prioritize investments for the long-term success of our business. twitch game streaming also announcing they are cutting 500 jobs. >> you can be in ai and still be vulnerable. thanks, everybody, for watching powerlines. thanks for joining us. >> closing bell starts right now. >> kelly, thanks. welcome to closing bell. i'm scott walked her from the new york stock change. all writing on the next two days, earnings reports looming large. we will ask x it's what it means over the final stretch. 60 minutes to go. looks like this. picking up a little bit, too. nvidia doing much of the leading. what a remarkable run for the stock as they approach another new high. even apple reversing made day.

it was in the red for much of the session. tesla was read for all day as well. elsewhere, energy is the biggest loser. financials are in the read ahead give earnings on friday. interest rates are modest higher ahead of tomorrow morning. all of this taking us to our talk of the day. nasdaq out performing once again. does that mean it's still the place to be? welcome back. this is where the money is going and nasdaq is hunting down 15 k again. last there just before new year's >> these are the types of markets that are bear killers. everybody said okay, finally, we will get the washout day that has been overdue since the start of the year. not really. you end up finishing hod. you build in intensity off of

nothing. so for us trading waiting for your moment when that doesn't come. that's not sustainable forever, but while it is happening, you are watching the market trend and you cannot straight trade here is what we did. sean and i, my research associate, looked at the internals on the nasdaq. trying to figure out what point this it's so unsustainable that the reversal is here. there is nothing there right now. 83% of the nasdaq 100 components are above 200. everything looks good in all of those individual names. that's well above the normal reading of 60%. which we've seen since november. it's almost like a rally within a rally. and we look at the highs in the nasdaq. 11% of docs making 52-week highs. not overheated rate of that number were 40 or 50% i would be okay, a little bit too hot. 30% in december.

dropped to 2% last week. backup here at 11, we are still kind of lukewarm. now we want to look at rsi. 0% of these names have rsi below 30 or oversold. that does not mean everything is over. the nasdaq 100 has a 14 day rsa. it's math. not my feelings or opinions. that's right on average. we are not at 70, we are not at 80. we're not overheating. this can continue. if you are waiting for your opportunity it is driving you lazy. i understand the emotion. i don't have any good news for you that tellingly we will do this reversal happen. >> what kind of statement do you think they are making at a time where we have people starting to line up saying evaluation is too rich. time to pivot and rotate into these other areas read over the last few days as i said at the

very open, the nasdaq suggesting not so fast. >> i am conflicted there. look at the dow 30. is nike a technology name, walmart? all of these songs -- stocks are green. everybody is a little bit impaired right now. >> russell is taking a bit of a breather recently. >> in two days, you will have jpmorgan, blackrock, citigroup, bank of america. i don't know why it in one day. maybe good for tv ratings. it tough to sort out what is going on. those numbers coming out on the heels of cpi thursday, ppi friday. there will be a lot of action in bonds and bank equities. for me, that the tell. if you get follow-through with these names on the heels of those new inflation numbers, i think that will lead to a broadening of what we have seen this weekend to next week. that becomes really important.

we got a hotter than expected jobs number on friday. i said to myself well, this is the thing that had knocked us back. there was some action in rate. if you look at the march rate hike or cut expectations, not that big of a drop off. within an hour, what does that tell you? i really think the setup remains bullish. provocative to say that suddenly we will reverse. it is just not in the data that i looked at. >> nobody knows what it means. at this point, what they do does not matter. inflation has come down. the trend going that way. there throwing cold water on the idea that you will get scott. you don't even want them.

does not mean that things are necessarily good. if you have to cut six times, things are bad. >> i'm over 18 years old, so i know there are market environments where stocks go up and rate don't go down. i know this is a thing that exists because i have lived through it. in the 1990s, they were raising rates during a bull market and nothing fell out of the sky. it was okay. i don't need six cuts this year. it would be nice if we could bring down overnight borrowing rates to be in line with inflation. we don't have to but it would be nice. i don't need six rate cuts. i think that is a necessary work i do not hear the bulls screaming that they want rate cuts. i think they are okay with the prospect if they are needed. that is not the case right now. the case right now is when all is said and done, we will know in two weeks. this should be the second consecutive order of earnings

growth after three consecutive quarters of negative. then we stabilized. this continues the trend of earnings growth, that is better than rate cuts. >> the market is kind of betting on some kind of cuts. have to justify the evaluation of the market for a strong economy. growth remains good. rates come down. justify 20 multiple on the s and p. >> i will take the earnings growth versus the rate cut any day of the weekend so well most investors. >> what about these other areas of the market? this big burst, up 5% in a month. that is when everybody is like okay, this is the trade that's going to work. market broadens and all of that works. family lately, let's say over a week, it's been nasdaq roaring back and russell sort of pulling back. >> digesting a monster move from things giving to the end of the year. it obviously should not be as

vertical as it was. from november 9th to the end of the year, i think it was 18% uhrich someone can fact check me on that. that is an absurd seven-week rally circuit should digest. there should be some consolidation. this doesn't mean it's over. it doesn't mean we have seen the top. there is a story going on that our viewers to know about because they don't talk about it. internationally, every other market but china is either at a 53 week high or a all-time high. >> it's time to look a little bit elsewhere. even though there are concerns on the mac globally of europe in recession or certain economies in europe in recession. china, you just mentioned, has had one step forward and two steps back in their recovery. >> look at the price. why is the united kingdom breaking out to record highs? why is the cap 40?

not showing off that i know the names of these exchanges they're moving higher across the board other than china. a 33 year high. >> don't fight central banks. isn't that the answer? >> it's where they came from. these stocks have done nothing in so long. >> the idea that you have made the turn, so to speak. now you've had nine holes in a row of bogies because you've had rate hike after rate hike after rate hike. now you have some holes and you think you can play well. >> that's a good point. we were under this false assumption that rate cuts were necessary and if moderate rates are good, lower rates are better. take them to zero. if zero is great, go negative. that's actually not the case. turns out in europe, they get more bullish when there is a nominally positive rate. when there is an actual interest rate. people feel better about the economic situation and i think

that is reflected in all of these markets around the world. given japan has a nominally positive bond yield. it is a miracle. back to my original premise, rate cuts will maybe be helpful if they are not emergence the rate cuts. they are not the fulcrum of the story. not the most important thing. the most important thing is that these companies are phenomenal at passing along higher costs to the consumer and as a result, we have found earnings growth in a place where originally the consent to was a recession. it's a nice place to be. >> let's bring in liz young of sophia. >> i need to take a drink of water. liz, what have you got? >> you breathe and we will let liz talk. what do you make of what this guy has to say? >> i will start at the beginning. obviously, we have this big year-end rally. it did not ecessarily turn in the other direction. it conked out.

investors have questions to ask themselves. he talked about the nasdaq. i look at things like cyclic polity. what kind of signals is the market sending about cyclicality? looking at things like transports versus utility. things like discretionary versus staples. what we saw the end of october through december is that cyclicality was alive and well and the market leave things were going well may market perspective. write the name conked out, we saw those sectors rollover and that only the message is not as clear. there is another chart we can show which is a pretty your signal, as well. cyclicality bending. it rolls over. things are not as clear. here we are sitting very near all-time highs. >> 4796. 47 96, the all-time closing high on the s&p. not that far away at all. >> the market is wondering should we be higher than we were in january 2022?

so far, we don't have an answer on that. the russell 2000 is another indicator of this. if you take the 2000 chart trailing on a one-year basis, you see it get to about the same level, three or four times at about 2050 and it fails every single time. that's right around where we are. >> earnings is going to be that catalyst assuming that they get off to a good start. do you agree with that when they start reporting on friday? >> all of the yclical indicators that i just talked about or showing weakness except for the banks. the banks have held in there. i think this earnings season will be a big help for whether or not banks can confirm that we are in fact going to do okay in the first and second quarter of this year. >> you don't sound that bullish. am i wrong? >> i don't think this sends any differently than it has in the past. i think we need a contraction. i'm going to call it a

contraction. it might be a recession. it will get scared of the word recession as if you are calling for some kind of catastrophe. recessions are healthy. a pullback or a cooling. i still think that has to happen. the sequence of events is intact in that the market falls first. then you have an earnings recession, then an economic cooling. we have not seen the cooling yet that i inc. is still to come this year. the question is how far down to go? does it apprise the marketing go down further? >> this is the weight that never happens. >> i hate to disagree so much with liz, so now i am actually getting nervous. i think the danger is we overheat. and the fed has to reintroduce tightening. i honestly think that is where we are headed. it does not mean we don't end up in the same place, just maybe for a different reason. for example, a lot of the people who have been bearish

should have thought the bank would be reporting the big losses. we will find out in two days of that quarter and nobody is making any noise about it leading up to these were words. not going to come out of nowhere. if city, wells fargo, bank of america are not coming out and saying delinquency rates are going up, if they don't do that, what is the negative catalyst that tells you something has materially changed? >> i don't think there is either. maybe we are saying the same thing. why would they have to? >> i agree on that. >> does it matter? >> i think it matters because it is priced in. >> not necessarily nick scott's priced in their and other markets are expecting it in deep quotes. >> what is not priced in is what i'm worried about which is the data start heating up.

got a cpi report on thursday that's a little bit hotter than next acted. last week, slightly hotter on wage growth. slightly. you almost cannot see it. if that becomes a trend and the fed not only stops talking about rate cuts but maybe introduces the idea of, you know, every meeting is a live meeting and we could tighten if we needed to. if the rhetoric starts again, that's not priced in the market. he'll absolutely be down 5%. >> they already tried to say that. just nobody listens. >> i'm sorry to cut you off here. i will get back to you. i promise. forgive me. we have headlines from president john williams who is speaking as we speak here at our senior economics reporter has comments for us. steve. >> reporter: john williams saying he expects the fed to maintain a restricted policy stands for some time. he says they can reduce this restraint when they're

confident they're moving back to the 2% target. on quantitative tightening, the fed is not yet close to the point where it should begin reducing qt. he sees inflation slowing to 2 1/4% reaching target in 2025. optimistic on the inflation front. he sees two-sided risks, with it remaining stubborn as josh was saying versus the weaker than expected economy. he says inflation has improved significantly and is getting to see significant progress. in the core services as well as the core services x housing which he says has slowed considerably. that the metric that is watched carefully by hair jay powell. he says indicators of expectations have been quite encouraging and wage inflation has also come into better balance great if you are seeing a trend here, we will get back in just a second. has a ways to go to get back to target and these the current

unemployment rate prevailing in the long run. 3.7 unemployment rate which is quite breaking. the labor market returning to better balance and job growth has lowered considerably. growth of just 1 1/4% this year. unemployment rate rising to 4%. what is remarkable to me about these remarks is he is saying all of the things he is looking at are going in their direction in terms of inflation, the job market, the economy slowing, but not giving you anything in terms of the outlook for cutting rates this year. he even sees reaching target by 2025. 2 1/4% inflation this year but does not say anything about reducing rates. >> i believe you said confirm that inflation is moving down to target. what does that mean in fed

speak? how many more dpi reports to these folks need to see until they can be confident that it is confirmed that inflation is moving towards target text >> the word i think is confident is the word he used. and others, as well i don't know. we will see. you know, i think it's interesting. josh introduces some rest to tomorrow's report. i don't think that's wrong and that the market has priced at self very one-sided for inflation to be coming down in a straight line. we know the data does not behave that way i do think there is some possibility of a downside surprise tomorrow because i am thinking that finally the housing component starts to come down as it has been asked acted for many months. especially because we got them new data showing rent has been declining for the country as well. we will see if that is related. but there is definitely the risk of an upside surprise

somewhere along the way. the only answer i can give you is that it has to take several months of inflation coming down, heading towards target where they can say you know what, if we were to cut rates here, we would not be making a mistake. i think they believe a worse outcome is to reverse course and hike again. >> we have a few before march. we will get the reeds that tell the tori that maybe moves the needle to the point where it plays the record that people want to hear. steve, thank you very much for joining us with that breaking news. liz young, forgive me for cutting you off earlier. >> all good. >> you want to finish what we are talking about >> we are talking about the fed, so let's stay there. i don't think we will get all the cuts that people have expected for this year. a lot of that is the reason why. there has not been weak economic data yet. the risk is more so declaring premature three.

maybe investors declare premature victory and say we have secured a soft landing, beaten inflation. the fed is not what on board but we believe it will get there because the market will force them into it and then we get to a point where the shelter component of cpi is coming down but mortgage rates are also coming own. everybody who has been sitting on the sidelines waiting to buy a house while the housing market has been frozen gems back in. then suddenly that shelter component is going to go back up and then we overheated. i think we are saying the same things. the sequence of events where we have not gotten economic cooling at the contraction, the effect that have not shown their ugly head entirely is where you don't want to declare victory before. >> i think they're nervous about sitting on their hands for two loans. obsessed with the lack of facts and what the cuts will be when the most important thing is that they are done hiking.

that is the baseline idea. that they are done hiking. so they do not cut six. the next move is likely a bet that there is probably a cut. >> it's horseshoes and hand grenades. it's not precision. trying to understand what's going on. >> haven't we decided directionally where things are going? >> i think. that is why the danger is reversed. to liz's point and steve's point, everything is on one side of the boat. it might be the right side of the boat. it's important to keep in mind the crowd is not always wrong. just they are wrong at the turn. we don't know where the turn is going to be. directionally, i think we know what's going on. i talked to a guy two weeks ago. he's been on the sidelines since last january. the reason is commercial real estate. he is worried about office real estate. let me ask you a question, what

you do for a living? i'm a commercial real estate agent. your way too close to that and you think that is the whole story, the whole thing. no, that's one thing. here are all the other things you're unaware of because myopically you are waiting for sl green to miss a bond payment. it's really important that we don't get to myopic and too overly focused on one or two data points. a wave of evidence. roche. direction of evidence. close enough >> one of the things to watch in the first quarter of this year's if rates come down on the short end of the curve as we get closer and closer to possible cuts, money will probably start flowing out of money market funds because they will no longer look as a track of. where does the money go? we have to watch the flow of that. >> right to nvidia. immediately. >> that's what will tell us and confirm whether or not there is something more durable. >> we appreciate it.

see you soon. we are just getting started on closing bell. coming up, top technician jason hunter breaking down the health of this rally including the key market levels that could signal the start of a deeper fullback for stocks. live from new york stock exchange, you are watching closing bell on cnbc. go deeper with thinkorswim: our award-wining trading platforms. unlock support from the schwab trade desk, our team of passionate traders who live and breathe trading. and sharpen your skills with an immersive online education crafted just for traders. all so you can trade brilliantly.

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with this great offer. plus, ask how to get up to $1000 prepaid card with qualifying internet. we are back. let's send it over to the stevens for a look at the biggest things she is watching as we head toward's close. >> chile is under pressure after disclosing a block sale of 12.3 million shares owned by a affiliate of its former parent company pet smart.

they're facilitating the proposed sale with an aggregate market value of around 200 $55 million. chile is down over 5% today adding to a rough start to the year. shares down 15% so far. jumping 10% after strong preliminary results for the fourth quarter along with a outlook for the worst quarter. the company says they will issue their results and guidance in february. >> we will be back in just a second. want to see the s&p 500 yet again there we are. 4780, all-time closing high is 4796. got to watch that closely over this final stretch here. let's get to jason hunter now for the levels to watch right now. order the levels you are paying attention to? >> watching a slew of levels on either side of 4800 and more

importantly, that's the high from the early days of 2022. additionally, there is resistance, a number of fibonacci swing object is emma pattern recognition, move object gives all mustered around the 4800 area the market already stalled out as we got into the latter part of december. we suspect that will continue to be a sticking point over the near-term. >> what you make of the way the market has started this year asked >> it was and everything rallied in the fourth order. much stronger than anticipated or my team anticipated the strength of 4400 and the additional leg after the fed was more than i was looking for. high data small-cap lead. what is interesting is we saw the pullback from those signals that we got in late december. we are splitting here here because it is a couple of days

trend. the rebound we are seeing now is not the cyclical cap. it's the nasdaq and ai type names that have been leading. >> what about mega cap? it's maybe tricking people into thinking it is done for a little bit. then here we are rolling back. >> if you look at the nasdaq or s&p 500 encapsulating that type of trisection, like i said, you have already decelerated in those zones. if the market were to pop out a new high here for whatever reason, that would likely stall in that area. got fairly stretched into the latter part of the year. even if one will make the case that this will be a continued run through 2024 which is not what our team is suggesting. the setup that you have right now, even in bull markets, you tend to see consolidation.

>> interesting as we try to get to a new closing high. we will see you soon. rich weiss is back. he makes the case for caution eric stocks hovering near 52 week highs. plus the two areas of the market to watch. we will be very -- right back. ? bitcoin. look for bitwise, my friends. do you have a life insurance policy you no longer need? now you can sell your policy - even a term policy - for an immediate cash payment. we thought we had planned carefully for our retirement. but we quickly

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stocks are higher ross the board. nasdaq leading major averages again as investors look to tomorrow's critical epi print in the morning. the next guest says we're not out of the woods just yet and does not see much upside to for stocks this year. let's bring in rich weiss. happy new year. it to see you again. >>'s in here. happy new year to you. >> same new year, same view. you are negative for much of last year and here we are again. i am trying to figure out why.

>> to be there, we were negative throughout much of the last two years. it's not as bad as it might look. we did not see as many strategists did not see last year coming. that held us to a more conservative position and didn't reap the benefits especially of the fourth quarter run-up in stocks. we are not out of the woods yet the way we see it. certainly don't need to read off a laundry list of economic and geopolitical issues that we are still facing. i guess we would argue that whether or not there is a soft or hard landing/recession which is the current debate, we see that as academic. stocks of already priced in a pretty rosy scenario here for the most part. we don't necessarily the where the fuel is going to come from for much higher stock prices.

relative, certainly, to fixed income securities. >> may be just the fed being done hiking is enough. haven't we kind of learned our lesson over the last 14 or 15 years over what happens when the fed is either in caged or not? >> fair enough. to be fair, look back a little longer. i've been in the business 15 years. if we go back to say 1960 when we look at the fed hike sessions, eight of them landed us in recession. it out of 12 that is. four times we had a soft landing. the eight times that we did hit a recession looked very much like this recent scenario where rates rose fast and furiously. the probability from a longer history indicates something different than what you might take away from the last market cycle. >> let me ask you a question

this way. what makes you more positive/bullish on the market? >> on the bond market? >> on the stock market. stock market. >> if we can envision this goldilocks immaculate disinflation scenario, which you know we don't buy into because it is delay fairytale, if we can see consistent earnings, the labor market hangs strong and and additional coming down to 2%. that's the goldilocks scenario. i guess stoks might have a little more room to run. even with that, if rates are coming down what say anywhere near what the futures market is calling for which is six cuts, 1.5 or 2%, give or take. if that were to happen, take the average duration bond portfolio, do the math there for around numbers. let's say it came down 2% for

the duration of 5%, 6%. you have a 10 or 12% capital appreciation on fixed income securities, diversified bond portfolio, plus the coupon. talking about 15, 17% fixed income. a much day for play in the equity market. that's why we are leaning that way at the margin. >> do you not believe the data? serious question, because the last words that have come out with suggest that we actually are in what you say is a fantasy being goldilocks. that growth will hang in there and inflation has already come down at a much faster than the fat it self had expected. many strategists, maybe yourself included, would be in that note, as well. so this goldilocks scenario seems to be why stocks rallied from the end of october to the end of the year and are still

as i suggested at the top of the program today, not far away from a new posing high on the snp. >> yes, agreed. two caveats to that. inflation has come down pretty fast. but what are we going to see? tomorrow, the cpi and the next day ppi. if cpi comes in at consensus expectation of roughly 0.3% for december, that still an annualized 3.7% rate. not quite double, but nearly double what the fed is shooting for here >> right mama but it not nine. it's not nine. that's the key. at some point, you have to believe the trend. >> right, but we're not there yet. that might allow the fed to stop hiking rates. i don't know that it gives them the leeway to start dropping

them precipitously. we will see. it's hard to argue that we are not at two. the other thing i will throw out is it is hard to believe, granted the current data still shows job growth in the government sector in leisure and hospitality. for the most work, still playing catch-up with covid. it is hard for us to believe that the labor market is going to remain resilient through all of this. >> forgive me, forgive me, finish your thought please read >> labor markets are generally the last few to drop in an economic cycle. i doubt that this cycle is different or so abnormal that we won't be some glitch in jobs. >> when you get the new york fed's williams on the tapes not that long ago. i'm not sure if you saw our conversation when that was

breaking. when he suggest that on inflation we are clearly moving in the right direction, that we are beginning to see significant progress. that core services housing and ex-housing has quote, slowed considerably. what is your reaction when somebody of that caliber suggests those things? does that into the story we are talking about? >> yes. the trend is certainly positive and my middle daughter is taking ice skating lessons. she's getting better. that doesn't mean she's ready to join the olympics yet. we have not had the 2% mark, not even close to it. so agreed we are heading in the right direction, but we are not there yet and there are any number of things out there which could take us off course. geopolitical or economic. we are not saying to sell out of your stock positions.

but at the margin for the near term, we prefer fixed income relative to equities. >> i got you. i got you hooked >> it's a safer play. >> i appreciate the discussion if not the debate or that's rich weiss joining us. we tracked the biggest movers heading into the hose. let's go back to pippa stevens for that. >> to medical stocks moving in different directions. we've got all the details coming up next. >> the bond report brought to by pimco, global leader and act fixed income. ♪♪

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let's get back to pippa stevens now. >> under pressure after a california state appeals court ruled the drugmaker and phase negligence claims over delays in the development of new hiv medicines. shares down around one and one -- 1 3/4 of a percent. the highest level in over two years after the robotic surgery manufacturer issued strong preliminary results for their fourth order. a rise of 20% year-over-year during the period. and expect an increase of 13 to 16% in 2024. >> thank you. please stand by for realtime captions. why wall street is turning even more bullish today.

closing numbers when we come back.

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mike centrally here to break down moments in the trading day. josh brown is back to share how he is playing crowd strike and toast. poke on -- both on the move today. all right, mike. this gets real starting tomorrow morning. >> it does. we are going into it to the market continues to color within the lines two weeks since the last approach to the all-time high. have not really given a lot back on the index level. i've been looking for stress points, things about market behavior that says okay, this is a little bit of a macro warning or it is a sign of urgent de-risking or selling. small caps have rolled over against the nasdaq 100 york it looks like maybe a burst of catch-up activity has more to prove. that being said, it's really tough to argue with how we are doing. will be exited 2023 out of 5% nominal gdp he pays.

inflation is about 3%. that's okay. we expect earnings to be maybe 1% for the fourth quarter. it all seems like it's pretty much -- the burden of proof is on people who are saying things are bad at this point. mindful of the fact that overheated sentiment during a fourth quarter rally sometimes comes home to roost in the first part of a new year. some chop in the beginning of an election year work right now, markets not really serving up a reason for concern >> unless we get a surprise. >> even at that, you can look through it because you have this accumulation of evidence that inflation is going the right way. a couple of stocks on the move today. josh brown joins us once again in the market zone. toast is the most, that's your stock. upgraded today by goldman sachs. 35% upside for a stock you love. >> they point out in their note how negative the sentiment is on this company. forgive me, i really love that set up. i'm not saying they will do

what huber did. it reminds me of huber. they could not get arrested. the value people hated it. the growth people hated it. you did not earn profits. was no dividend. not enough revenue growth. suddenly, they figured it out and the stock tripled. in the case of toast, there's no profits here. the good news is they are on the way. goldman is pointing out this stock should probably be in the mid-20s just on anticipation. i want people to understand the swing here. this is a company that has 37 percent revenue growth york if you look at actual quarterly sales, it is over $1 billion each quarter. gets a much larger company then we give it credit for. more importantly, the net loss was 31 million last quarter. no one is giving them a metal for that, but the same quarter a year earlier, their loss was

$100 million. directionally, it's improving. this stock is down 50% from its ipo, i think undeservedly so. >> it's the kind of thing that there is a recovery and rediscovery operation that is underway for a l and 2021. now it's let's see what they can prove from a low evaluation level. i think it is a tough area there could's like there is always a new and better mouse trap coming around. >> the other one we want to hit on is crowd strike. they continue to get a lot of love. morgan stanley today positive. >> this is the best stock in the world not named nvidia. actually, crowd strike is 200 6%. a 52 week low. the only other stock in the s&p

500. the only other large stock that can say that is nvidia, up 250%. that's the good news and bad news. the tough to buy a stock that has just tripled which crowd strike has. of the entire nasdaq 100, this is the most expanded stock. what i would tell people is please wait for it i know how painful it is to watch this thing go up 3% every day. it is the furthest above the 200 day moving average and the second furthest above the 50 day right now your kid is just short-term, intermediate, long- term on any timeframe extended. take a shower the next time the market gives you the opportunity. >> look at the chart right there. >> what are you going to do, can't change here. that's why it's going to 500 york it's hard, not easy. >> thank you for sticking

around. >> i will start with home depot. home improvement took off after outperforming from neutral. home-improvement had a rough 2023. interest rates took off. a lot of people remodel right after they buy. they think the sect or is bottoming and should see stronger demand this year. one on also having a strong day. they said they would repurchase an additional $5 billion of stock. dr horton at an all-time high going back to ipo in 1992 in '72 respectively. earlier this week, they were moved from neutral and said well there's select only positive on the builders, their lease preferred subsector or is building product, particularly discretionary repair and modeling. back to home depot where we started. we get earnings any minute now. >> thank you very much.

these stocks have been amazing in the face of housing is doing enough and mortgage rates are elevated. >> the overall group sort of flagged a little bit. it's up so much. exactly. interesting question though, if rates really start to come down more, if the market darts to loosen up a lot, inventory start to flood in, does the kind of false economy that they have been feeding off of, which is almost no supply, start to come into question? i don't think they're expensive. obviously not, but it will be interesting. that's part of the answer to are we late cycle? down more early than late. >> and back to the strike zone of closing in on the posing high of the snp. still got some work to do but we are heading merit would appear. we will see what happens in the

morning with this dpi report. and of course, earnings on friday with the banks kicking it off. will it live up to the hike and will it be what the market needs? we will find out. that does it. the bell is ringing. >> that's the score on wall street with the snp back above 4780. russell 2000 did not have a great day. welcome to closing bell over time. i'm john ford. >> helping the nasdaq extend their winning streak to four days. coming up, nasdaq ceo adina friedman on the outlook for the market. whether the ipo market will in fact rebound this year. >> we are moments away from another read on