maybe starting to turn around here. just around 22 points, 23 points here. we will see where we get to go for the rest of the hour. ♪ ♪ ♪ >> another hour coming up. thank you guys very much for watching power lunch as always. >> closing bell starts right now. ♪ ♪ ♪ all, right guys, thank you so much. welcome to closing bell, i'm scott walker. the make or break hour begins with the breakaway bull market, leading there is in the rearview and threatening to broaden even further. we asked our esper's over the final stretch whether there is more optimism in the weeks ahead. in the meantime, take a look at your scorecard. with 60 minutes to go in regulation, the brightest by today belongs to the small caps, the russell is outperforming the major averages. the dow is basically flat. there is the russell up 31%, tough going for a few big names . apple trading in the one 70s.

alphabet suffering from its botched day, launch tesla falling sharply into today, almost 7% to the downside. interest rates are attach higher today as the atlanta fed president warns it in an essay today, cutting rates too soon and cutting off potentially a new level of euphoria in financial markets. all of this takes us to the top of the tape, the key market watchers say in the middle innings of this resilience and relentless bull market. let's ask adam -- what he thinks, the ceo of trivariate research. welcome back. let's see if you've heard this before. nvidia is up, and so is the s&p. it's almost like a daily occurrence now. the s&p is 5100, 50 1:50. what is the next stop? >> obviously what i'm going to say, it depends on the horizon, what you are planning for. if you look out, 18, 24 months, i think we've got plenty of upside. one thing i will say

that over the weekend, semiconductors are cyclical, okay? they are cyclical as an industry. maybe the amplitude makes the cycles different this time, bringing out the physics terms just because you have a eye. >> they're not acting cyclical. >> but i know they are. i am starting to get a little bit worried about just how big the movements have been. and what has been discounted for the next couple of years. obviously, the holy grail would be that if you can figure out how much these companies are overturning, what they are going to tell you they can meet demand, and three months before that you would probably want to get out for a downsize move. >> somebody who used to make your living as a semiconductor analyst, that's a space that you have your eye on all the time because of what you choose to do and what it still means for the market. nvidia, i'm joking. it literally is up almost every day. a m d, up to another high

today. micro -- >> i don't know how to figure out what that is worth. it's mentioning a i related terms on their website, their transcripts seem to be a lot. we know that businesses are cyclical. i think that is the challenge, the whole first two trillion is the day today, you walk by for the first time and work to get it wrong in both directions. for 36 months, there's going to be more upside to the early phase of the train. i do think that your question about the broadening wheel was always a good one. i think that we wrote that over the weekend, i don't think the russell can outperform on a down table. if people are saying, well, i'm a little bit worried that we're going to get a pullback, i don't think that you an go piling into the russell for that trade. it just looks like it is cheaper on price to earnings. i think you have to believe that it could outperform that up tape. if you are bullish, you think it's middling, you think that average market is going to go up. i want to own plenty of other things other than the max

seven. i think there is intelligence to that view. >> even if you don't like the russell and you say, well, a third of the country is not making money. then you have the regional banks , all of that. maybe don't use that for that tail on whether the market is broad. it's probably the wrong place to look. i can tell you outside of tech disney, -- darden, lehner, there are like 100 stocks on my list. colgate, costco, marathon, black rock, champion morgan, this is oday. hitting new 52-week highs, all- time highs today. lilly, a oat smith. -- eaton, don't tell me industrials aren't a good place to be. the manufacturing data is still kind of swirling, and the stocks are going up. >> we have said this a whole lot. i think it's lame to blame your performance on the mac seven. there are tons of names that have gone up. that is an entirely different

question. it's simply, can you forego is zero or be equal weight? or with the s&p, you're having an enhancement issue. there has been a lot of alpha generative's opportunities. look at all of the volatility in earnings. it seems like every day, sweet dreams at 20, there's plenty of stuff. i think that what people do not really get is that there is so much money being run quantitatively with three hour to two-day investment rises. when they purposely don't trade on earnings. it is that movement between earnings that is troubling people. wait a minute, it worked on earnings, the next seven days. or it kind of missed and let it rally. and then it rallies over the next ten days. there is a lot of stuff happening after earnings that has confounded people. it's not confirming the trend that you heard on earnings. i think i see a lot of dispersion. >> let me see this. i want to see if you agree on tony passed relevant goldman sachs, whose latest says that the bullish thesis is clearly

defined. we are perhaps in the middle innings of a major bull market. even though he does not like the current location as a place to add incremental risk, he is alluding to the word up a lot. he goes on to say that the recent wisdom of a secular bull is to keep your eye on the ball . he's not the only one talking that way. he's doing bullish, clearly defined middle innings of a bull market. does that make sense? >> it could be early earnings. they could have a nice several- year run where earnings go up a lot over many years. i've never met him. i've seen his step on and off throughout the years. i agree with a very high percentage. i feel like i have a little bit of a romance with him even though he doesn't know me. maybe he could arrange a little bit of coffee. i think that he makes a lot of sense. my view has been that the fed will be accommodated -- likely to expand, earnings can grow

several years. you can be bullish on those equities. i will not tolerate two arguments. number one, that bond yields will back up and break the financial system. if you get nervous about risk, that will go lower. we have seen that every single cycle. and also the non-u.s. equities, all the major trends. whether it's a i, software, previous to the u.s. equities. it could be cheaper as a joke. if you want to play that trade, good luck to you. it's good for vacation, not for stocks. that's always been the case. >> let's bring in christina hooper, investor at -- cic wealth. welcome to cnbc, along with adam, as we said. it's great to have you both with us. christine, i will turn to you first. do you agree with adams assessment? >> yes i do. what we are certainly seeing right now is the broadening of the market. that is really critical for this rally to be sustainable. we are seeing greater small cap

participation, we are seeing more cyclical participation. it is everything that we wanted, when everything was so nervous that the market was so narrow and concentrated. i certainly think that this has legs. what is going to help it? what's going to help it be the catalyst for continued rallies? it's largely going to be about the fed. they're going to be driving those markets for years now. really since the global financial crisis in my opinion, it had an outside impact. not the only factor, but certainly a big factor. i think that what we are likely to see is a fed that is arguably more accommodative than markets anticipate. we have heard all of the hawkish feds meet. rafael bostic, they're trying to chop down markets. it has been a constant stream of very -- they are trying to tamp down in a premature easing of financial conditions. the reality is, they recognize that policies very restrictive

now. i think that they're going to start cutting it. they're going to start getting more cuts than the market anticipates this year. >> malcolm, i almost feel like this bull market is like a good and deep and dominant football team that says, well, you want to play the game this way, we will be you that way. you want to play the other way, we will beat you there. if you want to good ground game, a grounded pound. we'll stay in the mega caps. when that stops working, then will throw the ball now. we will go to some of these other more broad plays in the market. that is also working. this bull market is beating the bears by multiple ways. it seems almost every single day. >> you are basically describing bill belichick and the patriots. eventually, their rain came to the end. tom brady moved on so that the rest of the team other than bill belichick -- and so i think that is probably what we are setting ourselves up to here. i'm concerned that the market

and investors seem to be delayed around the idea that a soft landing is all but guaranteed at this point. they are basically talking about the magnificent one. if nvidia had had disappointing earnings in the market with the other direction the following day. we would not be talking about this broadening anymore. we would've piled back into the safe haven trade of mega cap tech, hiding out there for a few months and called in the day. because nvidia subsidized us to the upside the way they did, it is lifting the semiconductor industry, amd, intel, broadcom, all of the others that you had on the screen in a way that does not really make sense. you cannot describe it as anything other than fomo. it reminds me of 2022 when, by the way, bitcoin was also trading in lockstep with the nasdaq like they are today. >> i hear you. this is a far different market than we have been used to, christine, right? the best factor over the last few months, materials. industrials, financials, tech is not one or two or three.

maybe for, but this is a lot broader than people are giving it credit for. >> and what it is telling us is that the economy is going to reaccelerate. we tend to have that discounting of what is going to happen in the economy 6 to 9 months ahead. what is my anticipation, we see a landing. i would not call it soft, i think it's going to be bumpy -ish, but i think it's going to be brief. we are going to have a real accelerated a khanna me. that is what the performance of the cyclicals, the materials for example is telling us right now. >> chris harvey at wells today says into repress your urged to go contrarian. it's like, okay, the mega caps probably take a breather. it's like pesky relative says. keep your eye on the ball of what continues to work. even if things are a little bit too stretched, maybe you are not keeping your eye on the ball enough. alphabet is down year to date, apple is not performing, tesla is a loser as of late. do you know what else is on my

all-time high? the 52 week high list? amazon, meta, so they are still a magnificent four or five, whatever stocks are still working. >> that doesn't sound like this group is exactly on the same page. malcolm, -- >> kristina sounds kind of on the same page. >> i think that's swollen a little. i tend to agree with christina, with the equity market, they're probably going to -- i think empirically, that's true. as a patriots fan, i wasn't sure if they were ripping on the patriots as well. sometimes they were reading it with a sense of that. -- >> i'll buy you a coffee >> i think that as the worst team in the league, margins are likely going to expand. i think that's what i anchor to with all of the research that we do in fundamentals, could it be the six man for the stocks. there are plenty of opportunities where we could see that. that is what i'm focused on. i tend to think there's a lot of alpha generative opportunities. i think that there is going to

be hard to sketch out an upside from here, unless you really think that it's going to accelerate massively in 2025. >> christina, do you think that the multiple of the market, which is expanded obviously, can hold up? that it is not just only justified where it is now? i think some people make argument that, oh, the economy is going to do fine, but the multiple of the market is going to have a correction. >> i think that it can do just fine. we have to assume, and i am assuming, that the ten-year yield comes down. think pressure comes down, i think that alters the ppe multiple picture. that to me says that this is not irrational, it is rational. there will be a point where there is -- it's not about valuations, but there are opportunities outside of the u.s.. you can diversify a portfolio with european equities, which by the way, you might not be thrilled with the economy. it is all about positive

surprise. if you could get some positive surprise, you can get that cut a little bit sooner, that could be a nice catalyst for european stocks to go up, which by the, way went up significantly last week. >> malcolm, why aren't you positive on the market? i want you to explain your position. if you thought we were too concentrated before, and it is nvidia's world and we are just living in it, well, this market seems to be telling a different story these days. >> i think that the phrasing you used, repressing the urge to go negative or contrarian is exactly how i feel right now. i'm not saying by any means that anybody should be stepping out of this market, because they can't go higher. we learned that lesson this time last year. in march of 2023, before chatgpt came onto the scene, you saw the estimates in the low single digits, mid single digits, that it was their targets for the year. all of a sudden, chatgpt comes along, microsoft sets on fire, and so does the rest of the market. i am not necessarily saying that

we should all go negative on the markets. i am saying that we should be cautious. we still haven't seen the yield curve flattened, we know that brings with it in historical terms at least. we have also not seen the impact of higher for onger rates reallythe russell 2000, at a time where rafael bostic will keep rates the way they are. we might see some cuts at some point this year. the reaction that we have seen from markets is the opposite of what you would expect for the time when the fed is not giving us what we wanted, coming into the year where we expected to have that as early as march. >> i hear you, but i think that what was is not what is, that the economy is strong enough right now and earnings have proven to be good enough that we do not need cuts as soon as we might have thought we did. maybe a handful of months ago. that is a good enough insurance policy, and at the bottom line

is that we know what the defense next move is. that is a cut. how would you respond to that? who cares when, who cares how much, and who cares how many? we know that the next one is lower. that is what we are trading far on, -- >> i think that it matters where it is. i think looking over the fact that a lot of the smaller companies, as you mentioned, a number of them aren't profitable in that portion of the market. they need rates every quarter point raise matters to the company that small. we are buying up the s&p 600 and the russell as if rates don't matter. that is a problem. that's why we state that reversion to make it caps to happen, when reality sets in that the only companies that can actually afford to find their growth going forward are the ones with these fortress balance sheets like amazon or microsoft, google, whoever. the parade of small caps that have been happening with the broadening that we're talking

about finally loses some steam. at some point, the reality has to say that it just doesn't make logical sense. >> let's circle away. what would make the market grow lower? either china deteriorates massively and we get a demand problem, incremental, hurting the material, industrial, energy, takes some air out of the tech trade. to, the viewer -- collapses even further than we think. everyone thinks that it wasn't a good shape, subsides discovered before the deal, other stuff that it was softening. china, the consumer, or this quantitative yping. forget the finding your focusing, on focus on the balance sheet and liquidity, maybe that's the issue. i think that those three things, if they get materially worse, could derail the market. sure enough, they are going higher. we're going higher because you're going to dream this up next, year funds are fine. i think that what scott said is right for almost a year. that is that there is an asymmetry that there could be -- more commonly than not on the fed. all of us have learned more than anything over the last 25

years that we do not want to fight the fed on the front deck. >> how do you think about that? >> i agree. i would say that it is a very slim chance right now that we would see anything very dramatic like that happening. let's take, for example, the consumer. >> some say that's a risk in itself. the only risk out there is somebody saying there are no risks. >> but you can have a bumpy landing, you are not going to have the consumer fall apart. unemployment, the fact that of the outstanding mortgages out there, 92% are fixed rate. the average mortgage rate is 3.6 2%. that tells us that the kind of pressures the canadian consumers are feeling, that european households are feeling because of rate increases are not being felt. that transmission mechanism is not -- exactly. and so fixed, we do not have the level of variable rate mortgages going into the global financial crisis. we learned, and we have that great luxury of having a 30 year fixed rate mortgage. that is a critical factor in

terms of ensuring that there is a significant pool of healthy consumers. that, plus a very low fund right. even if it goes one percentage point of, i don't think it could trigger this. >> i agree that the consumer is likely to slowly implode, but the part that i differ because i focus on the usa, but i do not see how we have two cuts with unemployment this low that fast. i do think that there are going to be a little bit less accommodative then what you are saying. >> and by the way, this week, since we're talking about all of that, maybe they lead the central bank parade to the pool of cutting. >> maybe, maybe the bank of canada, which has been something of a first mover at times in recent years. i think that the key is that, as you said, scott, we are moving in the right direction. i think you are going to get cuts, and i think it's going to happen sooner than we think. >> what about bostic, malcolm, he talked about the risks of cutting too soon being that you run the risk of stimulating even

further this euphoric behavior in the market. you look today, for example, i think the bitcoin -- and i'm asking you this question, up six and a half, almost 7%. the biotech's continue to be bananas as a trade. there is some activity that leads some to believe that we have some overload of speculative adding in the market, and that we have to keep our eye on that very closely. not to mention some of the higher growth, a higher multiple a.i. related plays that have gone crazy as well. >> irrational exuberance, -- and so christine's last point about not seeing any meaningful risks out there, that's exactly what makes me cautious. it is that angel lesson from that camp, to be greedy when others are fearful. and fearful when others are greatly. there is really nothing out there that we see as a risk for this particular bull market. that is when my risk goes up.

i start to worry about where we are, and also you have used the word accommodative a few times, but i am not so convinced that this fed is talking about being accommodative. they are talking about pushing out the rate hikes that we have started this year, saying well, they come at the front end of the year, will they come in the second quarter? there is are the only two questions that we are willing to ask in this market included. >> i understand, but are you suggesting that you cannot be really bullish for the market until the fed actually cuts? the market, as we always say, the train leaves the station long before that. by the, way it's already left. it depends on how far down the tracks that you want to let it go. that is the biggest risk at this point. >> i think that the point i'm making is that we might have already gotten the bull market, that russia that we were all talking about and anticipating. we are up by 7% to the start of this year. we're not even through quarter one. we might have already gotten that bull market rush that we are all talking about, maybe

becoming. that's depart really quick. >> look at jim buller's comments, the one person no longer part of the fed. it's that tamping down of financial conditions. the fed should start cutting now. >> i meet with institutional investors all day every day. lots of them have concerns, i don't agree with malcolm, your statement that there is anything to worry about. all of the things we listed, the consumer, worried about commercial real estate, worried about china, worried about the balance sheet and liquidity. i don't see -- the market risk is speculative, do i rotate for the year, do i get more defensive? >> if anything, markets have been climbing above worry for months. >> we will keep following it and having these conversations. malcolm, thank you, kristina parker, thank you. kristina partsinevelos now looking at the biggest movers as we head into the closer. kristina? >> a tech conference in san

francisco today, the ceo of fox, lockwood murdoch says that he anticipates 5 million customers will sign up to the fox disney and warner brothers joint adventure. all in the first five years of its launch. the issue in the platform, it would include espn plus. any layer tv networks that carry sports program. murdoch expects the sports streaming venture to be incremental to its existing revenue base. fox shares about 1% warner bros., 6% for wall disney, going up almost two. doordash and lift shares are higher after upgrading both stocks individually, maybe working together. this energy makes sense, given doordash and the delivery company lyft, -- they also think that lyft is becoming increasingly competitive with but uber. scott? >> we will be back to you shortly. we are just getting started. next, shopping for upside, the number one ranked retail analyst on wall street.

we are going to get his read on the retailers, a big week of earnings. the top investors, we will do that next. live from the new york stock exchange. you are watching closing bell on cnbc. ♪ ♪ ♪

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welcome back. shares of macy's surging after investor firms raise their bids for the retailer. the new offer values the company had more than six and a half billion dollars. next guest recently raised the price target on that company following late last week's earnings, citing potential for multi year earnings growth. matthew bossy is right does the number one retail analyst by institutional investors. welcome back. >> thank you for having me. >> how is this going to play out with macy's? >> they are laying out a fundamental opportunity. now is the bold new chapter plan. we were actually in stores this weekend, and i will tell you that some of the test stores have better staffing. they are

amplifying the key brands within the box. they are really focused on expanding, which i think a lot of retail consolidation, macy's itself is closing the -- >> it's as like you're describing one might be an inflection point. those are my words, not yours. that sounds to me what you are describing. raise the price target to 23 from 19 a week ago. >> i think the right hitting an inflection for all of retail. that means do you have a period of brick and mortar consolidation. i think macy's is this potentially signaling the later innings of this, this final consolidation of 25% of the boxes. i think that you are seeing an intentional consumer out there, shopping for brands, they want value, and they want convenience. that points to off price, best in class brands, and the retailers themselves on those brands. >> who are the other big boxers, if you will, who are also going to be riding this new wave? if it is truly an inflection for all of them. who takes advantage?

>> what you are seeing again is that the customer wants name brands. they are name brands where you can find value, that would be the t j max, burlington, there ross stores. they also want the destination as well as experience and service. that is what macy's right now is focused on. on a fundamental perspective, in the last piece of this, it is the direct consumer brands. they have done a lot of work, now you can go directly for nike. you can go from ralph lauren, buy from coach brand. i think that is the piece where the global brands have now put the investments in to stand on their own as well. >> we have a big week of earnings, nordstrom, abercrombie, foot locker, victoria's secret, american eagle among them. is ross your favorite of all of those companies this week? >> you are going to see strong numbers out of ras and burlington. the two of prices. i think in the specialty space, we are focused on abercrombie later this week. that is a company that has done really nice job expanding that total addressable market as

well. i think that again, what we are focused on are these best in class brands. you've seen it with birkenstock, you are going to see it with continued results out of those brands that the consumer is coming out to with organic traffic. >> what is the story with the gap? you upgraded to neutral on 2:26. that means the you're kind of like, whatever. >> marginal self help. to me, destabilizing old navy, you stabilize the gap. that's 80% of sales. now you have 150 million in cost savings. on top of, that you have the product cost savings with the entire space facing. i think the one other thing that i would like to say here, you have a near term inflection, meaning that our economists are saying 38 billion in wealth effect here. the s&p, that is 75% higher than it was in 2019. you have the low income consumers now cycling the food stamp cuts. the tax refunds, and so you are now back to a point of normalization. that does not even put into place if we were to see

inflation actually potentially coming down. >> why was the actual retail numbered that disappointing? >> tax refunds were against you in the month of february. in february, you had unfavorable weather. those four weeks were very detrimental. the inflection that i am citing is really now moving into march with especially this favorable weather that you have seen across the country. tax refunds move in the right direction, you lap against the snap and food stamp cuts. and you also have this larger picture wealth effect for the higher income consumer. that also goes down to the inspirational. >> so you think the wealth effect on the market is one thing, obviously the labor market is strong. stronger than people probably thought. you have another read of it later this week, but as long as that remains intact, the runway for the consumer is what? analysts? >> i think that the consumer is people, and now you have normalization at the low and with the wealth effect on the high end. i think it is a very good picture for the consumer.

the question is, across retail, who wins? that is what we were walking through, value, convenience, innovation, differentiation. >> what about foot locker? >> foot locker is a mixed picture. you have the battle between the direct consumer brands, and all of the digitalization that nike has been focused on, as well as the other brands. floodwaters in the midst of a turnaround. i think that the third quarter was better than expected. now you have to lap some of these clearance actions as they have been working to get back to a place of stability. >> you said air abercrombie, american eagle? i think that that is on a positive catalyst, you think both? >> i think that american eagle will set up a three-year outlook, very focused on the margins, similar to the gap. you see the upsides there. especially in 2024 numbers. >> i appreciate you coming back. matthew boss with us right here on post 9. coming up, more of a chart than a science, charting out the road ahead for this broadening rally. including the one second of verge of a breakout, according to what he sees. another that he says is for perfection. he saw this rally coming in

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welcome back. the record close for the s&p 500 insight today, for what could mark a third record- breaking session in a row if it gets positive again. let's get a technical readout with jeff mcgrath, founder and share of macro research. good to see you again. >> thank you, scott. >> things that jumped out to me,

certainly from your, notes s&p at 5800 by year and. did you recently up your outlook based on what you are seeing? >> no, we hit that with escape velocity, which we got in november. this combination of 20-day highs that we look at. it was a big number. it was in the 70% readings. that was really a handful historically in what we know from that data. the market is generally up a little over 20% from that point, which is not a comfortable thing to say, but that was 5800. the data is good data. we believe in this momentum indicator. we did that back in november of last year. >> when you look at the charts, you're going to show us one that kind of confirms this high moment to market that you suggest we are in, correct? >> yes, look, there is something -- and i'm in about -- an apologetic trend follower and

momentum player. but there are points where momentum comes further, no doubt about it. being in a moment to market is being in a dangerous moment to market. one of the things that we look at, what percentile are we in terms of returns for low momentum and high momentum names. that spread gets into the high percentile, momentum is working at the expense of everything else. michael santoli it really does begin a reflection of the narrative. that is where we tend to take a step back and say, okay, there is danger here. we are in the 87th percentile. i know that that feels like it's close enough to make that pitfall. the data says that it's not close enough to make that call for us. we are on guard, but i still think that we have several weeks ahead of us where we can stretch this. get us into that 90th percentile. when it happens, we will talk about, it but that's the point we can be more cautious about the market overall. >> booking done, put that on your calendar, soft booking. chips, what am i supposed to think about the chips stocks

that are going crazy? is not just nvidia. amd, super micro, i could go down the list for ten more names. you know what i'm getting at. >> absolutely. look, this comes back to the momentum idea. there are two factors we look at when it comes to being concerned about the industry groups. one of them is because in isolation, it doesn't matter. it doesn't work. when the combination hits, it is very powerful. that is when we have had a good run, working those momentum names. it is reflective of some of those high performance names. today, peoples expectations are even higher than the historical momentum we have seen. we priced that through the option market. when we have that combination of a good historical momentum in these specific names, and then the option pricing is saying that we are betting on even higher prices from here, that is the point of it where we say price perfection, you can have, it we're going to take our ball or at least have our ball home

and play somewhere else. we are seeing that in semiconductors and starting about two weeks ago. obviously, that could be a little bit early, but statistically, it is a meaningful signal. we are seeing that only semiconductors here. that's one area we could be more cautious about. >> you've been writing some about biotech's. do i need to be concerned about what i am witnessing there? >> just the opposite of where we are describing what has happened there. we have the momentum, and again, momentum and isolation is something we pursue. we have a lot of that weakness in that space. people don't believe, it they are betting against it. when we see this -- what we call the incredulous advance, where we have momentum of people , the sentiment just doesn't really buy into it. that tends to be very powerful. that is to the upside. the trends tend to persist and kind of drag people kicking and screaming into the market. much like, when we say, that they were doing with that semiconductors one year ago.

it is just kind of coming to evolve with biotech. i don't think that it's too early. the other part that i would just note, trying to see this, our excess return model that we run for every individual sub industry group, it's actually some of the lowest excess negative returns that we have seen in biotech over a roughly 40 year career. that is a good starting space. in other, words a lot of the excess has been ridged out. people have forgotten about that moving on as these are breaking out in starting to show momentum. the sentiment has actually been fighting that trend. that is a good sign of that. >> i have to bounce, so i will ask you to be brief in your answer. do you have anything on apple, which is on one 75? obviously it has looked ugly recently. >> it has. it's a really astute observation, a big name, part of the mag 7, and it's the weakest of them all. it's not far behind, but it is far behind them. i think you want to move on from apple tactically. this isn't about the next 30

years, it's not about the next three to maybe 12 months. it looks to me like they are distributing, and it looks like it's an elongated consolidation in our view. >> all right, good food for thought. i appreciate, it jeff, don't forget about the date we just made. put it on your calendar. up next, tracking the biggest movers into the close. back to christine partsinevelos with that. christine? >> reporter: ford tells us that hybrid cars are gaining in popularity, and customers are pushing back against one chinese ev maker. we will explain more details, next. ♪ ♪ ♪ have heart failure with unresolved symptoms? it may be time to see the bigger picture. heart failure and seemingly unrelated symptoms like carpal tunnel syndrome,

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i'm adam schiff and i approve this message. just about 15 to the closing bell, back to kristina partsinevelos for a look at the stocks she is watching. christine? >> reporter: starting with u.s. listed shares of li auto. falling more than 12% of the company reported disappointing february deliveries last week. the reason i mention, that the stock has soared more than 25% last week after reporting earnings beat. what we have seen today is some profit taking, as well as some concerns that the evs latest model price point might not be as low as people want to, as well as some complaints about the interior design. that's why shares are down over 15%. sticking with cars, ford shares are moving in the opposite direction, over two and a half percent after to carmakers saw strong february sales data of ten and a half percent year over year. the gains led by sales in electric and hybrid vehicles.

ford plans to double down on its hybrid technology. >> kristina, thank you so much. still ahead, bitcoin's biggest bounce today, crossing above 67,000. if they're getting closer to a new record high as well. we are going to break down what is behind that surge. closing bell will be right back. ♪ ♪ ♪ a term policy - for an immediate cash payment. we thought we had planned carefully for our retirement. but we quickly realized we needed a way to supplement our income. if you have $100,000 or more of life insurance, you may qualify to sell your policy. don't cancel or let your policy lapse without finding out what it's worth. visit coventrydirect.com to find out if your policy qualifies. or call the number on your screen. coventry direct, redefining insurance.

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coming up next, tumbling to a 28-year low. the quaint rallies closer to an all-time high. we are keeping an eye on

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whatever else you wanted to be about. >> normally a day where the indexes are so tightly flatlined. you say okay, that's kind of boring, boring is bullish in markets. i usually see a lot of push and pull underneath as well today. the winners are winning even more, the losers are actually undergoing some pretty heavy selling pressure. if i look at the bottom performance of the s&p today, it is tesla, paramount, warner brothers, that charter and phase. all down 20 to 50, 60% off of their highs. it is this big relative value. just kind of pressing his. so i'm not looking for a reason to be negative, but there's a lot of internal friction going on in these markets right now. the wrestle 5000, turning negative right now. just 16 bucks off the high. there's a lot of stuff that you can look at right here and say that there is a little bit of instability underneath the surface. it doesn't really have to matter very much ever. but i'm looking at apple as you're talking, it's -- i'm

curious about your take here. obviously hasn't traded well. and they're sitting at one 75. >> that's part of it as ell. apple and alphabet, i know that we had news on apple, i know that we were willing to go momentum on top of momentum. whatever is working, stay behind it. it is obviously a quantitative relative value stuff going on right now. everybody wants the earnings momentum, which is the good news, the stock momentum has mostly been following earnings momentum and vice versa. >> and kate rooney, it is a big story as we approach the all- time high. >> talking about momentum, seeing bitcoin inching in on that all-time high, a buck $67,000. all of this has been powered by institutional demand and atf demand, as well as some speculative bets ahead of this market. cold to having up in april. you can see that in leveraged physicians or open edges, that's

the speculative peak of 2021. more leverage intends to make this market make more sense with the steep price drops we've seen in the past. even a small decline for example could make traders need to sell at the same time. that is a risk here for the other sign of speculation. if you look at what you call mean coins, you remember dogecoin? that has been -- fundstrat has been says that that unmistakably has -- the resurgence of speculative in this market. etf, black rock has been leading a pack of inflows at ten billion dollars in assets over management at this point. crystal proxies also getting a bit from all of this, scott. >> kate, thank you so much. leslie picker, what's happening with new york community bank shares? definitely a different story than some of those bright spots in this market. >> another down day, about 20% in and y c b shares as this company exists in basically an information vacuum until the

annual report is filed. last week, nycb had an issue with their internal controls requiring the delay of its ten k given that the internal controls were related to an internal loan review. that review remains ongoing. the concern for troubled assets could -- nycb expects to file the 2023 form within that race period. we should see it within the next week and a half or so. without assurances that there is nothing else bad out there, it is hard to find buyers in the stock. it is an exercise in extreme patience, but montgomery scott just told me by phone, it's one of the few analysts that still has a bias on the stock. he said that investors are asking with the company could do to defend itself at this posture. more capital is an answer, but whether nycb raises at these levels is a debate. you could see shares down 23% right now. >> all right, thank you. that is leslie picker.

the fact of the matter, less than two minutes to go. and this -- these investors don't necessarily want to take risks. >> and i think that what you would take away from it, the regional banks as a whole are kind of flattish on the day. it's not as if people are extrapolating saying that this could gallop through the sector. it's not great, you don't want to see sub three dollar stocks in decent size community banks. in general, there's just no financial stress that is generally rising. unless that hits the credit market or something, is just not there. credit is one of the strong suits. they are happening in the markets right now. that's why it's not to me about the macro message of the market, as much as it is a little bit of the sort of internal dynamics that seem like they are just getting around a little bit tighter. they could change at all with the macro, the market index. the dow is in the middle at this price.

theoretically, again i think of the right sectors are there -- [applause] and all of that stuff. i don't think it's an excuse to say that we are due for some kind of a pullback. [bell ringing] [bell ringing] [bell ringing] what could be justified. >> we will monitor speculative a.i. as well. heading into the end of the session. of course, when we have more with morgan and john. stocks taking a little bit of a breather following last week, the big rally. we touched big highs in the s&p, but backing off small caps in the russell are a little bit green at the close. that's the scorecard on wall street. closing bell: overtime, i am jon here fortt with morgan brennan. >> communication services, discretionary, and energy all waiting on the markets today. utilities, real estate, those are the biggest performers. coming up, billionaire investor mark cuban on whether he thinks the market is in a bubble, as well as his take on the huge