it's 5:00 a.m. at your cnbc global headquarters and here is your "five@5." tech comes off of its worst day since october. a being part of that story, of course, it's apple. seeing its worst day in months, apple's weakness alsodragging down some major old markets overseas. also in the red sea, global shipping giants extend their pause in the region as investors warn of risk-off strategy. and why steve eisman is

betting against wall street. 2024 may be starting off with a bit of a whimper, but one top stock picker says this will break out. it's wednesday, january 3rd, 2024. you're watching "worldwide exchange" right here on cnbc. good morning. welcome to "worldwide exchange." i'm frank holland. let's get you ready to start your day. we get a check on the market. we saw the dow, the s&p, and nasdaq close lower on the day. talk a look at futures. you can see red across the board. looks like the dow would open up about 75 points lower. the nasdaq down half a percent. the big focus continues to be on big tech with a nasdaq composite coming off its worst day since october and the worst day since

2016. i think you've got to blame apple for the massive downside move after barclays downgraded the stock to underweight krooitding a concern under hardware adoption. apple's worst day in four months is set to open up at a seven-week low. we'll have moneyuch more on app coming up. take a look right now. we're seeing the benchmark at 3.97, creeping very close to that 4% level. we're also watching bitcoin once again with optimism with cryptocurrency topping for the first time since april 2022. and now we want to get a check on the markets all around the world. j.p., good morning. let's start with you. >> good morning to you and happy new year to all of you on the east coast.

yes, not a lot of confidence for asian markets on this hump day session. you could say there's a bit of cautiousness ahead of the federal reserve's latest meeting just in a couple of hours but also concerns about the chinese economic slowdown and a few real catalysts for any upside moves. from sydney to shanghai, many of these indices closing in the red. many are awaiting market reaction. trading in tokyo tomorrow will happen after that earthquake that hit japan over new year's and the plane crash that left five japanese coast guard members losing their lives. it's hitting apple suppliers in the region. the makers of apple's airpods

are also seeing a drop. there's one sector that present as little bit of an upside. you're looking at the stocks tencent and netease. members were forced to be let go or resign. he was one of the authors of new gaming regulations. his removal might present some upside for them. that's the one bright spot we saw in asia. >> all right, jp ong. now let's turn to europe and our joumanna bercetche. good morning. >> good morning, frank. it's riskoff over here as well, stoxx 600 pulling off toward the close yesterday. every single one of these is trading in the red with the exception of the swiss. again, a similar theme to the u.s. investors are started to dial

back their expectations out of the ecb bond yields. it's have an adverse impact. the ftse 100 down half a percent. we continue to see an underperformance in basic refiners. xetra dax down 0.8%. the cac was down 7% today toward the bottom of the stoxx 600. of course, that is not the only stock that barclays downgraded yesterday as we've been talking about on all of these shows. they also downgraded apple. that's having an impact on european chipmakers as well and other designers, chipmakers, all coming under selling pressure. you see asml perhaps the most famous one in the netherlands down 2.1%. and they're grappling with export restrictions when it comes to china. others down a similar 2.5%.

decisively a risk-off tone with tech and others. a lot to follow over there. our yojoumanna bercetche. great to see you as always. turning back to wall street. we need to get a better idea with the thinking when the minutes come in from december. as many as seven cuts by the fed this year. goldman sachs and bank of america expect the cuts to begin in march. jpmorgan sees five quarter point moves but he sees it in june. jonathan pringle from u.p.s. expects the fed to bring rates down by december. but one noted investor thinks the market is being too aggressive. steve ieisman the cnbc may only

cut one time in 2024. >> even if inflation comes in. if i'm the fed and i'm looking at the volker lesson, i'm saying to myself, what's the rush? if the inflation comes in, i can always cut tomorrow. but if inflation is flying why don't i keep rates here. >> gene goldman is chief investment officer. happy new year. great to see you. >> how are you? >> bond yields moved slightly higher, 10 basis points. with we see the s&p and flaz dak have their worst day since october. how do you see your rate impact impacting the markets going forward? >> i think we're optimistic operates. i know the fed is saying three for 2024 based on their dot plot and you're seeing everyone out

there saying anywhere from one to five to seven. i think we're in sort of that 4 level, maybe 5, but not as aggressive as the prices have marked in. services inflation is still above 2%. we've seen falling energy prices, but it's more important to loosen the labor market in order to reduce services. also you have the fact that the economy is starting to slow down. the fed is needing to cut rates. one thing we've been telling your viewers is loretta messer is important. she's on the fed as a voting member for the first six months. she's going to have a hawkish bias toward the fed. we expect maybe four rate cuts for this year, not as aggressive as the markets are pricing, but a little more than the fed has suggested. one more point, keep in mind the fed rate is up 1%, 2% above inflation. it's extremely restrictive already. >> you've got a couple of points to keep in mind. we'll get your answers when the

fed minutes are released. i want to talk about your s&p 500 price target. it's about a 6% upside from where we are right now. give us a sense. how do we get there? is it the market broadening out and all sectors participating in a rally, or do you think tech continues to live up to its ai expectations and its high valuations? i also saw you expect the earnings recession to be over. do you expect the earnings recession to live up to it? >> near term, a lot of the 2024 returns were pulls in from 2023. what we see is the market breadth will wide about. what we see it as a more opportunistic bull market. we're going to see some volatility in the markets. it's going to create a lot of potential opportunities, areas we're excited about. values for example. small cap. if you take things together how do we get that price? it's about 6 8%.

one of the things we're looking at, interest rates are going to come back to normal. it ooh going to prove to be a nonevent. we saw a surge in productivity late last year. it usually occurs at the end of a recession. then to your point, what we said earlier, it's likely over. 2024 earnings should rise to 11, 11.5%, according to that. good news there. ppi is falling at a faster clip. you see half the margin in the positive. >> good to see you. price target, 5100 for the s&p 500. let's get a check of some of this morning's top corporate stories. our silvana henao is here with those. >> good morning. global shipping firms maersk and hapag-lloyd say they will reroute ships. the costly decision coming after

maersk paused red sea routes for 48 hours following a series of houthi attacks on its ships in the region, this as unlisted fresh shipping group cma is expected to increase shipping rates from asia to the mediterranean region by as much as 100% starting january 15th. meanwhile fisher investments is denying that it is in sales talks. in a statement the money management founded by fisher in 1979 says it is not being bought bied a venlts or anyone else, quote, plain and simple, adding, have the journal bother to verify the story, they would have corrected them. and the nfl is fining billionaire investor carolina panthers owner david tepper $300,000 after he was caught on video sunday showing what appears to be tepper throwing a drink at a fan. in a statement tepper said he

regrets his behavior and will accept the league's discipline for his conduct, frank. >> yeah. that was kind of a shocking video. he's an owner, so he's held to a higher standard. >> he really is. >> on the other side, e i'm not condoning anything he did. they were probably like the owner is into it. we have a lot more on "worldwide exchange" including the one word that investors have to know today, but first we're counting down to the iowa caucus and what former president trump's commanding lead could mean for the rest of the field and the 2024 presidential race. plus much more on apple's slide and why our next guest is holding out for tim cook's one more thing. and why katie stockton has her eyes on one sector that she thinks is prime for a breakout. stay ahead when "worldwide exchange" returns.

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happy new year. >> happy new year. good morning. >> i think we've got to start out with the iowa caucuses, former e president trump with the commanding lead. how should investors view this caucus and the likelihood it will be another showdown with trump and biden coming in november? >> trump has had a very wide lead in iowa the whole time. it's in the 30-point range. the next stain, new hampshire, it's narrowed a little bit. nikki haley has had somewhat of a lead. 30 points, you've got to think trump is in really strong position to win iowa and really set himself on course to win the nomination, probably wrap it up effectively in early march and then set up that showdown, what i refer to as the rerun nobody

wants to watch because of the two choices. you look at what happens in 2025 because there are some significant tax debates on the horizon for 2025 because you have so many parts of the trump tax cuts from 2017 expiring. so this is a consequential election for tax policy. >> so a lot for investors to pay attention to. we mentioned the agenda when lawmakers returned from the recess. there are two key dates, two key funding dates. again, we are facing the possibility of a shutdown. how should investors view this and the two dates? >> one, base case is there is going to be a shutdown. very little progress has been made toward passing spending bills to avert a shutdown. so you expect a shutdown. what does that mean for markets? i think history tells us very little we have markets that have decliebed during shutdowns.

we have markets that have rallied during shutdowns. as a matter of fact, the last shut down was if not the longest s shutdown in history, 34 days. the market was up 10%. i am not telling investors a shutdown means stocks are going up. i'm just saying it's not the factor that people think it is. so kind of keep calm, carry on, pay attention to other factors that are going on. we're going to be in earnings season. you have geopolitical events. those are the issues that are going to move markets, not at the shutdown. >> brian, stick around for just a minute. biden administration officials say they'll reopen several southern border crossings this week which have been closed due to a surge of migrants arising in the u.s. this comes as house speaker mike johnson will visit one of those crossings today in texas. our emily wilkins joins us now with much more and the message mike johnson is sending to the

white house with that trump to the border. emily, good morning. >> good morning, frank. the senate and white house are hashings out this bipartisan deal in washington. speaker mike johnson is in texas, leading the group of more than 60 republicans to the southern border trying to send that message to biden, reaching some sort of deal on border security, and immigration is key to get enough republicans to support and pass an aid package which includes billions in funding for ukraine, israel, the indo-pacific region. president biden initially requested more than $13 billion in funding for the border as part of the package, but republicans made clear they're only going to accept policy changes. they returned to d.c. to hash out details before congress returns next week. speaker johnson hasn't been in the room for negotiations, but he's been making it clear what he wants to see. he's called on president biden to implement broader changes

including policy to release migrants without a court date, restricting parole, and restricting mexico for those seeking asylum in the u.s. johnson is dealing with pressure from hard-lined conservatives who are threatening to not supporting the government unless stricter border security is restricted. hr 2 is what republicans passed last year without any democratic support. roy said they must make it contingent on the president signing hr 2 or its equivalent. back to you. >> before we go, the senate appears welling to work with the president, the house taking a much harder line. >> we have seen the house and senate republicans divided on so many things, frank. we've seen them divide on trump, various bills, and i think immigration is the latest.

part of it's a math problem. house republicans don't need things they want the house to pass. the senate absolutely needs to have dmitri carats on board to get anything done. republicans in the senate know this. they's part of the reason they're working with the white house, with secretary mayorkas, even house republicans are working on it. you're seeing a huge difference in the i a approach and i think the real trick is in the senate does come up with an agreement, how does speaker johnson handle it? that's going to be a huge test for him, pitting him against some of the hard-liners in his conference who are lining up to go against him versus just needing to get something done. >> emily wilkins, live in d.c. thank you very much. turning back to brian with stifel, i wanted to get your reaction. >> the issue for the white house is that it's been late to engage

on the border issue, and it's engaging only with the senate. i kind of understand that. president biden is partial to that body, but there's not been a lot of engagement in my opinion with house republicans, and senate republicans have shown a willingness to defer to the house on spending bills, on the border issue, and so until the white house really engamings with house republicans and gets a deal with them, it's going to be very difficult to get a broader view on the board eric and by extension the supplemental. at the same time, you also have another faction in congress, the progressives who don't want those concessions. and so getting a deal on the border and by extension either the budget spending or a supplemental foreign aid package for ukraine and israel is going to be very difficult. there's a consensus in washington, i think, they will reach a deal. i'm not as optimistic as a lot

of folks in town. i think the negotiations are much tougher than people have acknowledged. >> brian gardner from stifel saying it's going to be a difficult road. a lot to watch. brian, i'm sure we'll talk again in the near future. coming up on "worldwide exchange," bill ackman prevails once again in his fight against a trio of i've. league university presidents, but there's still one more lane on his no mo list. stay with us.

welcome back to "worldwide exchange." let's get a check on more headlines. frances riveras has our latest. >> the death toll in japan standing at 60 people. the number is expected to increase. rescue efforts are still ongoing with scores of people feared trapped in collapsed buildings. officials fear there's more warnings of earthquakes next week. turning to the formal 2024 election, trump is appealing the ruling in maine that would ban him from the ballot. maine stating his attack on the capitol makes him ineligible to

run. he says the state is biased and says she has no authority to back. claudine gay has stepped down following the backlash to her response when republican elis elise stefan eck pressed her. bill ackman tweeted in response, y et, tu, sally. frank, you're up to date with your headlines. we send it back to you. >> frances rivera. thank you very much. ev stocks despite

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it is exactly 5:00 a.m. there's a lot more ahead on "worldwide exchange." the santa rally falling a bit short as stock futures point to an open, but not every sector is waking up in the red, however, shares of apple are lower on growth and iphone adoption con concerns. we're going to break down where we stand today and whether we

can stand out for hope. and laying out big ideas for your partnership in the first quarter. it continues. and our next guest says get ready for a breakdown. it's wednesday, january 3rd, 2024, and you're watching "worldwide exchange" right here on cnbc. ♪ and welcome back to "worldwide exchange." i'm frank holland. let's get you ready to start your day. we get a check on u.s. stock futures after a bit of a rough start to the future that saw the dow, s&p, and nasdaq close. you see they're in the red across the board. looking like it would open up just about 90 points lower. the nasdaq continues to be under pressure. the big focus continues to be on big tech with the nasdaq composite coming off its first

day in october since all the way back in 2016 and, of course, apple, a huge part of that. we're going to get a gut check on apple in just a moment. red arrows for stocks means a green arrow for treasury. we're seeing the yield on the benchmark creeping closer and closer to 4%. bond yeenlds not at the only thing higher. it's a big day for bank stocks with names like jpmorgan and goldman sachs hitting their highest level in more than a year. blackrock up a quarter of a percent. why katie stockton says there's much more room to run for many of these financial names. bitcoin topping 45,000 for the first time since april of 2022. you can see it's higher again this morning, up just over three-quarters of a percent, we'll continue to watch bitcoin. we're watching apple following a 4% decline yesterday.

biggest drop in four months and a seven-week low. apple sharply lower this morning, this on a very rare downgrade saying weakening iphone 15 sales are likely a warning sign for iphone 16 sales and broader demand for hardware in the u.s. and china. shares of china stocks down. we're talking taiwan, sk hynix, samsung, lg, and hon hai. joining us now, alex. happy new year, great to see you. >> happy new year, great to see you too. >> some people attributed it to profit-taking. apple up about 50% last year. others to longer term concerns about their hardware business. what camp do you fall in? >> i think there's definitely profit-taking here. you can't take that out of the picture. but i think the barclays note

pointed at something that a lot of people are worried about. that's iphone sales growth is going to slow down. for apple, they're the iphone company. everything is all in on the iphone. if you see slowness there, you have to ask do they have enough to make up for it. if you don't have the iphone, what are you doing? i think that's the real question to the company right now. >> so are you worried about a slowdown in growth for the iphone just because of it plateauing? so many people have iphones. or is china one of the reasons that you're concerned? >> i would say the biggest issue here is the upgrade cycle. people have the iphone 15 that looks like the 14. it will probably look like the 16. so you're getting to the point where people are upgrading much more slowly. and when you're in that situation, you can't afford to have any other potential issues along the way. you don't want to have china as a potential risk factor, and

unfortunately for apple, it's the perfect storm where you have the china issue and the upgrade story start to come to fruition. now any other lift causes serious issues and that's what we're seeing with the company. >> apple gets 19% of its overall revenue from china. a big issue if there are issues in china. apple is trading at 29 times its original earnings. is apple getting too expensive considering some of the headwinds you just mimgsed, a slowdown in i phone growth and also china? >> i think it probably is too excessive, and i think the reason why it got so expensive is because the company was selling this big services story to wall street saying you've got to think of us as a technology company, not necessarily just a hardware company and give us the software initiative. it always had a hardware kboept to it and those tend to have much lower components than we

see with apple. i do think it's pretty expensive right now. >> i know you don't give price targets, but give us your sense. would you stick with apple or is now the time to take the profits you got in 2020 and hop off until the valuation gets to a lower level? >> i wouldn't panic right now. the company, if you look at tim cook's track record has always found a way to get outside of the tough moments and push forward and figure it out. i think that's probably what's going to happen with the company this year. they're going to figure it out, find some way to get the numbers where they need to be. that's been the apple story under cook and i don't expect it to change. once it does, you'll have to look at the company must differently. but i see no reason to change at this moment. >> alex kantrowitz, thank you. great to see you. happy new year. let's get a check of our top corporate stories.

>> i'm back. india budget airline akasa air is expected the close on 150 737 max jets. the deal is expected to be announced at its largest expo scheduled for later this month. bl bloominbrands is expecting to identify potential points for improvement. starboard owns a 10% stake in bloomin. and manhattan home sale prices are on the rise for the first time this year. they closed out at $1.16 million from the fourth quarter, up 5.1%

from a year earlier and marks the first annual increase since the third quart irof 2022, frank. >> you know, kind of a bullish sign for new york city. i know after the pandemic some people worried it would never be the same again and the people that left wouldn't come back. but it looks like they're coming back. >> it certainly does. >> thank you so much. >> you've got it. turning our attention to stocks as we get set for the final day of the so-called santa rally. it looks like st. nick for goat to stop by wall street as the s&p basically flat since december 22nd when the final five trading days of one year are good compared to the first two, going all the way back to 1950. a new year means new opportunity. join joining me now is katie stockton. portfolio manager for the tack etf and a cnbc contributor.

happy new year and good morning, katie. >> thank you. why are you bullish on financials? >> you know, they really emerged as a market leader. if you look at a ratio of xl after the s&p 500, you'll see this really attractive compelling basing phase with a breakdown in q4. so that relative performance we saw from the financial sector in q4 to me was very encouraging. it shows what had been accumulation then giving way to bre breakouts, and those breakouts occurred in absolutes and relatives. we saw it emerge from a bear market cycle, bear market range, and advantage and saw that momentum shift that was very

meaningful with that. we saw the first long-term momentum behind xlf since it flipped edped to a sell signal 2022. >> we're seeing the dip at the end of october, beginning of november and then the xfl outperforms the s&p after that period. give us the sense. what's the catalyst that's going to continue this strong performance in 2024? >> you know, the charts aren't going to answer the question or why. they'll tell you what's happening. and what is happening is that the momentum shift is pretty meaningful. of course, we do have earnings coming from a lot of the big financials starting later next we'ring and that including the likes of jpmorgan, which is really within an inch or so of an all-time high. so the action ahead of earnings is really very bullish. that creates a proof point for the sector. but, listen, we would welcome some kind of consolidation or pullback. a lot of the market seems to be

poised for that here in the coming weeks given the overbought condition ahead of year end. but we would welcome that as an opportunity to add exposure. >> so, again, the x iflf. also bank of america. what is notable? >> i think it's exemplary of the sector. you have a bullish signal. you could draw a down line trend and see it's broken. bank of america like many others had a bit of a shakeout ahead of the q4 rally, and that to me was a very bullish rally. it shows a willingness for buyers to step in. we had from a charting perspective a double bottomed formation really across the board in the financial sector. if you look at the likes of fifth third bank you'll see a nice double bottom formation that looks a bit like a "w" on the chart, and those tend to reflect an accumulation after a

downtrend cycle. we think the sector not just for q1 but for '24 may emerge as a leader just like it showed itself in q4. >> all right. katie stockton, your q1 go big or go home pick. bank earnings coming up next week. we'll have to see. great to see you. coming up, key bank's bull call for one wireless app with at least a $7 upside from yesterday's close, but first we have some of your top trending stories. it's the mickey mouse haunted house. the trailer for a new mickey mouse slasher dropping on the same day as the iconic debut of the copy rooict protection. the steamboat willie mickey mouse can be used by anyone. not the classic mickey mouse. also caribbean heading to

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all right. welcome back to "worldwide exchange." time now for your morning call sheet. we begin with key bank upgraded verizon overweight, hiking its margin to $45. analysts think the wireless setsup is favorable for 2024 and will show year-over-year improvement. its broadband unit will do well. goldman cuts schwab and blackstone. iterates winners versus losers. it's left many stocks that are out of sink with growth

expectations. goldman is upgrading state street to neutral. kbw is cutting its price tar get to 650 a share. that suggests the stock has dropped more than 30% from where it's trading at right now. kbw says slowing growth in originations could be a drag on earnings and revenue. sofi shares down more than 4.5%. shares of global shipping firms maersk and hapag-lloyd are going to continue their pause on the red sea. the disruption proposed fresh risks as maersk plans to put 30 ships on hold. others will shift up to 100% starting january 15th. chinese ev stocks despite reporting strong delivery

numbers all-balling by 4.5% over concerns on competition and increased pricing pressures. this after berkshire took tesla's spot based on its most recent quarter. and airbus in recent talks. the acquisition could boost airbus defense and security through added skills and cybersecurity and artificial intelligence. the proposed deal comes after airbus failed to take a minority stake. coming up, the one word every investor needs to know and why steve eisman is bettsing against wall street, this time with his eonyes fed. we'll be back with "worldwide exchange" in just a moment. c, supercharged by apple silicon. ♪♪ built-in security protects me from malware and forgotten passwords. i've got enough battery life to get me halfway around the globe. and lower overall costs leave more money in our budget.

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welcome back to "worldwide exchange." we start with shares of apple extending yesterday's louiss.

concerns about weakening iphone 15 sales, hardware demand and regulation weighing on the stock. fisher denying a sales talk with advent international. in a statement the money manager said it's not being bought by advent or anyone else and would have corrected the journal if they had bothered to verify the story. carolina panthers' owner david tepper has been fined $300,000 after being caught on video throwing a drink at a fan. he accepts the fine. brightspring had been planning to raid $1 billion as of sect. steveizeman questioning the level of wall street saying there's room for things to go around around the mag nificent

stocks. ford is recalling over 100,000 f-150s over a possible break. here's what to watch today, the november job opens turning survey oer the j.o.l.t.s. report. minutes where they paused rate hikes for a third straight time and house speaker johnson will head to eagle pass to hold a press conference ow honor the biden administration has handled its border policy. taking a look at the futures right now, markets looking to extend yes, sir's losses. the selloff in bonds and prices marking the worst start to the year since 2002. leading in the decline is the nasdaq. third worst day performance.

let's talk much more about this with keith lerner at truist advisory services. happy new year. great to see you. >> great to see you. again, we're seeing the futures under pressure as we see bond yielding rise. give us a sense. what is your w.e.x. word of the day? >> the w.e.x. word of the day is "overboard." the market as we all know has a big move toward the end of last year, the s&p up. small cap's up 25%. we saw yields come down. yields you're seeing today is going back with the 4% leather. i will say, overboard, is not necessarily a bad thick. there's a momentum indicator called the rsi, and it reached above 80 for the 15th time since 1980. but when we look back

historically a year later, the market's up 13 out of 15 times, so that's a pretty good hit ratio. we tend to give some of that back. >> speaking of giving back, we had a banner year on the markets in 2023. now we are officially in 2024. this first week, do you think some of the things we're seeing is this simply price taking or is this some concerns about the strength of the economy and the strength of the earnings outlook going forward? >> listen, i think we went a long way in a short peer yold of time. we came off a nine-week winning streak. that's the longest winning streak since 2004. a breather in consolidation makes a lot of sense to us. more overwhen you look at election years, the first part tends to be choppier. the last one i may is unlike last year when you were coming into the year with low expectations, expectations are much higher. you can see that reflected in bearish sentiment.

it's half of where we were last year. this is perfectly normal. >> that wasn't your last point. one of your picks for us is the s&p equal weight. why are you so bullish. when you look at the s&p 500, very much dominated by tech. >> listen, i still think the large cap s&p index will be fine over the next year, but as we know last year, there were three sectors that outperformed the market. technology, communications, an consumer discretionary were up equal percent. it gives the same weight to each stock. i think that's a positive. this is a good way to hedge that. we're seeing price momentum and the underperformance was about 12 percentage points. that's the greatest we've seen. also with some better valuations, we think that's a

good relative place to be. >> give us the elevator pitch. you're bullish on those as well. hardest hit yesterday. more interest rate sensitive. >> we prefer the equal rate but i think the small caps are still trading out. even with the run of 25%, it's still trading at near the lowest valuation over the last 30 years and you have the positive price momentum as well. after that run, i would be more apt to be adding that on pull backs as to pressing that today. >> keith lerner from truist. thank you very much. a quick look at futures. futures in the red. it looks like the dow's hitting the lows, opening more than 70 points lower. nasdaq also under pressure. apple down half a percent, certainly weighing on the nasdaq this morning and that's where we'll leave you. we've got "squawk box" coming up next. thanks for watching. have a great day.

stocks started mixed. we'll show you what let's moving right now. outback steaks owner bloomin brand adds two members to its board. and harvard's president steps down after calls of planch richl. it's wednesday, january 3rd, 2024, and "squawk box" begins right now. ♪

good morning, everybody, and welcome to "squawk box" right here on cnbc. we are live from the nasdaq market site in time square. i'm becky quick along with mike santoli and robert frank. joe and an true are off today. you guys have been putzing in long hours. you were on "closing bell." >> and i put in last call. >> we've got long-working felg lows here. i thought what you said at the closing belg wassing are interesting how this with was a bit of a turnaround. it was apple who dragged down some of the stocks. >> it was sell the winners first day of the new tax year. we talked about that yesterday morning and against that is the sense that most people feel like they want to raise exposure to the