that conference. a lot of optimism there. and we ll discuss why hundreds of millions of dollars are going into alzheimer s research it still may not be enough to make any real progress. also along musk discussing the latest spacex rocket failure right now. we ll bring you the latest headlines soon as we get them. we start with our closing bell exchange. the major averages are in record territory. territory. mr. willis what s moving this market today? this is another one of those days where we are hitting singles. no home runs but enough to put us over the top for the s&p and the nasdaq in record territory today. the big cap, particularly the nasdaq are the story. inside that story, you need to take a look at some of the rotation that we are seeing. still taking profits out of the russell 2000. some of the health care stocks seeing profit-taking. we are seeing money rotate into the consumer discretionary, particularly the restaurants strong today. chinese stocks trade
we ll explain. the nasdaq is closing in on all time high. the 33rd record high of the year. it s only may. that s the most since 1999 for the index. now the nasdaq is the most crowded trade, at least according to banc of america, a new survey of global fund manager. 26% of those surveyed are long the index. the tech giant continues to dominate, am son, netflix, google. hedge funds are piling into the big names too in the first quarter. even steve eisman said he is long facebook andmazon. is the tech room more crowded or more room to run? i think there s more room to run. you look at the technology stocks, whether it s the apple, microsoft, you go down the list. you start to look at these companies, some of them are a little higher. i think we have to reprice or how we look at these companies in terms of what the valuation really should be. are they valued as this kind of a company or that kind of a company? as they move to cloud and other areas of growth, i think that chan
gartman here to explain why one group of stocks are still rallying. but first we start off with the record highs and propelled by biotech up 8% more than double the gains in the health tech sector. that all as president-elect trump is pushing for a quick repeal of obamacare and republicans in the senate and house maneuver to make it a reality. so what is behind this move? is it too late to get in? no, i don t think it is. what is behind the move? what is behind the move is the fact that you haven t heard politicians now effectively talkingabout biotech talk about it the last month. it hasn t been steadfast on everybody s radar screen. so thousand people are lonow pe valuation and maybe the companies are not left to dead. ibb we talk about all the time. look at all through 2016, how many times did to try to get through 250 on the down side? probably four, five, failed to come so each time. now it s above the 280 level that we ve talked about for the last year and a half. and
falling. the company slapped with sell ratings. were are so many analysts so cold on the hottest ipo of the year? we ll explain. first, white house press secretary sean spicer taking impromptu questions outside the white house moments ago, we go to eamon javers. reporter: that s right, scott, i had a chance just a few minutes ago to ask sean spicer here about a spears of tweets we get from president trump just in the past hour. i believe we have some of those tweets loaded up. the president here talking about exxonmobil, touting that company for a $20 billion investment initiative that the white house says will create thousands of jobs in the gulf coast region. interestingly, though, in the press release that exxon put out about this, you see there the president talking about jobs, jobs, jobs, thank you, exxonmobil, in the press release that exxonmobil put out about this, they say the series of investments began in 2013. so when sean spicer came out to take a few question
you why something else may be the key to oil s next move. but first, we start with the markets. it was, of course, a tough day for stocks, i guess. the dow down 150 points at its lows. although both the dow and s&p eked out gains for the month of may. and the losses come as expectations mount for a federal reserve interest rate rise as the dollar enters a two-month high. what do you do with your portfolio now? i don t see anything wrong with going for the protection, especially at the levels coming into today. we finished last week at 2100. but you look at the way the dow traded today. it really was something that was reflective of a couple of things. boeing, bing turn to the down side. the energy names, chevron, exxon, you see the way oil flipped from over $50 to close underneath $49. big flip there. is that something that s sustainable? the way we ve been trading lately on oil, it seems like the ranges seem to have a higher lows and higher highs. you ve got to be impresse