progress but still not there. today is international women's day. >> slow progress but important. thank you for watching power lunch. the market is tepid, reaction to the jobs report >> happy friday closing bell starts right now. >> welcome to closing bell. live from the new york stock exchange, make or break, the semi's are sliding, nvidia with a reversal and all of the raising new questions about whether one of the best trades in the market imply got to frothy. we will ask experts, including jeremy siegel who will join us to weigh in. in the meantime, your scorecard with 60 minutes to go in regulation. nasdaq is the pain point as mega cap names faced more selling pressure as the nasdaq

100 off by more than 1% for much of the day. alpha -- apple and alphabet has been bucking the trend. look at the semi index, getting smoked, often more than just about 3%, that is the smh, big names are facing selling pressure. broadcom is down. marvell is down. that is after its own earnings report. this takes us to talk of the tape, bubble trouble, whether the one soaring semis are in danger of a bigger pullback. it is good to have you back, starting to watch what is taking place in this market. nvidia, a $100 intraday move. almost 10%. what do you make of it? >> i was joking earlier, maybe

somebody went to close -- too close to the sun. they are up 70% year-over-year. nvidia is up 80% year to date. i don't worry much. core businesses were not good for marvell. i think that weighs on it. people are looking at nvidia getting awfully close to the magical four-figure, $1000 number, maybe some profit-taking . i will be honest, on a noisy day like this, i don't read too much into it. the space still has had a monster year. the ai market still has legs. >> when you say something like,

the core business of these companies, for the ones that reported, not so good, this market has ignored in many respects the core businesses of many of these companies and have gotten this ai halo from nvidia. did we overdo it in giving too much of a bump relative to ai when it is not that big of a part of the business of other big chip players? >> possibly. there are two names that have meaningful ai revenues, more than just a story but contributing meaningfully to the numbers, nvidia and broad,. -- broadcom. not been enough to offset weakness in other companies. stocks have a great. you have names like marvell

last night, the forward guidance was very weak. broadcom was the opposite, they took $2 million or $2.5 billion of headwind out of their core business versus last quarter but have the ai business which was stronger by exactly the same amount, enough to bridge the gap and offset it. our numbers went up last night for broadcom. some names our benefiting very well. others, more of a story or a narrative and we have yet to see it influencing the number to a great degree. >> you make the point very well, amd, miss, miss, miss, the stock now up 130% since november 1st. what kind of re-rating is needed in these names? if you suggest the fundamentals that these companies have been

so rewarded on our good, obviously, but, come on, we have been giving insane gains to these names. >> the ones that are succeeding, the valuations are not crazy. nvidia, if they can deliver what people think they can, the stock is not expensive. much cheaper than before this started. broadcom is more expensive versus its own history by trading in the mid-20s. the entire index and the lower- 30s. you have some of the other gains, the aip is not enough to offset. the stocks have not gone down. the multiples are very high for a lot of people in the space. at some point, we do need fundamentals to pick up. this has been going on, people

have been buying the cuts, a normal thing to do in semis, you buy them when there is blood in the streets. usually the stocks go down before you buy them. the stocks, maybe they did not rip but they did not really go down either. people have been buying the cuts anyway. interesting to see what happens . hopefully come into the second half for next year, the numbers pick up and the stock actually goes up. i don't know yet. the typical practice is the multiples come down. >> i feel like this is a loaded question, have you seen anything like nvidia go up by this magnitude almost every day i preface that and say it is loaded because i'm a qualcomm in 1999 and other names had these unbelievable moves. this one seems unique. it seems different. you begin a week where a stock is $8.50 an inch the week at

$9.50, or in a couple of days, at that level and you hit a breaking point. >> i have been doing this a long time but not in 1999. for an at scale company like nvidia, you have not seen much of these things, at least not consistently. you can have moments. meta had it on earnings which spiked. the consistent upward pressure, when stocks move this much, already $1 trillion market cap, not sure i have seen anything like that. smaller, like small-cap stocks, they can move like that something as big as nvidia, i have been doing this 16 years, have not seen anything quite like this. >> we will make that the last word. i appreciate it. let's break this down. quite interesting.

dan, cnbc commentator, have you seen anything like this? >> i was doing this in 1999 and i remember the vertical moves in qualcomm. more the dynamics of it, when everybody collectively says, this unbelievable world changing fundamental story looks like it is grounded in reality and we can actually -- when they reported the numbers, nvidia did, last time, the guidance was fine, great, three more months and we don't have to worry about that moment when we have to decide it is all overhyped. i agree that the stock has gone cheaper because the estimates have gone up so much. there is not really any president for $2.2 trillion market cap companies sustaining even mid-30 pes. this could be the one.

in terms of $2.2 trillion maybe more routine but microsoft barely got there. the point is, you have to assume a ton of growth and market wide, the way that the momentum trade has been overplayed, almost everybody would say it. that aspect, that characteristic has been so gone to the outside it would create instability. amazingly, today, it triggered a rotation. a little bit of momentum on white and everyone bought alpha -- apple and alphabet which supported the s&p. can you hope that stays the case and we magically handed the baton back and forth? i am not sure. >> when you look at this nvidia halo effect that has shine so brightly on so many of these names, whether it is the marvells of the world, not just

up, but amd up 113%. you will have to disseminate which is legit and which had too much halo. >> that was always going to be the case. we were looking at charts, forget the fundamentals, the charts of -- i don't want to name them but they are not sustainable. they look unsustainable. for those of us who have been in markets for more than 10 minutes, with an unsustainable chart, the one thing i will add to the 1999 comment, qualcomm split three times in the year and was up 2000%. the 1999 blowoff came after four years or five years of successful buildout. it was not just the promise of the internet, although there was much more to come. you used the net. it was a thing and a sense, taxi

drivers were talking about it because they use the internet. dan's argument you are at the beginning stages of this cannot be said enough. if this will be what we think you will be, there is years of investment down the road. for stocks, with nvidia, not too expensive, presumably there are more gains down the road. >> 1999, many companies were at the birth of the internet. companies that were routers and switches, all of these other things, some were pretenders and the real ones are around today. >> i would argue, we just did that. the ipo market in 1999 which

exploded and everybody was trading nonsense. you can make the case that spot market, but we blew up, was that, it made it an ideal market in the late 1990s. >> i think the market right now has gone a lot farther in exploiting and pricing in the potential then certainly 1999. qualcomm, by the way, people -- the mobile phone penetration was not really high by the time nothing imploded. i don't think it is the most helpful conversation because it is never going to match up perfectly well. also, unless you think the nasdaq is going down 70%, and earnings will be cut in half next year for the s&p 500, stop talking about 2000 >> it is not a good analog. certain pockets where conjures up thoughts of bubbles and unsustainable.

>> overheated markets can be overheated without the being historically vulnerable. >> every period does not have to be the new 2008. we say, hopefully this is not the next that. >> let me say, chatgtp came out in the fall of 2022, you are saying don't equate it, but let's do it for fun, with that netscape ipo in august of 1995, we are in august of 1996. >> i think the market goes from a to b faster. faang was 2013, jim cramer named it 12 years ago. the idea of these platform companies just buying, you cannot pay too high a price, has been well ingrained for a long time. >> money coming out, money going in, going into apple,

alphabet, apple was mostly under 170 for the duration of the week and outback above at $172 and change. maybe we could have a bigger -- we could go into these other areas and that is why the market at large hangs in. nvidia collapses and the overall market -- is having a massive problem. >> it did not happen today. it would not surprise me if this would be the perfect choreography on an ongoing basis . until the macro really breaks down, tell you have to question the important stuff, is this expansion in good shape, seems like it is, jobs are in the comfortable zone based on the numbers this morning. credit is unshakable. all that is nothing to worry about in the moment. it is more about the internal market mechanics, massive volume in nvidia today, it will trade $100 billion worth of stock today.

maybe that is a short-term basis, decisive to say that the market is saying we have enough . >> not just the semis, who is down the most costco,is the number of charts, williams- sonoma, wing stop, stocks of triple digit percentages all off today. meanwhile, visa and mastercard are positive, google and apple are positive. stepping back, eight of 11 sectors in the s&p 500 outperforming the index right now it is not a marketwide destruction. >> there was a time a year ago or however long ago where, if you lost the biggest market cap name without the market, you would have a big problem. there was not enough support underneath to carry the market or hold it for a time. that is different now. we have had the broadening and broadening from big areas. big-name stocks large market

cap stocks that if hit new highs and are trading around those levels that has helped us hang in if there needs to be a bigger breather from some of these. >> coming into the year, who had other bingo card -- sorry, tesla down, 20 something percent , apple and google down, the broad market up 8%. >> i did not expect that one thing i was handicapping, it is not just going to be either or markets, not either to seven or the russell 2000. those stocks you mentioned, are all the ones that have been carried by this moment vector. this declined today. you see that amazingly orderly assent. 46%, 12 months and all

of that stuff gets in there. the reason, a year ago, it would have been different, you did not have a broader earnings of screen, a third quarter earnings growth after a trough. the fed is likely rounding into the moment where it is going to probably trim rates into an all- time high on the s&p 500 it has happened before. it is like a cherry on top and the economy is doing fine. >> goldman sachs said, at the end of every week, for those wondering about the sustainability of this rally, it has been fair to ask what would happen if one or more of the magnificent seven stocks really came off the pace, it has clearly happened but the market has certainly held his ground. others are talking about that as well. an interesting fact. you can take your eye off the big names for a moment but do not lose

sight of what got you here, but dip in mega cap names. >>the big trend is, nd why people continue to put money in to purchase the most of the air time is on semis and home builders, we always talk about them outperforming a lot of consumer sectors, not the retailers, but things focused on the consumer continue to do very well look at the hotels. sitting at or near highs. i mentioned industrials. caterpillar. if there is a problem in the economy, somebody should tell caterpillar stock. go industry by industry, some doing very well but they don't have the thrust. >> the broadening out, we expect the market leadership to broaden out in the upcoming months, we are along the ai trade and big to unless the fundamental disappoint. they are still long until you show me otherwise, says wolfe.

>> and and not or. it feels as if it is risky to say, well, that trend is overplayed and we will back away. it is tough, if you are involved in big caps, you have to have representation in it. the broadening is less dramatic and exciting. s&p at a new high after a very long period of nothing at all. >> what did we learn this week? the economies is going along, maybe cooling a bit, powell all but told us they are cutting rates. he made that perfectly clear. and the rally is intact despite some turmoil with nvidia today.

you leave this week feeling no different, maybe embolden as to why we got here in the first place. >> almost as if interest rates don't matter as much as everybody makes them out to be. any take away from the last couple of months in this environment, the fed and liquidity, all the bearish narratives that are advanced, over and over again for 20 years in this environment do not matter as much as the earnings backdrop to which mike talked about. that is why stock prices are going up. >> this all can be true and help explain why we are here. i still think it is tough to trust a market that has not had any payback in 4.5 months. >> you will not get away from the feeling, it feels, you can catch up to the big pile of good news. >> we will see you back in the zone. thank you. we have a look at the stocks

pippa stevens is watching. >> eli lilly dropping after the fda surprised move to delay rate reaction on the treatment of als while expected to be approved this month. bitcoin at new highs, topping $70,000 for the first time after surpassing the covid-era high. the recent crypto mania lifting coinbase, goldman upgraded the stock to neutral. next, more on the intraday reversal for stocks with jeremy siegel. his first take on the jobs report and on the rally, what is happening in the stocks. you are watching closing bell on cnbc.

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stocks wobbling after hitting all-time highs earlier in the session. the incredible run to nvidia taking a breather. we have jeremy siegel, professor of finance at the wharton school. we have a lot to talk about, professor, great to have you on this friday. you will walk away to the weekend thinking what about this rally? >> when you have trading stocks , momentum stocks, there is a very old saying in wall street, it is up the staircase, down the elevator. if you take a look at nvidia, and other training stocks, that is what happens. momentum players move on, they have very tight stops on it, as long as it is going up, when it breaks the trendline, they are out.

we have a one day reversal, new high, then low. my experience is that is rarely the final high for the stock. you have a couple days mixing on the price and it will resume the upward course. this is something i have seen many times before. that does not scare me. >> the elevator goes down another floor or two but you get back on the escalator and go up? >> yes, exactly right. like a head fake. playing the momentum, it requires steel, when it goes down, it is sharp, then it goes up gradually and you are angry for getting out. what happens at the very end, i

don't think we are at the end, i am not selling, no matter what, that is usually the very top. >> now are you using lingo from the mean stocks? >> these are real companies. look at what happened to cisco in 1999 and 2000. this was a great company, got overvalued. we talked about this last time, could nvidia get there? yes, but at a much higher price than to get to the cisco valuation. >> doesn't tell you, when you watch a stock like this go up seemingly every day and it reaches these heights that make you sit back and say, i can't believe what the stock is doing. does it tell you there's too

much froth in certain parts of the market but not the whole thing? >> we are getting the trend followers and the momentum players. they don't care what the valuation is. they don't care what the company does and they have their charts and say, with this trend, make the trend your friend, i am making it my friend, i got my stop. i am writing it out. everyone is convinced they can jump off the train before it goes off the cliff. i am not saying nvidia is not ready to do that but these are the games speculators play. i am beginning to see more of those sort of players moving into the market. and -- but it is early-stage and not late stage. 25 years ago, it had been going

on for plenty of time. >> you are painting a scenario in which exuberance gets a little bit irrational entrance into euphoria. that is when you have to worry. you don't think we are near that stage yet? >> exactly. >> what did you make of powell on the hill this week? >> a little bit dovish. he said we are close. i did not expect that. he could have shaded it, we were worried about the january report and have more work to do. maybe you got an inkling of a soft, good wage numbers we are having now. seeing some slowdowns, saying, we are very close. next tuesday, that number, cpi, the last one before the march 20th focm, quite important, i

want a reversal from that from the uptick in january and that is definitely possible. >> how many rate cuts are we getting this year, professor? >> well, we talked about that. if we get too many, i would worry, because the economy is crashing. i want as many as possible, no you don't want as many as possible. in fact, as micah said, much more important for the economy to stay strong than for us to have a rate cut in may or maybe june, or earlier or later. however, my feeling is, we will have rate cuts. however, let me warn you, how many days will it be? march 20th, 12 days, i think we

will have less rate cuts than in december. honestly, fed officials art surprised and pleased at the strength of the economy and don't have to cut soon. they can afford to wait before i can stop inflation. that may rattle the market a little bit. only because of the strength of the economy, not because they are stubborn and will not do it beforehand. in fact, powell says i am not waiting until the inflation is running out before i will start cutting, which would be too late. >> how far can the s&p 500 stretch? what seems reasonable? >> well, you know, 21 times forward earnings, earnings are holding up very well and ay come in higher. that is a full valuation.

5%, 10% over. hey, can we get 50% over, 60%, 70%? absolutely. just like we can get to the bottom of the bear market. that is the emotion that has always swung markets over the decades and centuries. we have to get used to it. to reap the benefits of the long-term returns. >> one more question before i let you go, have you been watching how apple has been trading in the last several weeks? do you have concerns about it? what do you make of it for a stock we used to say, as apple goes, so goes the market, but not so much today? >> well, you know, one could ask, the first one maybe to topple, not saying apple will topple, but tesla, the

competition, what tesla has got in china, which musk says, this could be a problem, besides the other problems ev has. still, this type of reaction from apple, if you take from history, nothing unusual and still is a great base. there is some competition. take a look at the magnificent nine that reached their peak in 2000 , how many are left? a few. nothing stays at the top forever. >> thank you, jeremy siegel. a news alert, on amazon, fortunate saying the ftc is probing the new fees on u.s. sellers, they are reportedly not happy with those new fees

which require sellers to either pay amazon or ship goods to at least four several warehouses on their own dime. another charge that punishes sellers for consistently low inventory. the ftc did not have come in yet and we reached out to amazon and we will update you with their response if we do get one. coming up, bargain-hunting for under the radar but it is. with christina malbon, why she is purchasing stocks that have been left for dead. fresh, warm hot dogs! when i'm not selling hot dogs, i invest in a fund that advances innovations like robotics. fresh, warm hot dogs, straight out of my torso! one for you, one for you. oh, you're a messy one. cool, right? so cool. anyone can become an agent of innovation with invesco qqq, a fund that gives you access to nasdaq-100 innovations. hot dogs! fresh, warm hot dogs! before investing carefully read and consider

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nasdaq retreating among the broader chip selloff and my next guest says she is finding operating in value names that have been left for dead in the current market. joining me now is christina malbon of patient capital management . welcome back and nice to see you. >> thank you for having me >> as i look at the notes, what jumps out the most is you say big tech like alphabet, amazon, meta, still underpriced by the market. how so? >> we think google is a great example on the surface, google, you say is trading at a market multiple. if you start stripping out the businesses that are losing money, or other modifies, you are playing a below market multiple for the core of google. we are at the very beginning of an ai trend. we know that

google has the most publications in ai research. they have put out an updated gemini version that many are touting as as good if not better than chatgtp. longer-term, the longer-term will be n the cloud place and google is well-positioned. when they are underpriced, that is what we mean, in the magnificent seven that an uprising in euphoria yet. >> if you want to take alphabet, part of the rollout of some of the ai related initiatives have been what some have termed an embarrassment. i mean, even those lose to the company have panned what they have done so far. >> i agree. a lot of negative pr about that. we are long-term investors and we hope things three, five, 10

years. negative pr blip on the radar, it will be long forgotten in five years. we like to capitalize on those opportunities. >> talking value names, what kinds of things should we be looking at? >> we think about value outside of the typical low price to book parameters. we think, nowadays, there is value in the market for companies that can sustain growth, for longer than the market expects or under earnings , likely highlighted with google. we are excited about canada goose. they are that luxury down jacket company. what i think is underappreciated, that they have been on innovation fronts. they are going beyond heavy weight and moving into lightweight clothing.

they are going to a direct to consumer market which is costing money to build up. margins are compressed. if you are screening for stocks, you will say, this company is trading for 20 times earnings. it is a margin over half of what the court is actually earning. if you actually look at what the core is earning, it is trading at 10 times. we think, as they move forward and gain scale on the investment side and as they go to cut costs, which they have announced a cost-cutting program at the margins will build a lot faster. we see it as a bargain. >> what about royalty pharma? what you like about that name? >> this is another name that you need to dig into the details to understand where it is trading. this is a company that purchases pharmaceutical royalties.

they are the largest purchaser of royalties in the market. they have traded down over the last year as interest rates increase the reason for that, they think low teens return on the royalty deals. as interest rates went up, people became concerned about the spread between the return they were making and where they can borrow at. we got confidence in that they are extremely disciplined and they managed the underwriting to maximize on the spread between the cost of capital and the return on the deals. what is also tricky, the accounting is off. when they purchase a royalty, they make an estimate of what the royalty is worth. and then they account for it in gap at the current valuation but they had to adjusted up or down based on changes in assumptions the gap number is not reflective of what they are taking home in cash at the end

of the day. if you look at what they're taking home in cash, a firm trading at eight times but that is the point capital in a market where we have seen capital pullback from biotech. we saw last year, there was almost no new capital going to these young companies with innovative products. that lends itself to royalty pharma purchasing these quality royalty assets when no one else is available. furthermore, you see cash grabs legacy players do deals with them where they want to monetize assets in their pipeline that they cannot prioritize given the debt they have to focus on it. >> thank you and we will see you soon. next, tracking the biggest movers into the close. pippa stevens? a software stock is sinking , details coming up next.

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calling attention to macy's , popping, axioms says they are considering negotiating a sale directly to activist investor, mark hauser, outlining a strategic review of the company. we have reached out to macy's but they have not responded and we will keep you updated.

that stock moving about 4% higher with less than 15 before the closing bell. we are back with a look at the key stocks from pippa stevens. petrobras said it will pay out $2.9 billion in ordinary dividends but will not make an extraordinary payout which investors had been expecting. quarterly results from mongodb, topping estimates but lighter than expected quarter one and four your goddess but the ceo says the platform is resonating with ai startups. scott? coming up, upsetting the apple chart, get it? those shares staffing the longest losing streak in two years and we will run through what has been behindhi ts stretch and where today could have staying power when we come back.

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time for closing bell market zone. breaking down the crucial moments of this trading day. plus apple heading for its first positive session. your biggest take aways? >> all those things can be wrapped together into the is the momentum on trade or is it off? today had a little upset. it's about a 50/50 day. it's pretty orderly and i think you can take the idea that the jobs number today, the testimony this week, even the other data which showed moderate growth dynamics are giving people a little bit of a psychological cushion. that said, even if the market needs turbulence, if this momentum trade unwind further

it's not because macro has fallen apart or financial conditions are getting hostile. >> loses about 100 bucks. >> it's worth about half of the percent of define. apple above 171. it's going to end that streak. >> maybe the nightmare is over. it's been nightmarish all week for apple. we had the report earlier this week that sales of iphone are down 24% in chi flash flooding for first six weeks of the year. on top of that, lingering questions about ai. this morning city cutting price target from 225 to 220. the list goes on and on, not to mention regulatory pressure apple is feeling in the eu. they were humbled today and had to reinstate developer account for epic games. the fort knight maker they've been beefing with for the last

three years or so. concerns remain about where apple fits into ai narrative and how it can recover if it can recover especially with the renewed competition. >> appreciate that very much. thank you. courtney reagan, nice run for costco shares until today. >> under pressure after second results. revenue and net sales slightly missed estimates. analysts like margin expansion, membership numbers along with the traffic driven comparable sales number. plus there were items that saw improvements like appliances. it's had a decent rally ahead of the print of 20% in three months. that's including today's downward pressure and well ahead of the other major indexes. profit taking could be some of the reason for the lower move

on shares. i think it is important to keep that in perspective. >> we will. thank you. you heard the sound effect. we are approaching a minute left. we are going to learn early next week whether january was a blip or start of something more worrisome. right now it feels like it was probably a blip. >> the stuff this week implied january seasonals maybe were running hotter than expected. we also perhaps are at a point where we can start to explain away part of any surprise because we know what will happen with shelter. we know feds orientation is not to look for excuses, to take away rate cut expectations at this point. with any luck, it ends up being right in line with the trend which is i would say stubborn disinflation. the bummer, already had a big move, lower end of the three

month trade. it's allowed stock marketed to be preoccupied with its own stories. >> you have a great weekend. >> the end of the day doesn't look like the beginning. we did hit new records on the nas and s&p before this pull back. we'll keep all our eyes on it on monday. major averages snapping a two day win streak closing in the red for the week. that's the score card on wall street. welcome to closing bell over time. >> the tech sector, major underperformer today while real estate was the big winner. chips, the big reason behind tech sell off. getting crushed today but a top analyst tells us the name of another ship maker he says looks like the because