for cleaner energy in their lives. >> mary, thank you for being here. >> wonderful to chat with you. thanks. we were just chatting off camera about peak totality today around 3:25, at least here in new york, and 89% totality and airbnb bookings and car rentals at 90%, and so be careful. >> let's get to scott wapner and the half. inphraeuflation rates, and earnings, all that coming up. let's check the markets. we were green across the board and not so much anymore. the dow dipping just a touch negative. there's the nasdaq hanging just a touch positive. cpi, ppi, minutes this week kicking off, and we are coming

off a tough week for stocks. set it up for us. >> it's a critical weekend. the reason is we have seen such a big backup in rates. if you have inflation numbers that are not market friendly, you could actually see the two-year go back above 5%. it's not that far away. right now if you are an equity investors, and you are going to go into the two-year versus the ten-year, and you have three data points as you point out. i think it's too early for the increase in commodity prices, particularly energy, oil, to sift through the system, the ppi, and we have seen hotter numbers, hot enough to cause the backup in rates. potentially you have a market that can turn either way aggressively, and i do mean aggressively. >> yeah, jonathan, btig -- we will go to the adjusted rates in a minute, but the technical issues that the market will

grapple with and have to overcome to some respect are not insignificant. he has a note out today in which he talks about the trend being broken, and as long as spx remains below 5250, and we would view it as a valid change in tone, and the 50-day moving average is 50.83. has not been tested since november and that seems likely to get a test, jim. you have a contest. let's say as the week begins, technically, and then rates are certainly a test, and that's before we even get to ppi, cci and earnings. >> i will get to the technicals in a second but i want to come back what steve was saying on the cci. inflation meaningfully above expectations, and if you get a third one in a row, and i don't like what is about to come out of my mouth, but if that happens i fear you will hear fed speak

about another hike. that's why this matters so much. it's measured by the s&p 500, and it's clearly digesting the fact that any rate cuts are most likely to happen in the second half of the year, and maybe we are going to get two and not even likely three at this point in time. some fed speakers like neil kashkari, maybe we will get no fed cuts this year. the markets are fine with that, but what markets will not be fine with is if they pivot back to rate hikes. >> i could take a little issue with if it's a little hot, it puts hikes back on the table. i think if anything it continues to push off cuts. >> i want you to be right. i want you to be right. i hear you. there's always a rounding number, but the first one that we got was january, and everybody was, like, it's a blip. second one, you are like, maybe

inflation is not coming down, and you get three hotter than expected and it means inflation is not under control. here's another controversial -- i don't mean this to be a hot take, but the idea of the fed raising rates in a presidential election cycle, we all know what we are taught in business school, and the fed is independent, but they have to think about what the implications are politically if they raise them here. >> when he mentions three in a row, that's actually an important number. i wouldn't say most -- but a lot, the ones i know, look at an average of three months for employment, and all economic data to show it's a trend. >> goldman's tony pascarella, he addresses, jenny, the most important issue for markets right now. i think we can all agree with this. >> this was the most asked question of the week, the

history books suggest that a two-standard deviation move equivalent to 60 basis points today over a month is when impingement kicks in. 4.80% is where things would be tricky for stocks. i don't think anybody would disagree with that. >> nope. >> it was suggested 4.50 is a significant line in the sand, but how would you address this question. when do higher rates begin to bite? >> i think 4.80 is realistic. i read the jamie dimon letter, and it was fantastic, and he said when we saw interest rates go up 2%, we saw the market come down 20%. does that suggest we will see rates at the ten-year go up by 50 basis points, and does that

mean a 5% correction. we see it all the time when our clients are calling and asking, should i put money in bonds. if money is moving into bonds, you cannot justify a 21 times multiple on the s&p 500. i don't know if it goes from 21 to 19 or 21 to 18, and i don't know where it goes, but 4.80 on the ten-year, it's a great threat on equities. >> we have justified the higher multiple, compared to the ten-year averages across the entire major average spectrum. we are above the historical average for everything, okay? we justified it in large respect in part, new trends, ai, gop ones, and new rates are coming down and you say you can carry a higher multiple. if rates are not coming down and are backing up, then we need to

question the multiple, don't we, unless they are blowing you out of the water, and they are not supposed to pblow you out of th water but be decent. >> well, look, jenny is right, because obviously if rates are low, it's a high you are multiple because there's more growth. that was my point earlier. i don't think you have to look at the ten-year. you can look at the two-year. if you want you can look at the a one-year. as an equity investor primarily, i don't look at the ten-year unless it's a high rate. i will look at the two-year, and i have a 5% yield in the two-year, and i can wait anything out and get a good return, and the value will go up and the rate will go down. >> raymond james says the recent rise will be ultimately reversed. don't you think -- look, the

reason the market has not had a major hissy fit over the rise and the backup in ratesis because aren't rates going up for the right reason? >> yes. >> as janet yellen, the treasury second told sarah eisen in china. >> they are firing on all cylinders, and inflation is coming down, and the job market is very strong. growth is really been a lot stronger than i would have expected at this stage. we had 3.1% growth last year, and inflation is coming down. labor supply is up. >> is the secretary wrong? >> no, she's right, but that's happening in spite of higher interest rates. she's not suggesting because of,

but here's where i am going with this. >> you said rates can rise for the right reason? >> well, auto sales are not going to thrive if we get interest rates going higher from there. they are doing well inspite of higher interest rates. credit card receivables are hanging in there, and delinquencies have picked up folks, back to where they were on the curve before the pandemic. it's not easy to be a young person making money and keeping up with the costs of living these days, so you can't go much higher here. >> at the same time you have kris harvey at wells fargo, and yeah, there could be more volatility, but at the end of the day you are about, jenny, to start a new trend for the fed, we think, and that's a regime of rate cuts in a period of time

where growth remains pretty good, and earnings hang in and then the new trends and everything kicks together and offsets what is a, you know, okay, a little upsetting to the bulls and their nerves are being tested by the backup in rates, and stocks can do quite well. 55/35. >> to get to 55/35, you are not going to get multiple expansion, and maybe we get to 22 but that's stretching it. you need the earnings to work, work, work, and that's where things get a little tricky, and these interest rates get particularly dicey. to your point, steve, the short end is important. if the short end comes down and that boosts corporate earnings because maybe individuals are out thereand i can't get 5% on my money markets anymore, and money flows in and corporate

rates are better, then, fine. what i worry about, and it brings me back to janet yellen, that janet yellen is correct in the moment. what i think happened last fall was very interesting. when we saw the ten-year pump to 5%, why did it bump to 5%? not because the fed was doing anything. not because there were different expectations for cuts or hikes. why? because the u.s. credit, when the world saw how fiscally irresponsible we are, the u.s. credit on the curve bumped up. that's where it gets dicey. maybe earnings can't work as well as they need to to get to that -- >> haven't we learned our lesson, that being right in the moment is all that mattered for this market, or you missed it. if you were preoccupied for the

last 18 months with the what-if, you lost? you were not fully invested in equities, you were not invested in the right things, and you missed an unbelievable rise in stocks -- i am not saying you can be fully invested in equities -- >> you knew where i was going. >> yeah. if you spent the what if, what if, what if over the last 18 months and that colored your investment -- >> you are right. >> can i field this? >> you missed. >> right. >> there was a period of time in '22 when i was feeling stupid, and i was here on the desk being optimistic, and things were going right and the market was going against you, and factually the numbers are in your favor to be optimistic. i am not saying to go suck in laughing gas and be a silly boy about it, but markets go higher and if the markets are going to go higher, and 3555 -- that's

roughly 20 times the current estimates for the earnings, and that's not outlandish. we need to see more in terms of those earnings, but it's not ridiculous. >> here's the checklist from adam parker. accommodative fed. check. gross margin expansion. that remains to be seen, but he's optimistic about it. earnings growth for several years. we have had, you know, earnings decline for three or four straight quarters and now we are coming out of that malaise and we will have earnings growth this quarter. it may be ratcheted back from 10% to now 5%, but why can't that scenario, weiss, work? you gave a look with a little skepticism. >> there's a lot of hope in that scenario. >> is there hope? >> we don't have an accommodative fed yet, do we?

it's a restrictive fed and they will be restrictive when they cut two, three, four times, it's still restrictive. >> the market is anticipatory. it moves before you have. it starts to go down before you got the first hikes, and now it's going up because you are getting ahead of the first cuts. >> it discounts the cut in the market up a year in advance, and have we seen that discount already, given where the market is, number one. number two, we don't know -- we know that historically that this type -- that this level of rates has caused the economy to go into a recession. right? so right now you can argue we are on borrowed time, and that's what jamie dimon argues. >> dimon takes issue that the market priced in a given that you are going to have a soft

landing. he said markets price in 70 to 80% chance of that, and i am paraphrasing a little bit. he is concerned about rates soaring 8% in the coming years. >> that's my point. it's already assuming a soft lapding and it's already assuming the economy will be going as strong as it has been. what will be the surprise be? the surprise could be that the economy slows, that we are seeing more and more people come back to the workforce because they have depleted their earnings and now they have to earn more, and that's a good thing because it brings down labor costs. the point is there's lot that has to go right in that scenario. isn't it amazing over the last month we have seen rates back up despite the geopolitical risks, and despite the risks from last week where iran is saying we are going to retaliate and what that could mean for oil. maybe that's the bull case for rates in a backwards way that

you find a soft landing. >> which of the groups do you think will live up to -- >> mega cap. >> i know that's the easy answer, and i ask it with almost a wink of maybe it's not? maybe it's all of these other sectors that had the broadening on the belief you would have a strong economy and have rates come down and those are the ones that will be more questioned, and -- >> look at energy. >> look at caterpillar. look at the move deere has had. >> it's a cross a whole bunch of other -- well, it's not just mega cap, especially since march. >> that's right. >> do the banks have -- defense stocks have done well, and industrials and chips have done well. >> i think it's cap tech, and even though it's the easy

answer, but sometimes the easy answer is the right answer. and they have the most inflated multiples on near term earnings and going forward. >> you get the banks to start off this week, and we have others relevant to the desk in delta and car max, but what about, jimmy, the banks, because you will get citi early in the game here along with jpm. >> with both of them, they are both macro economic indicators. i am looking one of the many things we are looking for, and i expect they will be okay, not great, but okay. scott, we are often talking about capital markets with this tone where those markets have not comeback, and you know where they have come back? debt issuance. it has been very high in investment grade and high yield. that's very positive not only for investment re-news, but it increases the volumes being

traded. financials actually look good for this setup. if you allow me to go back to your earlier question of what has the most proof, materials, and they have had a heck of a run here, and s&p 500 overall, the earnings are expected to decline this quarter year over year 5%. there better be a massive turn around. maybe it will happen. maybe, steve, with what you are talking about commodities in general will get pumped up, and i am not saying that won't happen -- >> why, steve, do you think the most pressure is on the mega caps? >> because i think they are the most visible, number one, and it has the highest as pirations frm ai, and ai has been around for 10, 20 years, and i am talking about the new ones taking everything to the next level. you have facebook, and that

stock is up 2% or 3% every day. >> another record high today. >> that's why, because that's attracting the most capital. >> target gets raised at 585 from oppenheimer. ai, ai, driving revenue upside. >> the challenge with meta is that you don't know what the cap is on how much they can earn, right? it seems at this point to be unlimited, and at this point the multiple and earnings growth rate is high teens and low 20s, and there's a lot of potential there and they maintain their efficiency. it's a hard one because you don't know where the ceiling is. >> amazon topped at morgan substantially, and that hit a high. >> an all-time high. i have been saying the earnings are subdued and if they cut back on the rnd spend, those would be

looking better and even in the high 30s. amazon web services, we know that is growing well. retail is growing well. there's a lot to like at amazon. >> weiss, this is at morgan stanley, and material upside to retail profit, and also they have increased confidence in the ability to deliver continued earnings and free cashflow that are pretty nice, let's just say that. >> yeah, look. it seems like every week we are seeing -- maybe multiple times a week we are seeing price increases, targets on amazon, on alphabet, on everything. i tend to ignore them. i own the stock, and none of them are cheap. >> none of them are cheap? >> alphabet is cheap, actually. i do think alphabet is cheap,

and it's maligned for the wrong reasons. >> apple got cheaper. >> i think apple has been overpriced for year. >> their chart is terrible. >> yeah. they have no growth. >> on a fundamental view, i would disagree, but on a chart point of view, it's right here. >> i would love appreciation for being the og on apple is doing nothing. >> let me defend that. >> i'm talking here. do either of you disagree that revenue and earnings have been flat -- >> yeah, i have been saying that since we were at inglewood cliffs. >> i will add to it when the chart does not look as bad as it does now. why? the service margins are better than the product margins, and nobody goes out and buys an android. nobody. i don't know if i self select friends that way.

the fact of the matter is this company generates so much cash flow they buyback a ton of shares, and be i don't care if net income is flat because it will -- >> you probably don't -- >> i consider that economic outperformance. can you only do that if you have the cash flows with which to do it. >> you have owned apple many, many times. you don't own it now. >> i have not owned it for a long time. >> what is a long time? >> a few years. >> none of the issues that you raise necessarily have colored your opinion on owning the stock in the past? >> no, it has. it has. the lack of innovation -- >> but you owned the stock while you criticized the lack of innovation or perceived lack -- >> yeah, i have. i have. i used to own it way in front of earnings releases, and you have to sell on the news, and that has been consistent. >> lot of times this stuck runs

right up into the number and now it's down into the number, and the pressure in some respect you could say is a little lighter. you also have to ramp up into what would be an ai announcement in june. >> who knows. >> now they are talking about robots in the home. we are a long way away from that. >> it's support from last november. >> when i owned it in the past, it has been a lot cheaper. trading it at this premium in the market, i have no interest in it. when i owned it in the past, revenue and earnings were growing. now they are not. >> you are more of a trader than an investor, right, you played it as a trade but not for the long-term? >> my kids have owned it forever. they have such monstrous gains in it, i will not sell it. i don't think it will go down as much as the tax payment would. >> i will buy it when it has a

4% dividend yield. >> wake us up when that happens. coming up, we will do our calls of the day. we have a bullish outlook on schwab and netflix. we will see how the committee is playing that, next. my name is david. i've been a pharmacist for 44 years. when i have customers come in and ask for something for memory, i recommend prevagen. number one, because it's effective. does not require a prescription. and i've been taking it quite a while myself and i know it works. and i love it when the customers come back in and tell me, "david, that really works so good for me." makes my day. prevagen. at stores everywhere without a prescription. trading at schwab is now powered by ameritrade, unlocking the power of thinkorswim, the award-winning trading platforms. bring your trades into focus on thinkorswim desktop with robust charting and analysis tools, including over 400 technical studies.

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♪ ♪ we're back. let's do the calls of the day now. we will start with blackrock. targets goes from 1,000 from 1,013. >> i think this is a simple story. asset prices in financial markets are going higher, and they are higher by a meaningful amount than at the beginning of the year, and blackrock, their fees go up as the asesets go up. i think all the cylinders are firing here, and it's a large rise to get to 1,000, and i think they will do it.

>> charles schwab, price target from 74 to 68, jenny, at barclays. >> if blackrock -- >> it's a slow day, jenny. >> yeah, we are talking about a 2% increase. the point of the upgrade is very important, which is schwab is doing an incredible job. they have seen assets grow 20% year over year, and they saw $31 billion coming in february, and schwab got slaughtered. why? because after people started to pay attention to the cash balances, there was cash sorting and everybody thought that was too expensive for schwab. this is a great company with serious earnings growth ahead and trading at about 14 times. i would take a look at it here. i think there's more upside than 2%. >> a lot of love lately for netflix. we go 725 at cowan, and

jpmorgan, they go to 650. weiss? >> i keep saying it's too small of a position for me to get very excited about this. i would love to buy more. i should have been braver when it collapsed before, but they are the winner, evened of the story. >> i said 14 times on schwab, and it's 19 times. sorry. that's significant. okay, susquehanna, they upgrade it from neutral to positive on crude prices. >> there was a piece of important news last week, one of the rigs got a new contract at a day right above $500,000 per day, and that's going back ten

years now. that's a huge moment. it indicates that supply in the offshore drilling market is very, very tight. why this is positive for transocean is they have rigs that have not been used in years, and there's very little going on in new build. exploration, it's highly likely the cold stack rigs will be back online. national security adviser, jake sullivan, will meet the relatives of hamas hostages tonight and that comes after the cia director william burns was in cairo over the weekend working on a possible hostage deal and cease-fire between israel and hamas. a program meant to give patients early access to promising drugs may not be as beneficial as first thought. according to a new study from the journal of the medical

association, many cancer drugs accelerated for approval by the fda program was still unproven after five years. 85% of the early approvals go to cancer drugs. uber eats is launching a short form video feed, a lot like, i guess, tiktok, to help restaurants boost visibility and showcase their men use. uber eats emphasize they are not ads. that's exactly what we need, more content when it comes to food. scott. >> always. contessa, thank you. up next, the new gold rush, and metal hitting another fresh all-time high. there's the chart. we're back in two.

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at t. rowe price, we're asking smart questions about opportunities like clean water. and how clean water advances can help transform our tomorrows. better questions. better outcomes. t. rowe price welcome back. gold hitting another fresh all-time high today, and let's get to bob pisani with today's eft edge. >> gold is one of the star performers this year, up 13% to a historic high, and

outperforming stocks and bonds. let's talk to one of the world's great gold experts, and he's at state street global advisers, and he helped to launch the spider 20 years ago. i covered that one. we go back a long way. good to see you. why is gold hitting a new high? >> a bunch of reasons. never just one thing. we have decent jewelry demand, and china's market is recovering and we are looking for a rebound there, and investment demand is coming back and it's in bars and coins and efts. >> two biggest consumers, and central banks are buying it? >> yep. >> are young people buying gold? i keep getting asked all the time, here in the united states, do they have interest or it's an old ifkind of thing.

>> millennials have much more enthusiasm for gold and own more gold. >> why? what is the enthusiasm based on? >> the benefits of the diversification, and it can help to enhance returns and all the time it's going to be reducing volatility and risks. >> there's a lot of competition out there even for young people, bitcoin etfs, isn't that competition for gold? do you have to push and ties gold more now? >> they do different jobs, you know. basically the contribution, the bitcoin, whether in etfs or any other format, it doesn't have that reduction in volatility, which is one of the main reasons people like gold. >> what about gold as a hedge against inflation?

we have been talking about this for 20 years, and the evidence is mixed and it's not a hedge against inflation and people continue to believe that. is it a hedge? >> i think it's a hedge against inflation and the dollar, and the important thing is that the real purpose of gold in terms of being a hedge against inflation, gold is a very good protection against sustained high inflation. inflation over 5% a year for more than two years, gold really performs very well. anything other than that, not necessarily. >> the central banks, why are they so interested in buying -- they always held gold, but why are they buying it all of a sudden? they are pushing up their holdings? >> yeah, emerging market central banks come to the realization they own two-thirds of their preserves in debt and 5% in gold, and they think that's dangerous. >> even central banks have to diversify, and we always talk

about diversifying on cnbc, and banks have to diversify? >> it is good for me, you and everybody. >> scott bg, back to you. $6.6 billion win for taiwan semi. steve weiss is in that name. we will break down that trade. we will do that, next. ♪♪ nice shot... shot... taker. who programmed you?! i'll see you tomorrow. the future isn't scary, not investing in it is. 100 innovative companies, one etf. before investing, carefully read and consider fund investment objectives, risks, charges expenses and more in prospectus at invesco.com. ♪♪

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and offers high-quality municipal bonds from across the country. they provide the potential for regular income are federally tax-free and have historically low risk. call today to request your free bond guide. 1-800-217-3217. that's 1-800-217-3217. welcome back. chart of the day is taiwan semi, that after winning the $6.6 billion grant from the u.s. government, the chips act for

the arizona plant. >> for long-term that's great. if you look at taiwan semis, it's one of the cheapest stocks out there. about three quarters -- it has single digit revenue groups versus this company that has the mid-20s. it's in taiwan, and it's capital intensive of the business they are in because they are a foundry, and nonetheless, it's growth over growth. >> and then upgraded to overweight and the price target to 260, and they talk about secular tailwinds and a cyclical recovery. you own that, and give me something on that.

>> we were just mentioning the chips act and sim's conductors plants are being built all over the country. samsung is going to increase its spend in texas, and it's an incremental 27 billion they are spending on chip plants, and that includes the equipment, and there's a trend here going towards building semiconductor plants. and then keybanc, they take qualcomm to 205 and micron to oa 150, and jenny, you own this stock, which -- okay, so you own sky works, but you won't own

apple. skyworks, a lot of the chips have done amazingly well, and skyworks have not and maybe because apple hasn't and that's its supplier, and skyworks is down 7% on the year. i want to know why you own it if you are so against owning apple? >> it's just different, right? what skyworks does is make chips to enable communications like wi-fi and network radio, and jim said this in the report where some are upgraded and some are downgraded, and each simi conductor company is unique within the sector and cyclical themes. what keybanc is saying, it will be difficult to grow. we know that regardless of whether smartphone growth

matures or not, all we are doing is consuming more and more and more, and as that happens there's perpetual demand for what skywork does, and it's a cyclical impact to them and that's why they are down, and -- >> so -- >> wait. follow me for one second. >> so apple, and the slowdown in its own smartphone sales, is that a cyclical event as well? >> yes, and as you think about it, new smart phones are made and more and more skyworks chips needs to go in them. >> in apple, too? >> yeah, and the next phone you buy is likely to have way more chips, and the next computer you saw will have way more skyway chips, and there was inventory distortion, and we think they are just about to come out of that.

it goes into why do you own it versus others? our discipline strategy, we have a 5% or better free cash flow yield to get in the portfolio, and this is the one trading at 14 times their earnings, and their earnings are down 19% this year and next year they are expected to grow by 18% next year and then 19% the following year. i think there's a slight disconnection from as simple as i don't like apple. i don't like apple, not for the company, but it has been true all along because of that valuation. i have said their earnings are growing in mid single digits, and multiples -- >> but you can't -- all along, that point you are making, apple's valuation has not always been 23 times -- it has been cheaper. you have to back out that cash. >> as long as i have been complaining about apple since i have been on the show and i said apple should be dead money, my

argument has been on valuation, where i said their earnings are growing mid single digits and the multiple -- that math doesn't work for me. once we get past this year, 18% earnings growth, a minndint cash. the valuation is different. it's not just a story i'm telling, it's a valuation difference. >> we will talk to mike santoli next for his midday word. dy see? oh wait, there it is! -back into play and... aw no, it's in the water. wait a minute... -alligator. are you kidding me? you got to be kidding me. rolling towards the cup, and it's in the hole! what an impossible shot brought to you by comcast business.

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we're back. our senior markets commentator mike santoli is here with his midday word. so i'm looking at your writing today. >> yeah. >> you made the point, too, as we assess where we are that bull markets don't typically end when an economy is good like this. >> or the line -- that's better said. the line that sticks to me in your note today is a patient, ambivalent fed can be fine with wall street if the economy stays firm if the rate cut, expand. >> first of all, the inflation

question is so central and the reason that the market would have a problem with the fed being more patient and pushing it off is that, one, the economy was suddenly weakening below the headline data. some people are pointing to it's all part-time jobs and don't get excited about the jobs number and there's loosening up. consumer companies talking about demand and traffic fall off. now i'm not saying that's the prevailing view and if you thought that was the case then you have to worry about a patient fed and the other piece of it is, the fed has told you that inflation more or less tracks what we expect they're cutting. if they're not cutting that means inflation is not tracking the right way. so those two things create a bit of an issue for the market. nothing about the big picture has changed in terms of this bull market kind of earned the benefit of the doubt with how broad it was and how persistent it was, but it doesn't mean in the short term you can't have some friction and you're dealing with the deals breaking out of the range, you're dealing with oil pushing up against the upper

end of the range and it makes sense that we're hesitating here, let's say. >> we will see you on "the closing bell." two big winners and losers. wereac a bk. we are still holding on to gains on the dow and s&p. we're back. what is cirkul? cirkul is the fuel you need to take flight. cirkul is the energy that gets you to the next level. cirkul is what you hope for when life tosses lemons your way. cirkul, available at walmart and drinkcirkul.com.

two big winners and two big loses, microstrategy reiterated by a benchmark today and it's obviously getting a nice bump of bitcoin. are you still in bitcoin or no?

>> yes, do i. it's been volatile lately, for the moment. >> they'll turn to paper soon. i'm glad you said that, not me, but if i did it would have been accurate. >> tesla, you're still short that? >> i'm thinking of short more. solar city, great synergies, funding secured. we're not discounting the latest ones. we're want discounting vehicles and robo taxes. i would short it right here. >> sell if you own it. >> jimmy, we have these paramount and others. let's just say now what's your point now on the stock? >> besides the fact that i'm an idiot which i'll make every time we talk about this. let me just say this. none of them make sense. the idea, we talked about this friday, the idea that we'll raise 3 billion in equity

capital just doesn't make sense and they have no meaningful debt maturities until 2027 and the idea that they'll buy ellison studio for stock makes no sense at this price which they've been turning around the company and the idea that they've turned down for, when things don't make sense, i'm certainly not putting new money into it, scott. i don't recommend them putting new money on it. >> i wish, i can't even speak. >> it is so -- i'll be explicit and that's my favorite sound bite. >> doing this show 14 years. at mth'sy favorite sound bite. >> final trades next.

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early retirements possible, and startups start up. because it's smart, dependable, and steady. all words you want from your bank. taking chances is for skateboarding... and gas station sushi. not banking. that's why pnc bank strives to be boring with your money. the pragmatic, calculated kind of boring. moving to boca? boooring. that was a dolphin, right? it's simple really, for nearly 160 years, pnc bank has had one goal: to be brilliantly boring with your money so you can be happily fulfilled with your life... which is pretty un-boring if you think about it. thank you, boring. billionaire investor marc lasry will join me at 3:00 eastern to talk market, the fed and talk his new sports front as well. we have a whole thing to discuss

with mr. lasry. we'll do final trades. farmer jim, what have you knot? >> delta, prices are thin, it should be a good report. >> uber, good opportunity for the stock down. >> jenny? >> sticking with cars, aptiv, 20% earnings. >> all right. we are green across the board. we'll see you a couple of hours on "closing bell," the exchange is now. scott, thank you very much and welcome to "the exchange." i'm deidre bosa in for kelly evans and here's what's ahead and the market has been resilient with more hawkish fed talk. that could come down to one chart says the market guest and she's here to tell us what she's watching and plus secretary yellen is in china. we sat down with her in an exclusive interview and why our guest says investors should prepare for rising tensions. and the three buckets of a