initial concept and seemingly successfully. >> indeed. investors want to make sure it is profitable and that there is an uptick. we look at the market as we tee it up for scott walker, we are about 150 points away from 40,000 on the dow, s&p and nasdaq may be up -- they are inching very close to all-time highs. >> the dow is about 40 points shy of an all-time high right now, but you are right, it will be at about 40 k after today. >> thanks for watching "power lunch". >> "closing bell" starts right now. all right, guys, thank you so much, i am scott wapner live from the new york stock exchange. this make or break begins with record highs. we will ask our experts over this final stretch including writ holds wealth management, josh brown, and new hedge cameron dotson with me. in the meantime, let's see the scorecard with 60 minutes to go in regulation. a cooler than expected cpi report, and we are watching the dow closely, should be a brown -- up 3807 for a new high and as you can see, we are above that level.

closing high for the s&p and for the nasdaq and also extending that, 5300 on the nose there for s&p 500, so we will track all of it over this next hour of trade. rates are lower across the board and that means tech, utilities are leading the way, too. let's take a look, there is text, utilities, and small-cap getting a nice bump, as well. apple has been on the tear lately, now back above $900 per share. or, 190, i meant. $190. i'm getting a little bit ahead of myself. let's get to the ai announcement first. maybe an iphone refresh. you get where i'm going. technology will be here later to give us that story. that gives us to our talk of the take, whether it is okay to be bullish on stocks. let's talk to josh and cameron, josh is an nbc contributor. i got ahead of myself on apple's price, but we are not getting ahead of ourselves on

these new records for all of the major averages, so i just ask you, is it time to get more bullish? >> well, i guess i don't get more or less bullish based on price action, because i am not a swing trader. but, if you are someone who is a little more short-term oriented and you are trading based on momentum, yes, obviously you are getting the green light, you are getting confirmation everywhere you look. it doesn't matter what sector, it doesn't matter what overseas index. they are all flashing the same green light, and it is coinciding with the type of economic data that we have been waiting for and hoping for. the prices in the economy, the growth of prices in the economy moderating, but you still have very healthy job market, you have the consumer still spending, and you really don't have anything in credit spreads or any kinds of defaults or any of those things that we would have thought are guaranteed, given the rate of interest rate increases that were going on over the prior 18 months.

so, when you put everything together and people are looking at the $6 trillion that went into money market funds over the last, i don't know, two years, people are saying, you know what? i am not long enough. maybe i am ignoring what the market is telling me, maybe i am missing out on a typical, very typical midcycle bull market and that is where we are right now. >> it is an interesting thought. brian belsky came on halftime today, he raised his price target to the highest on the street, to 5600. he told us why. listen. >> i think we can have an opportunity to add to positions at cheaper levels, scott. but, for now, we see that dreaded word, "momentum," continuing. we think markets head higher as people continue to reallocate. i think people aren't talking enough about that. reallocating, getting back into stocks. >> that is brian belsky, that is what brown was just talking about, right? >> not to brag, i was hanging

out with president biden five last weekend we were talking about career risk. you could pretend all your want that every investment dollar comes into or out of the market based on the fundamentals, but in reality, people have a job to do and that job is to earn a return on the capital that has been entrusted with them and that is a huge driver in the second half of the year in both directions, right? so, we saw a washout in september or october of 2022. this is the reverse version of that. now, you have the dow, the nasdaq, and the s&p 500 as of noon today all making all-time highs together. that doesn't happen all the time. the last time we saw it was march 20th of last year. it has only happened 241 days since 1985. it is a fairly rare phenomenon. but, when it is taking place and you are out of the market and/or underweight, it is deafening. you can't sit there and watch that go on, and not just because

you feel a certain way, but there is an agency problem in investing, which is when you run money for other people, they have expectations, and one of those expectations is, you better not trail the spx by 1000 basis points, otherwise you are fired. so, we can all pretend that doesn't happen, but those of us who have been here for a while, cameron will tell you, this is a very real phenomenon, and i don't think it has played out, yet. >> cameron, what do you think? >> i think we have to appreciate the tailwinds of momentum, the fact that the market is not overbought, and the fact that liquidity is supportive of this market. we have the fed tapering qt, the fed treasury that is supported, and also keeping gdp estimates high, eps estimates hi. now that you have removed the bogeyman of the potential that the fed could aise rates further -- and we thought it was more of a fear than an actual risk -- but the fear that they could aise rates further, you have taken that off the table, markets breathed a sigh of relief.

the question is, an we get to 5600? if you get to that level based on 2025 estimates, you would be back to peak valuations you saw in 2021. you would probably two, at that point, reposition your risk. >> what about this 5600 number? if you don't want to address the number -- because i know you don't like to do that -- >> 9601! >> this is not "the price is right." >> that word, 5300 today that we have enough momentum and we have enough things as cameron was going down the list of things to get us to a level like that. >> listen, it is remarkably degree to which, all of us, colloquially, underestimate the ability of the best 500 corporations in the world making up the s&p to pull various levers and get earnings to, right now, be all-time highs, and some of the fastest earnings growth we have seen in years. most of us would not have expected how good these companies has been at doing

that. we are now looking at a situation where revenues are coming in, give or take on target, but earnings are exceeding by 7 1/2%, 8%, and it is not one sector. it is not just the nvidia phenomenon. it is happening all over the place. i think that is an underappreciated aspect of the landscape over the last couple of years and probably the thing that the bears despise the most because even though we all got this wrong, they didn't have that on their bingo card as the way they were going to lose. they would have guessed, if the bears were going to be wrong, they would have guessed that it would have been because of more rate cuts. it turns out, that is not the right answer. the way the bears lost was growth outperformed. last thing, if you were to ask me and say, here is the cpi number, it is about in-line and no one is going to freak out about it, what will happen in the stock market? all of the guesses a normal person would have made are exactly what is playing out. you have text leading here, right now you have all of the bond proxy starts doing well, and you have growth stocks

outperforming. semis and tech are the best sectors at 3% and 2%. homebuilders are also moving, also highly interest-rate sensitive, so this is one of those cut on days, courtesy of the data. which, by the way, wasn't that cool, but cool enough. >> even where evenues have been a bit lackluster, or not where they once were -- case in point, apple, let's show the end to date chart -- you have had, in josh's words, these levers to pull, like a big buyback, the biggest on the street, stock back above 190 earlier today. it is right at that level and there it s for the first time since february 7th. vic technology alex is a cnbc contributor here is here with us. it has been a pretty remarkable turnaround since the lows in april, the stock looked like it was kind of left for dead, some were calling it dead money. well, surprise, it is back. >> yeah, that is what happens when you buyback $110 billion in stock, right?

i think you could even call it the tim cookbook. we are just not going to get apple under a certain level and i think you saw shareholders respond in kind. you add to that the fact that we have had rebound in market, people going back to previous leadership, that is apple, and there you go. you have apple above 190 today. >> should we have doubted that people were going to go back to the leaders of yesteryear, so to speak? because this has all been about, talk about nvidia, through the moon every day. apple is kind of left out of the conversation, "oh, the market doesn't need apple. who knows? revenue growth down three, four quarters. maybe the best days are really behind it." and here we are, stocks roaring back. >> i think people use apple like to use treasury bonds. i think when there are better trades to put on, apple uses market cap and we see people run to nvidia and amd, and then the semiconductor rally falters, they are not going to sit in cash forever.

they go back to what they feel comfortable with, that is up about, amazon, and apple right now. those stocks, they shouldn't act defensively, but they have had that defensive tenor. what is really frustrating for the people that don't like them on days that they risk on, they also go up. so, it is really tough. if you are in a position where you are a serial underweight of the best five companies in the world and that is your investment strategy, i am going to underway these things because they are expensive or whatever, it is not fun. you are not having a good time. you are probably on stone street in an hour from now, throwing back whiskeys because you are watching this grind higher, these companies who are not growing in the way that they were, and yet, people are using them as like a safe haven and/or an equity investment. like, both! it is crazy, but that is what is happening. >> what you make of this return to what has worked? that is really what it has been. josh was talking about technology certainly being a leadership on the week, it is a leadership today, and it seems like the money is starting to flow back here again.

>> tech -- and newtek, which is official utilities -- are the only sectors outperforming the s&p 500 today. every other sector is underperforming. that is important for the market overall because tech is such a big part of the market at 30%. we think fundamentally at its core, this market is all about earnings growth revisions, which is that you are seeing earnings growth grow up, protect, which is helping big tech higher. even though it is extraordinarily crowded and expensive, we have to appreciate that because at some point, earnings revisions may turn lower like they did in 2022, and that is when you could see a true exit out of the sector, at least for a period of time. we are not seeing that, which is why it could shake off crowded positioning and high valuations. >> alex, this reminds us to how we got to the spot in the first place thanks to ai. openai has its day, alphabet has its day, microsoft will have its own, and then we will be talking about apple itself with wwdc. is some of what we are seeing with apple just getting ahead of the event?

>> yeah, and i think the most underrated piece of news this week if you are watching apple is the fact that openai released a chatgpt desktop app, and which operating system did they release it on? windows, which microsoft owns, and microsoft has funded them for billions of dollars -- or apple? they were releasing it with apple. there were rumors that apple and openai were going to partner on some sort of siri partnership and you think about bringing this new openai chatgpt technology, which consent emotions and seems to interact with you like a more normal person, versus theory which has been a disappointment for so many years, and you see the possibilities. maybe these companies are coming together, and apple does have a vision for ai, the types of which we haven't seen them admit or talk about until now, but maybe that is coming next month. >> is this helpful to the situation that apple is currently in? where they need to sell more devices, period. like, we could talk about services all day long, but the narrative around apple is, until they find a new way to

get people to upgrade their iphone faster, it is going to be one of these stocks where people are perennially just looking at, well, that's fine, you are not growing. >> well, the iphone is still half of the business. so, to josh's point, that is why it is half of revenues, isn't it? >> the iphone to drop 10% last quarter and i understand this question, it makes a lot of sense. here's my perspective. we are not going to see an immediate upgrade cycle on the iphone immediately because of this, because all of the stuff was built on 2017 technology, the transformer model. on my iphone right now, i have chatgpt working, so, do i need to buy the iphone 16, to get the new siri to work? probably not. >> but, siri is terrible. >> it is going to upgrade overnight because it is not necessarily the fundamental technology on the phone that is changing. but i think you have a long-

term story where apple is going to tell developers, we have this and for chip, we are going to enable you with technology, if you build on an iphone, it will be the best ai app you can build. so, i think that is going to happen but it is not going to be an overnight turnaround. i don't think the iphone 16 is going to be the thing, maybe the 17 or 18. that is where you will see the effect. >> cameron, what about these other sectors that have done really well over the last month? utilities stand out at some 13 1/2% as a group, but financials over one month, up better than 5%. healthcare, up better than 5%. you have staples up near 6%, too. what should we make of that, and how should that may be color the way we look to invest in what might be the next leg of this bull market? >> i think we should appreciate that they are under owned because of all of the sectors you listed have had outflows over the last 12 months where you have seen the inflows go primarily into tech. the one that stands out that s a little bit eyebrow raising and concerning is consumer discretionary. it hit new relative lows today on a day that retail sales disappointed. amazon week, or a day that the e-commerce line and sales were weaker. so, it is still a bifurcated

market. it is not a rising tide that lifts all boats, but you are seeing better trend out of financials given the movement and yield curve, industrials, better support and manufacturing, so pick your spots carefully. >> you called amazon the other day, "the new apple" in terms of the way that the stock was reacting. >> yeah, amazon was not currently being appropriately valued, given how important aws is going to be to this ai buildout that is going to take place over the next 5 to 6 years. the anthropic stuff, and then just the aws mentality of, bring your own large language model, we will make it work here. that is going to be very advantageous, i think, to the company's efforts to monetize ai faster than most of the other companies that are saying, "hey, look, we are ai." i would also point out cybersecurity very quickly on this same theme. very underrated. cyber threats are just exploding. >> underrated? >> i think underrated in the conversation about ai. we can all be excited about chatgpt powered siri or whatever is about to be announced next, but we all have to remember the threats with

ai will be amplified, as well. i want to point your attention to a new all-time record high currently being printed in crowd strike. this is a stock up 4% on the day with no news. this is going to accompany the ai rally. you are going to see one of these cyber companies becoming a massive market cap. hopefully, it is this one because i own it. but, i think that whole area of the market, it is not the sexy part of ai. it is not the chat bot that sings "happy birthday" to you. it is not marilyn munro. >> it is not a utility, okay? relax over there. >> it is no utility, but remember, as bullish as we are all getting on the potential for these massive platforms, monetizing ai, let's remember the protection they are going to have to pay, mafia style, is not going to go away. very important. >> i have another story you guys are going to want to react to. julia boorstin is going to deliver this news alert, regarding netflix. julia, what do we know? >> netflix announcing its up

front presentation that the ad plan has 40 million active users, up from 5 million a year ago and up from 23 million in january, the company saying over 40% f all sign-ups in the countries where they offer ads now comes from the ad plan. the company also announcing it will launch an in-house ad technology platform to give advertisers new ways to buy and measure their impact, telling us they plan to move entirely over to their new collection of tools to manage digital advertising by the end of 2025. sounds like it will be a gradual shift. netflix is also expanding its partners for selling ads on its platforms, beyond just microsoft, which was its launch partner. saying this summer, they will also add the trade desk, google's display and video 360, as well as magnate. scott? >> julia, appreciate that very much. a nice pop there for netflix. i love what our colleagues, and friend carl, posted about five hours ago on social. "the company that once said

they were not interested in, one, original content, two, add content, three, password crackdowns, four, live sports, well, things change." >> they make more money on the ad supported here, it turns out, they would actually prefer it. if it is okay with you, please subscribe to, pay us monthly, and also pay for these ads. that is number one. number two, i don't know if you remember this, but we talked about when the ad here finally came into view after that huge earnings biz and they were like, we are going to explore it, they end up hiring microsoft, and we all pointed out at the time how important that was probably going to be, and that microsoft was the technology that mark zuckerberg actually relied on when he had to build an ad business into the original facebook desktop and app. so, this is a situation where netflix pulled it off. they found the right partners, they found the right price point, now they are making more

money doing this than they have ever done before. >> slow uptake maybe at the beginning of the ad here, but maybe we are finally coming around. >> the growth is undeniably very impressive, so we have to give netflix that. to me, the thing i was most encouraged by was that they are going to invest in their own advertising technology. having used that platform, what i have learned is that you can go to the ad slots and nothing serves. they need ore partners for demand and that is what they are going to go with with the trade risk in google and microsoft and they need better technology to show advertisers, you are going to be able to buy television style advertising and you will be able to track it the way you track internet advertising. if you do that with tens of millions of users and provide them with this digital style tracking, you are really cooking. >> alex, this is the thing, if i am buying network ads, i have a rough idea according to nielsen of who might be seeing those ads, but that is it, a rough idea. if netflix can literally tell the advertisers, this is the age of the four people living in the household and this are the

four usernames that just watched two hours of this content, and here is the other things that they watch, and here is what else we can infer about this person, that accelerates the ad revenue from traditional television and cable, and linear even quicker over to a platform like netflix, and that is like, the holy grail of an advertising perspective. >> the big question is how they are going to play the creative side because one of the things that makes tv work is you have limited advertisers, so they spend a lot of money uncreative. if you watch tv, it is great experience because the ads look good. for netflix, there will be some managed service component where if you place ads with them, you will not get the programmatic stuff like you say with display advertising. it will have to come from ad agencies. that being said, everything you said in that statement is totally right. they will be able to track like nobody's business.

>> yes, you can't do murray's wigs. they have to do like, real ads, otherwise people will update just to not have their eyes bleed. >> exactly, but still a significant revenue potential for netflix. >> cameron, last thing to you, it is no surprise -- looks, this stock is up 85% over the last year. but, it just reminds me of where we all started and why we are seeing technology lead us back to these new record highs, and extend that level. you just go with the excitement. the excitement has been around all of these kinds of stocks, and here we see it yet again today because of announcements like the one that julia told us about with the nfl on netflix now, so it is kind of the whole story. >> it is all about operating leverage, the good thing about netflix is now they have revenues that can scale with cap ex and their costs. that is the big change, which is why the stock can move higher, and i think that is what the tech companies have, incredible incremental margins on growth. when revenues are growing --

which they are growing very strong -- that flows down to the bottom line, which is why you are seeing 18%, 19% earnings growth for the sector this year, better than the s&p 500. that is the leadership. >> guys, that was great, and it is great to have all three of you on this record-setting day, yet another one here on wall street. >> we should all hang out sometime. >> we can figure that out. >> asked murray's place. >> send some dates, we can work on it point >> that is josh, cameron, alex. let's send it to kristina for the biggest names heading into the close. >> let's talk about good rx shares jumping as the company has a direct contracting agreement with croke -- kroger. this will allow rx to offer coupons at over 2000 kroger pharmacy locations. good rx at kroger initially ended their relationship in 2022, so think of this as a partnership renewal that brings savings to customers, shares up 10%. shares of the brazilian oil giant plunging as the ceo steps down following months of tension with the federal government over dividend payments. the ceo will be replaced, by the former head of oil and gas regulator.

shares are down 7%. scott? >> kristina partsinevelos, thank you. back to you soon. we are just getting started here. #fourteen's warren pies says there is one piece of the data he is still skeptical about. and how it could impact the rally in the months ahead. we will get his views and that is the highest for the dow, better than 300 points, well above the new closing hi there. we are back right after isth. ? - pickle! ah, these guys are intense. with e*trade from morgan stanley, we're ready for whatever gets served up. dude, you gotta work on your trash talk. i'd rather work on saving for retirement. or college, since you like to get schooled. that's a pretty good burn, right?

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we are green across the board as you know in this final stretch, dow, s&p, nasdaq heading to final closes, after a lighter than expected april imprint. let's bring in warren pies from 3fourteen. good to have you back. >> thanks for having me. >> how impressive is this move to you in this market? >> oh, man. it is pretty impressive.

we try to do a tactical underway for equities back in q2, and after watching the press conference, regrow that back and got market wake -- wait, so we were bullish into the end of the year and saw potential for this, but it is still impressive to watch it happen. market clearly wants to go higher. >> what does it really mean, though, in where we can go from here? that is the question i asked at the top of our program. how likely is it that this is -- i don't know -- the beginning of the next leg? you tell me. >> yeah, i mean, i think it is harder to be underweight stocks when the fed is easing -- which, they are. i think the aggressive taper of q2 is an ease, and if you don't see a recession, we look at the economy from a number of different angles and we don't see a recession. i think for those two angles, you have to stay market weight

at the very least with the stocks here. but, i am a little bit skeptical of how this summer is going to play out and that is really back to the inflation data. i think the fed and the market is assuming there are factors in that data, specifically shelter, that are going to roll over as we get through the year. and when you really get through the details and look at the housing market and what is happening off of the back of the rally of the market and the yields, i don't think that the fed is going to get there inflation target because of shelter. so, i just think that is the one area where the market has it wrong and that is what i would expect to be the stumbling block. but, we can definitely go higher before then. >> but, you would think that the chair himself had it wrong? because he sort of underscored, too, recently that he thinks it is so much of a lagging indicator that it is going to be coming down, and will become more favorable, and will help inflation gets back to its target. >> yeah, it makes it really uncomfortable to disagree with the fed chairman and that is exactly what he said. he explained the mechanics of shelter inflation and why it lags really well at his last press conference.

the only thing that really gives me reassurance that our work is actually correct, is he said almost the same thing verbatim 12 months before that last meeting when he testified in front of congress in june of 2023. so, he has been wrong in the past and i think he will continue to be wrong, and i think the market is taking its cue from him, so you really need to get into the data, roll your sleeves up and get into the work. >> does that mean when you hear a price target like pmo's belski today of 1500, or is that achievable? >> well, ou never say never, given the background of what i just laid out, but i am skeptical, you know? that wouldn't be my base case. if you remember when i came on with you last december, we said we thought the market would be at 5200, come may. and i think back then, the skepticism was on us. one of the things i kept bringing up to you is i expected to see strategists up their targets and chase this market as we came into the year. i thought everyone was

underweight, actually, more underweight than it felt at the time. and this is part of that scenario playing out, to me. seeing those targets go up, well above the market current level, is kind of what you see at the end stage of a rally. so, i am skeptical. i am going to try to be open- minded at the same time and not try to stand in from the -- in front of the freight train of a bull market. i am certainly skeptical and those are kind of contrarian, bearish indicators, that we see to make us raise our targets. >> you said, "that is not my base case." what is your base case? what seems like a more reasonable return, let's say over the next six months, to you? >> yeah, i think we are going to have -- i think we are basically going to be flat to down over the next six months, that would be my base case. i think bonds are overvalued, stocks are overvalued, and i don't know what the sequence of those returns is going to be, but i feel pretty confident

that we are not going to -- when we go back to the end of this year and we look at 2025 and everything with the markets priced into it, i am pretty confident we will not be at the 5600 level at the s&p. so, yeah. i think we are pretty much priced to perfection in the near-term, could we keep going to 5400, 5500? sure. but, when you go out six months -- this is one thing i wrote to our clients, perception is reality in the market for now in the short-term, but over the long term, reality is reality. so, windows reality hit? i think by the end of the year, it will be here. >> the 10 year, as i look at it, we are down like, 35 pips since the fed chair wasn't as hawkish as people thought. do you think that is just a blip that we are going back up? >> yeah. it is hard to say "a blip." i think a lot of markets are connected, so i think the 10 year is taking some of its cue from the fed and some of its cue from oil. so, i do think oil will be soft throughout the rest of this year. i do think the 10 year is,

quite frankly, overvalued. it has already priced an entire cut cycle, so if you think typically, the 10 year trades at about 150 basis point premium to the fed funds rate, well, right now, it is trading at like, 100 basis points discount from the fed funds rate. so, it is already discounting an entire cut cycle, which i think is going to be long in coming. so, the only value you get in buying bonds here is if we get a recession, and i just don't have any evidence to make the case for a recession. so, yeah. i would be looking for opportunities to lighten up my bond exposure. >> but, are you doubting that the next move from the fed is actually a ut? >> no, i think that is pretty overdramatic, to say that. i think there are some people getting ahead of themselves saying, the fed is going to hike again. >> well, powell made it pretty explicit. that is not on his bingo card.

>> correct, and that is not where we are at. i think the fed is restrictive now, though, and i think -- think about their first quarter sep. they looked at the core pce at the end of 2024 and they projected 2.6%. in order to get to 2.6% exiting 2024 for pce, ou need to average like, 0.15% month over month on core pce for the rest of the year. that is not going to happen, especially if you consider housing is adding like, 8 to 10 basis points as a factor, given shelter not rolling over. there is just no path to get to the fed inflation target, so the next step is just going to be a prolonged hold. if you go back to the soft landing thesis that has drilled this market, soft landings are characterized by short pauses from the fed. so, 3 to 7 months is what we have seen historically. we could be on pause this entire year. going back to last july, that is an 18 month pause.

that is when bad things happen. you stay in restrictive territory that long, you can't predict it, but that is when bad things start to happen in the economy and markets. >> which is why i think they are kind of inching to cut when they think the time is right. to be continued. i appreciate the conversation, warren, thank you very much. we will talk to you very soon. >> thanks for having me on. >> up next, anastasia amoroso is back with us to reaevl the sectors she is betting. we will drive the next leg of this race, right after the rally. we will be back. what took you so long? i'm sorry, there was a long line at the thai place. you get the sauce i like? of course! you're the man! i wish. the future isn't scary. not investing in it is. nasdaq-100 innovators. one etf. before investing, carefully read and consider fund investment objectives, risks, charges, expenses and more in prospectus at invesco.com

we are back with the dow,

s&p 500, and nasdaq all set to score record closing highs today. our next guest sees a few spots in the market that look right for upside. joining me now, chief investment strategist, anastasia amoroso. welcome back. >> good to see you, scott. >> thoughts on this before we get into specifics? >> i think the upside move is justified. i heard you asked the other guest whether he was surprised, and i think the word is "justified." this morning, cpi report and retail sales report really supports the notion that we are in the last mile of fighting inflation. core cpi, which is 3.6 today, was about two percentage points higher a year go, so i would say we have made substantial progress, and if the fed keeps on hold -- which is what they will do, certainly not a hike -- i think that holding pattern is quite supportive for the market.

>> i have heard some try to make the argument that this also means once we hit these new record highs, it might be the last mile for this bull market. it doesn't sound like you by that? >> no, i am not a buyer of that, scott, because i think there are more reasons to be optimistic and pessimistic in this market. a lot of people talk about inflation over the last couple of weeks, but i don't see the stag nor the inflation in this market right now. if you look at retail sales, for example this morning, it seems like it was softer on the surface, but when you think about retail sales and the report we actually get with that, it is about people buying goods. it is not so much about people buying services, and i think that is exactly what people are doing right now. it is travel, it is lodging, it is concerts and entertainment. so, when we look at the real- time measure of what the consumer is spending on, that is still very, very strong. and of course, if you look at the atlanta fed gdp, for example, that is running just

shy of 4%. the other thing i am encouraged by, scott, this is not just a u.s. phenomenon. we have seen growth pick up and broaden out, globally. about six months ago, we are annualizing, outpacing about 8% global growth and today that is closer to 4%. that economic growth supports earnings, supports companies, supports markets. >> okay, so what is going to take us there? >> well, i think what is going to take us there is continued earnings momentum. and also, people pushing out this notion of a recession, or even a soft landing. >> what sectors? that is what i mean, i'm sorry, anastasia. i should have been more specific. that is my bad. >> i think it is both a macro and micro question, to your point. i think broadly, macro will take us there, rebounding to 9% or 10% earnings growth by the end of the year, but what is going to take us there, sector -wise, i do think it is the cyclical part of the market actually catching up. if you look at the first quarter, it was all about big

tech reporting something like a 65% earnings upside. but, as we go towards the fourth quarter, we do see other cyclicals catching up. so, i do like broader, bigger financials, not originals. i do like consumer discretionary stocks, and i also like industrials. so, i would be looking to construct a basket of cyclical stocks, and of course, semiconductors should also be a part of that. >> all right. we will see you soon. thank you for the houghts. anastasia amoroso joining us once again. up next, we are tracking the movers into this close. kristina partsinevelos is standing by with that, once again. >> you talk about record- setting, consumers are turning away from another lover -- luxury retailer. i will tell you why, after this short break.

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welcome back. i want to show you the dow because we are right at a new high, or write about, 39,889. we were a second ago, so we have to watch that. we are now well above a closing record high for the dow, just like the s&p and nasdaq, but now we have something to watch over the final 15 minute stretch. let's get back to kristina partsinevelos for the stocks she is watching. >> let's talk about dell shares

also hitting a high, up 9% right now, last i checked on a bullish call from morgan stanley, $152 a share. almost 12% right now. the down is gaining momentum on its ai servers with entered highs clients and they mentioned tesla. spilling over to competitor, which may not be good in the future, but shares are up 15%. tough times, though, for a luxury brand, 44% year-over-year as well as weakness in china and the u.s., expecting a challenging first half of next year and these are similar trends and comments we heard from the luxury fashion group that owns gucci caring and mulberry, as well. scott? >> kristina partsinevelos, thank you very much. we will see you in the market zone, don't go anywhere. still ahead, 13 f is trickling in, that deadline is looming. we will review the q1 bets. don't go anywhere. what straps bold to a rocket and hurtles it into space?

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we are in the closing bell "market zone" now, here to break down the crucial moments of this trading day, plus major funds coming in. leslie picker has the latest there, and kristina partsinevelos is back with the cisco earnings. obviously, a record setter today, and we are finishing strong, too. >> yes, we had sort of a useful scare over the last seven weeks and i think what it has been able to do is test some of the premises of this bull market and come out on the other side feeling like we are in okay shape, both in terms of soft landing, economy, patient fed, and obviously inflation not getting any worse. it is a bull market so you have to give the benefit of the doubt to the upside. new highs are bullish, not bearish, not something to run away from. that being said, i don't think we really got to that point where you build up a ton of

potential energy for the upside. it is more about, it is kind of what we had before in terms of the backdrop and the market i think is digesting it very well. even though we are new highs, we are expensive because earnings are coming off. even though we are at new highs, we are not as overbought as we were in late march, so there is room to go on that front. i think everything is working together, we will be left with a little bit of an issue, but the grind could work in favor of the market. >> that is some of the "cheaper" areas of the market get us here, too, which is interesting to discuss, whether it is utilities up 14% over the last month, or healthcare, for example, or consumer staples. >> or even commodity related stuff. there are small parts of the market but materials have been very strong, so what that has enabled is the high momentum parts of this market that really roared us up through february needed to cool off. they did cool off. they had this unwind in terms of the leadership and it didn't

hurt the overall market. the other thing i think it has done is it has allowed people to true up their expectations on the ai fundamentals, and is this real, and can we continue to pile on capital to this area. i think it is an open question, but especially for now, today, it is the mega caps, the secular growth stuff that is pushing the upside. >> we will have to push these dow 40 k hats? >> i have one, or actively it was sent to me, so i will be happy to bring it out and jinx the market anytime you want. >> no, no, no. don't even put it away, in the drawer. leslie picker, we are going to learn pretty soon what some of the "big money," so to speak, is going to do with these deadlines coming. >> absolutely, scott. in about an hour and a half, they have that chance to file the q1 reports, this details a

snapshot with a long equity positions as well as some options of exposure in the end of march. we have seen a few early filers today, tiger global recently disclosing sizable ads in apple and amazon, chase coleman sperm tripling its mistake to hold roughly 1,000,000,000 1/2 dollars worth as of six weeks ago and bumped up amazon by 30% to garner more than $1 billion worth of stock there, as well. so, sizable holdings for both of those things, and it appears from the filings that tiger global bumped its stake in inter-instacart people -- parent company but i just chatted with a firm who says that they didn't increase the position, it is just the conversion of prior holdings into common stock. warner bros. discover getting less love in q1. now, 85% while michael barry dissolved his holding shares, down over a little bit about 4% on that news, scott, or maybe on that news and other things today, scott.

>> context is everything and you put that into perspective yet again, leslie, thank you. that is leslie picker, because you have to pay attention to the deadlines, wendy's have been filed, et cetera, et cetera. kristina partsinevelos, cisco, we talk a lot about tech, this is stock just hasn't played ball. >> the nasdaq is up 35% just over the last year, but this stock versus go up 5%. what we are seeing is that there are enterprise events specifically from telecom. cisco is known for networking equipment, and for the second quarter, weakness and enterprise, and like i said, telecom customers, but shares could be poised for a turnaround and this is according to analysts, not me. not because demand is about to skyrocket, necessarily, but because shares have been so d risked and the bar is lower. and cybersecurity firm's plunk wasn't included in its previous guidance and is expected to

boost topline growth. so, just caution from investors headed into this report, because numbers here are less risky after two consecutive down, with numbers up 1.5%. >> i appreciate that. kristina partsinevelos. i will go back to mike with about a minute left, so we are almost right at if not exceeding the prior intraday hires, too. we talk about closing day hires because that is what we mark in the books. but, we have that, too. >> essentially, we are not really working underneath any hurdles we were looking at before. there is a little bit of a mechanical, we get the breakout to a new high, people who were bearish on the market what kind of scare out and regroup. so, we have that in place right now. i do think we are going to have a renewed focus on the trajectory and pace of the economic data. comfort on the inflation side and the fed's reaction from inflation, it is about making

sure that growth doesn't slip further from here. so far, it has been a fairly comfortable zone. it is merely going to start that phase. >> they always clapped down here at the close, but perhaps today it has a little more meaning as the bell rings because we have had another record setter on wall street. new closing highs. and that does it for us. record closes across the board, as the dow, nasdaq, and fmp all finished their highest levels ever, first record close from the dow and s&p 500 in 48 days, and that is quite the scorecard on wall street and winners stay late, welcome to "closing bell overtime." i am jon fortt with with morgan brennan. >> a crucial component of the cpi report, shelter inflation taking a bit lower in april, or growing more quickly i should say