money off of ripping off amazon and others finally, former cnn host don lemon alleging elon musk to cancel his new talk show before the episode aired, he was upset over an interview between the two on friday, so if you have got the emperor and the emperor says no, that's the way it goes. >> thanks for watching power lunch, everybody. closing thoughts starts now. welcome to closing bell, i'm at the new york stock exchange, as we begin with the story for stocks, today's inflation report upsets it at all and how to play the markets in the weeks ahead, we will ask our experts including glenn joining us and just a little bit to get the rundown on all things tech, in the eantime, your score card with 60 minutes to go. this is the omentum trade once again on its heels today as names like nvidia, meta-, and amd among others facing more

and selling today. there are those three stocks, tesla is down again as another firm gets negative on that name, now the worst-performing stock in the s&p 500 losing another 5% today and barely hanging onto 160 as you saw, tough day for small caps as the rate is up, the russell is lower, it does take us to our talk, the return of volatility and if investors need to prepare for a pickup, especially with another federal meeting looming, let's ask joe terranova. he's a cnbc contributor, is that your expectation? is that what we are trending, it's about to get interesting for little bit? >> i think the market will get very moody and that the day for -- dangerous place for investors, we have been trading off of a sunny disposition, the personality of the market, now you get into this environment where it's about the mood, everyone wants to be a monday morning armchair economist which is the most dangerous and worst thing you could be doing right now. >> i can think of nothing more exciting. >> exactly. everyone within the market is looking at all the losers year-

to-date saying okay, is it time to pivot in that direction? i think you got the playbook so far, the playbook seems to be stick with the winners, stick with the quality. go through the names today that are down so significantly, you have snap down 4%, 32% year to date, tesla of all the max evans down 4% and 35% year-to-date. you can go to the mall, chew we down 40%, ark is done 3%, if you are looking to do something in the market today, if you feel the need you have to do something, look at commodities, converse up 5%, oil has the breakout above $80 trading 81, we have not seen that price since early november, x at a level since the end of october, you want to maintain exposure to energy at equal weight or higher. >> i heard earlier today, you went to the russell go, absolutely not.

the long-duration trade is under duress again, all you have to do is look at the k re, down 9% year-to-date down 2 1/2+ so far today long-duration , look at the russell 2000 index, how much of the index can be defined as quality? very o subset, you can find opportunity there but if the federal reserve is sitting back and waiting, then you as an investor want to do the same thing with long-duration assets. >> look at the russell down 2%, down almost 2 1/2% on the week, several of the mega caps are up this week to your point, quality, is the death of the quality and or mega cap trade greatly exaggerated? that sort of weather narrative trying to go that nvidia is a sign that the momentum large- cap trade is tired and it may be sleeping for a while. if nvidia is going to move slower, the market is going to move in that direction as well,

just because the halo from nvidia touches so many in ai software and in the semi conductors. >> apple is up today. amazon is up today, those are large stocks. >> that's why the market is down largely. that's why we don't have a larger decline 1 to 2% which has been missing from the market for many months like we are seeing and russell, you have the push-pull, you have the push-pull of apple, alphabet which had been week, seeing a little bit of buying activity as of rotation, away from nvidia and some ai halo names. >> that's a good though, absolutely. why would the market be moody as long as you have what is looks like to be a bit of a rotation. >> it's been since november, a pretty well-defined, nice walk up the stairs higher and higher. i think you're at a moment where you really are void of any catalyst for the market, maybe

chairman powell and the federal reserve gives us that next week and a place i don't think investors are looking which is the balance sheet, we will talk about that and a little bit, the balance sheet will be interesting, you have earnings in april and i just don't think the degree and magnitude of the advance over the last several months can be continued, expect in my opinion choppy trade. >> we will get the outlook from the fed, our senior economics reporter tim reported joins us now, it takes a little while to fully's digest these economic reports, we get the outlook, is there a surprise lurking within that? does it even matter and by the way, the market is hanging in there today on yet another hot inflation report. >> yeah, scott, you tell me about that part, ask joe if you look at for example, let's go back and think about what has happened since the beginning of the year which is really not that long ago even though it does feel that way, you go back to the snp, it has been fairly

straight up over that period of time a pretty decent rally since that period of time, now let's look at the january 2025 fed funds contract, that has been up too, when that contract is up, it means less cutting and more fed funds to the end of the year so so far, over time the market does not seem that exercise, there you go so you can see it is 457 now, we are as low as 36, do the math for me, that's almost 200 basis points or a little less than that, they were built in and now it is what, about 80 or 0 basis points? a lot of cutting has gone away from the market, but not a lot of the rise in stock, that's another thing, i do think with the market believes is that the fed is going to look to the last couple months, it has been a trying january february when it comes to the inflation numbers, i was looking down at my spreadsheet and calculating how much inflation has fallen on a monthly basis to year ver

year rate, it's been down about .16 since the inflation started falling, in september of 2022, the last couple months i tell you what they were, they were .09 this month, if you do a survey out there, it's going to be down not even .06, it's not going to be that great of a fall with the market having to say you know what, i hope the fed is still on track to cut, we think the fed is still on track to believe that inflation will fall despite these last two months of sticky inflation. >> show was the june probabilities, they did not budge much after cpi, i don't know what they are doing at this moment, presumably you do. i think that's one reason why i say the market by a large has hung in there, the eyes are on the prize and the prizes rate cuts presumably in the summer, in the beginning of the summer midsummer, whatever, what can you tell us? >> scott, if you take a look,

i'm lucky to have a great producer who does this stuff, the probabilities are 60% now for zune -- june. it was 60% and down 10 points. which really just tells you hey, there is a market out there and a debate out there as to whether or not june happens, remember that may contract which is now at 11% quick that was north of 90% of one point in time, the arket is really taking back both the timing of the cuts and the extent of the cuts this year. i am just really interested, i think what has happened from what i can tell listening to all of the smart stock guys is that earnings have come up to replace whatever or most of what is thought to have been lost by the fed cutting rates. the idea the fed is not going to cut and in part so far, even though we have that nasty january retail sales report, we

got back about half of it in february. it still seems like the consumer spending, still seems like the job market is okay as long as that remains the case, i think you pick your stocks and you may not be able to buy the entire index at profit but you pick your stocks as long as the fundamentals are underneath it, seems to be holding up. >> let's bring in alisa levine. we can show the probabilities again for the rate cuts beginning, as i said, the stock market has had its eyes on the prize, the prizes june july september, right? we are expecting three rate cuts as long as we think that will happen, we will ook through cpi and ppi. >> that's what the market is telling you but the rotation underneath to joe's point is telling you there are pockets of this market that are totally dependent on cuts, the small caps and longer duration names, those non-earners. those names, those names are really in trouble because -- until it is clear --

>> i've had this debate of arguments with people lately have time today as those who suggest you cannot buy small- cap stocks until the fed actually cuts, the argument thrown back at me was what you going to wait until the news actually happens, don't you want to get ahead of that? >> you have to get ahead of it as investors, i say this about small caps, you have 40% non- earners, the debts floating rate will come due within the next couple of years if there's any hint that rate cuts are pushed out, this is the area where you will see the most damage. if you look out two years, a okay, maybe. it depends on your time horizon, i want to buy earnings increases okay, which is an earnings season, i want to bye stocks that have remote in companies that have cash flow, i want to buy companies that don't have to refinance their debt right away, that is large- cap america ultimately, the snp market cap is 14 times that of

the russell, it's almost impossible to rotate out of the s&p into the russell and try to get a catch-up trade. >> if not now, when? the big challenge for me is the regional banks, the regional banks are everything, you have a reverse repo facility that is winding down below 500 billion, how far is the federal reserve willing to let that go to 100 billion, 150 billion, will we have a liquidity crisis for me at the next meeting, the federal reserve more importantly than whether it would be june or july, they have to address what they are going to do, will they begin to taper the maturities they allowed a secure -- off the balance sheet, will they say 60 billion treasuries? they have to address liquidity problem. >> i don't want to get to the weeds of the balance sheet, what i do want to focus on is why we assume sorry, steve. i'm coming back to you in a minute, i don't want to get into the weeds of that conversation whenever you're ready. you know i'm right, steve it

what i do want to get into is the idea of why whenever we talk about small caps, we go to the regional banks right away, are you tell me there's no other small-cap stocks that could work? >> and on. >> i'm not saying you have to. you never use the word none, i said at the beginning of the show that it's a very narrow subset of 2000 -- you look at the russell 2000 index, everyone always says s&p 600, s&p 600 is a better index, why? the s&p 600 has more quality and more profitable russell names, where is the russell, where is the s&p 600 here today. 600 is weaker than the russell 2000 this week, this week. and year to date at the heart of the weakness, is the stress in the regional banks? full stop. >> steve leishman. the last mile so to speak, i do hear a lot that it is going to be the hardest. i am wondering how you think based on your conversations, reporting or whatever else,

your intuition on what you think policymakers are thinking about the last mile, whether they might be surprised to find it stickier than they expected it to be or maybe it won't be, what do you think? >> this is one of those scenarios where theory comes up against practice, there should be no reason why that ast percentage point is tougher, there is a potential difference in the source of that disinflation for example, a lot of the disinflation we have had so far seems to be supply-side, you might have reached a limit to the extent in which ou can have inflationary improvement through the supply-side and the rest of the chunk comes from the policy restraint that the fed has put out. that could mean that you get a worse economic outcome, lower gdp, higher unemployment as a result. you still should achieve that goal of getting that last percentage whether the fed believes right now, scott that it is a restraining standpoint

with its policy, its policy is dragging or slowing down the economy, one of the questions i think the fed has to ask itself is how much is it willing to give up in terms of economic growth in order to get to that last percentage point? just one question maybe if i could, i think the market trade , two things relative to the fed, the first is the actual policy rate, that is out there, the fed will be at five and 538, the fed will do x with it, and we will talk about the balance sheet, there is a second trade, that second trade is always to me the most interesting, the one that is the extent to which the market is trading on the belief the fed is making a mistake. the way i look at the market and the fed right now, they seem very well aligned and it does not appear as if there is a fedde mistake trade in any of these numbers, either yield or stocks right now, am i missing something? >> you re not, that is exactly

why choose -- to scott's point, the market decline in mid-caps and large caps is not that precipitous, there is enough strength to offset on a day when nvidia in the semi conductors in the halo names are weak, there's enough strength to offset it i think the market sees exactly what you are speaking towards and that is where i go back to my comments with all due respect, there's too many people out here trying to go from each economic data point, trying to figure out the month in which the federal reserve will deliver the first rate cut, they will deliver a rate cut at some point in 2024, that's what you need to know to your point, the earnings are good enough that allows us as investors to wait by the way, the s&p mid-cap , the mid-caps okay, we have only talked about large-cap or small-cap, you know the s&p mid- cap is up year-to-date? 5%. 5%.

it has competed a few well with the nasdaq and s&p 500, it is far outdone the russell 2000, i still hear alicia, you suggesting this is a go big or go home market right now. >> we like mid-caps because there are great companies there on their way to large-cap and earning, it's the earning story in the end, are you immune to rates in your business? can you earn through it? a lot of the mid-caps can, it's a fairly good index this year, the other interesting thing is what is actually going on with commodities, they are telling us that in fact years of a global slowdown may not actually be happening, copper is at a high, oily has quietly moved up 10 points in the last couple months, it's telling you that growth is probably better than expected and with that, stockmarkets like earnings and growth, that can help our whether it is two cuts or three cuts, that will be more important, earnings will be much more important than actually how many cuts or when the fed cuts, to joyce -- joe's

point about qt i know it's in the weeds, it is bullish. we are not going there but -- in my heart it is bullish -- >> don't do it. i'm not going to go there, i want a second -- your emotion on this i will tell you why, if we are having a discussion about the balance sheet in the weeds of the balance sheet, it is because the fed is screwed up, there should go on in the background, joe should not have to worry his pretty little head about what the fed is doing with the balance sheet, let it go away, the fed will stop sometime this year, should not be a question we have if we do, the fed messed up. in other words, viewers, don't worry we are not going there. at least not yet because we don't have to. lastly to you, steve should we expect the reasonably benign meeting? next week. >> yeah, i think powell will try to keep all the flexibility he can, i think he's going to

say maybe a modest victory lap in the sense that i told you guys this was going to be bumpy, i told you guys it was not a straight line, we told you we needed confidence to get to this place, there is nothing about the last two months that's given us additional confidence and yet, i don't think he's going to give up his general forecast of the fed that he believes inflation is going to come down, you asked me earlier is the last mile harder? one thing that will not be harder is if we finally get the housing numbers to come down in the housing numbers in the market into the data, that is easy, that's low hanging fruit and has not shown up yet part of the fed's up the forecast on inflation is the housing data working into the cpi in the pce. >> he did not seem too concerned about this at all last week on the hill which is exactly to note after we had a look at some of the data, thanks so much.

we will see you as we head into a very busy week ahead, our senior marker reporter, steve policeman. >> we stayed on the road as well, we did. let's send it to christina at two of the biggest names moving into the close. >> robin hood after the financial services platform said its february trading volume searched 41% from the same time last year, $6.5 billion in crippled volumes -- crypto volumes 85% higher which had the company a glowing initiation from bernstein, expecting a quote monster of a crypto cycle this year and next year, you can see shares are up almost 5% and tobacco giant said its planning to sell some of its 10% stake in anheuser- busch trading once briefly suspended this morning as details emerge, the beer company you can see down almost 6%, 5 1/2% let's call it that. i was going to read your line, but back to you.

if you are so inclined be my guest. >> after trading resume, that was the next line for me. there you go. i will see you in a little bit, we're just getting started up next, the moment of truth from the momentum trade top tech investor glenn cater is back, he will give us his top five names and why he says they are e ne watching, we are live at thw york stock exchange, dow is down to 75. rylee! from rylee's realty! hi! this listing sounds incredible. let's check it out. says here it gets plenty of light. and this must be the ocean view? of aruba? huh. this listing is misleading. well, when at&t says we give businesses get our best deal, on the iphone 15 pro made with titanium. we mean it. amazing. all my agents want it. says here...“inviting pool”. come on over! too inviting. only at&t gives businesses our best deals on any iphone.

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>> we are back, nvidia under pressure for its fourth down day out of the last five raising more questions now about the health of the highflying momentum trade, is this is a temporary pause before another push higher? let's ask capital founder cio glen kacher.

>> hey, scott, thanks. >> i zero in on your ai five, amd, nvidia, broad calm, microsoft, it's looking a little dicey over the last couple of days for a couple stocks, how concern might you be about the direction for them? >> stocks go up and down right? i think overall in a period of time, that is how we are invested in how we -- the question for investors is is it 1995 or 1999? in terms of where we are in the investment cycle, building now in ai infrastructure, we would argue it looks very much like 1995 and we are just at the beginning of this investment cycle even though we are seeing massive cutbacks, there is way more still in front of us, evaluations are reasonable on the stocks and those that are trading out of the semi conductor group at this point in time, we think they are way too early exiting. >> what if it is 95 for the

nascent stages of a new technological revolution as we build out the infrastructure? some of the stocks started to act like it was your back 99. >> i don't think so when you look at the fundamentals, they are still having a tremendous way to go, nvidia has gotten cheaper over the last year in terms of multiples, you look at the multiples for jake broad calm, tsmc, even amd, we are comfortable owning large positions in these companies. i think the same time, you have to think about investor positioning. the largest investors in the world, those in managing endowments and foundations have gorged themselves on both venture and private equity to get their technology exposure over the last 15, 20 years and the reality is if there is no semi conductor exposure in those funds, pe nvc don't really invest in the sectors so

if you want to invest in semi conductors and want to invest in the massive infrastructure build, you've got to own positions in the public semi conductor companies, those leading ai are the ones i've put in the ai five. >> you say stocks go p and down, of course that is true so i do not sense great concern in your voice as you say that, but do you think a broader correction in the chip space could be in the offing? a lot of the stocks just went to the moon, writing what essentially feels like an nvidia halo effect. >> i would love for them to come down or buy more, we are incredibly convicted in our position that this is the beginning of a tremendous cycle and so, that only would work to our advantage of the stocks come down. >> i'm looking at another stock which i don't know that you own but i'm sure you have an opinion on like seemingly everybody does, tesla in front

of me today is down 5% today, it is down 8% this week, the chart looks terrible, the stock looks broken, how would you assess if or those who were used to it almost going in one direction as well? >> that's a great question, we did our own tesla, i shared with you in the past that we sold it last year and i think we are in a difficult spot for tesla if you can look at the company, it was at 855 multiple, now it is 50 times earning roughly on street numbers, if you look at the conventional or traditional oems, they trade before four and six times earnings, at this point when you are seeing all sales slow down and the traditional oems are pulling back on their money-losing ev operations, investors now look at it and say hey, maybe these are bargains in traditional auto oem land and those stocks

are doing pretty well at the same time, i think the long- term is -- still very interesting for ev's, we will see an ev s curve in terms of replacing traditional cars in the long term but in the short term, the view the tide is going out essentially on favorability for ev stocks, with a multiple differential, of based almost 10 ask for tesla versus traditional oems, that is a huge gap and i think at this point in time, we expect to see tesla's multiple continue to fall. >> i love this line you gave to our producers because it speaks to how we began our program today and how we have been having these debates, you say arguing about large versus small caps is a distraction. what do you mean? >> well, we invest based on

fundamentals and based on what evaluations are multiples that are being paid for jake those fundamentals and trying to anticipate what is going to happen, i think in our review if the best companies in the world happened to be large cap stocks, it does not matter to me, we continue to invest in those companies and worried about what your market cap makeup is in your portfolio to me is a waste of time. >> are you suggesting it's too hard right now to analyze a stock with market caps that are that small? >> there's not enough liquidity typically in a lot of small-cap stocks, you run into issues, you don't have that problem with big cap stocks. really what i'm arguing is we want to go with the fundamentals are best and where stocks are -- where we like the fundamentals and they are not

fully appreciated, it doesn't matter to me what the multiple market cap is. >> it is good to catch up always, thank you. we will see you soon. that is glen kacher, training today's data, stocks are slipping after this morning's reflation -- inflation report, as you know by now, yields are up, maryland bank of america private bank chris is back, he will tell us the parts of the market he would buy right now and where he thinks the fate really lies. he will do that with closing bell cinrit omg ghback. with th. ...whoa... you've got all kinds of bright ideas, that your customers need to know about. constant contact makes it easy. with everything from managing your social posts, and events, to email and sms marketing. constant contact delivers all the tools you need to help your business grow. get started today at constantcontact.com constant contact. helping the small stand tall.

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welcome back, stocks are selling off, it's a tough day for the russell 2000 leading the decline in all of that coming after a hotter than expected inflation report down 2 1/2% today, that is the russell 2000, chris heisey of bank of america private bank, because we are having a conversation about small caps a little earlier, as you know. chris, it is good to see you. i appreciate you being here, what should i make of the russell one i've heard for more than one person in last 34 1/2 minute scene away? no way for the russell right now. you say otherwise? >> it depends on your timeframe if you are starting now and you are way underweight, at least

12, 18 months yeah, i believe it is a great opportunity and i think it will take some time and just listening to some of the programs before, it is pretty obvious that they are -- they have some pressure points, the small midsize bank exposure, we know that story, the fact the fed has not cut off rates, stocks are a discounting mechanism, we find in small caps is if you take a look at the look at the individual constituents, that's a better way to think about investing if you would just own the index, it's a bit more difficult. >> when you say the implication you make when you say that stocks are a discounting mechanism is that you get the anticipation of an event happening, therefore you are supposed to buy something or for that matter sell something before the actual event occurs, i raise that issue earlier to where they still say no, it is too early, whatever rates are made where they are for a period of time, who cares if they will cut rates, the fact the matter is the sect is just too challenge right now in a higher rate environment it >> certainly overall at the top

of the index, a higher rate environment, balance sheets are not as good, not a lot of companies growing but that is at the full aggregate level if you think about where the fed has told us they are going to go even if they delay that for a month or two months, the rate cutting cycle tends to benefit the lower quality areas if you find lower quality higher beta with actual earnings and good value, that is what we are looking at in small caps, just saying small relative to large i don't think too full story. it >> that is fair and i think most people would agree with you, the premise again, stocks are a discounting mechanism, start to look forward and go where the puck is eventually going, by these now, selectively but nonetheless by them now and do not wait. >> still not at the point here i have enough confidence to buy companies reliant on that and companies that i can define as nonprofitable, 40% of the

russell 2000 index is nonprofitable and i understand that chris is saying don't buy the index, i agree with that. i think looking at the index it off is so detrimental to investors because it is so remarkably different, just look at the collective weighting of technology and communication services for the russell 2000, you are talking about 60% versus 38% for the s&p, exposure and real estate is half of the s&p 500, what it is in the russell 2000 so here is where quality absolutely needs to be applied, in fact, the concentration concept of the mag seven, i would apply that to the russell as well, own a few small stocks in the russell, where you can find quality in the last five years, the quality factor is up 67%, the growth factor is up 40%, the momentum factor is up 45%, i will give you two names,

amcor eme. simpson manufacturing, ssd. the russell 2000 companies, industrial oriented, quality companies. >> what are we supposed to do with large-cap attack because -- text, this plays into the conversation whether we are in the midst or in the beginning stages of some kind of meaningful rotation where we need to start looking outside of those large-cap quality and momentum names which have done so well. >> i think first of all, joe nailed the story on how to think about small-cap in general, taking a look at technology of a large-cap side, you hit all three things, momentum, quality, cash-rich. you put those three things together and the fact that the technology sector are actually is the reason why earnings growth is in the s&p 500 and was the exact opposite in 2022,

we are noticing right now is the beat and the technology names, this last earnings quarter was right in line with the s&p, so what does that tell you for next quarter? not sure but if it happens again, and there's other areas that have a little bit higher beats to them, that is where the rotation that you started getting going becomes a little wider. it will take time, it's not just going from one side f the boat to the next, what i say is as you see mag seven go to fabulous four, that means other parts of the market are receiving some of that money. you are starting to see a pickup in industrials, financials, selectively in healthcare, some big-box areas and retailing. i think that's healthy, it does not mean be short or under benchmark in my opinion technology. it means there is a wider participation. >> we will leave it there chris, i appreciate you. thanks for sticking around. joe terranova coming up next, behind tesla turbulence, now the worst-performing s&p stock you to date, we will ell you

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>> welcome back, tesla stock is sinking a down another 5% today, phil with behind what is behind the drop, negative commentary almost every week,

phil. >> scott, i'm not sure when it ends, tesla is close to their 52-week low, they were about 160, i want to say back in july of last year, they have continued to slide over the last couple weeks because questions about the demand or electric vehicles not just here but worldwide, berkeley is out with a no, this is not a surprise that they use this term, ev winter, i heard of other people use this term, the key of this message here is going to continue to suffer from markets facing demand pressure. we were we expect how much are they bringing it down. they were expecting global penetration. the big thing would be pricing. the average transaction price according to cactus automotive, safety 2000 $52,000.

they are no longer a heavy hybrid in terms of sales, this is also according to ev at 7% last year, hybrid ice models 84%, take a look at cheers to tesla, i'm not sure what the catalyst is to see here is what the bottom is, scott. the ed demand will not it -- include, we don't have a major event coming up from tesla when you look at the other ev stocks, there's little here that makes you say, i think we have built the bottom, look at the scare. we don't even have them up there, there the verge of potentially filing, we talked about the issue there, even be whitey, they are continued to grow, as is tesla but it is not as strong as we've seen in the past. >> backfiring a bit of price cuts at tesla which musk had

been repeatedly doing to try and spur more demand, he's worried about market share in china, the flipside according to notes that were out this week is that it affects the cachet of the brand number one, but also then you have the disgruntled buyers who are like well, i paid thousands of dollars more than what they are now going for so it is this storm of events around a stock that continues to drive lower. >> we will not have a new model from tesla, a brand-new model. will they make modifications on the model 3 and model y, sure. we're not talking about a brand- new model, maybe next year you know what this lower-priced model that is expected model two, that's not a guarantee so that you have a void, it makes you wonder how many people are in the ev market are saying i don't like what's out there right now, whether it's tesla or any of the ev companies, i don't like him at this price point. i want to see them come down

more, that's what i think is really going to need to be the catalyst. >> thanks, phil lebeau, we are setting you up for adobe earnings in overtime, don't forget about that stock only within 70% of the past year. it is a tough start to 24. this is what is really is at this is what is really is at stake coming back.ools, including over 400 technical studies. tailor the platforms to your unique needs with nearly endless customization. and track market trends with up-to-the-minute news and insights. trade brilliantly with schwab.

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>> the rally and nvidia stalling again, there's one strategist who says there's

another tech play getting ready to rip, you can head to cnbc.com/propac or scan the qr code, which stock could break ou coming up, ultima and adobe are the big names in ot, we will tell you what to watch, next. e seemingly unrelated symptoms, like carpal tunnel syndrome, shortness of breath, and irregular heartbeat could be something more serious called attr-cm, a rare, underdiagnosed disease that worsens over time. sound like you? call your cardiologist, and ask about attr-cm. glp-1 drugs used in weight loss treatments stand out as the biggest global blockbuster, but these treatments require cumbersome injections.

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from the dow, >> we have, definitely a negative birthday, one of those times the rotational magic that's been in place for a while faltered. the rise in yields where up against the three month range, it is getting noticed, i would not say we jump the rails at all here. we must be 1% off the highs, we were set up talking about this, based on elevated positioning and is idea that everybody thought the macro is going to stay quiet. i don't think it's gotten loud, but you had to notice a couple of hotter inflation reports, we do have some anxiety ahead of aspiration and the fedde next week, really all we are talking about as well as develop into a purely routine type of pullback which could go a couple of percent and be done with. >> 4:30 gets your attention on the tenure, courtney reagan, we will have our attention on her name is ulta coming in ot.

>> you know the beauty boom is expected to continue to fuel alltel, expectations are for earnings to be at $7.33 a share on revenues, three-point two 9 billion comms expected to come in over the more 2%, ingenuity reiterating its by upping the price target citing the continued strength overall in calling all to a one-stop shop for all things beauty, from masks to luxury products, they enjoyed it also upping price targets head on these results, alto shares have added 14% since it reported three months ago, much better than the retail etf, and the s&p 500, we will see what happens of course, sometimes it can be a self on the news even when the results are strong. back to you. >> christina watching adobe which is going to report in ot as well, stock that does not do anything this year has not gotten the ai left others have. >> when you compare it to other software names, this is just

continuing around his name, the stock is down 5% this month alone underperforming the igf software, etf because investors are worried less about near- term but more about long-term positioning especially with openai's new text to video sora which could encroach on adobe's turf, many analysts think the selloff makes for a nice set up into earnings which is just in the next 10 minutes or so especially with by site numbers ahead of estimates for net new digital media annual reoccurring revenue say that five times fast in other words, $440 million for q1 and expectations are in line for guidance for the second quarter according to morgan stanley on the earnings call, what are we expecting? updates for it created a cloud of -- creative cloud pricing, that failed acquisition which occurred in mid december, adobe also has a summit at the end of the month with expected new product announcements baby on march 26th to calm those ai fears that openai will be stealing market share, don't miss an exclusive interview

with adobe ceo in the next hour, on closing bell overtime. >> always like to hear from you, we look forward o that thanks so much, i will turn to you, mike. adobe rates down 5%, were names like crm are of 15, microsoft is up 13, they stole off work -- software ai thunder. >> they have been wake for a bit too, it has not been across the board tide lifting all boats in software specifically, the move for microsoft is interesting today hitting a new all-time high really showing that when the market plays defense, it wants microsoft for the most part but also had been going sideways for weeks, maybe that's a model in the best case scenario for how the overall market can try to digest this rally, we will see. i do think you can wait, s&p down more than 12%. it is certainly one of those days where the rates effect is mostly about market breath and

not necessarily about the headline s&p 500. >> apple and alphabet continue to largely trade together like a pair trade if nvidia and meda are lower, it's an alphabet and apple higher. >> there's a sort of mechanical dispersion type trade where you basically recast these companies as laggard/under owned compared to the others, we will see if that last a while longer, it does make some sense given the fact that you are having people come off the accelerator and momentum trade, other things getting picked up, obviously, the tougher scenario would be if something just gets knocked loose, if you start to have gears slipping in this market were nothing benefits on a given day and people just want one out if they start to rethink the fed path or rethink the soft landing, that may be hanging out somewhere but for now, it has not been that.

>> we have all the runoff the idea that a tenure for example will go to 50, like 425 was a line where it lasted, now it's up against 430, watch them overnight. that's the hope. >> before the ecember fed move. >> we will see you tomorrow in ot next. [ indiscernible ] a half an hour ago, we were at session lows but not anymore. stocks closing higher than that after a hotter than expected inflation report, welcome to closing bell overtime, i am john forte with morgan brennan. >> the s&p and nasdaq did fall for the fourth time in five days, real estate and utilities worst performers today, energy services the only sect there is in the green, ke