competition from china. sources say tesla will continue developing robo taxis instead. tesla has not officially commented on that reuters report. ceo elon musk wrote on his x platform, quote, reuters is lying. >> there's that. >> there you go. thanks for watching "power lunch." >> "closing bell" starts right now. welcome to "closing bell." i'm scott wapner live from post 9. this make or break hour begins with the bounceback as major averages had erased most of thursday's decline. we're still positive. we'll track it over the final stretch. that after the jobs report came in hotter than expected. interest rates on the rise a bit. we'll ask our experts over the final stretch what it means for this rally going forward. that includes the wharton professor jeremy siegel. he'll join me momentarily. in the meantime, your scorecard with 60 minutes to go, it looks like we'll end on a

high note, but not quite as high as it looked a couple of hours ago. yes, we're still decidedly green. all s&p sectors as well were in the green for much of the day. utilities right now, though, they have moved flat. tech services have been on the run, outperforming. another new high from meta, a strong session as well for amazon and nvidia. and let's, of course, show you interest rates. higher. fed governor bowman saying midday her rate case is for rate cuts and a continued decline in inflation. we talked about risks to both scenarios and it's too soon to make a move now as many have been saying. it takes us to our talk of the tape. the record rally's run and whether it can keep going. let's ask wharton school professor of finance, jeremy siegel. also wisdom tree's chief economist. professor, good to see you on this friday. welcome back. >> happy to see you, scott. >> been a bit of a turbulent week. it certainly has. assess the rally. where are we?

>> i thought this was an absolutely great labor market report. you know, i think -- i mean, if you want to call it goldilocks, it's goldilocks. unemployment 3.8%. strong gains, wages under control. don't forget, there's that wedge of productivity between wages and inflation. so, interpreting, you know, high wages does not necessarily translate into high inflation. honestly, i think it makes next week's cpi and ppi even more important in terms of what the fed will do. i think the most important thing is that if you tell me what would you rather have a strong economy through 2024 or fed rate cuts, i'll take the former. i think a strong economy and strong earnings is the best

thing for stock prices. rate cuts could either signal lower inflation, that's good, but it could also signal economic weakness, and that's bad. so, i'm not as concerned about when the fed cuts rates. i want to see certainly inflation on a down path. i think it looks like it is. but strong economy is the most important. >> have you dialed back your own expectations for when you think rate cuts will happen because the economy has remained stronger than many have expected? i know pimco today takes it to two. goldman still hanging on 3. others say, we may not get any before the fall and we may not get any at all. what about your own expectations? >> well, i was on the morning of the march fmoc meeting. i thought they were only going to two. of course, we were that close. one person who changed would have made it two. i thought they were going to be more hawkish because when i was looking at the data, i said, you

know, i don't think it could be two. i thought more people would actually go towards one than two, so i was a little surprised they hadn't -- they hadn't responded. listen, scott, what we call the neutral rate, what exists call that rstar, that long run interest rate under stable 2% inflation, let's face the facts. that has risen. it's no longer long run 2.5% that the fed dot plots say. i think it's 3.5% and maybe even higher than that. so, because growth is higher, because fixed income are just not the hedge they used to be, people are turning to stocks, turning away from bonds. that means that interest rates have to be higher in the market. and higher for longer, i think, is not inconsistent with a strong market through 2024.

>> that's the big debate, higher for longer and a strong market. there is a feeling that the market is somewhat reliant on rate cuts. maybe not today, maybe not in june, but at some point this year you're going to need to see them because a large part of the rally from the october low until now is on the expectation of rate cuts. so, how can they co-exist? >> well, i mean, what we would love to see, and i think even if the economy is strong, if we get really good inflation numbers. don't forget, that shelter component, which i think is distorted in those statistics, if it finally comes down because data that i work with say we're really near 2% if you use real data on rentals and shelter, if that comes down, even with a strong economy, the fed will certainly lower rates. now, i think the expectation year over year core for next

week is 3.7%. if it comes in 3.6 or below expectations, boy, i think we could have a fueled stock market rally. i mean, that's the very best scenario. second best is strong economy, keeping rates the way they are. the worst is a weakening economy, stubborn inflation, the fed stays where it is. i don't see that in the cards. >> so, listening to everything that you've said, professor, surprises me at how you continue to be so negative about the job that fed chair powell has done. you did a discussion with the new york fed president john williams and i know you know where i'm going, i saw the look on your face, at the new york economic club where you said, quote, giving powell a nobel prize would be like giving a nobel prize to a drunk driver that ran over a pedestrian but got him to the hospital in time to save his life. how can you say that after you

suggest the economy is so strong, the market is ripping, from the lows, and we don't need any rate cuts but yet the fed chair has done a terrible job. how? >> i stand by that quote. scott, remember 2021 and 2022, we had an incredible boom, housing market, stock market, crazy speculation, spacs, nfts and everything at the same time, the fed was buying mortgage-backed securities, keeping interest rates at zero, telling banks and everyone else we're not letting those rates rise. that's the fault. yeah, i think they landed on their feet, but we shouldn't have been in the situation that we were in with inflation over 10% of of properly measured and still went up over these four years higher than many people's wages. and the source of a lot of

people's dissatisfaction with the economy. so, yes, he's landed on his feet, luckily at the end, but he didn't have to do -- we shouldn't have had to go through what we went through. that is what i meant. >> it feels -- >> at the beginning -- >> i feel like you lay all the blame at the fed chair's feet. he did not come up with the inflation reduction act, he didn't pass all the other sti stimulus. maybe we did that in excess that caused more inflation than waiting too long for the fed to start raising interest rates. >> scott, he did not have to give the presidents all the money they wanted to spend $9 trillion on, you know, four separate programs, two under trump, two other biden, nine times the stimulus we had in a much worse financial crisis in 20007 and 2008. he just printed the money and

handed it to them -- >> what about the fiscal policy -- >> he did not have to do that. we would have raised interest rates in 2021, we would not have had the inflation we had over the last four years. >> many people would look at the scenario and say it was a difficult job. he had to raise interest rates at such a rapid pace, the fastest in 40 years. inflation was 9%. look where they've gotten it. they managed, in your words, land the plane. we have a stock market that hits record highs. >> right. but, you know, they landed the plane, but it doesn't mean we can forgive him what happened over four years with the cumulative inflation of 20%. he landed -- he's landing the plane on a soft landing. i give him credit for that. but i certainly many still extremely critical of the fed in the first two years following the pandemic. >> let's look back at the

market, which we said, you know, obviously has had a bit of a turbulent week. now we're on the cusp of earnings, which are going to have a large decision on where this thing goes from here. what are you expecting? expectations are down from where they were. we're still looking for 4% to 5% growth in the quarter. what are your own expectations? >> i think those are right. what normally happens when you look out at expectations is they come down during the year and then they go below so that firm surprise by a penny or two pennies or five cents on the upside. it's called the hook. you see them start going down over time and then about a week, two weeks before the announcements, they hit their low and then we beat by 2% or 3%. that's pretty good. in terms of looking at the year-o year-over-year. looks like gdp is in the low 2s. the fed thinks 2.1 for the whole year.

i actually think it might be higher than that. so, and, you know, in the background, you know, scott, we do have a.i. that i think is really over the next ten years going to raise productivity by 1% or more in the economy. and that's a very positive long-term outlook for equities. >> some people have looked at the market with the kinds of stocks that have gone up, chips and things related to a.i. beyond the names that are in the marquee light, so to speak, like nvidia and such, but still don't necessarily see a bubble. that is what steve cohn said to the network this week, david einhorn told me it's not a bubble. do you share that view? >> yeah, i share that view. i did the article about the internet stocks in january, february, march of 2000. those were big cap stocks. their average price earnings

ratio was 200. the average price earnings ratio of these stocks, the nvidias or the mag 7 are about 30 looking forward on earnings. so, they're one quarter -- now, it was way overvalued then. the nasdaq went down 75% from that peak. you know, way overvalued then. but we are not there. i mean, we're really at pe ratios that are one-third to one-quarter of where they were in the beginning of 2000 in the internet bubble. so, you know, i'm not saying it's not -- it's impossible to get there. you know, anything's possible, speculation in the market. i think i even mentioned on your show or earlier that if nvidia is priced like those emc, sunmicro system, oracle, all those were priced 24 years ago, you know, nvidia would be

somewhere around $3,000 to $4,000 a share. >> your point is well taken. >> yeah. that's the important thing to remember. >> let's bring in cnbc contributor brin into our conversation. you've heard what the professor has to say. what's your own view? >> well, it's always great to be on with you and the professor. i think as it relates to -- i want to spend more time going forward but as it relates to powell, i agree, but i think more the frustration is, we've had so much fiscal spend really over the last eight years, but really the last six, and that the fed did not acknowledge the simple math equation of what all of that fiscal spend would do to the inflationary pressures to me is the issue that i have looking back. >> let's not look back. let's look forward. the rally, is it going to continue, rested, exhausted? >> i think the market looks tired. obviously we're having a good

day today after yesterday's selloff, which i think we're more inspired by kneel kashkari's comments about rates. i think we'll be in this consolidation phase for a while. i think the market is definitely woken up to the fact that, hey, we may only get one cut, we may get zero cuts. we have a very strong economy, which is wonderful. on the positive side, can you have a strong economy and not have high inflation. those don't have to be positively correlated because once again, wage growth is growing at, i think, a benign rate. so, you do have the -- more people in the workforce. so, i think it's great to see growth. i think that the pce over the next couple of months will will be key to see if the fed cuts rates. as it relates to energy, which we have all been talking about, the fed can't do anything about energy, doesn't look at energy. i think those type of inflationary pressures that the fed can't control are not going to mandate their narrative on whether they cut rates or not.

>> how much time do you think -- how much time, so to speak, do you think powell has before the market loses patience with the timeline that the fed, you know, might be on? okay, we wanted a lot of cuts, now we're not getting that. we wanted three, maybe we're not getting that. we thought we were getting one in june. maybe we don't get that. how much time does he have before the market loses patience with the whole thing? >> i think we have a pretty short window of the summer because i think that, you know, chairman powell especially doesn't want to be political. i think as we get closer to the election, that september, october, to me, is somewhat going to be off the table because you don't want to have that type of narrative leak into the market. so i think summer is where we'll see a rate cut. if we see one, we would see it in the summer. and i believe there's actually a fed meeting on election day. that could be a possibility as

well. i think as long as we get one cut or a signaling, that will be very positive to the market. >> professor, what's your favorite part of the market now, as we debate the broadening we witnessed, whether it's prudent to stay in the large cap tech area, what do you like? >> long term i think, you know, we see both small, midcap and value stocks at very large discounts off their historical average valuations. in the short run, really i still -- even though there's been a bit of a pause, i'm not sure the momentum players are done with the mag 7 or whatever new configuration we have of them. and they may play that a little longer. so, it's pretty -- a question of whether you're a short, intermediate term. they may go to new highs. we may see nvidia break that 1,000, as it almost did on one day. but over the long run, historical valuations still on the midcaps, small caps are 13, 14, 15, that's proved to be a

winner in the long run. >> i hear some people trying to make the cases for those now, though, the counterargument -- >> if you're patient -- >> you need rates to come down for those stocks to work. how would you assess that? >> you know, i'm not absolutely sure you need rates -- you know, it was only a year ago, scott, if you remember, everyone said, oh, the rate cuts affect the tech stocks the most because they're long-lived assets. all of a sudden it's now changed somehow. oh, no, the rate cuts are necessary for the smaller stocks because they need that stimulus. it's interesting how that cha changed. certainly in the banking area, in the real estate and commercial real estate area, you know, i was listening to your last hour, that's a case where those sectors that are exposed, the rate cuts are very critical. but for the other sectors, i think it's the strength of the

economy, really, is most important, and trumps all those other factors. >> you want to take the other side of that? i think you do stand on the other side. >> i do. i think the small cap is such a narrow window to get right. especially when you think of small cap value is heavily regional banks. i want to steer clear of that. small cap growth isn't necessarily profitable. the big difference between the mag 7 or just like mega cap or large cap tech is the cost of funding. those companies are making so much money, their cost of borrowing is still very low. these small caps, which are reliant on interest rates and borrowing, i think that's going to put a cap on that. i don't think the algo traders, which are important to understand from a flow, are going to be leaning into small caps meaningfully as long as we're having this debate about rate cuts. if we are going to have higher for longer, i would step to the side of small cap because that growth value gives you two areas. regional banks and nonprofit.

but i think the markets will step aside from. >> what about the big banks? we're going to get earnings starting next week and we'll be talking about earnings every day for a month. >> i don't own any, so i look at other metrics. i think you've seen morgan stanley doing well, if we get m&a, obviously goldman sachs, morgan stanley. i think if you look back the past few years, outside of jpmorgan, i mean, the banks really have not been a participant in this rally. i would just say i'm going down to the qs or s&p as an allocation. >> we will lead it there. great talking to you. professor, i appreciate the conversation. we'll see you soon, i am certain of that. professor jeremy siegel, the wharton school. let's send it over to kristina partsinevelos with the stocks she's watching. >> i think we're having some audio issues, at least i am.

we're just getting started. we'll work on that. we'll hear from kristina. anthony scaramucci is next. we'll find out how he's navigating this volatile weak for stocks, whether the foundation is starting to show cracks. plus, bitcoin is roaring back. that's been good for him and his firm. we'll find out if there's more room to run. do it next.

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and i was so surprised. you feel that your body is working and functioning the way it should be and you feel energized. golo has improved my life in so many ways. i'm able to stand and actually make dinner. i'm able to clean my house. i'm able to do just simple tasks that a lot of people call simple, but when you're extremely heavy they're not so simple. golo is real and when you take release and follow the plan, it works. welcome back. we fixed the mic. kristina partsinevelos has a look at the stocks. >> i guess i can't move very much in this booth. mizuho out with a new services, they show a sales cycle speeding up, increasing i.t. budgets dedicated to infrastructure, which bodes well for aws. lastly, improved consumption. that's why they're betting aws can grow 20% year over year and

why it remains a top pick with a price target of $230. shares are trading at $184.50, up 2.5%. shares of uber are up 3% on a price target increase from jeffries to $100. there's right now are $77. still about $23 to go. the bank cited the various ways for people to use the app like uber green, uber pet, pablgage express, the list continues, as well as improved bookings growth. the analysts bet there's much more room for uber to grow within food delivery as well. hence, their buy rating. that's why the stock's up. >> thank you. kristina partsinevelos. we'll see you in a bit. bitcoin pulling back amid a broader crypto selloff. the cryptocurrency has been retreating from last month's high of $74,000, fultd by a wave of spot bitcoin etfs. joining me, anthony scaramucci of skybridge capital. good to see you here. >> good to be here. maybe the etfs played a role.

i think we can agree on that. bitcoin is back. why? what are all the reasons you think? >> i think the etf was a big reason, and now the -- and i think you know wall street as well as anybody. when wall street gets a product like this, it's a selling machine and generating lots of demand for the product. and i think we're surprised there's over $10 billion in the first quarter of new flows for something like bitcoin. >> why are you surprised? >> well, it took a year for gld, the gold etf to get to $10 billion. so, this did it in 25% of the time. not to bore everybody, but it spits out 900 a day. that will cut cut in half so you're going down to 450 coins. you probably have 2,000 to 3,000 of coins base demand at a time

when the supply is going to get cut. they said earlier that bitcoin, the price of bitcoin, the etf was priced in. they're now saying the halving is priced in. i don't believe that. i think bitcoin has a lot more to go here. >> what do you think of hedges against inflation, interest rate, i've heard people cite currency devaluations around the world playing a significant role as well. how would you assess that? >> i see bitcoin still as a technical asset that's still adopting. it's about a 6% global adoption in terms of world's population. that puts it around 1998 for web one, to give you the arc of it. i don't see it that way, that there's a big currency issue. i don't think it becomes a bitcoin standard but i think it becomes a digital story value akin to gold. what's at issue for everybody right now, where should that trade to if we're in price discovery mode? i'm simply saying it could trade to half of the valuation of

gold, which is a six to eight, ten times move from here. it's not going to happen overnight. it will come with great volatility. i want investors that are in skybridge and know us to be a part of this story. >> do you think it's correlated to risk assets broadly, speculative assets, and if you do, does it ever divorce itself from that? in other words, if there's a sizeable pullback in the nasdaq and the momentum trade, does that go along with it? >> right. it seems like it's sort of decoupling a bit. yesterday the market was weak but the coin was strong. there's a little decoupling. you mentioned deflation. the u.s. dollar has lost about 22% of its value since january of 2020. bitcoin has gone up 8 to 1. you could say, anthony, you're dot plotting and picking a high dot for bitcoin. maybe bitcoin drops 50% due to its volatility, but i think the arc of it is ab inflation hedge. it doesn't necessarily mean it's a short-term inflation hedge.

but if you own bitcoin, anybody that's owned bitcoin in a rolling four-year period of time, they've actually done well. they've never lost money if they're able to hold onto it for periods like that. >> do you have in your mind a target level as people still try to throw those out, what you think is reasonable? >> i've been consistent with this. i basically say the halvings come on or about april 20th. what's typically happened over the 18 months since halving, you get a 4x move in bitcoin. let's be a bit more conservative. i've been saying it's about $170,000 for this cycle. but bitcoin is a cyclical product, in my opinion. waves of people come into it, the demand is there, and then it goes through, you know, pulls and drags, if you will. so, i think it gets to 170,000 by the end of the cycle. we also like solana, fully disclosed. we have smaller position like avalanche, we're looking at some other tokens.

bitcoin is the big kahuna. >> we think of bitcoin, we think of ftx. i think in some respects -- they purchased a 30% stake in your firm. >> they did. >> you got to know sam very well. >> i did. >> the sentence recently comes down. what were your thoughts when you heard the number? what are your general thoughts on how this has transpired? >> i think i'm getting soft in my old age. i felt very bad for the kid. he hurt my business, he hurt my reputation. we sold a piece of our business. he lied to a lot of people. he hurt a lot of people. but when you really look at him clinically, he looks like a very damaged guy. he'll likely spent 18 to 20 years of his future in that sentence. if you talk to the bankruptcy people, there could be 90 plus billion dollars of assets they'll be able to divvy up among people. people will get their money back, but it was dollarized. what does that mean? if i own six bitcoins at

$17,000, i'm getting 17,000 times six worth of value there the bankruptcy. but bitcoin went to 70,000. a lot of people upset about that as well. when i heard the sentence, i thought it was light. but, you know, i'm not unhappy with that sentence for sam. i feel bad for him and his family. and, listen, he'll come out as a 50-year-old man and we'll have to see what he does with his life when he comes out. >> i'm curious as to what you make of part of the argument from his own legal team to the very issue of what you talked about, about the investors. well, they argued for leniency because they said, investors didn't lose any money but bitcoin has rallied back to where it has. you seem to take issue with that nogs. >> i don't like the argument because sam broke the law, he committed fraud, he was found guilty. the prosecutors knew that before the trial started. they had a 98, 99% conviction rate. that argument should have been made before the trial started

and we wasted taxpayers' money on the trial. then they should have said, we're going to plead guilty to this. he probably would have gotten a reduced sentence. i think the problem is that he's got some mental illness. i think the judge did take into consideration. if you looked at the sentencing grid, the sentence was relatively on the lower end of the spectrum in terms of duration. but they should have made that argument earlier. somebody should have gotten to sam and maybe he's a hard guy to get to and say, look, you're obviously guilty, plead out and you'll get a lower and reduced sentence and you'll have a longer chance in your freedom to reclaim your life. he didn't do that. look, it's behind us. here's something that people don't like me saying, i'm just going to share it with you. i think gary gensler did the whole industry a favor. he had the bitcoin futures etf approved in november of 2021. if you follow the administrative law, he should have approved the spot etf shortly after. he didn't do that.

so, he got sued for something that's called arbitrary and capricious administration of the law. but the one-plus year delay in the spot etf exposed over leverage in the system, exposed fraud in the system. so, i do think he deserves credit for that. whatever my issues are with gensler and the s.e.c. as it relates to crypto overall, this is a sturdier 67,000 than the prior 68, 69,000 in november of 2021. >> that's an interesting perspective. i want your perspective as we talked about one of the catalysts being inflation and hedging against that. what your own expectations for what the fed is going to do eventually, we think -- we had steve cohn and david einhorn on the network this week who both weighed in on what their expectations are for rate cuts, three, one, none, listen. >> i think the market expects three cuts. i think that's the number.

i don't disagree with that. i think inflation has been somewhat contained. and ultimately what it will come down to is that a true statement or not. the fed thinks it eventually will come down to 2% inflation rate. >> what do you think? >> i think that's going to be hard. >> how many times are they going to cut this year? >> i think fewer than are priced in right now. >> fewer than three? >> sure. >> you think there's a chance they don't do anything? >> there's a chance. i think inflation is reaccelerating. i think there's a lot of indication of that. >> what do you think? >> so i'm going with the met owner on this. not just because i love the mets. i think steve is right. i think they cut at least three times. >> at least three times. >> at least three times. it could be more. i know that's out of consensus. >> three is almost out of consensus. >> the fed is jaw boning. they only have a blunt instrument of raising rates or lowering rates but they also have something called moral-suasion and they're jaw bone, the markets because they like where the inflation numbers

are. you see the inflation numbers coming down. they want them to stay down and they want people to be girded up. if they start cuts rates or signaling rates, they don't want market euphoria, particularly going into the elections. it's a very tough time for the fed. remember, alan greenspan raised rates during the bill clinton election. people don't remember this. this is 32 years ago. and george herbert walker bush accused him of playing politics. the fed has the matrix of keeping the markets calm, getting inflation down to the number they want and not being accused of playing politics. so, that's a very tough matrix to run the gamut through. i think they have no choice, they cut the rates. we're not talking about the debt but let's talk about it for a second. over $1 trillion in interest payments at these rate levels. jerome powell himself and others have said we have a huge debt crisis in the country and we have to get that under control as well. i think the fed will help congress buy some time with lower than expected interest rates. >> at least three.

anthony scaramucci never holds back. >> good to be here. coming up, going beyond the mega caps. that's how one top money manager is looking to play the next leg of a.i. trade. dan chung is here at post 9 to lay his top ideas out and make his case for why the bull market is just getting started. "closing bell" is coming right back.

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to run. first quarter earnings about to come up. i think it was really interesting that we had good news in the economy and the jobs report. and unlike a couple of days ago when people fear that might mean fed easing was off the table, the markets rallies and wallied quite strongly. i think it's interesting. there's a strong fundamental underlying support for the market because the fed is going to cut in coming year, years. at the same time, the economy is, you know, moving along well. so, that's a very positive combination for corporate earnings and the market will follow that. >> are we not as beholden to interest rates cuts as we thought we were? have we come around to the idea that stronger economy trumps rate cuts and we can deal with it for a while? >> we've been in the camp fundamentals trump everything and rates can affect fundamentals. the position we're in now, which is the bias is clearly to c cutting, even if we're on holding, the bias is downward over the next couple of years.

that's the positive support for the equities. >> it's as long as you know that the hiking trend is over and the new trend from the fed is starting, that's good enough? >> yes. >> you were bullish large cap tech, like nvidia, amazon, microsoft. so, those stocks in your -- since your call in october have come a long way. >> yeah. like 70% for nvidia or more, i think. >> do you still like them or have they come too far too fast? >> the good thing about nvidia and some of them is their earnings and revenue growth is almost keeping up pace with the stocks, so they haven't gotten extreme in valuation yet. but it's the op or tune time to think which are the next beneficiaries for a.i. and a strong economy. >> what stands out to you? if a lot of money has been made, the easy money has been made in these names for the time being, where can i make the easy money

now? >> well, there's never any easy money. i think actually a.i. is powerful enough that it's going to drive investment and, therefore, growth across multiple sectors. but i'll give an example. in traditional media, tv, movies, there's a large percentage of cost in the production and post production. we see netflix, for example, as an interesting a.i. beneficiary that people don't think about. but it's on the cost structure. they spend $18, $19 billion a year in producing their content. a lot of that production cost could be significantly reduced by a.i. >> do you believe in the broadening story? >> the broad -- like -- >> the broadening of the market story. >> oh, absolutely. i mean, we -- my partner was on earlier. now we're talking about the fab 4 instead of magnificent 7. i think the three getting dropped are still very good companies but they're going through some transitions.

that's tesla, google and apple. i think they will be very strong players and benefit from a.i., maybe in a little second stage. whenever tesla finally gets automated driving really nail down, that will be a singular moment. but, yes, we see a broadening of the market into other sectors and, for example, electricity demand is up a lot because the computing intensity of a.i.-driven servers demands a lot of energy. so utilities have been far out of favor. we're not typically seen as utility investors but we see interesting opportunities in electricity because of electrical demand. >> appreciate your time. thanks for coming by. >> thank you. >> dan chung. up next, we're tracking the biggest movers into the close. kristina partsinevelos standing by once again with that. >> well, customers are increasingly considering the shift to snowflake. and krispy kreme's new partnership is a game changer. i'll tell you why next.

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i'm watching krispy kreme. their partnership with mcdonald's is, quote, a game changer, according to piper sandler analysts. why they think a $20 price target is reasonable for the company over the next year or so. you can see shares trading at $15.50 but up 8% just on this note. customer increase is increasing with software firm snowflake. that's what rosenblatt analysts

found after attending a customer event in toronto with several hundred regional customers. although they expect revenue growth to be slower this year for snowflake, they believe new product launches will help drive future growth, hence the rating switch from neutral to buy and why the stock is up 1.5%. scott? >> thank you very much, kristina partsinevelos. still ahead, energy's record run. the sector looking to lock in its best weekly win streak in more than 15 years. year drilling down on some of this week's top performers and what's behind those big moves. back after this. b. bringing you an elevated experience, tailor-made for trader minds. go deeper with thinkorswim: our award-wining trading platforms. unlock support from the schwab trade desk, our team of passionate traders who live and breathe trading. and sharpen your skills with an immersive online education crafted just for traders. all so you can trade brilliantly.

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welcome back. earlier this week i sat down with greenlight apital's david einhorn for a wide-ranging interview. so watch the entire sitdown, you can head over to cnbc.com/pro. i hope you do. up next, more trouble for tesla. shares slipping on new questions now about the company's plans for a low-lost ev. we've got the details and what it might mean for the other players in that space as well. we'll tell you inside the market zone next. some assets can evaporate at the click of a button. others can deflate with a single policy change. savvy investors know that gold has stood the test of time as a reliable real asset. so how do you invest in gold? sandstorm gold royalties is a publicly traded company offering a diversified portfolio of mining royalties in one simple investment. learn more about a brighter way to invest in gold at sandstormgold.com.

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>> you know, we're making it through, trying to shake it off. that's what the market has been up to as well. there's been more to think about this week. if you are really just relying on the fact this has been such an unflappable tape and nothing has managed to knock it off course. we do have bond yields making a move in response to good news on the economy. you do have oil holding the gains for the week. you had the first time the market did not hold, very, very short-term support. it's trying to regain it today. we're still hanging around this area around 5200 on the s&p. we first got to on fed day, march 20th. it's worth keeping in mind what we've been mostly doing for the past two or three weeks is pressing the upside. do we have the horses for that. can we basically justify we're going to ease into a great economy or do we have to more or less consider a little more ambiguous timing and reasons for what the fed might do. >> pippa, mike just talked about energy and the kind of week it's

been for those stocks. tell us more. >> another record high for energy which earlier this week did take out the prior all-time high that stood for a decade. it is the best sector this week, as you said, on the heels of oil jumping to a five-month high and brent taking out the $90 mark. the refiners do well with mpc, phillips 66, valero all doing well. although rising oil does make their input costs higher. exxon hitting a record today. the company filing its q1 earnings consideration with targets in line with analyst estimates. exxon did point to weakness in nat gas pricing as well as fuel derivatives. one area to watch is the services company. wolf research called the chart a technician's dream saying to buy any pullbacks. scott? >> pippa stevens, thanks for that. phil, let's talk some tesla.

let's try to get to the bottom of a story that was reported and then refuted. where are we? >> we're no closer to understanding what's going to happen with the so-called model 2. this is important because the small car that tesla has reportedly been planning for years, many call it the model 2, that's widely viewed as the next catalyst for tesla. today reuters was out with a report citing employees who said they heard this at a town hall meeting as well as documents that reuters saw. they claim tesla has decided, we're not going to put out a retail investigation of a small car that might start around $25,000. instead we're going to focus on rob taxis. reuters put this report out citing sources. no sooner than that happened and elon musk went on x and somebody brought up reuters and he said, reuters is lying. again. when might we get clarity, scott? they'll be reporting their q1 results april 23rd. so, that's when we will hear

from elon musk. now, you would hope by then we would get some clarity or at least at that time we'll get some clarity about what might happen with the small car. we've thought that in the past on some of these conference calls, and he has not talked about a small car, aside from very vague terms like, yeah, in the future we would like to come out with a lower priced model. but that's where we stand. >> investors not waiting around for any more answers. they're selling the stock, down 3.5% for that. two-minute warning. you just heard the music. mike santoli, cpi, ppi next week, banks at the end of the week to kick off earnings season. we will get back at least right now almost all of the s&p losses of the day ago. >> we'll get back the losses of the full day yesterday. what i've been keeping an eye on is from the highs of yesterday afternoon, which is 5250. we got back maybe a little more than half. we're only a percent from the

all-time highs. we've been in the process of going side ways for a couple of weeks, have been managing to deal with further pricing out of rate cuts and i think also coming to terms with the idea that we just have a higher metabolism economy. inflation is kind of where it is between 2% and 3%. real growth is somewhere between 2% and 3%. that's good nominal growth. the market itself is still leaning towards cyclical sectors, cyclical groups within it. that's a good news story as well. the question is, commodities going to break out if cpi and ppi, if their hot at all, i think it could create -- we're a little confused about the trend, let's back away. we still have some sentiment to reset here. >> got to keep an eye on g geopolitics, which flared up yesterday afternoon. benign today. >> but i think that goes in the category, you can't handicap it. it's like the tired,

overstimulated, you add one thing to the mix you can't sort out and sometimes you -- >> you have a good weekend. >> you as well. >> we'll go out green across the board as the bell rings on this friday on wall street. [ bell ringing ] up 1% on the s&p, a little better on the nasdaq. welcome to "closing bell: overtime." i'm jon fortt with morgan brennan. >> stocks rebound following yesterday's selloff. how might the jobs report impact the fed's next move? we'll discuss with former boston fed president eric rosengren. my interview with pat d gelsinger. now let's break down