consumer so we were lapping those numbers in q2. In addition to that we have the consumer navigating gas prices hitting north of 4 a gallon as well as the unnecessary war in ukraine. All these dynamics at play with record inflation hitting the consumer, we had to pivot. We have a proven playbook where we lean into value we saw our sales trends improve throughout the quarter as we launched a bundle to consumers at a compelling price point of 15. 99 for 20 boneless wings, four flavors, large fries and two dips a really strong value for the consumer it allowed us to change the trending in the sales in the quarter going against a very favorable commodity backdrop so this deflation that were going to see in our business gets really, really strong and improves as we progress through the back half of this year. Finally, how do you read the consumer right now in some of the restaurant earnings we have, mcdonalds and chipotle, there was discussion about lowincome consumers starting to pull back or trade down is that something you are seeing we definitely saw that initially as i mentioned in q2, but the way consumers engage with wingstop is different than other brands our average frequency is three times a quarter or once a month. What weve seen as i referenced during those 18 years of positive samestore sales growth, weve been able to grow through previous cycles. Where we see consumers pull back are more often on those heavy qsr visits four to five times a week theyll almost save up for that skindulgent occasion with wingstop were able to retain those occasions, not to mention were in a unique spot where we have a lot of growth levers to pull as a brand, whether its expanding our delivery base to additional delivery providers were launching a chicken sandwich for the first time as a brand. Its not just one chicken sandwich, its 12, with our 12 unique bold flavors. And we have a meaningful increase in the amount of advertising were able to spend in the back half of this year. Our ad spend increasing 35 . So we have a lot of firepower and it gives us the confidence in our ability to continue to grow sales and deliver on our guidance of low digit samestore sales this year. The market is certainly excited about it michael, thank you for joining us still to come, former treasury secretary jack lew on his endorsement of the Inflation Reduction Act which is set to face its first vote in the senate tomorrow. And laird David Rosenberg, what the jobs report means for the market and for your money. Hes been saying we are in a recession. I wonder what he makes of this rytrg ve sonread on the jobs market well be right back with the dow down 7 check out todays stealth mover. Monster beverage scaring investors after missing profit estimates due to soaring costs for everything, from ingredients to fuel to warehousing it was a 20 cents a share miss even though the top line was better it comes after pepsi took a stake in celsius with a Distribution Deal so they have a tougher competitive environment there. The stock is down almost 5 . Weve got a bonus stealth mover for you. Check out shares of Goodyear Tire riding high after beating wall streets estimates thanks to higher prices and Sales Volumes offsetting increases in material costs and supply chain disruptions. Pricing working in its favor up 4. 5 . Up next, former treasury secretary jack lew on how the much stronger than expected july jobs report could impact the feds rate hike strategy the dow is unchanged new projects means new project managers. You need to hire. I need indeed. Indeed you do. When you sponsor a job, you immediately get your shortlist of quality candidates, whose resumes on indeed match your job criteria. Visit indeed. Com hire and get started today. The dow is flirting with positive territory it has been a volatile day for the market on the back of that very hot jobs report this morning. Its amazing to see the resilience in stocks given we are seeing bond yields and the dollar shoot higher. The 2year note yield 3. 226 on the back of expectations the fed will have to go bigger at its september meeting and for longer even to fight off inflation. Joining us in a closing bell exclusive is former treasury secretary jack lew its good to have you, secretary lew, welcome back. Good to see you, sara. So what do you think this jobs report does to the recession debate i think its a good jobs number i dont think theres any way to read it as a bad number. It means theres a Strong Economy even with hates being increased pretty dramatically. I dont think we should think its a sustainable number. We dont have enough people to grow the labor force that much continually month after month. But it means that in the very difficult process of transitioning from the covid economy to a more normal economy, so far the fed has managed to raise rates pretty substantially without the underlying economy taking too much of a hit. I think we have to expect what. Go ahead. Just this idea of transitioning to a more normal economy, its something the white house is saying. Its something we heard from secretary yellen and President Biden appeared his press secretary in fact today. I wondering if the market is a little skeptical about transitioning into a more normal economy at a time when the economy is being pounded with Interest Rate hikes and about to undergo quantitative tightening, how it can function as anything, soft landing or into a normal economy when thats happening . I think the markets are getting a little ahead of themselves the fed has said over and over again they are going to watch the data and move with determination on getting inflation down but keeping an eye on the effect on employment. I think what todays job numbers show is that they have some room to continue. We dont know what the Inflation Numbers will be next week. We dont know what the next jobs report will look like. Markets want to know today we cant know for a month and two months the fed doesnt act again for a while. Theres no question that the economy is transitioning supply chains are getting fixed. Youre hearing from industry after industry that its less of a problem than it was. Labor markets are healing. Theyre very strong actually and to say its completely normal, were not completely out of the woods absences are still high because of people getting covid. How many people do we all know who have lost a week of work in the last few weeks so i think it is a transition. Markets have no patience for the fact that it has to take a little while and they want to know today what they cant know with certainty for some time but i think so far and todays jobs report underscores it, the underlying economy is remaining strong. You have endorsed the Inflation Reduction Act which faces its first vote in the senate this weekend, secretary lew. Since you came out with four other previous secretaries of the treasury, there have been some changes they altered the 15 minimum Corporate Tax and added an excise tax on share buybacks are you still supportive absolutely. They have made some changes in the legislative process. You do what you need to do to get the 50 votes that you need i think its important that they have 50 votes because its important to pass this legislation. You know, the core of the legislation is investing in things that will help reduce the burden on households and high prices it will Bring Health Care costs under more control, it will reduce pharmaceutical costs for people on medicare, it will give both individuals and businesses the ability to invest in Energy Efficiency and alternative Energy Improvements so that they wont be as dependent on fossil fuels. It will help in the climate efforts but also reduce costs overtime on top of that it reduces the deficit by 300 billion plus over ten years thats an important thing to do. We do need to chip away at the deficit. All in all, its a strong package and it should be passed. On the inflation front, though, even the cbo says that in 2023 it doesnt really reduce or accelerate inflation. Its being billed as an Inflation Reduction Act. Most of the studies are showing that theres no real impact on lowering inflation. Look, i think the impact on inflation will be as much in terms of what is coming on the spending side in terms of the Affordable Care act credits, in terms of the Prescription Drug price controls, in terms of the Energy Price Impact being absorbed on the margin, i think it will move in the right direction on the macro as well. And certainly over time, 300 billion of deficit reduction is movement in the right direction to reduce inflationary pressures. But that doesnt happen until the later part even according to cbo scores, 2027, 28 is when we see real deficit reduction in the bill. I think if you would reverse this and say congress was spending 300 billion over the next ten years, people would worry about inflation. So you have to give some credit moving in the right direction. In my time for 25 years working on reduction buiills, it does sw a different way of doing business on both how business is being done but also expectations so i think the scoring over ten years is that it is going to lessen inflation i wouldnt overstate the impact tomorrow in the macro economy, but i do think when youre reducing the burdens of inflation on households, thats an antiinflation effort as well. Are you surprised that carried interest loophole lives to fight another day every president , so many different politicians have vowed to fight this and get rid of it, and yet another lawmaker stands up for hedge fund and private Equity Managers compensation. Does that surprise you in government and out, i have supported changing the policy here, but every time i tried to accomplish it, i faced resistance as well, so i cant say its surprising. The fact that it was one, the last vote, maybe means that the day is coming. Yeah, one holdout, Kyrsten Sinema there getting rid of that carried interest loophole. They were trying to narrow it at least. Secretary lew, thank you very much for joining us and weighing in. Thank you, sara. Heres where we stand right now in the markets we climbed a little bit. The dow is up 20 small caps are having a strong showing up 0. 6 of 1 the strength is energy and financials, a lot of those in the small cap index. Not in technology. The nasdaq is underperforming, down about threequarters of a percent. Check out shares of carvana. They are cruising higher find out why the stock is one of todays big winners, up 40 . Do not miss tonights cnbc special, inside jobs focusing on how the very strong employment report will impact wall street, the fednd a your money. Thats tonight at 6 00 p. M. Eastern on cnbc. In the last two years, we quadrupled our team and the pace were growing, i couldnt keep up without ziprecruiter. They do the legwork and they get my job posting in front of the right candidates. I love invite to apply. I instantly see great candidates and i can invite them to apply. We have hired across all departments, engineering, marketing, hardware, field techs. You can basically tell ziprecruiter who you need, when you need it, and they deliver. [narrator] ziprecruiter. Rated the number one hiring site. Try it for free at ziprecruiter. Com try it for free at ziprecruiter. 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Up next, David Rosenberg on whether the strong july jobs report is bad news for the bulls. That story, plus a big day for lyft when we take you inside the market zone, next. Hiring is sn it comes to our growth. We cant open a new shop or a new location without the right people in place. I couldnt keep up until i found ziprecruiter. Ziprecruiter helps us get out there quickly and get us qualified candidates quickly. They sent us applicants that matched what i was looking for. Ive hired for every role, entrylevel technicians, service advisors, store managers. Ziprecruiter helps me find all the right people, even the most difficult jobs to fill. [announcer] ziprecruiter, rated the number one hiring site. Try it for free at ziprecruiter. Com millions have made the switch from the big three to Xfinity Mobile. That means millions are saving hundreds a year on their wireless bill. And all of those millions are on the nations most reliable 5g network, with the carrier rated 1 in customer satisfaction. Thats a whole lot of happy campers out there. And its never too late to join them. Get unlimited data with 5g included for just 30 a line per month when you get 4 lines. Switch to Xfinity Mobile today. Power e trades awardwinning trading app makes trading easier. With its customizable options chain, easytouse tools, and paper trading to help sharpen your skills, you can stay on top of the market from wherever you are. Power e trades easytouse tools make complex trading less complicated. Custom scans help you find new trading opportunities. While an earnings tool helps you plan your trades and stay on top of the market. We are now in the closing bell market zone. Mike santoli is here as always to break down these crucial moments of the trading day plus David Rosenberg is here on the market and the economy and steve kovach as well well kick it off with the broader market, mike the dow is building on some gains in the final hour of trade, its higher the s p 500 has four positive sectors. It had two when we started the hour surprised to see the strength given we are seeing a spike in yields and the u. S. Dollar and fed expectations of a bigger rate hike and maybe not a faster pause . A moderate surprise, i would say, sara. One thing about the move in yields and the dollar is, yes, theyre rebuilding back toward their highs but not at highs so maybe theres a little play in terms of the way equities react to that. Also on some level for most companies, good news and a sturdy demand picture reflected in a strong jobs market is not a terrible thing i think the idea that there is a little more breathing room in terms of what the economy can handle in terms of potential fed rate hikes is probably at work here too again, were sort of just treading water this week in a big picture way. Its resilient but not necessarily something that seems as if its an excuse for the market most of the pressure is coming from the big Growth Stocks that have been pretty strong in this resurgence in the last six weeks. Some of the biggest losers today, tesla, amazon, microsoft, nvidia, apple and alphabet lets big deeper right now David Rosenberg joins us youve been in the recession camp firmly and early. So how do you make sense of what we saw today, very strong job growth, lower unemployment rate, higher wages well, look, the lower unemployment rate, that comes from the Household Survey and is a product of the fact that the Participation Rate went down to the lowest rate of the year and trouble rectifying the comment that we have a vibrant labor market when the Participation Rate is only moving down now, youre quite right, the Payroll Survey was a shocker but from my perspective and looking at it through the lens of an equity market investor, and not really talking about whats happening today but bigger picture, i mean lets think about it when youre taking a look at todays employment numbers, sara, and you look at the hours worked and the employees, the labor input to the economy is running at a 1. 5 annual rate at a time when we know all the components of gdp, which is demand in the economy, output and spending is flat which is telling you that for the Third Quarter in a row, productivity is at risk of being negative see kwents sequentiall. Youd rather have the labor market alongside an acceleration in demand. We know what output is doing, lagging well behind. The other two only times where productivity declined three quarters in a row and were talking about the impact on the fed, but productivity is so important for Profit Margins and youve only had three quarters in a row of sequential productivity prints twice, in 1974 and 1979. Okay. So this wonky number, weve seen whats happening on the spending and output side of the economy and thats a bit of a problem. I expected you to put a negative spin on it, david my question is what ultimately its going to mean for the market, which had gotten really excited lately about the federal reserves no more hikes after this year and cuts starting next year it feels like theres a whole rethink of that if labor demand is still very strong, even with weak gdp and Inflation Numbers also stay pretty hot well, firstly, what you call spin, i call analysis. But we have the fed is chasing this particular fed is making its policy chasing lagging and contemporaneous indicators so you just want to talk about n nonfarm payrolls. Okay that is one of the constituents of the conference boards coincident economic indicator. It is basically looking at the trees when you want to look at the forest past the trees. Initial jobless claims, which we havent talked about so far, thats in the index of leading economic indicators. And i think the recession call is pretty well baked in the cake initial jobless claims is in the leading economic indicator, not nonfarm payrolls. Jobless claims, the fourweek moving average is up 84,000 from the low. Up 84,000, going back to when the data started in 1967 up 84,000 and initial jobless claims has been a recession call 100 of the call so do you think im going to abandon my recession call because of todays nonfarm payroll report its not the first time it rose into the early part of recession. So what im doing is forecasting the future. I get it, but what does it mean for stocks, though . Is recession a positive for stocks because it means the fed will slow down well, if the fed were to pause or even cut rates, of course you get an initial rally. It would be a tradeable rally. But the one thing we know about two fundamental bonds in the stock market is they happen when the yield curve is positively sloped theres never been a bottom with the yield curve inverted usually the bottom in the stock market is when the market is looking in the whites of the eyes of the recovery were now looking in the whites of the eyes of the recession so the bottom will be next years story you go back to 2000, 2002, you go back in the 2007 to 2009 bear market, there were eight peaks and valleys along the way. There were eight very significant bear market rallies and you can trade them but the fundamental of those happened late in the recession they happened after the fed significantly cut Interest Rates and steepened the yield kcurve. You can get tradeable in stocks. Unless youre going to say this is the first time something is going to happen, you know, in our professional lives so thats the problem right now. It is still a bear market rally, a very significant one we had a few powerful ones in the great financial crisis yeah, you can trade them and they can last a few months too, by the way but no, its not a fundamental low. I think that will be next years story. David rosenberg, thank you very much. Good to have you have a great weekend. You too a pair of gig economy stocks are moving on earnings today lyft reporting an unexpected quarterly profit and doordash beating wall streets Sales Forecast due to an increase in monthly active users and also higher restaurant menu prices. It was initially higher but has since come down. Steve, what are we learning about the consumer and demand from liyft and doordash i was surprised to see such strong numbers from doordash as everyone is going out again. Both these Companies Point a picture of a reopening economy uber saying we expect demand to continue to surge and especially surge once we get into the backtoschool season so there is no sign of these letting down from the travel side we heard from airbnb earlier this week that they are also seeing demand just not letting up at all despite these covid spikes and were going to in fact theyre so confident about that, they were able to issue a 2 billion share buyback. On the doordash side its a little different growth moderated a bit and its more normal growth than the super growth that we saw during the pandemic about 23 growth in doordash orders versus a year ago when we saw 60 something percent growth. So it is flattening a little bit. People are going to restaurants instead of having the restaurants come to them a bit more. But still growing. And part of that is because of the International Expansion they closed this acquisition of a Company Called volt, which is the doordash of europe, and are going to start expanding globally from there. So theres plenty of room for them to grow. What about the stock, mike . Its been clobbered along with so many of the other pandemic winners and other stocks, right . Exactly there has been waves of selling. You see since the First Quarter of 2021, they have moved largely in tune with one another this big hypergrowth premium came out and you can say a couple of Different Things these companies have absolutely established themselves in the consumer habits. Theyre not going away in thames of peoples usage of them but they do still have Business Models that are unproven thats the case even if you go to uber and lyft theyre not showing that theyre going to be reaping consistent and growing cash flows thats why the market is having this little minor echo boom in the stocks, having some recoveries there by the way, a lot of beatenup hyperGrowth Stocks are having a little bit of a muted revival. So its still a show me and a prove it to me situation. Steve, while youre here, weve got to ask you about the amazon deal to buy irobot. 1. 7 billion in cash irobot stock surging on that news sort of a pandemic darling but 23 facing a lot of headwinds. What does amazon want with it . Amazon has been building out this network of alexa devices and ecosystem of alenxa devices this all ties into this idea that were going to have everything in our home be smart. Keep insp mind amazon bought th wifi router maker and ring, the maker of those video doorbells and security cameras ring even has a drone that will fly around your house and monitor security that way. So some really crazy pie in the sky ideas. Also robotics. A decade ago, they bought a Robotics Company to work in their warehouses and move product around the floor its really neat to watch how robots and humans work together. On the consumer side they introduced a 1500 robot that can even bring you a beer from the fridge, sara. Thats convenient more data for amazon to have inside your personal space lovely thank you very much, steve kovach. Tesla is under pressure following its Shareholder Meeting. Meantime, shares of carvana skyrocketing the online used car dealer announcing it is aggressively cutting costs. Phil lebeau joins us tesla stock has been losing steam all day. Why do you think that is well, i think part of this is because it has come so far so quickly over the last couple of months take a look at tesla shares over the last three months and look at where it was back in may. I think it was in the 620 range and went up over 900 thats a 47 gain. Its only natural youll see some profit taking coming in here this is not tied into the comments from elon musk at the annual meeting overall if you listened to that meeting and watched what he had to say, he was fairly upbeat about teslas future so this is not a case where theres actual news moving the stock lower, i think this is a case of look how far its come, lets take some money here. Youve also got twitter up 4 , so there could be an inverse trade as it looks likely that hell have to buy it. Elon musks legal camp did file its response to some of the twitter documents as well and it didnt seem to impress a lot of the legal authorities ive seen. So there has been the relationship there where some pressure on tesla when it seems like the twitter acquisition might be more likely elon musk might be forced to buy. The stock ramps into the stock split announcement you got the rubber stamp on the split at the annual meeting. Even though thats a nonfundamental effect phil, how about that huge pop in carvana shares. This stock was left for dead what happened . Well, they have announced theyre going to be cutting costs dramatically, and they need to cut costs dramatically if you look at all of the analysts commentary about the q2 results and the moves they are planning to make to get back to profitability, almost everybody says the same thing. Amen, this is what they need to do what youre looking at here is a stock that was so beaten down. Look at the stock this year, its down 70, 80 , even more it was due for a pop on any type of news where the company said we will make the cuts necessary so that we can cut the losses. Got it. Phil, thank you. A bit of a short squeeze there too likely phil lebeau. Mike, the other market tidbit i would add in which is fairly bullish, it was a big week for the credit market and for supply you had apple kicking it off, intel doing a deal, meta doing a debut deal and those are all on the higher end of investment credit. Yes high quality. High quality. But you had Investment Grade inflows for the first time after 18 straight weeks of outflows. If youre looking for a signal for the credit card, its not too recessionary looking. Not at all. Absolutely true. A lot of that capital raised by the Big Tech Companies in the credit markets is going to go to share buybacks in general it reliquefies the system two minutes to go what do you see in the internals . They have been actually a little better than you might expect, certainly better than this morning the stock split is 21 the average stock is doing okay, its the mega caps weighing on the s p and even that not very much were going to finish well above 4100 on the s p. Look at jpmorgan relative to microsoft. It shows you this rotation over the course of the week with that jobs number. You have jpmorgan and the other banks popping to meet that strength in microsoft as we saw microsoft and the big growth stalwarts flat line after that 21 has been one of the lower levels of the volatility index were actually breaching that. You see that steady decline kind of summer, relatively range bound trading. Its bullish until it gets to a real negative extreme, well below 20, and then youll have people talking about complacency. I dont think were there yet. Lets look into the movers as we head into the close we got as low as 237 on the dow. Were now at session highs in this final minute of trading jpmorgan, chevron, verizon and visa are driving it higher boeing and salesforce are the losers s p 500 well off the lows. It was down more than 1 , its down less than 0. 2 energy, financials, materials, industrials lead nasdaq is the loser, down half a percent but climbing well off the lows of the session. Higher by about 2 on the week despite the fact that we have a much stronger than expected jobs report well see where it settles next week thats it for me on closing bell. Have a great weekend, everyone into overtime now with scott wapner. All right, sara, thank you very much. Welcome to overtime. Im scott wapner on this friday. You just heard the bells we are just Getting Started right here at post 9 in just a little bit ill speak to Eric Johnston on whether it is time to throw in the towel on his call for a collapse in stocks we begin with our talk of the tape, whether a soft landing really is possible and if so if its investors who should pivot to a more positive view on the markets in the months ahead. Lets ask courtney garcia, senior Wealth Advisor and cnbc contributor right here with me at