members. >> the union works really well with disney. we will see what happens there. >> nice to be with you. already, thank you for atching power lunch. >> closing bell begins right now. welcome to closing bell. here at the new york stock exchange. this make or break our begins with serious questions about the rally. whether it suffered a serious blow or was that sell off a big overreaction? the debate full on today and we will ask our experts over this final stretch where they think stocks go from here. in the meantime scorecard 60 minutes to go in regulation, the major average s well attempting a rebound as well. mostly muted success and we will see what we do over this final stretch here if we can eke out a pretty decent finish.

there has been a nice bounce in some of the mega caps like mehta and nvidia. we are watching the russell 2002 because yesterday what a b town. small caps sliding 5% getting back today better than 2% for the russell, a big standout, how about uber? we will tell you about that later on. this does take us to our talk of the tape. the fate of the bull run for stocks. let's ask josh brown, former and ceo of ridge health wealth management. the clearly here at post 9. i will ask you about uber first. also the market. was it a big overreaction yesterday or not? >> i think the reaction only make sense when you look at it in the context of what has preceded it. we really are in rarefied air if you look at the rsis on some of the leading stocks that are at the vanguard of the rally, that really started let's say

late october and if anything has only accelerated here into february when you look at stocks like supermicro computer which i know is an amazing company but also looks like something christopher multicounty would have been pitching on the sopranos, as if it was not ai. that kind of action and you start seeing 87 rsi's, 19 -- 9117's. you never see that in a middle phase of a market. >> this is an indication of whether things are overbought or that is what you are talking about? >> rsi calculation is measuring the strength of a sock -- stock in a mathematical way so we do not have people licking their finger and looking for the wind. it is a way of calculating if the stock has gone up but relative to the market and relative to itself how has the

movement? a 70 rsi is with the pros will tell you. maybe things need to cool off. it is not a great, you know, my cell indicator on the day, you hit 70. when you hit 90 there are no sellers or every short seller has been converted into somebody who's covering. then what? who buys the stock at 91 rsi? >> there are a lot of those stocks in the market and i own some of them. >> you can say to your point we were right for consolidation and a pullback because of the very thing that you cite whether it is the name you bring up or many of the thers. the question comes down to whether the goalposts moved yesterday in a meaningful way on what the market expectations work in terms of what we got here in the first place. economy remains good but yet federal this year at some point and they will cut several times. >> it is a 10th of a percent

"overheated" on one monthly reading of core cpi. like, from my perspective i am sure that would generate a lot of algorithm and stuff. these are rule-based trades doing dispassionately by a computer. you may find 10 algorithms doing one trade and 10 other on the other side doing the opposite trade. it watches that. i think the real show now is how realistic our expectations are for the ai related growth that this market needs to justify what we see and when i say market i want to be clear the next comments i make are specific to the nasdaq 100, not that these companies are not important to the dow and s&p, they are, but what happens with their share price has a much stronger reverberation in the nasdaq 100. i think the nasdaq 100 is out of control. summa moves we are seeing in -- nasdaq 100 light stocks, arista,

i love the company. this is the kind of environment that we are in. i am worried about the nasdaq primarily, not worried there is a crash, i am worried that next week, one week from today february 21st after the close we will get this q4 from nvidia. i am starting to think what could they possibly say that we keep all the balls in the air? i am not like one of these bears that watches the whole thing go up and tries to call the top every week. >> you have been in it longer than most and recently trimmed some because of concerns. >> it is not concerns about the fundamentals of nvidia or because i am not excited about ai, at a certain point we have discounted all of the potential

and then some and we are setting companies up to fail not because they are not great, but because nobody could possibly match the enthusiasm and i was around when we did this 25 years ago. we have a broadband buildout that could never live up. we have the ompetitive local exchange carriers. we have the optical network in place. we had thousands of stocks with these types of expectations. i don't think it is as egregious now. i am just telling you the flavor is very similar. it sort of taste the same. you listen to people talk and you watch the way they comport themselves and you watch how they are expressing desire about the stocks that they are looking at, it's really similar. it does not mean cell or short, it just means if you have 18 of these in the portfolio, a b today you are not hunting down the 19th. >> one of the key differences between then and now is then you had hundreds of companies that were going up theoretically or dozens based

on eyeballs and expectations. no real earnings or the ability to monetize the eyeballs that they had at that particular time. >> at least now no revenues. >> at least now you do have monetization in terms of nvidia. skewed the way that people need to look at this. >> this is just, -- compare in video -- nvidia against exxon mobil. one year at -- ago google had a market cap of $1.2 million and -- a lot of people voted nvidia was overvalued. last quarter, nvidia did 18 billion in revenue while google did 77 billion. just reported google did their last revenue at 86 billion. in video -- nvidia reports probably 20. overall there has been a

expansion that justifies the move and in fact the stock actually has gotten cheaper as it has gone up because the expectations keep going higher. my concern is not is it like an outrageously priced stock, it has become so important to the market in mind share. even if you take the fact that it is 5% or 4% of the s&p off the table, that is a big deal but put that on the side, it is so important. this is my concern and i am going into it still long cited. they could have an and prep -- incredible quarter. you get a single-digit pop on the stock in the after hours and all of a sudden the air comes out of like 00 other stocks because people look at that and say well, is this it? is this as good as it gets? seasonally that actually is the kind of thing that has happened in this late february march. before and then don't forget a

lot of people have taxes to pay come april and you see some tax selling done that. i am just trying to use circumstance and not lose my head. i am having as much fun as everyone else. i just think we all need the context that nvidia could have a bright future and have a shareprice that is due for a correction. >> is why you, look i said you took 20% off the holding, >> by the way, already wrong. 30 points. >> it's astounding how the stock continues to go up and for much of the day yesterday the bludgeoning that we were taking in the market, nvidia for most of the day actually remained green. it shows you people don't want to be either short or out ahead of the print because they are afraid they will drop -- >> exactly. i feel like a for a certain type of manager, growth manager who is already under the microscope for charging 1% and underperforming the nasdaq for five years, there is nothing

scarier than having nvidia report another blowout quarter and being blown underway. that is almost worth then writing it down 10%. for a certain type of person in a certain place in their career. really quickly, some of the things that will matter here, the overall size of the ai accelerator market and this becomes really relevant because what amd did on its report was absolutely stunning. they lifted their 2027 industrywide tam, total adjustment market to 400 billion. before it was $150 billion. this is the magnitude of expectations that i am talking about. >> amd is up almost 4% now. 20% year to date. >> this is a big one. how big is nvidia now thinking about this market given the rate at which amd is raising the bar? two a, cap ex in the data center, that is the number.

there are other numbers that are important and that is the number. then there are some other interesting things like will pricing hold up even if volumes hold up? that will be supply and demand. there is now a question about our global sovereigns in the marketplace directly placing orders going around other tech giants like our countries building supercomputers and placing orders and are some of those orders duplicate orders? is there maybe not as much real demand as there seems like? this happens in all types of markets. and the last thing they made noises about building a custom chip design unit with an nvidia to go to companies and say more than just a gpu, we'll actually build your gpu for your own specific use case. that sounds exciting and super profitable. is there anything else there worth of baking into the estimates? those are like the four big themes that i will be paying

attention to. >> we bring back sebastian page of t-row price. it is good to have you back. you do not necessarily have to speak about the name of nvidia but it sounds like this is the key to the market. they better deliver next week or you can have an air packet in the nasdaq 100 that will make people uncomfortable. the first key is inflation. i am not as relaxed as josh on inflation risk and i can explain why. on the question of why the magnificent seven up 70%, i think josh makes good points. it is not necessarily overpriced or to your earlier question, "tech bubble territory." as acid allocators recently we were neutral between growth and value and this just added a little bit to value recently.

so, markets are paying attention to earnings. they are paying attention to the stocks. we have seen a little in the past few days. i am not as relaxed as josh on the inflation risk. >> this seems conflict. you are increasing value for the first time because theoretically if it does work out that way if inflation does remain stickier than we think, the russell will get hammered. >> yes, so if you refer to small caps, and they have been trading that way right? pretty tightly over the last few days but value tends to do well when you have upside surprises and inflation. look inflation -- market pricing in.

it was at 1.9% and is at 3.4% today. the fed wage tracker is at 5%. there is upside risk on oil given all the geopolitics and i think the water is heating up, not cooling off. financial conditions, scott, if you look at the bloomberg index, the financial conditions are actually back as loose as they were. this is remarkable as they work in early '22 when rates were at zero. so, you know, i am not saying we are going back to 90% inflation, but that is kind of the risk for markets at least in the short run. >> can i take the other side? >> go ahead. >> by the way i appreciate the fact you think i am getting relaxed, that was what i was going for. hi

>> what do you say to $2 trillion worth of corporate debt , what do you say to $81 trillion in commercial real estate that will be in some version of the orkout process in the next 12 months -- not worry so much about a one-month burst in healthcare cost? >> you are also seeing the trend on three months and it is not the right thing to do to annualize one month but let's look at january .3 over 3.5%, that's what we are seeing now. look at house prices, josh, they are up 9 out of the last 10 months on the shiller price

index and they are up at about a clip of a percent. i am not saying we are going back to 9%, but shipping costs have just doubled in many parts of the world given what is going on in the middle east in a few weeks so i think that is what the market is coming to realize and going back to portfolio positioning value can do better in type of environment. >> what are you speaking of specifically? what is value to you? >> historically you can look the sensitivity of value to inflation, it does quite well and it is driven by energy stocks and commodities and materials and when you look at those stocks that are attractively valued right now we also have a long position directly into a real asset strategy. if i look at our reset platform -- they are long energy, the stock pickers. >> they have been wrong. >> yes, that is a forward-

looking view. >> many held that forward- looking view since the beginning of last year and they were wrong and materials have not done anything either. i am struggling to figure out why those are suddenly going to start working now when inflation is still trending lower ? >> i think it is trending lower as the base case. i think the risk is to the upside on inflation given break evens, given wages and shipping cost, given real estate prices, given the risk to oil. >> does that mean we are certainly pushing off the first cut of the cycle or does that mean we get back into a moment where we are contemplating further hikes? when you say that is the risk, i do agree, in what way would that risk be expressed? >> so look, we just went from about six cuts price into maybe four cuts priced in. the fed has been telling us three.

i think we kind of unwind that and you see the market jitters you see some inflation and we have a few more coming over the next few days. josh i don't think this translates into the fed pivoting back to heights. that is a small probability to me but it's all about market expectation and where they are and where they are resetting. in my view this can create volatility or a well-off in docs and actually might be a buying opportunity for stocks because in the long run inflation actually helps earnings because of nominal gross and the link between corporate earnings and nominal growth. >> i am looking at inflation based on the pce. you seem to be suggesting all the metrics of cpi. rosen grand former boston president "market overreacted to the cpi report. nothing in the report indicates anything other than a continued trend toward lower inflation. march was already off the table,

little impact on may. it sounds like you would disagree with that assessment which is fact-based. >> i would disagree with the assessment, even course the price to the upset as well it is the demand for services right now. people are spending and there is a big lob of money still out there in the economy. 6 trillion million money market funds and checking deposits and the strong demand for services again to offset the good disinflation that we see which is also jeopardized by increased shipping costs and so on. again, i am not ounding the table saying we are going back to six or seven sort of pandemic situation, i am saying just look at where the break evens have moved and if you are going to take a position in terms of the risk for inflation being on the upper downside negative on the upside. >> you guys disagree in terms of your credit positioning too. why don't you tell e what you guys just did in a fairly large

way across your firm for the portfolios? >> i'm not sure, sebastian and i might disagree. one of the things we did during the pandemic and we talked about it a lot was all things being equal. if you are not getting paid for duration then why take it? we had substantially cut down duration through all of our client portfolios and it obviously turned out to have been the right move. the best inflation hedge this time around was cash. even better than tips. so that is something that we reversed and trades took place last week and we put a letter out to clients which is why i am allowed to talk about it, but the idea is okay, now you are not quite getting paid 1 for 1 but ou almost dark and it is for the first time in a long time and this is not necessarily a market call on for the next 50 basis points in the tenure are going but if you can lock in today's rates for a

little bit longer of a period of time why would you take the risk that maybe you are holding out for a little bit more if you just wait one month or three month or five months? actually not waiting for that 2% moment on cpi. we are making the bed that this is the right risk reward trade- off today go ahead and lengthen that duration which really just means looking at treasury report folios, trying to lengthen where it makes sense on a case-by-case basis. >> i set it up the way i did because you have the opposite view in terms of the duration you wanted to take. >> we are still short direction -- duration. we were significantly short in our pack goal asset allocation positioning throughout 2022, duration and right now we are doing it in a barbell way so we have to cash and then we do

have some credit. despite the tight spreads the total years are interesting for an asset allocator. if you look at risk return relative to stocks for example but if i am talking about upside to inflation risk and rate it is consist that we slightly beasts -- duration. >> sebastian, i appreciate it. i stepped on your toes a little bit. i look forward to having you back soon. sebastian page joining us. we will look forward to next week which will be a huge event with nvidia. let's send it over to christina for a look at the biggest names moving into the close. >> reporter: companies may be spending a lot on ai but overall i.t. spending remains cautious with many firms spending less on cyber security problems shares

of mgm resorts are down despite the company's better-than- expected earning results although the company's china and macau said let's impress the u.s. regional casino segment offered from results of a strike in detroit and as well higher labor costs and a reminder any windfall from the vegas super bowl won't show up until next quarter. shares down present, scott? >> thank you, we are just getting started sox moving now. goldman sachs representative. he had his first reaction to the cpi report. what he is looking for now from the ppi report later this week and whether you think yesterday was a game changer for fed rate cuts. he will tell you first next.

oh no, a rash. maybe it'll go away. awww, how am i going to find a doctor i'll actually like? is that a qr code? dr. stafford makes you feel at ease. thanks rash! you've got more options than you know. book now. the first time you made a sale online with godaddy was also the first time you heard of a town named dinosaur, colorado. we just got an order from dinosaur, colorado. start an easy to build, powerful website for free with a partner that always puts you first. start for free at godaddy.com

welcome back.

hotter than expected cpi now raises the stakes for upcoming inflation data and calls the market fed rate into question. joining me is jan hatzius. so, we build this as your first reaction here from the cpi. what is it? >> it was a higher number, but not unexpected. we had been looking for a higher number because of what we have called the january effect. big price increases at heart of the year that are not fully adjusted for by the seasonal fact and that is largely what we got. this is in addition to a bigger increase in owner equivalent rent which is as you know a huge part of the cpi. it is 30% of the core and it is a series with quite a lot of measurement difficulties which we think is probably an outlier to the high side.

>> so you move from march to may which i think everyone knows that this point in terms of when he gets a first rate cut. so yesterday does not do anything to change that you ? >> we have not made any changes. we still that we get a cut in may. there is some risk. clearly the fed has and pushing back, chair powell clicked back very clearly with expectations for march of the last rest, and on balance i would see the fed speak as generally is not quite time yet. it is a mixed. we heard from chicago fed president today talked in one governor's line that has been the push. for us the key is really what happens to inflation and we still think core pce inflation which is what they are most focused on is on its way back a very close 2%. >> so why should they even cut on that timeframe you have the

economy so good? >> i think with a 2% core inflation rate or dumping close to 2% as chair paul had there is just no reason to have a five handle on the federal funds rate and they have clearly stated that they will want to move away from that. they have not tied themselves to any particular timeframe, but i do think that is a pretty strong message that they don't think a 5-3 -- is approved when inflation is basically back to normal. >> assuming it removes back to normal. what if it remains sticky and the economy remains too hot? do you have any fear around that risk? >> there is always uncertainty along the or cast and if the data comes in hotter than expected and that is a reason to hold off or longer. no question about that. there was nothing in yesterday's print that i that would fundamentally call that

into russian. >> were you surprised how the market reacted yesterday? rosengren says there is a big overreaction. it's obviously the view you have, but what about the market reaction to it ? >> relative to the fundamental information it was a really big move. of course we had seen a pretty big move in the other directions that was of course often what you end up getting, but i would totally agree with president rosengren that the fundamental information just shouldn't have been -- >> it raises the stakes for ppi and pce. how should we view that? >> again, there is a january effect. we saw it in the api and the ppi. and in the pce index particular. actually the pce index is where we are expect another fairly

sizable print, somewhere .3 .4. it will depend on the import price numbers and on the ppi so we will see but i think it's also going to be a bigger sequential threat but at the same time i think the year on year rate will continue to come down because last year core pc was 51 business points. i don't think this year core pc will be close to 51 basis points which means the year on year rate which will come down will be important. >> good context, jan hatzius, thank you. up next, hindsight is 2020. evercore isi's roger altman is back with us he will tell us why he thinks may be a soft landing is not here at all. that is after the break closing bell coming back. get an expanding library filled with new online videos, webcasts, articles, courses, and more - all crafted just for traders.

and with guided learning paths stacked with content curated to fit your unique goals, you can spend less time searching and more time learning. trade brilliantly with schwab. we planned well for retirement, but i wish we had more cash. you think those two have any idea? that they can sell their life insurance policy for cash? so they're basically sitting on a goldmine? i don't think they have a clue. that's crazy! well, not everyone knows coventry's helped thousands of people sell their policies for cash. even term policies. i can't believe they're just sitting up there! sitting on all this cash. if you own a life insurance policy of $100,000 or more, you can sell all or part of it to coventry. even a term policy. for cash, or a combination of cash and coverage, with no future premiums. someone needs to tell them, that they're sitting on a goldmine, and you have no idea! hey, guys! you're sitting on a goldmine! come on, guys! do you hear

that? i don't hear anything anymore. find out if you're sitting on a goldmine. call coventry direct today at the number on your screen, or visit coventrydirect.com. what will you do when the power goes out? power outages can be unpredictable and inconvenient, but with a generac home standby generator, your life goes on uninterrupted. because when your generac detects a power outage, it automatically powers up, giving your family the security and peace of mind they deserve. we don't have to worry about whether we lose power or not. if the utility company does not come through, our generac does. after the hurricane happened, we just want to be prepared for anything. 8 out of 10 home generators are generac, with thousands of satisfied customers. number one thing to prepare for is extended power outages. don't make it so hard on yourself, have a generac home standby generator. and owning a generator is easier than ever.

special financing and low monthly payment options are available, and if you call now, you will also receive a free 5 year warranty valued at over $500. call or go online now to request your free quote. to build the electric vehicle of the future, you need partners. mining partners. technology partners. education. supply chain. energy. what if one partner could do it all? that partner is ontario, canada. with all the critical minerals to make electric vehicle batteries. 65,000 stem graduates per year. one of north america's largest i.t. clusters. a fully integrated supply chain. all powered by one of the cleanest grids in north america. ontario. your innovation partner. ( ♪♪ ) uber up 13% after the

company announced plans for a big buyback, $7 billion. josh brown is back with us because this is his largest holding. would you like to react to this? i know you are super bullish. >> only in private. this is my highest convictions talk -- stock. this has been my biggest position for more than one year now and the stock has had an incredible year. today is just ore on top of what has really been an extraordinary transition. this was a name that three years ago had people throwing tomatoes at me. the consensus will they will never earn money. how could food delivery be profitable? oh, by the way their whole workforce is revolting as it is not actually a workforce and they are in court and being kicked out of countries. now, it is acknowledged the largest global mobility platform . it is to mobility many moving objects and or people from a to b. it is to that what google became to search, what facebook

now matter became to social media, what amazon became to e- commerce and the cloud. that's what uber is in its category. now it has not scaled yet which is why i think there is still upside. it is $160 billion market cap . it is harder to scale over because of all the people involved. the vast amount of friction when you are trying to move goods or humans. that's why this is not yet in the trillions. it takes time. i think it can get to that level at some point in my lifetime, so i am remaining low on here. i am not treating this like it is a short-term opportunity. >> you are not the only investor off -- "dara and teemu were firing on all centers.

along with zucker, dara put a dagger in the age of excess. the results? massive growth in profits -- you really tripling free cash flow to $900 billion in 2026 along with a return of capital to shareholders and improving spc. uber is showing a blueprint for all of check. " how many companies can you think of that have the level of dominance over their area and have a potential that theoretically could have a t in front of it? there is not a lot last. this is the number one or two company in every market they are in and if they are number three they leave, they divest the business and they walk away from china for example. people probably told him don't do that, they did that. uber, dara actually specifically got the memo of efficiency like three years before metro did. they were cutting costs in 20 2321 because of how poorly the ipo had been received in 2019 so this company already had that religion.

they just had to get to scale. that's where we are now. beverly climbed the most difficult mountains. they were number one, they have beaten others into submission or solidly number two. they like that lift exist so no one can call them a monopolist, but the reality is that is danny devito, this is arnold schwarzenegger, i love danny devito but no one wants to invest in his ventures, you want to invest in arnold. that's what we are doing here. i'm looking for $100 by the end of the year if the market doesn't fall apart. >> that is josh brown once again, we are green across the board gaining some momentum here as we head towards the finish. investors grappling with a big question after yesterday's hot cbi print. is the soft landing scenario in jeopardy? let's ask eric was roger alton. it is good to have you on. welcome back.

how about you answer that question. do we suddenly need to rethink this whole thing? >> first of all i will not try to imitate arnold in my answer. no, i do not think we need to rethink it, but i think this happens with markets. the narrative got ahead of itself and by that i mean there was a degree of price to perfection which as is usually the case, overdone. and if you think about it the narrative had developed completely on line 6 to 9 months ago when it was completely the opposite that growth was strong, labor markets are solid, inflation has sufficiently cooled, markets are at an all-time high and the job is done. and that level of perfection almost never happens in the real world. and so i don't think yesterday's inflation uptick

derails that scenario. i just think it puts a degree of reality into it. and why would the fed take any risk of a premature easing? well, they wouldn't. and as paul said, on 60 minutes a couple weeks ago, the data has to be good before the fed to make that profound move. so no, i don't think the good scenario is derailed. it was just never going to be as perfect as the narrative had developed to be. >> was yesterday a clear-cut sign of how reliant so to speak the market actually is on rate cuts or is that in and of itself an overreaction? some would make the argument that we do not need rate cuts at all and because the economy is so

good then that is more important. >> well let me step back one minute. i think a really fascinating aspect of this era that we are in is the degree to which the conventional wisdom turns out to be wrong. and this example of too much perfection in the expectation is one example but if you think of bigger ones, 6 to 9 months ago elise haas the world in finance and economics thought we would have a recession and at minimum 2024 would be a very weak year on growth. now we see not only do we have an amazing fourth quarter of the current atlanta growth record is 2 1/2 to three for the current quarter. a completely different result than what was thought a few years ago. think about china, three years to go, unstoppable colossus.

today, demographic collapse and poor outlook. both of those were exaggerated. it was never an unstoppable colossus and it is not now a situation whose good days are completely behind them and over. and when you see example after example of that -- by the way i am not blaming anybody but u.s. intelligence, russia will take kyiv in four days. no, really. we live in an era of the world seems to want nice and easy and very clear narratives when in reality it's not really that way. >> yeah, you make good points. great context and insight. roger, we will see you soon. roger altman joining us on closing bell. f filings due by the end of the day. one key fund manager already reeling -- revealing its

biggest takes. we have the etails next. icy hot. ice works fast. ♪♪ heat makes it last. feel the power of contrast therapy. ♪♪ so you can rise from pain. icy hot. ♪♪ ♪♪ ♪♪

(bobby) my name is my brand. my store and my design business? we're exploding. (assistant) in a good way.

(bobby) but my old internet, was not letting me run the show. (assistant) it needed a total redo. (bobby) so, we switched to verizon business internet. easy. they have business grade internet, nationwide. fast, reliable, and easy to set up. (assistant) boom. instant makeover. (bobby) now this room is really working. (vo) make the switch. it's your business. it's your verizon.

tiger globals latest -- will take a little bit later. >> reporter: interesting insights here. tiger global reducing exposure to chinese names during the fourth quarter as you know these 13 f filings are backdated to the end of the quarter which would be the end of december. tiger during the quarter selling out of ali baba steak was worth 28 million -- one 20

million also pared back jd.com by 11% holding a quarter of million dollars at that time frame and sold out of a small stake income soon. also tiger global reducing exposure to some big tech ike alphabet, metra and microsoft as well as nvidia. could be profit-taking there, but tiger increases taken amazon by 24% and up that state in taiwan's semi. a sizable boost. also a sizable/in uber and work day. uber by 41% and work day by 31%. this afternoon as you know marks the deadline for funds to report their fourth quarter trades. be on the lookout for more filings. 13 minutes to go. >> interesting moves, the sizes of some of these physicians

just given the crazy moves we have seen in the stocks getting too big for some to handle has nothing necessarily to do with anything else but that. >> and this was a fun that is reportedly up 29% last year. they had a pretty rough 22 if you recall the last year they were on the rebound so you know, it is tough to look at some of these moves and say it was anything more than profit taking. obviously there's an opportunity and cost to every trade that you make especially when it comes to big tech these days. still, a very good year for tiger global so it is kind of interesting to see a sense of their thinking behind the for polio and where within big tech they want to put more money towards and where they would like to crystallize some of the games they sold last year. >> we appreciate you going through those trades, leslie picker, thank you so much. , had robin hood on the rise. at the ceo told cnbc about the quarter and the company's future just ahead.

closing bell will be right back. - so, the question is... - cyber attack! as cyber criminals expand their toolkit, we must expand as well. we need to rethink... next level moments, need the next level network. [speaker continues in the background] the network with 24/7 built-in security. chip? at&t business.

- "best thing i've ever done." that's what freddie told me. - it was the best thing i've ever done, and-

- really? - yes, without a doubt! - i don't have any anxiety about money anymore. - great people. different people, that's for sure, and all of them had different reasons for getting a reverse mortgage, but you know what, they all felt the same about two things: they all loved their home, and they all wanted to stay in that home. and they all wanted to stay in that home. - [announcer] if you're 62 or older and own your home, you could access your equity to improve your lifestyle. a reverse mortgage loan eliminates your monthly mortgage payments and puts tax-free cash in your pocket. call the number on your screen. - why don't you call aag... and find out what a reverse mortgage can mean for you? - [announcer] call right now to receive your free no-obligation info kit. call the number on your screen.

[♪♪] your skin is ever-changing, take care of it with gold bond's age renew formulations of 7 moisturizers and 3 vitamins. for all your skins, gold bond. coming up next, cisco at the top of the hour with the stock struggling falling nearly 6% over the last three months what should investors be looking for? we will take you inside the market zone and tell you, next. so you know all you need for recovery. and you are? i'm an investor...in invesco qqq, a fund that gives me access to... nasdaq 100 innovations like...

wearable training optimization tech. uh, how long are you... i'm done. i'm okay. i am here because they revolutionized immunotherapy. i am here because they saw how cancer adapts to different oxygen levels and starved it. i am here because they switched off egfr gene mutation and stopped the growth of tumor cells. there's a place that's making one advanced cancer discovery after another for 75 years. i am here... i am here.... because of dana-farber. what we do here changes lives everywhere. i am here.

so, you've got the power of xfinity at home. now take it outside with xfinity mobile. like speed? it's the fastest mobile service around... and right now, you can get a free line of our most popular unlimited plan. all on the most reliable 5g network nationwide. ditch the other guys and you'll save hundreds. get a free line of unlimited intro for 1 year when you buy one unlimited line. and for a limited time, get the new samsung galaxy s24 on us. ♪ (upbeat music) ♪ ( ♪♪ ) with the push of a button, constant contact's ai tools help you know what to say, even when you don't. hi! constant contact. helping the small stand tall.

power e*trade's award-winning trading app makes trading easier. with its customizable options chain, easy-to-use tools and paper trading to help sharpen your skills, you can stay on top of the market from wherever you are. e*trade from morgan stanley power e*trade's easy-to-use 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. e*trade from morgan stanley in the closing bell market

zone, breaking down the crucial moments of the trading day, plus robin hood post earnings rally. and looking at cisco, tell us first about robin hood. >> a surprise profit for robin hood as they get more aggressive with some of the experience wealthier clients from traditional brokers, they have made a little bit of progress in the fourth quarter with 4.6 billion net deposit, 3 billion from transfers from other firms, january already topped the q4 total with average transfer balance. topping $100,000, now they have more than 100 billion in customer assets, nowhere near the trillions of schwab or fidelity. i talked with the ceo who compares it to the race to zero commission, he does expect competitors to respond eventually. >> there is a reason why every brokerage app that is relevant

starts looking more and more like robin ood. so i think it is certainly in the incentives, for them to kind of ignore us taking assets, but i think if we keep plugging away and continue to take share, they will have to respond. >> stocks up 13% today after strong earnings, cost-cutting is a big discussion. back over to your. >> thank you very much. now, what should we expect from cisco in overtime? >> despite large thomases, the market is under pressure as customer inventory gets worked down, cisco which makes a lot of enterprise networking products did lower their guidance last quarter so expectations have been lower. shares are down about 1% year to date versus competitors

which is up 12% year to date. last quarter did see normalization with the cisco backlog helping sales, but investors fear that backlog support will not be there this cycle, bank of america believes growth will go to a steep correction in 2024 and model product revenue to decline nine, 13 and 12% year-over-year in the next three quarters. confirming cisco is expected to reduce headcount, waiters says by the thousands so we will get details on that, this follows a similar headcount reduction from 2023 and cuts could be a way to preserve margins amid a topline or topline miss, a signal of a weak macro market. a lot of caution. >> less than two minutes to go, this is a pretty solid move today. pushing back toward 5000 on the s&p, the russell is up almost 2.5% and that is a win.

>> it is respectable. not a big reassessment of the macro picture. yesterday the bond market move had to get the attention of the market. when you have the first big broad down day in a long time which is what we had yesterday, i am mostly focused on did it throw the mechanics of the market off or reveal stress in positioning, either trapped people so does it feed on itself? that did not happen. overshooting to the upside i was saying yesterday almost to 18 on 1.5% move on the s&p, now you have that and i want to see how the market handles the former highs and levels we bumped up against with 18,000 and all the rest before you say this episode is over. we have weak seasonals in the back half of february and one day did not take care of a lot of overoptimistic positioning even if it skimmed away a little bit we still have crazy stuff happening. >> no doubt, coming into the

treasury stocks for now. >> we will see if it persists and the bigger thing, did it cause you to rethink the fundamentals? >> thank you very much. the s&p may just yet, 5000 again at the close. >> stocks are recovering, from some of yesterday's big selloff, that's the scorecard on wall street. welcome to "closing bell" overtime. >> industrials and communication, the big winners today. energy and consumer staples, the only in the red in the s&p as investors turn attention to another busy hour of earnings. we have instant analysis on results from cisco, trip advisor, apple loving and occidental petroleum. >> plus,