poem, whether or not it's clear to you, no doubt the universe is unfolding as it should. we've been through this before. everything's reasonable. stick with your long-term plan. you'll be fine. >> michael, it's been great having you with us. >> thank you so much to both of you. thank you. >> great to be with all of you. hanks for watching "power lunch." >> "closing bellst starts right now. i'm scott wapner and this hour begins with 40k and beyond. what immediates to happen to have stocks make new milestones. your scorecard with 60 minutes to go in regulation looks like this. after this race to new records taking a breather as you can see today. the major is mostly mixed. interest rate, they're a touch higher too. that may be capping activity just a bit and stocks, well, they could also be looking ahead to a busy week with nvidia earnings looming especially large next wednesday. it does take us to our talk of the tape. what is next and how much rides

on nvidia's numbers? let's welcome jordan jackson is global market strategist for jpmorgan asset management and stephanie link, hightower's chief strategist and portfolio manager and cnbc contributor, both here at post 9. great to have you. jordan, a momentous week obviously, and i think the question on everybody's mind is now what? what do you think is next? >> i think we've got some further upside from here and i think we could see another 5% to 10% upside from here. the reason being you have three put, the fed put, you have the earnings put and the consumer put, right? the fed seems bias to begin cutting rates at some stage, it's not a matter of if, it's a matter of when. earnings are coming in, first quarter earnings came in better than expected. double-digit growth being expected for next year, as well. most of the performance in the market this year has been driven by earnings. the wild card, it's consumers. if they start to be more tapped out which is certainly some early signs of that, that

could -- to could become a challenge. >> is that what sort of is as con confounded the bears. earnings have mattered more than anything else, and in my conversation yesterday here with rick reader, when i asked what happens next, i want to you hear what he told me, and you can react on the other side. >> the earnings are actually pretty good. there's stickiness in the margins. earnings are still pretty good. i know we've talked about a bunch of things. p people underestimate it. could you get another 10%, not much of a stretch. more than that, yeah, i think you could. >> pretty surprised by that pretty bullish view, right? somebody often called one of the bond kings talking about, look, he's the head of global allocations, so he has hats in

many rings, but what do you think? >> he's brilliant, right, so i don't know if we get that much higher in the markets by what he's talking about. we're already up 11%, scott, year to date. and the long-term total return average for the s&p 500 is 7.7% for fixed income, it's three. so great he's excited about equity, he should be. i think not enough emphasis this week is on the economy, though. because we wouldn't have good earnings if you didn't have a good economy, so you had to get both of those things right. we've been talking about the above average growth rate for the economy. we're running at about a 3.6% gdp number, and we got good cpi/ppi, kind of a wash this week. retail sales was a disappointment, but look at the six-month moving average at 3.1% in retail. so you got to smooth it out. it's too volatile each month so the economy is growing because the consumer remains strong. manufacturing we've talked about. housing is actually stabilizing, and, quite frankly, that is

leading to better than expected earnings ifyou add on the margin story which was what rick rieder was talking about. everyone warrants to call the demise in emergenciens but companies, especially u.s. companies are so good at restructuring, reorganizing, in pricing power and in adjusting and i think that's what we've been seeing this year. we'll continue to see it. so, are we up another 11% between now and the end of the year? i don't know. we will be higher, i believe, because earnings will continue. >> higher than where we are now. >> i do think so, scott. is it 5%? is it 10%? i'd be surprised if it was 10% because we've had a nice year and a half. >> you know, if you look at what we're calling the everything rally, because over the last six months, it kind of has been, it's not just the dow and the s&p and the russell, it's metals, you know, gold and other thing, bitcoin is up a ton in the last six months. are you surprised, jordan, that we were able to raleigh back as strong as we did from the april

lows? >> i'm a little bit surprised, because the market's been able to rally off two very different narratives, right? last year the market rallied because the fed was going to cult rates. this year the market's rallying because earnings are good and continue to see a lot of durability in the equity market, momentum tends to beget momentum and the market spent more time rising than it does falling even though the average yearly correction is 14%. the market's higher 75% of the time, so this is a market where as was highlighted, companies are adept at managing margins, consumers are going to continue to power top line revenue growth and so you put all this together and the fed is willing to cut rates. step in and cut rates so i think this is a market that continues to grind higher. >> what is going to lead us? steph, i know you're beyond tech. you own some tech obviously, and you've been buying things like apple. i think it's now your largest position. but whenever i talk to you, i feel like it's the cyclical,

it's the industrials and the free ports and we'll talk go that later. are we still going to be okay thinking that this broadening move is going to carry the next leg, or do i need to lean in large as i look ahead to things like nvidia next week. >> i think nvidia will be great. when you have $177 billion of capex from the hyper scalers this year, that's a huge number and that is going to benefit nvidia but it's going to benefit many semiconductor companies and companies in general. it's so powerful because it extends to so many different sectors. we talk go industrials, which are cyclical for sure, however, they are benefiting from the energy transition into green, into clean, into grid, into power, into data center and, again, a.i., and those -- that sector has done quite nicely. by the way, just as well as technology year to date. energy, that's also done better. it's taken a pause over the last month and a half but i do think that sector is still ripe for

higher action, because those stocks are cheap and also because they're minting money, the free cash flow stories are so powerful so i also think discretionary which is debatable right now. >> let's debate it. >> that's why i brought it up. >> that's controversy. just think of what we've heard recently from the consumer. why would i buy discretionary stock. >> when i listened to walmart i was very encouraged. they're saying they are seeing a constructive consumer focused on value. by the way, who is not looking for value all the time? i'm looking for value. i'm sure you are as well so that's a consumer that's very -- i think that sounds solid. private label, there's opportunities there. >> you think the consumer is solid? >> oh, i do. yes, i do, but wait a second. general merchandise, for the first time in two years at walmart was up low single digits. we haven't talked about goods in a long time and that was really encouraging to me. yes, i do think the consumer is strong because we have the job market that remains very strong,

wages, we have higher home prices, we have higher equity prices, we have $6 trillion on the sidelines in cash, yeah, it's getting 5%, that's great but the fear of missing out if you talk to schwab you're starting to see money pour back into the market because the market's up 11%. >> part of rick rieder's thesis to steph's point, you have this divergence between the consumers, it's at the lower end and the younger consumer is hurting. higher end, older consumers, baby boomers are going to fuel the next leg of the kind of market that he thinks you can still have because of all the spending and investing power they have and that more than offsets the fears we have for the lower-end consumers being hit harder than most on the higher for longer and why inflation remained elevated for so long. >> that's spot on. remember, 60% of consumption in the economy is driven by the top 40% ofearners, right, so as long as the affluent and upper folks income earners are still

in good positions then the economy can continue to grow, right? these are folks, you got income growth. they can grow their consumption and that's how you grow the economy. now, certainly when we look across our chase universe and chase data, we can look at sort of income cohorts and how checking and savings account balances have changed since the fourth quarter of 2019. the bottom quartile, checking and savings accounts balances are down 20%. look, lower income consumers are certainly feeling it but the folks that are going to drive consumption growth are doing okay. >> scott -- >> you need to be selective, don't you? to suggest that walmart's commentary means that the consumer is just great and strong, i'm not sure. >> i think the consumer is good. i don't know if i would say great. i think they're good but they are still spending on services. we are seeing it across the spectrum. >> well, you have to spend on services, don't you, to exist. >> well, of course, but we root for that because that's 75% of

consumption so we want goods to do better. i was just mentioning that we haven't seen goods have any life in the last two years and now we're starting to see it. i think the job market is critical. if i worry about one thing, it's that deteriorating but we're not seeing that yet and let me just give you a data point on bank of america does master trust data each month and net chargeoffs are up 2.94% and delinquencies are 1.3%. that's hardly horrible, right? that's actually historically low, and, yes, we are seeing an increase but it's so gradual. you earned 9%, 10% in 2008 in these figures, so i just think that the consumer has a long way to go, it's all not perfect but definitely there's places to make money. >> so, let's bring in cnbc contributor malcolm etheridge of cic that joins the conversation once again. nice to see you. so you've heard the commentary and more bullish calls and wonder whether it hitting 40k is

a sign to get in or be more cautious. >> yeah, i think investors probably see the dow hitting 40,000 to be their signal to say let the good times roll and to stephanie's point, move some of that cash into the markets. i'm feeling my fellow skeptics have warmed to the idea this soft landing has already happened and we can declare mission accomplished but i am still concerned what powell is trying to accomplish getting cpi down to 2% is in direct conflict with the biden agenda, right? so, this is not a political statement. this is a statement of just common sense, i think that as we get closer to november, we are still in danger of seeing something in the system break, because biden is going to be doing what he can to get cash into the hands of consumers, consumption will continue to go, and i think that's also -- >> i mean, i don't know. there is a thing called the congress. i mean, trying to get, you know,

more -- what do you think, more stimulus will come into the system? we're already worried about how high the deficit is now. >> hear me out. we just got earlier in the week the report from the financial times that it looks like it's at least possible that the proposal from freddie mac to go into the secondary market now, it's ten helocs to homeown is who have $37 trillion of assumed equity trapped inside homes and the estimate is within the next six months that would unlock about a travel dollars of additional equity out of homes. where are those dollars going to go if not into the same consumption patterns, those services you just got done talking about? especially at the top end of the market, where are the consumers who are home owners have the equity built into those homes, so those kind of measures is what i'm concerned about in direct conflict withus ever getting to that 2% number and getting that interest -- that first interest rate cut we all covet. >> i mean, inflation is coming

down. we know it. the fed is -- the fed is going to cut before they tell you that, okay, it hit 2%. we know that also. >> one positive report, one positive data point doesn't make a trend, though, scott, so we can't necessarily say inflation is coming done and it is on its way to that 2% target any time soon simply because we saw one good report. >> steph, malcolm makes the case that, you know, rate cuts still matter. you make the case that they don't matter at all, and you don't think we're getting any. >> no, i don't think we're getting any. i think it's because we have elevated inflation but i'm taking it from the point of view we have elevated inflation because we are growing above trend. i mentioned 3.6% growth here. whether it's actually that number or not doesn't matter. is it 2 1/2%, 3%? that's above trend. that plus the global growth, right. we talked about china growing 5.5% in their latest gdp.

they just announced stimulus overnight. it's not big by any means but it just shows you they're willing to do something and more likely. we have the oecd raised global growth to 3.1%. we had imt raised growth to 3.2% so inflation is staying high because we're seeing better growth and that to me, i'd rather take better growth and a little more inflation because that will lead to better earnings. it's not going to get you multiple expansion but better earnings growth, something like 8% to 10%. >> what do you think? hold on, malcolm. i'll come to you in a sec. i promise. do we need cuts. >> if you're business, inflation is your friend. the fact that we're in this sweet spot where it is a little elevated but not eroding consumption, it's not putting the fed in a situation that you have to come back to hike rates. since 1980 the fed has never gone on a hiking session and paused then come back to it. the bar is high for them to want to hike rates.

>> powell told you as much. most recently. we wouldn't even have this conversation if powell didn't do what he did a few weeks ago where he wasn't as hawkish as some people feared and said hikes are unlikely. >> the data favors -- >> highly unlikely, whatever the exact wording he used. >> the data favors the bulls. >> malcolm? >> yeah, scott, i agree with what stephanie just said about the unlikeliness that we will get a cut this year, but i disagree with the fact that they don't matter. i think that what does matter, we just got done talking about how strong the consumer is and the tailwind behind that consumer at the top end of the income distribution is going to be the 5% plus that they're receiving on their deposit, on their cds, money markets, those kind of things they're spending those dollars on services today and that is what is also helping to dive consumption so as long as interest rates stay elevated, yes, they do hurt businesses' ability to consume but they also

improve individuals' ability to go and consume, which is a catch-22. it's 6 in one hand and half a dozen in the other. >> steph, can we talk about nvidia and what is really riding on this report next wednesday for the overall market, for the a.i. trade? what do you think. >> it's going to be great. i have no doubt about it. i just mentioned the capex we're seeing in cloud and gen a.i. at the four hyperscalers. of $177 billion this year alone it's tremendous. a lot of that is going to nvidia. the problem is nvidia is up 210% in the past year, so the expectations are high. i think if you do get some weakness, though, i think you'll see buyers come in, because if you believe we're in the second or third inning in a.i., which i do, then they are going to benefit. but there are other ways to play it within technology as well, so i kind of have my shopping list ready, so if we do see a pullback in any of the stocks, broadcom, you know the one and lam the other one i own i would

be a buyer but i mean i think it's super important. it's 5% of the s&p 500 in terms of the weighting, as well. >> this may be the one conversation that involves portfolio managers on this network, all of whom do not own nvidia. i don't expect you to because it's not your job to run a portfolio obviously but steph doesn't own it. malcolm, you don't even own it which is kind of a shock to me because you own the other -- many of the other mag seven stocks but aisle sure you have an opinion on what that report means for this overall market and perhaps the stocks that you do hold. >> yeah, i have said it on the network before, and i think it bears repeating that our love affair with a.i. is nowhere near over, in fact, we're probably still in that early infatuation stage where we're just in love with all of the possibilities of what could even be and so i think that nvidia will definitely come out and dazzle us no matter what. they'll tell us about elevated demand levels, and as long as their receivables remain at the

level they are in comparison to their inventory, i think it's a 2-1 ratio, something like 10 billion in receivables versus 5 billion in inventories, as long as those numbers hold, nothing else really matters when we talk about nvidia and as long as that trend continues, the a.i. wave can keep on rolling for multiple quarters before it finally gets interrupted. >> okay. you still like megacap tech? >> we do. i certainly say we don't view the max seven as one monolith. >> they're proven to not be. >> that dispersion in performance itself is pretty significant but one of the things i think investors can play on in this love affair with a.i. is actually sort of a second derivative in electricity. electricity providers, power grid infrastructure players, you know, you look at some of those companies underneath the hood, they're up double digits so far this year and if we're going to -- batteries, electric vehicles, chip, if we're going to be using more and more electricity in the years to

come, i think those utilities are a great place to play. >> all right, everybody. we'll leave it there. good weekend. malcolm, see you soon, steph, you're coming back in a little bit and need to talk about metals on the move, jordan, we'll see you soon too. let's send it to kristina partsinevelos for a look at the biggest names moving into the close. what do you see? >> we have another restaurant warning about consumer spending, shares of cracker barrel, they're down about 13% after the restaurant chain lowered guidance because fewer are going out to eat and saw similar comments from jack in the box and applebee's management. when you zoom out over the last 12 months or so cracker's stock is suffering a much steeper drop when compared to olive garden's parent company darden and you can see that on your screen right there. just eat up 59%. a drastic difference between all of these names. doximity, and shares moving the opposite direction surging 17% after announcing a better than

expected current quarter outlook and a $500 million stock buyback program. that's what's driving the results right now. >> we'll see you in a little bit. kristina, thank you. just getting started. all those in favor say a.i. get it? reddit shares are moving high on a new partnership. we have a top tech investor and reddit shareholder is standing by for reaction, lo toney. we're live at the new york stock exchange. you're watching "closing bell" on cnbc. you know what's brilliant? boring. think about it. boring is the unsung catalyst for bold. what straps bold to a rocket and hurtles it into space? boring does. boring makes vacations happen, early retirements possible, and startups start up. because it's smart, dependable, and steady. all words you want from your bank. for nearly 160 years,

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welcome back. reddit shares are spiking on a new deal with a.i. cnbc technology correspondent steve kovach has those details. we'll look ahead to another one in the coming days, but tell us about this. >> yeah, look at that, scott.

reddit surging on some actual real news. this is not a meme. reddit revealed a new deal with openai yesterday which allows openai use reddit's data to train its model and will start offering openai tools to users and openai will start advertising on reddit. the deal is similar to one google made with reddit a few months ago and comes as a.i. companies are desperate for more quality data to make their tools smarter and more capable. reddit is a natural place for it full of user generated content with recommendations and opinions on everything from movies to travel tips to the best recommendations for buying your favorite air purifier. also plays into the rivalry we've been seeing between google and openai. search has gotten worse as they stuff more ads into your research and next week google starts rolling out its new a.i. search product, a.i. overview to u.s. users. on the reddit side it's

leveraging it and making a.i. companies pay instead of giving it away for free, scott. >> i appreciate that. steve kovach. joining me is reddit shareholder and cnbc contributor lo toney. welcome back. great to see you on this friday. >> thanks for having me. happy friday. >> you as well. what do you think this means to you as an investor in reddit? >> well, you know, look, we're an investor. we're excited, but i'll focus more on the overall landscape and some of the things that steve mentioned which is, yes, you know, i think companies are better involved in creating these foundational models like openai, like google and others. they're really excited to have access to more data to train and especially given the way that there was really unwritten rules around how the data should be acquired and should there be licenses paid, i think we'll see more of these deals where there are formal deals in place where the data is being licensed and

everyone agrees on the access and how the data will be used. >> so, what do you make of what happened this week then with openai having their day which seemed to try to front run alphabet and had theirs. how should we assess all of this? >> yeah, you know, i think the way to think about it is there's a lot at stake. your prior commentator, i think, nailed it when he said, we're in the early innings. i think we're in the first inning. we might even be in the bottom half of the first inning to use a baseball analogy, so everyone is trying to position themselves, you know. obviously the big tech companies kind of see this as the next shift. they absolutely understand how critical it is to make sure that they don't miss anything. you know, google really is having an existential moment kind of thinking about how this new world could up end the search business. however, you know, when we think about some of these existing players like google, you know, they have massive customer bases that they can leverage. this i've got vast amounts of

data to be able to train their models. and they also have the ability to integrate a lot of these products together, and we see similar things happening with microsoft and the way that they're positioning their products, so i would anticipate hearing some exciting things from microsoft next week. >> you know, you say existential moment when you talk about google, and you just laid out the reasons why regarding search, but some would suggest that those fears are overblown, and were from the very beginning, and maybe the stock performance over the last 12 months would suggest that, as well. what do you think? >> yeah, no, without question, i think it is important to rattle the cage and get shaken up. i'm very confident that given those three things that i laid out, the ability to have the massive customer base, the vast amounts of data and the key products and the way they're integrated places google in a very good position where they are able to leverage all of those assets, however, that said, i think it's good to have

these moments, because it can help the internal organization rally around thinking about how they need to compete. so i think it's actually a very good thing, and, yes, to your point, i mean, look, google is not going anywhere any time soon but these types of moments are very important within a large organization in particular that really has almost kind of not had to worry about a dynamic shift like we're seeing on the platform side today. >> yeah, i mean, one of the reasons we talk about alphabet in the context and i ask you the questions i do in the manner in which i do is because of microsoft obviously, right? they hold their event next week. i want to look ahead to that. we were fortunate enough to have mustafa suleman on "closing bell." i think it was his first interview on tv he ever did so we got to know him a little bit. co-founder of deepmind. what does he mean to their own

aspirations and then in turn what does his positioning there mean for alphabet, do you think, in the long run knowing that they still own deepmined and understand what he is quote, unquote capable. >> yeah, that is an interesting question. these are moments where internally companies have to really think about the types of leadership and, you know, when you have these movements within companies, it's, you know, akin to when a football coach goes to another organization and those two teams end up meeting down the road. it's kind of like one understands that playbook that's available, and sometimes people try to adjust their plans, but you can also overadjust. i think, look, there's great opportunities for both microsoft and google to compete. i don't think this is going to end up being so much a zero sum

gape as it will be about, you know, maybe there's new businesses that emerge and there's going to have to be some shifts in business models and then thinking about those leaders and the way that they're going to position the companies, i think just makes sense. these are good battles that are going to play out for the next few years if not a decade and so it's going to be exciting to watch. >> let's turn our attention lastly to apple before i let you go just because we're going to -- as we get ink very mentally closer to wwdc, we'll be talking more about it. we did have some reporting this week regarding their own aspirations as well related to siri, how are you thinking about that story? >> yeah, so here are my thoughts, look, we have been waiting for apple to make some significant announcements, and without question, i think the perception is apple has fallen behind when it comes to a.i. now, look, apple has its own issues to address, you know, thinking about the hardware, the growth or the lack of growth in sales, the pressure within china

and that market, but i think what we'll probably see at their developers' conference is we'll probably see a renewed emphasis around siri and kind of thinking about how siri can take advantage of some of the new a.i. technology to really make siri even better than it is today. i'm really excited about getting more personalized recommendations, being able to have the autonomous agent incorporated in through the voice layer with siri to complete some of those rote mundane tasks that everyone has to do, and here's what i think might be really interesting, scott. when we think about using voice, you know, voice has the way to convey how we're feeling in a way that might not always be seen within texts so i'm actually looking for siri long term to incorporate some kind of emotional intelligence to the product as well so it can generate a more empathetic response in certain instances. >> lo, we'll see you soon. enjoy the weekend.

lots to talk about in the weeks ahead. i'm sure we'll see you. >> thank you. coming up banking on the bookcase, ed clissold from ned davis research is here with us. dow and s&p trying for record closing highs again and on our way to doing that yet again in the final stretch and we have less than 30 to go. a little bit of pickup in the markets and we'll see where we finish and come back right after this break. 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. tailor the platforms to your unique needs with nearly endless customization. and track market trends with up-to-the-minute news and insights. trade brilliantly with schwab.

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welcome back. the dow heading for another record closing high and nasdaq retreating from its own. here to share where we could be is ed clissold at ned davis research. it's good to see you again. welcome back. >> thanks for having me. >> it is the big question, okay, now what, right? we've just come back from these april lows in such a strong and fast fashion, but where do we go from here, and why do you think it's prudent to still stay bullish? >> yeah, so the way we do things at ndr, we put all of our indicators and data into four different bucks and all four look pretty good at the moment, so the most important probably the earnings story from q1 earnings season is pretty strong, over 80% of companies beating estimates, and we're getting quarter on quarter acceleration in earnings growth, and from a macro economic p

persp perspective, what's the concern it's too strong for the fed to cut rates. it's a good problem to have and then we look at investor sentiment. some of the optimism that crept into the market by the end of march has been relieved, and finally the tech new cals look strong as well. over three out of four stocks are above their 200-moving day averages. it's not the narrow market some are focused on because the mag seven are doing well but the average stock is doing fine even if some aren't doing as well as some of the megacaps. put those four things together, and it's a pretty constructive environment. >> a question of whether to continue to lean in or start to lean out when you hit these lofty levels and these milestones. we should still lean in to what's worked really well and let's -- if we take it from -- let's say the april lows, tech's been the best and comp services plays a role heavily, financials

and utilities too. so why do i want to stay in those areas specifically? >> yeah, well, first of all from a technical perspective you want to stick with what's working until it tells you it's not working, and over the long run you'll get the better cash flow earnings growth from the tech sector, and this past earnings season, you saw a renewed emphasis on what i call shareholder capitalism so returning capitol that share holders and seen some introduce dividends and buybacks and don't have the massive debt loads either, so you put those three together, and it's constructive. interest rates coming down, two sectors that should benefit from that are financials and utilities for some different reasons, the fed cutting rates, maybe steeper yield curve for financials and utilities which have been battling against higher interest rates and underperformed during this market are finally getting somewhat of a bid and there's a little bit of an a.i. play with

some maybe better top line growth as the grid needs to be built out to deal with all of the growth in the country. >> let's be honest, though, right? there's a little bit of an a.i. play you just said. those were the exact words you used for utilities. these have not been trading lately like there's a little bit of an a.i. play. these have been trading like there's a whole lot of a.i. play. is that warranted? >> well, i think a fair point if you say, hey, let me list the biggest winners from a.i., utilities are not at the top of the list but if you look at how oversold they have been, utilities don't do well during the early stages of a bull market because they're low beta but even accounting for that up until a few months ago, it was the worst ever start for the s&p 500 utilities sector to a bull market going all the way back to 1972, so there's some potential here even after the run that they've had. >> all right.

we'll talk to you soon, ed. thank you. session highs for the dow. we're trying to get back and close above 40k after hitting it for the first time ever this week. the s&p above 5300 as well and up next we're tracking the biggest movers into the close. kristina partsinevelos is standing by once again with that so tell us what you see. >> $8 billion in gamestop market value gone, poof, and one pot firm looking to raise cash, weed and memes next on a friday.

we got just about 15 minutes before this "closing bell" on this friday. back to kristina now for the stocks that she is watching. tell us. >> well, how quickly shares can move. gamestop is down double digit, the third negative day in a row after the video game company reported that its first quarter sales, preliminary report that first quarter sales dropped, and it also said it may sell up to $45 million in class a share, that's roughly $8 billion in market cap value gone from tuesday's close. tilray will sell up to $250 million stock.

they're looking to reclassify marijuana lessening the tax on companies and makes it easier to research. the stock was up and see that on your chart, down 6% after that announcement. >> all right. good weekend to you, thank you for everything this week. kristina partsinevelos, still ahead, the one name stephanie link is adding -- adding to it up 40%. i gave you a hint earlier. first a quick message as cnbc celebrates asian american native hawaiian and pacific islander heritage. >> i come from india. i come in from a patriarchal community where, you know, it was about having a male child and i had two daughters. for me to lead by example was so impo important. there is a legacy i leech for them, it's about financial independence, about being empowered to do what you want to do and really make an impact.

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breaking news on a key union vote. steve? >> that mercedes plant down in alabama has voted against unionization, 56% voting against, 44% voting for. that's according to official results we're looking at at the uaw election page. this would have been the second

southern plant to vote to unionize after that vw plant in tennessee, but this one definitely voting against, scott. this was a much watched one and a defeat here for uaw. >> appreciate the update. up next, robinhood shares having their best day in nearly three months, taking a look under the hood to see atwh's driving it in the market zone next. lve this in 4 different ways” person. you need clem. clem needs benefits. work with principal so we can help you with a plan that's right for him. you know what i'm saying? let our expertise round out yours.

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back to add one position she's been adding to and pippa stevens on why b of a is getting so bullish on robinhood. our first close before 40k. a little work to do but how many types do you -- how many times have we sat here and said, look at this move late day in this market. >> yeah, it shows that there is a little bit of, well, not just resilience but comfort with maintaining equity exposure. i think the last week or two have shown that the don't overthink rule still lies with the bulls in terms of giving credit to newhighs which is more bullish on a forward-going basis than worrisome. the fact that earnings have more or less kept pace and 12-month forecasts for 256 in earnings in the s&p, so you still have to be aggressive in terrells of a multiple on that to talk about major upside from here, but progress is here, vix is at 12 or under 12. it shows you we're kind of locked into a moment where the macro seems friendly and it's hard to see something that's

going to disturb it in the very near term. >> it's the micro, if you will, of just earnings being good enough to continue to carry you higher. >> exactly. and, you know, look, it's worth remembering at the end of march nothing bad really happened. you had people get too long stocks and believe too much in the perfect soft landing story and had a 30-basis points in tens so that can happen at any moment but didn't really destabilize the real under pinnings of the bull market. >> it was a 30-basis move with the fear it was going to be 50 basis points. >> no doubt about it. >> we cooled off that too. the one position you've been adding to, i mentioned copper at the top of the show is a little bit of a tease. all these assets that have been riching and that's one that plays into freeport. >> it's a nice run, up 26% but trades at 7 1/2 ebitda. and i like their end market, ev,

housing, data center, grid, we talk about the grid every single day. it plays right intoit and, you have the china exposure and do 5% ebitda in china. it has a personality based on china and trades with the chinese economy and data points and know we got stimulus overnight which is positive but it's the operating cash flow that's exciting to me. they did almost 2 billion in operating cash flow in the first quarter. at $4 copper they can generate 5 billion. copper is at 506 so positive for them to pay down debt and do what they do. operations. >> shiny metals, mike, it's goad, it's copper, it's silver. >> yeah, i mean, it's obviously that there is a true supply/demand issue. there was a short squeeze in copper this week too in terms of people having to deliver in new york but shows you that supply is tight, whether it's china buying it or just the fact that all these other uses, i think that there's a sweet spot for the companies rather than betting that copper, the

commodity will go flying from here. had one of these vertical moves, and you don't want to necessarily bet it will continue but the companies can do well around these companies with the underlying demand. >> pippa stevens, robinhood, tell us. >> yeah, robinhood is jumping after bank of america double upgraded the stock from under perform to buy. analysts cite the resurgence of retail trading which they expect to continue through 2026. driving payment for order flow at robinhood, adding that the company should also benefit from positive operating leverage after large expense reductions. now, b of a lifted its price target to $24 a share up from 14 and said the macro economic picture is, quote, almost the complete opposite of 2021 when the firm initiated robinhood coverage with an underperform rating and shares have doubled over the past 12 months gaining 130% and with just a few minutes left of trading the stock is hovering here its highest close since december 2021. scott.

>> pippa, thank you. pippa stevens, mike, do we consider robinhood a meme stock. >> i wouldn't say it is a meme stock, the first derivative. >> leave it to you to put it perfectly. >> one of the characteristics of them, they were these kind of, you know, declining businesses that somehow because of the life of the stock and a big story we'll go higher. robinhood is fascinating to see the volume eruption in these types of stocks, various indicators i was looking at yesterday stuff based on how much nasdaq volume versus new york -- all those kind of things showing we're in a speculative frenzy but it was a handful of small stocks. a lot flowing through retail brokers like robinhood. it is a reminder to me that robinhood is still just a play on overall retail volumes and engagement as opposed to, you know, a financial supermarket that's, you know, that's sort of really warehousing people's retirement money. >> plus the memers, if you will

got mad at robinhood the last time. >> they were villainized by robinhood and, by the way, by the looks of gamestop it was a quick unwind in this little version of the meme trade. >> we'll see where all that goes from here. okay. you know we have to talk about it. it's nvidia and it's going to be on wednesday but it really matters. it matters because the stock has had a big ramp back from, what, 750 back above 900 as tech has as well. >> a shelf up there. the low to mid-900s. dates back to february when we first got to these levels. that was basically the last earnings report, february 21st, i believe it was, so it will matter. there are some reports of, you know, more supply on the secondary market of these gpus that will be able to really kind of beat and raise as they normally do in terms of underlying demand and, yes, it will matter for nvidia and for the overall s&p earnings. it's not clear to me, though, that the entire market is just an a.i. play because you have had things like banks working

well, global markets are doing fine, so it seems to me you have a little more balance. >> oh, there it is. well, all right. so we're going -- you know how it works. it takes a few minutes to settle out and we'll see if we can get that first close above 40000 perhaps, jon fortten will have tell us in overtime. >> i don't know, scott. maybe the dow definitely ends with another record closer but is it over, 40k. we got to shake it and let it settle. that's the score card on wall street but winners stay late especially to see if we closed above 40k for the first time. looks like maybe we didn't. "closing bell: overtime," i'm jon fortt. the blue chip index now in a f five-week winning streak as the nasdaq is higher for four straight weeks. mercer's u.s. investment